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Investing In Vietnam, Floor 21, Vietcombank Tower, No5 Me Linh Construction Site, Ben Nghe Ward, District 1, Ho Chi Minh City (2026)

15/04/2024

PM CHÍNH REQUIRES STRENGTHENED GOLD MARKET MANAGEMENT
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Prime Minister Phạm Minh Chính has asked the State Bank of Vietnam (SBV) to keep a close watch on international and domestic gold prices, and put in place measures and tools in a timely and effective way to regulate the gold market in line with regulations.

The move is to ensure that the market operates in a stable, healthy, transparent, and efficient manner, and prevent the "goldisation" phenomenon in the national economy, the leader said while chairing a recent meeting on solutions to manage the gold market in the coming time, the Government Office said in a notice.

Chính emphasised the need to put the interests of the nation and its people above all in market management; and to encourage the production and export of jewelry gold products to create jobs for labourers.

He urged the implementation of measures and tools to manage and regulate the supply for both gold bullion and gold jewelry production, in order to ensure that market activities and transactions are managed and controlled tightly without affecting the exchange rate or foreign exchange reserves, and to prevent speculation, manipulation, or price hikes.

The PM also underlined the need to speed up the IT application and digital transformation in the management work, noting the compulsory issuing of e-invoices for gold transactions isto improve transparency.

The SBV, the Ministry of Public Security, the Ministry of Industry and Trade, the Government Inspectorate, and other relevant agencies were asked to continue to seriously perform their tasks of monitoring, inspecting, supervising, and dealing with law violations such as cross-border gold smuggling, profiteering, speculation, manipulation, and taking advantage of policy loopholes to hoard gold and drive up prices, causing instability and jeopardising the safety of the gold market.

BIZHUB
Source: Vietstock.vn
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14/04/2024

VN’S TECHNOLOGY GIANT (FPT) REPORTS HIGH GROWTH
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The Việt Nam’s technology giant FPT reported strong growth in 2023 during its annual general meeting of shareholders held in Hà Nội on Wednesday.

The company reports that its 2023 revenue and pre-tax profit increased by 19.6 per cent and 20.1 per cent, respectively, compared to the previous year.

Bùi Quang Ngọc, the vice chairman of the Board of Directors, highlighted the milestone achievement of reaching US$1 billion in revenue from IT services for foreign markets. Ngọc emphasised that this achievement was not only significant for FPT but also for the Vietnamese people as a whole, as it fulfilled a long-standing dream.

Nguyễn Văn Khoa, FPT's General Director, further expressed optimism about the company's future prospects, stating that after reaching the $1 billion milestone, the targets of $5 billion and $10 billion are within reach. He also mentioned the company's expansion into foreign markets, with the opening of five new offices, four M&A deals and investments in renowned technology companies in the US and France.

Khoa noted that being a billion-dollar company has made it easier for FPT to attract talent and recruit skilled individuals. In line with this growth, FPT established FPT Automotive in 2023, which plays a vital role in the automotive technology supply chain. The market size for this sector is projected to reach $116.6 billion by 2032. Consequently, FPT promptly recruited 1,500 engineers upon the establishment of FPT Automotive.

Additional share issue to hike capital

This year, FPT has set a revenue target of VNĐ61.8 trillion (approximately $2.5 billion) and a pre-tax profit target of VNĐ10.8 trillion. This represents an 18 per cent increase compared to the 2023 results. If achieved, it will be a record high profit for the company and the seventh consecutive year of growth.

FPT's Board of Directors has submitted a cash dividend payment plan for 2023 to the shareholders for approval. The plan proposes a cash rate of 20 per cent, equivalent to VNĐ2,000 per share held, with 10 per cent of the dividend being advanced in 2023 and the remaining 10 per cent expected to be paid in the second quarter of 2024, subject to approval.

FPT plans to increase its charter capital by issuing over 190 million new shares, which will increase its charter capital to over VNĐ14.6 trillion ($584 million). The issuance is expected to take place after shareholders' approval and no later than the third quarter of 2024.

BIZHUB
Source: Vietstock.vn
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12/04/2024

VIETNAM’S ECONOMY EXPECTED TO GROW AT SOLID PACE IN 2024-2025: ADB
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Given global uncertainties, policies in 2024 would therefore need to combine short-term growth support measures with long-term structural remedies to promote sustainable growth

“Vietnam’s economy is expected to grow at a solid pace this year and the next, despite a challenging global environment,” said ADB Country Director for Vietnam Shantanu Chakraborty.

“However, global geopolitical uncertainties and domestic structural fragilities could impact the outlook. Therefore, policy measures in 2024 will need to combine short-term growth support measures to strengthen domestic demand with long-term structural remedies to promote sustainable growth,” said Chakraborty during the launch of ADB’s latest Asian Development Outlook (ADO) report released today [April 11].

This year,Vietnam’s GDP growthis forecast to hit 6% in 2024 and 6.2% for the subsequent year.

The report noted that subdued global demand and high international interest rates weighed on Vietnam’s growth in 2023. However, a rapid shift to an accommodative monetary policy and sizeable public investment were among the key measures to sustain a growth recovery in 2023.

A relatively broad-based restoration in export-led manufacturing and services, as well as a stable performance of the agriculture sector, are expected to support Vietnam’s recovery momentum. Manufacturing expanded at 6.8% in the first quarter of 2024, compared with the contraction of 0.5% a year ago, contributing to industrial growth of 6.3%. Lower interest rates, pro-growth fiscal measures, and the recently improved land regulatory framework should support construction.

Meanwhile, positive inflows of foreign direct investment (FDI) and remittances, a sustained trade surplus, recoveries in domestic consumption, and continued fiscal stimulus characterized by a substantial public investment program are seen as key to boosting growth in 2024.

Public investment remains key

For this part, ADB’s Chief Economist Nguyen Ba Hung noted that weaker global demand caused by a slow economic recovery and delayed normalization of interest rates in the US and other advanced economies, coupled with ongoing geopolitical tensions, are likely to hamper a full recovery of Vietnam’s export-led growth in 2024.

To accelerate growth, stronger measures are required to address domestic structural vulnerabilities, such as a heavy reliance on FDI-led manufacturing exports, weak linkages between manufacturing export industries and the rest of the economy, incipient capital markets, an overreliance on bank credit, and complex regulatory barriers to business.

In addition, low domestic interest rates, fiscal policy measures, and wage increases will spur consumption-led services in 2024. Retail sales in the first quarter of 2024 were 8.2% higher than the same period of 2022.

Revived economic activity, albeit slow, will elevate logistic services, while liberalized visa policies are likely to boost tourism, Hung said.

Overall, services are forecast to expand by 7.7% in 2024. Global demand for agricultural commodities and free trade agreements will continue supporting agricultural exports.

Another key driver for growth mentioned by Hung is public investment," whose effective implementation is crucial,” said Hung. A sizable amount of public investment, equivalent to $27.3 billion, has been programmed for disbursement this year. Together with disbursements from 2023, this additional public investment would significantly stimulate growth.

Although the Government has taken various measures to expedite public investment and enhance effective ex*****on, more systematic measures are required to improve legal and regulatory processes and so reduce constraints on efficient delivery, he continued.

“By proactively addressing these obstacles in an integrated manner throughout the project cycle, Vietnam can unlock the full potential of its public investment initiatives, driving sustainable economic growth and development,” he concluded.

HANOI TIMES
Source: Vietstock.vn
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11/04/2024

VIETNAM EARNS US$1.4 BILLION FROM RICE EXPORTS IN Q1
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Vietnam is targeting $5 billion in rice exports this year. The country currently ranks third in the world in terms of rice exports.

In the first three months of the year, Vietnam exported over 2.1 million tons of rice, valued at nearly $1.4 billion, marking an increase of approximately 42% over the same period last year.

These are the latest figures released by the Ministry of Agriculture and Rural Development (MARD), citing data from the General Department of Vietnam Customs.

According to the ministry, rice exports are now among the agricultural products with the highest growth rates.

The surge was driven by key markets such as the Philippines, Indonesia, China, Ghana, Malaysia, and Singapore all increasing their purchases of Vietnamese rice. Of particular note is the dominance of Vietnamese rice in the first quarter auctions held in the Philippines.

However, the MARD notes that while these countries are increasing their purchases, they are diversifying their sources of supply. Countries such as the Philippines and Indonesia are making efforts to increase domestic rice production by enhancing productivity and expanding acreage this year. Additionally, these countries are providing support through programs such as fertilizer subsidies and high-quality seeds, along with financial assistance to local farmers to accelerate planting.

The Indonesian government recently decided to increase the budget allocation for fertilizer subsidies this year by an additional $1.77 billion, bringing the total to around $3.4 billion, as part of efforts to boost agricultural productivity in the country.

In the African market - a traditional rice importing region for Vietnam, rice production is also funded by other countries, to achieve food self-sufficiency.

Therefore, the ministry emphasizes the need for businesses to diversify markets and improve quality to make Vietnamese rice more competitive globally.

The current export price for Vietnamese 5% broken rice stands at $576 per ton, down 12% at the start of the year. This is the lowest price recorded since the beginning of the year and lower than prices from Thailand and Pakistan.

This year, Vietnam targets rice exports worth $5 billion. Last year, the country's total rice exports reached 8.13 million tons valued at $4.7 billion, a record high. Vietnam currently ranks third in the world in terms of rice exports.

HANOI TIMES
Source: Vietstock.vn
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10/04/2024

VIỆT NAM AMONG THE WORLD'S TOP 10 COUNTRIES FOR PORK CONSUMPTION
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Việt Nam is now one of the world's top 10 countries for pork consumption, latest statistics have revealed.

Over the past two months of this year, the country spent US$18.69 million on importing over 8,400 tonnes of chilled or frozen pork, marking a yearly decline of 1 per cent in value but 4.2 per cent rise in volume, according to the General Department of Việt Nam Customs.

In the same period, the country imported 105,000 tonnes of meat and meat products, with a value of US$213.2 million, up 44 per cent in volume and 39 per cent in value year-on-year, the department said.

India was the largest supplier of meat and meat products for Việt Nam, accounting for nearly 30 per cent of the country's total import volume. In the reviewed period, Việt Nam's meat and meat product imports from India reached over 31,000 tonnes, worth $94.62 million, surging 58 per cent in volume and 73 per cent in value over the same period in 2023.

Meanwhile, Việt Nam's imports of meat and meat products from most markets increased over the last year's same period such as Poland, the Netherlands, Germany, Russia and Australia, the department noted.

The sharp increase in imports of all kinds of meat has created enormous pressure on the domestic livestock industry. Recently, four associations issued warnings about super-cheap meat imports and smuggled meat products flooding into the domestic market, and at the same time proposing the Prime Minister to control imported meat.

They also petitioned the Prime Minister to direct departments and ministries to urgently build technical barriers and trade policies to minimise the official import of livestock products.

Top priorities should be given to strengthening quarantine measures, quality inspection and minimising the number of border gates allowed to import live livestock into Việt Nam, they suggested.

In 2023, the pork consumption per capita in Việt Nam amounted to about 27.7 kilos per person, according to data and business intelligence platform Statista.

By 2029, the pork consumption per capita is forecasted to reach about 32.72 kilos per person annually in the country, it said.

BIZHUB
Source: Vietstock.vn
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09/04/2024

VINAMILK (VNM) SETS NEW RECORD REVENUE THIS YEAR
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Vinamilk said it will seek shareholder approval for its ambitious business plan for 2024 at the Annual General Shareholders' Meeting, scheduled to take place on April 25.

The largest dairy company in Việt Nam targets a revenue of more than VNĐ63.16 trillion (US$2.5 billion) this year and a after-tax profit of nearly VNĐ9.4 trillion, up 4.4 per cent and 4 per cent year-on-year, respectively.

If successful, Vinamilk will surpass its previous record revenue achieved in 2021 and positive profit growth for the second year in a row.

Last year, Vinamilk exceeded over 95 per cent of its annual revenue target, reaching nearly VNĐ60.5 trillion. The after-tax profit also saw a 5 per cent year-on-year rise, surpassing the set goal by 5 per cent to reach over VNĐ9 trillion.

The company plans to propose a cash dividend plan of 38.5 per cent for 2023. They have already disbursed interim dividends totalling more than VNĐ6.06 trillion, equivalent to 29 per cent of the total dividends.

The final dividend instalment will be 9.5 per cent per share, requiring an additional allocation of nearly VNĐ2 trillion.

The specific dates for registration and payment will be determined by the Board of Directors, within a timeframe of six months from April 25.

It also plans to maintain a dividend rate of 38.5 per cent for 2024. Over VNĐ8 trillion will be allocated for dividend payments, representing about 95 per cent of the projected 2024 profit.

The State Capital Investment Corporation (SCIC), holding a 36 per cent stake, is expected to receive nearly VNĐ2.9 trillion. The F&N Group, with a 20.4 per cent stake, is expected to receive more than VNĐ1.6 trillion, while Platinum Victory Pte. Ltd, a major foreign shareholder with a 10.62 per cent stake, will receive around VNĐ855 billion.

On the stock market, shares of Vinamilk are traded at VNĐ67,500 per share at 9:50 (local time) on Monday morning.

BIZHUB
Source: Vietstok.vn
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08/04/2024

VIETNAM OVERTAKES THAILAND TO BECOME CHINA’S LARGEST DURIAN SUPPLIER
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Vietnam shipped nearly 33,000 metric tons of durians worth US$161 million to China in the first two months of this year, overtaking Thailand to become the largest exporter of durians to the northern neighbor, the VietnamFruit and Vegetable Association cited China'sGeneral Administration ofCustoms as saying.

China imported over 53,000 metric tons of durians valued at $283 million in the two-month period.

Vietnam reported an increase of 2.4 times in both the volume and value of durians shipped to China.

Vietnam accounted for 57 percent of the total market share for durians in China, well above the 32 percent in 2023.

Thailand came in second with more than 19,000 metric tons worth $120 million, plunging 50.3 percent in volume and 45.2 percent in value year on year.

Besides Vietnam and Thailand, China also bought durians from the Philippines but with a mere $2.2 million.

Despite taking a lead in durian exports, the average export price of Vietnam’s durians reached $4,900 per metric tons, lower than the $6,133 of Thailand.

Dang P**c Nguyen, general secretary of the VietnamFruit and Vegetables Association, said Vietnam has advantages in the abundant volume of durians and the availability of durians all year round.

The short transporttime between Vietnam and China helps reduce the durian prices, which is another advantage of Vietnamese durians.

As of last year, Vietnam had some 110,000 hectares of durian farms with an output of 900,000 metric tons, double the area and output in 2019.

In 2023, Vietnam exported more than 595,000 metric tons of durians with a value of $2.1 billion to China.

TUOI TRE NEWS
Source: Vietstock.vn
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07/04/2024

DEVELOPERS MUST VERIFY WITH FOREIGN HOMEOWNER'S DATABASE BEFORE SALES
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The Vietnam Chamber of Commerce and Industry (VCCI) has proposed the creation ofa shared database by local governments for the number of foreign homeowners of independent houses under their jurisdiction.

The 2023 Housing Law stipulates that foreign owners cannot exceed more than 30 per cent of the total number of units in an apartment complex and not more than 250 independent houses in an area of 10,000 residents.

Once the limit is reached in an area, all subsequent property projects must be informed that no more independent houses can be sold to foreigners. In order to strictly enforce this rule, a comprehensive database is required to keep developers and buyers updated on the number of available houses in the area.

The chamber said developers, before executing any sales, lease, or gift contracts to foreigners, must verify first with the local government’s database to see if they can be authorised. Following contract signings, developers must promptly notify the local housing management agency of the transactions so that the database can be updated.

Regarding apartments, the chamber said it is not necessary to keep a database because developers already know the 30 per cent cap for their projects.

BIZHUB
Source: Vietstock.vn
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06/04/2024

STOCK MARKET SHOWS POTENTIAL FOR GROWTH
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Amidst a landscape of economic uncertainties, banking, retail, and real estate sectors are identified as beacons of growth, bolstered by strategic government interventions.

In the first quarter of 2024, Vietnam's stock market demonstrated remarkable resilience, buoyed by anticipations of economic recovery and the subsequent impact on profit across various sectors.

Nguyen Thi My Lien, head of Research of Phu Hung Securities, said, "While this optimism was initially widespread, as investors looked forward to a robust growth trajectory for corporate earnings, recent statistics from the General Statistics Office paint a more tempered picture, with lingering challenges such as fluctuating exchange rates, creeping inflation, and emerging cybersecurity threats."

"While the first-quarter performance has been strong, the underlying economic recovery is progressing more slowly than expected, introducing a degree of caution into our stock selection," Lien added.

Despite these concerns, Lien remains optimistic about the potential for growth, driven by a combination of economic recovery, supportive government policies, and the low earnings base from last year.

Specifically, banking, retail, exports, and real estate are sectors identified by Phu Hung Securities as having favourable prospects. In banking, a continued low-interest-rate environment is expected to stimulate credit activities, with the sector's profits projected to rebound by 12-15 per cent this year following a 5 per cent decline in 2023. ACB and MBBank have emerged as top picks in this category.

The retail sector is also poised for a significant turnaround, benefiting from restructuring efforts and early signs of recovery. Mobile World Group, FPT Retail, and PNJ are among the stocks anticipated to lead this growth.

The export sector, favoured for its potential amid cooling global interest rates, is expected to see enhanced demand in key markets like the US, EU, and China.

Textile and seafood stocks such as Century Synthetic Fiber Corporation, Song Hong Garment JSC, Thanh Cong Textile Garment Investment Trading JSC, Sao Ta Foods JSC, Nam Viet Corporation, and Vinh Hoan Corporation, along with rubber industry stocks like DakLak Rubber Investment JSC and D**g Phu Rubber JSC, are highlighted as attractive investment options.

"Real estate is another sector where we see promise, particularly in light of government initiatives to rejuvenate the market following two challenging years," Lien added.

"The government's determination to resolve legal issues has reinvigorated the real estate sector, with companies actively raising capital and resuming sales," she explained.

Preferred stocks in this sector include Vinhomes, Khang Dien, and Nam Long, chosen for their financial stability and clear legal standing.

VIR
Source: Vietstock.vn
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05/04/2024

MEKONG DELTA FIRMS OPTIMISTIC ABOUT ECONOMIC OUTLOOK IN 2024
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Up to 75.8 per cent of surveyed businesses in the Mekong Delta region forecast that their revenues will increase and 74.1 per cent predict rises in profits, according to Nguyễn Phương Lam, director of the Vietnam Chamber of Commerce and Industry’s Mekong Delta office.

Speaking at a meeting with VCCI members on March 28, Lam pointed to several difficulties facing enterprises in 2024, including logistics and labour costs, capital, petrol and oil prices, and unofficial costs.

In face of these difficulties, Nguyễn Thái Bình from Trung An Hi-tech Farming JSC expressed his hope that the VCCI’s Mekong Delta Office will continue its support for trade and investment promotion activities, and provide updated information and consultations for businesses.

Lam said that efforts will be made to improve the business environment, increase dialogues between enterprises and local authorities, ministries and sectors, and organise business cooperation forums with key markets such as Japan, China and the Republic of Korea.

Last year, 11,381 new enterprises were established in the Mekong Delta region, but 10,514 others stopped operating or dissolve, posing a big challenge for the region. FDI inflows into the 13 localities in the region totalled US$741 million, only one quarter of the amount recorded by the northern province of Quảng Ninh.

At present, the unemployment and underemployment rate in the region is the highest in the country.

The Mekong Delta comprises Cần Thơ City and the provinces of An Giang, Đồng Tháp, Long An, Tiền Giang, Vĩnh Long, Bến Tre, Trà Vinh, Sóc Trăng, Hậu Giang, Bạc Liêu, Cà Mau and Kiên Giang.

BIZHUB
Source: Vietstock.vn
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03/04/2024

BANK SHAREHOLDERS TO RECEIVE HIGH DIVIDENDS, STOCK BONUSES
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Banks are presenting to their shareholders plans to distribute cash and stock dividends while issuing bonus shares to shareholders.

Dividend payments at high rates

At the end of last month, the shareholders' meeting of Nam A Commercial Joint Stock Bank approved a 25 per cent dividend distribution plan for 2023 in the form of stocks to increase capital and enhance financial capacity.

The bank aims to raise its capital to over VNĐ13.7 trillion (US$551.3 million) this year and reach about VNĐ16.2 trillion by 2025.

In 2023, Nam A Bank released over 211.6 million shares to increase its share capital, with a dividend rate of 25 per cent.

Vietnam International Commercial Joint Stock Bank (VIB) was expected to propose a dividend distribution plan with a 29.5 per cent ratio at its shareholders' meeting on April 2, including a maximum cash dividend of 12.5 per cent, a stock dividend of 17 per cent and an issuance of bonus shares to employees at a rate of 0.44 per cent.

In detail, the bank will pay dividends in two stages: an interim cash dividend of 6 per cent and a cash dividend payment of 6.5 per cent. The total dividend payment amount will be VNĐ3.17 trillion.

The Board of Directors of VIB also proposes to increase the capital by issuing bonus shares to existing shareholders and its employees.

Meanwhile, Orient Commercial Joint Stock Bank (OCB) has set a target to increase its capital by an additional VNĐ4.2 trillion in 2024 through three options.

The first option involves issuing around 411 million shares to pay dividends to existing shareholders at a rate of 20 per cent.

The second option is to issue 5 million shares for employees, while the third plan is a private placement, where OCB will offer a maximum of 882,353 shares for sale.

If all three options are successful, OCB's charter capital will rise from nearly VNĐ20.55 trillion to over VNĐ24.7 trillion.

The specific timeline for implementing the capital increase phases will be determined by the Board of Directors, once approval is obtained from the relevant authorities.

Generous stock bonuses

This year, several banks in Việt Nam are taking a new approach to dividend distribution.

Instead of solely issuing stocks as dividends, they are paying both cash dividends and stock bonuses to increase their capital.

Techcombank, for example, plans to distribute a 15 per cent cash dividend and a 100 per cent stock bonus to its shareholders.

The lender’s Board of Directors will propose a 15 per cent cash dividend for 2023.

In addition, Techcombank's Board of Directors has proposed a capital increase scheme. The objective is to raise the charter capital from over VNĐ35.2 trillion to more than VNĐ70.45 trillion by issuing new shares from owner's equity.

This includes utilising undistributed profit after tax, additional reserves for charter capital and surplus capital based on the audited financial statements for 2023. The planned issuance ratio is 100 per cent, meaning that each shareholder will receive an additional 100 new shares for every 100 shares owned.

Asia Commercial Joint Stock Bank (ACB) plans to distribute dividends for 2023 from retained earnings, totalling nearly VNĐ19.9 trillion. The dividend rate will be 25 per cent, with 15 per cent in stock dividends and 10 per cent in cash, amounting to VNĐ9.71 trillion. This dividend ratio will also apply to 2024.

The dividend distribution will increase ACB's charter capital to nearly VNĐ44.7 trillion, with an additional VNĐ5.8 trillion and over 582 million new shares issued. The capital increase is expected to be completed in the third quarter of 2024.

MBBank's Chairman of the Board of Directors, Lưu Trung Thái has revealed that the bank plans to distribute cash and stock dividends in 2024, but the exact ratio has yet to be finalised.

Last year, the bank successfully raised its charter capital from VNĐ45 trillion to over VNĐ52.1 trillion by distributing stock dividends.

BIZHUB
Source: Vietstock.vn
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02/04/2024

WOOD SECTOR SEES SIGNS OF RECOVERY
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Despite Vietnam’s export market still being fraught with challenges, businesses in the wood industry are expediting measures to bring about a recovery for the sector.

The General Department of Vietnam Customs’ figures show that by March 15, wood and wooden furniture took the lead in the export value in the agricultural sector, totalling $2.86 billion, showing a 30 per cent jump on-year.

Bui Ta Hoang Vu, director of Ho Chi Minh City Department of Industry and Trade, revealed that the order intake from businesses in the sector in the first quarter has been fairly positive.

As such, businesses have received orders until the end of June, with some others even securing orders until the end of the year.

Unlike 2023, this year is witnessing a potential global market recovery, with positive signs being felt in Ho Chi Minh City and the southern region.

Duc Thien Co., Ltd. based in the southern province of Binh Duong has securedexport ordersuntil the end of June, and Le Ha Trong Chau, one of the company’s representatives revealed that each month, the firm exports 10–15 containers of products, generating over $1million in export value, with their products mainly going to the United States.

"Based on the current situation, we expect to attain 20 per cent growth in total export value for 2024," said Chau.

Nguyen Chanh Phuong, deputy chairman of the Ho Chi Minh City Handicraft and Wood Industry Association (HAWA), believes that businesses in the wood and handicraft sectors could make a significant breakthrough this year as inflation in the US eases.

"The market is showing signs of recovery, with surging demand for material imports, while in the domestic market, the lending rate is becoming more stable," said Phuong.

Geopolitical conflicts are driving up logistics costs and the requirements on preventing forest degradation shall be applied in the EU starting from late 2024.

The US is applying anti-dumping regulations. Businesses in the sector need to be well aware of the situation to come up with suitable measures.

Tran Quoc Manh, deputy chairman of the Vietnam Handicraft Exporter Association, noted that many produces in the sector have teamed up with foreign partners, taking the initiative in creating new distinct patterns to dominate target markets.

The export figures to new markets such as China, India, Malaysia, Cambodia, Laos, and Indonesia have seen fair growth.

For instance, along with developing new patterns, Minh Phat 2 Co., Ltd., based in Thuan An district in Binh Duong, is focused on restructuring to save on costs.

"Despite such difficulties, the company is setting part of our budget to invest in machinery to reduce labour costs and reach a consensus with our workers. All measures are aiming to boost production and business efficiency to survive these challenging times," said Dien Quang Hiep, of Minh Phat 2.

The HAWA's Phuong also revealed that this year about 10 businesses would be taking part in Index Dubai 2024, an upscale interior design event set for June.

In addition, the Ho Chi Minh City Investment and Trade Promotion Centre also supports the HAWA to have a booth at the 2024 Milan Design Week in mid-April.

"We will select more producers and suppliers to join other events for trade promotion later this year," said Phuong.

VIR
Source: Vietstock.vn
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