E-commerce platform a boost for Vietnam’s exports to EU

The recent debut of the Vietnam-EU e-commerce platform (VEFTA) is expected to boost Vietnam’s exports to the EU market, experts have said.

Vietnam-EU e-commerce platform, Vietnamese firms, international trade partner, international trade, EVFTA, EU, Vietnam, Vietnam news, Vietnam News Agency, Vietnam-EU e-commerce platform, Vietnamese firms, international trade partner, international trade, EVFTA, EU, Vietnam, Vietnamplus, Vietnam news, Vietnam News AgencyProcessing shrimp for export (Photo: VNA)

Hanoi (VNA) - The recent debut of the Vietnam-EU e-commerce platform (VEFTA) is expected to boost Vietnam’s exports to the EU market, experts have said.

Nguyen Kim Hung, head of the Vietnam Institute of Business Administration and Digital Economy, said the platform will serve as a B2B marketplace, helping connect Vietnamese firms and international trade partners, especially those from Europe.

Once completed, it will be directly linked with the existing e-commerce platforms of cities, provinces, and sectors, he said, noting that the platform will also provide necessary information about trade agreements and policies regarding international trade.

Efforts are being made to build a digital eco-system to facilitate connectivity and trading by enterprises on a single platform, according to Hung.

Deputy Minister of Industry and Trade Cao Quoc Hung stressed the significance of the platform for small and medium-sized enterprises and household businesses.

Nguyen Viet Cuong, Director of the Kim Nam Tech Company Limited, said that with a trading scale larger than present platforms, the VEFTA enables the export of “Made in Vietnam” products, mainly agro-forestry products and footwear, to the EU.

Meanwhile, Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than said the association wishes to accompany its members and the Ministry of Industry and Trade (MoIT) in studying solutions, focusing on digital transformation and e-commerce, in an effort to help domestic firms optimise advantages generated by the EU-Vietnam Free Trade Agreement (EVFTA).

According to the MoIT, Vietnam’s exports to the EU were up 3.5 percent in the opening months of the trade deal, from August to December last year.

During the first quarter of this year, trade turnover hit 9.9 billion USD, an 18 percent increase year-on-year.

Vietnam posted a trade surplus of 4 billion USD with the EU in January and February, representing a year-on-year rise of 36.3 percent.

Plastic materials, rubber products, computers, electronics and components, steel, and chemicals saw the highest increases in export revenue./.
VNA
News Related

OTHER NEWS

Fitch Ratings upgrades PetroVietnam’s outlook to ‘positive’

An oil rig of PetroVietnam (Photo: VNA) Hanoi (VNA) – Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”. It also assessed PetroVietnam’s standalone credit profile… Read more »

Tan Phu – Bao Loc Expressway: “3 P” and different way of capital mobilization

The meeting of the Appraisal Council on the pre-feasibility study report of the Tan Phu – Bao Loc project Sync, connect On April 9, the Minister of Planning and Investment (MPI) Nguyen Chi… Read more »

An Giang looks to attract five FDI projects in 2021

A corner of Long Xuyen city of An Giang province (Photo: VNA) An Giang (VNA) – The Mekong Delta province of An Giang has set a goal of attracting at least five foreign-invested… Read more »

VN-Index slips as trading volume scores new record

The index climbed 16 points in the morning but quickly fell to end with a 4-point decrease. Trading value on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based,… Read more »

Grab set to announce deal with US SPAC at $40 billion valuation: sources

The merger will make it the biggest blank-check company deal ever. Southeast Asia’s largest ride-hailing and food delivery firm Grab’s agreement with a special purpose acquisition company (SPAC) backed by Altimeter Capital includes… Read more »

Majority of family businesses in Vietnam lack digital capabilities

Only 30% of Vietnamese family businesses said they have strong digital capabilities, as compared to 38% globally, while a mere 9% say that their digital journey is complete. The information was revealed in… Read more »

CAAV proposes installing night lighting at Con Dao Airport

At the Con Dao Airport (Photo: VNA) Hanoi (VNA) – The Civil Aviation Authority of Vietnam (CAAV) has sent a document to the Airports Corporation of Vietnam (ACV) proposing that research be made… Read more »

Stop tax loss on large businesses: Must control revenue

According to regulations, business households and business individuals whose revenue and labor scale can meet the highest level of criteria for a micro-enterprise in accordance with the law on support for small and… Read more »

Banks report huge profits

Positive profits helped banking stocks soar over the past time. (Photo: SGGP) Bad debts decreased Profit reports of commercial banks in Q1 of this year all hit the mark of several trillion Vietnamese… Read more »

Difficulty in supply of cheap gas, Phu My Fertilizer plans to reduce 2021 profit deeply

Phu My Fertilizer plans to increase revenue by 2021, but profit will decrease sharply compared to 2020. The company closes the dividend payment of 2020 at the rate of 10%, has advanced 7%.… Read more »

ABBank seeks to hike capital through rights issuances of shares

There will be two issuances, one each in the second and third quarters of this year, the Hanoi-based lender said in a plan it outlined to shareholders. The bank, established in 1993, plans… Read more »

Hoa Phat started container factory in June with investment of 3,000 billion VND

Hoa Phat’s container production project is expected to start construction in June. Hoa Phat Group (HoSE: HPG) announced on April 12 that the Department of Planning and Investment of Ba Ria-Vung Tau province… Read more »

SHS Securities issued 1,500 billion dong of bonds

SHS Securities will issue a separate issue of VND 1,500 billion of bonds in 2021.The company will issue 3 batches of VND 500 billion each. The purpose is to add to SHS’s government… Read more »

Vinasun plans to liquidate, sell more than 1,000 vehicles later this year

Anh Duong Vietnam Joint Stock Company (Vinasun, code: VNS) plans to liquidate and sell on deferred payment to drivers for trading in the form of a franchise of more than 1,000 units this… Read more »

C.bank expects credit growth to exceed 12%-target for 2021

In case the Covid-19 pandemic is contained and the rollout of vaccination programs remains effective, Vietnam’s credit growth may hit 14% year-on-year for 2021, exceeding the original target of 12%.  Transaction at a… Read more »

Vietnam fruit, vegetable exports rise above 6% to over US$900 million in Q1

Despite severe Covid-19 impacts in the first quarter of this year, Vietnam’s exports of fruit and vegetable still posted a positive growth of 6.1% year-on-year to US$944 million.  Processing carrots at Tan Huong… Read more »

The gray future of Yeah1

From April 12, 2021, YEG shares can only be traded in the afternoon session. (ĐTCK) The plan to use capital surplus to erase accumulated losses 2020 can help Yeah1’s balance sheet (YEG code)… Read more »

VinFast – the look of a $ 50 billion company

After more than 3 years of establishment, VinFast has risen to become the fourth best-selling car company in Vietnam, setting its ambition to IPO in the US with a valuation of at least… Read more »

Vingroup sole Vietnam rep among world's top 750 family businesses

The conglomerate, which has a 62.1 percent family shareholding, generated revenues of $5.6 billion in 2019 and employed 51,100 employees, according to the latest report from Family Capital, a U.K.-based online publishing company… Read more »

Hoa Phat will start construction of container factory in June

Hoa Phat Group (Ticker: HPG) has established a subsidiary in the field of container manufacturing, is expected to start construction of the factory in June 2021 in Ba Ria – Vung Tau. The… Read more »

PVOIL set profit target of 320 billion VND, not expected to pay dividend of 2020

Based on the positive factors from the increasingly abundant imported gasoline supply, state policies and oil price volatility, PVOIL plans to both increase revenue and profit in 2021. According to the document of… Read more »

Vingroup may raise US$2 billion from VinFast’s IPO in US

Vingroup, Vietnam’s conglomerate, is considering a US initial public offering (IPO) of its automaker VinFast that could raise US$2 billion, according to Bloomberg.   VinFast factory in the northern port city of Hai Phong.… Read more »

Vietnam's richest man could become a top 50 billionaire

The initial public offering of conglomerate Vingroup’s unit VinFast in the U.S., expected to occur in this or next quarter as reported by Bloomberg and Reuters, could increase Vingroup chairman Vuong’s net worth… Read more »

Vingroup eyes $60 billion valuation for car unit in potential U.S. IPO: sources

HANOI — Vingroup JSC, Vietnam’s largest conglomerate, is considering an U.S. initial public offering (IPO) of its car unit that could value VinFast at about $60 billion, two people familiar with the matter said… Read more »

Hyundai automobile sales rise125 percent in March

Hyundai Accent remains the best-seller (Photo: hyundaidongdo-24h.com) Hanoi (VNA) – Hyundai Thanh Cong’s automobiles sales  in March expanded 125 percent month-on-month, lifting its sales in the first quarter of 2021 to 15,886 units, data released… Read more »

Ministry wants taxes slashed for transport companies

A bus in Hanoi with only two passengers, January 2021. Photo by VnExpress/Anh Duy. It wants the 30 percent cut in road maintenance fee, in place until June 30, to continue through 2021,… Read more »

Vietnam salt company’s IPO surpasses plan

Illustrative image (Photo: VNA) Hanoi (VNA) – The Vietnam Salt One Member Limited Liability Company (Visalco) launched the initial public offering (IPO) on the Hanoi Stock Exchange (HNX) on April 12.  With nearly… Read more »

Vietnamese family businesses optimism about growth prospects: PwC

Illustrative image (Source: VNA) Hanoi (VNA) – The UK-based audit service supplier PricewaterhouseCoopers (PwC) has released its first survey on Vietnamese family businesses, which showed optimism in their future development. The survey is… Read more »

FLC targets 163 pct profit growth

FLC Grand Hotel Quy Nhon in the central province of Binh Dinh. Photo by VnExpress/Tuan Ho. At its annual general meeting Monday, the private conglomerate, which has interests ranging from property development to… Read more »

Good control of pandemic will accelerate credit growth: Insiders

Illustrative image (Photo: VNA) Hanoi (VNA) – Credit growth will expand significantly from Quarter 2 and exceed the State Bank of Vietnam (SBV)’s target of 12 percent for the year as a whole… Read more »

Reference exchange rate down 4 VND on April 13

Illustrative image (Photo: VNA) Hanoi (VNA) – The State Bank of Vietnam set the daily reference exchange rate at 23,214 VND per USD on April 13, down 4 VND from the previous day.… Read more »

Opportunities to develop agricultural materials domestically

Imported products increased According to the Vietnam Timber and Forest Product Association (VIFOREST), the prices of imported wood have increased by 20-25 percent; The prices of auxiliary materials, such as glue, paint, and… Read more »

Vingroup eyes $2 bln from VinFast IPO in US

The IPO could take place as soon as this quarter, and could raise up to $3 billion, Bloomberg reported, citing sources. An issue worth $2 billion will make the IPO the biggest ever… Read more »

Hanoi’s first metro to operate 18 hours a day

The long-delayed Cat Linh–Ha Dong Metro Section, the first to operate in the country, is expected to begin commercial operations at the end of this month starting from 5 a.m. to 11 p.m… Read more »

Price ceiling, floor for air tickets does more harm than good: Experts

Reporters from SGGP Newspaper had a chance to talk with economics expert Dr. Vu Dinh Anh on the matter. Dr. Vu Dinh Anh * REPORTER: What’s your opinion on Vietnam Airlines’ recent proposal… Read more »

VinFast’s car sales top 2,330 vehicles in March

The first electric cars will be delivered to customers in November. (Photo: VinFast) Hanoi (VNA) – VinFast Trading and Production LLC, a subsidiary of Vietnamese conglomerate Vingroup, sold a total 2,330 cars in… Read more »

Petrol prices slightly slide after nine straight increases

According to the ministries of Industry and Trade and Finance, negative developments of the Covid-19 pandemic continued to affect the demand for petroleum products; traffic congestion in the Suez Canal has been solved;… Read more »

Vingroup Said to Weigh $2 Billion U.S. IPO of Unit VinFast: Bloomberg

The biggest carmaker in Vietnam is working with advisers on the potential offering that could take place as soon as this quarter, the people said. An offering could raise as much as $3… Read more »

Vietnam’s motorbike sales down over 4 percent in Q1

At Honda Vietnam (Photo: VNA) Hanoi (VNA) – The Vietnam Automobile Manufacturers’ Association (VAMA) announced on April 12 that its five members sold 701,454 units in the first quarter, down 4.05 percent year-on-year.… Read more »

FLC Group expects over 660 million USD in consolidated revenue this year

FLC targets increasing Bamboo Airways’ fleet to at least 40 aircraft this year. (Photo: VNA) Hanoi (VNA) – The FLC Group Joint Stock Company hopes to record more than 15.25 trillion VND (661.44… Read more »

Petrol prices slightly drop in latest review

The retail prices of petrol are adjusted down from 16:30 on April 12. (Photo: VNA) Hanoi (VNA) – The retail prices of petrol dropped from 16:30 on April 12, the ministries of industry… Read more »

How GE help decarbonization in Vietnam?

Vietnam, with annual power demand growth of roughly 10%, requires significant improvements in energy efficiency, emission intensity together with national energy mix restructuring for low-carbon economic growth.  Wind farm in Vietnam’s Ninh Thuan… Read more »

VN-Index could exceed 1,400 points this year: report

The figure is set to increase by up to 20-30 percent from the end of last year to be in the 1,325–1,435 range, Vietcombank Securities VCBS reported. Analysts based their projections on the… Read more »

VN-Index hits new peak as trading value surges

The index stayed in the green throughout the day and closed with a near 21-point gain, the biggest increase in the last seven sessions. VN-Index has several times hit new peaks this year… Read more »

Global market remains potential for Vietnam's mango industry

The scene of the workshop. (Photo: SGGP) According to the report of the MARD, the Mekong Delta region has more than 47,000 hectares of all kinds of mango, with an average yield of… Read more »

Ninh Thuan cooperatives link up with firms to sell farm produce

An asparagus field of the Tuan Tu General Service Cooperative in Ninh Phuoc district’s An Hai commune. (Photo: VNA) Ninh Thuan (VNS/VNA) – Agriculture cooperatives in the south-central province of Ninh Thuan have… Read more »

Japan’s Enshu Railway to build software development unit in Vietnam

Hanoi, April 12 (VNA) – Japan-based Enshu Railway Co., Ltd. will invest in the establishment of a subsidiary focusing on software development in Vietnam in July. As reported by Kyodo News, the Hanoi-based… Read more »

How GE helps decarbonization in Vietnam?

Vietnam, with annual power demand growth of roughly 10%, requires significant improvements in energy efficiency, emission intensity together with national energy mix restructuring for low-carbon economic growth.  Wind farm in Vietnam’s Ninh Thuan… Read more »

Covid-19 insurance is required soon

One of the opinions of tourism experts and businesses (enterprises) on an effective and sustainable route to reopen international tourism is to propose to the Government and ministries and agencies to have an… Read more »

Major projects drive recovery of FDI inflow

NDO – In the first quarter of 2021, foreign direct investment (FDI) pledges to Vietnam recorded positive growth for the first time since the flare-up of the Covid-19 pandemic. This is the result… Read more »