Vietnam Trade Office in Canada

The national e-invoicing system made debut this morning in the presence of Prime Minister Pham Minh Chinh, targeting to save time, cut costs, and prevent invoice frauds. This is a step forward to the deadline fixed by the Government to make e-invoicing mandatory from July 7, 2022. E-invoices, first introduced in Viet Nam in 2010, have been welcomed by business community...

Fintech and e-commerce accounted for 70% of total venture capital in the country last year, and this trend is predicted to continue in 2022, Dau tu (Vietnam Investment Review) reported. Capital poured into startups reached US$1.4 billion in 2021, rising three-fold from the US$451 million in the previous year. Up to 70% of the investment was channeled into fintech and e-commerce, according to the Vietnam Innovation...

Tax and fee reductions have contributed to bringing inflation under control in Vietnam, according to Deputy Minister of Finance Vo Thanh Hung. At a recent press briefing, Deputy Minister Hung said the conflict between Russia and Ukraine had inflated the prices of goods, mainly food, foodstuff, fuels and materials, putting pressure on inflation. To help production and business activities recover after...

Despite facing stiff competition, Vietnamese spices are increasing their presence in demanding markets around the world as businesses take advantage of free trade agreements and adopt advanced technologies. Vu Kim Hanh, chairwoman of the Business Association of Vietnamese High Quality Products, said localities and firms in the spices and seasoning industry had devised production recovery plans, turned to advanced technologies, diversified...

The value and position of the Vietnam national brand have constantly improved in recent years in the global market and received recognition from many prestigious international organisations, according to Vu Ba Phu, Director of the Trade Promotion Agency (Vietrade). Phu, who is also head of the Secretariat of the National Brand Programme, highlighted the significant contributions from the business community...

Vietnam’s tra (pangasius) fish sector is seeing a strong recovery after three years of gloom. Prices of tra fish have been on the rise due to shortages for processing and exports. The COVID-19 pandemic and a disruption to the supply chain in 2021 hindered fish farming households, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The scarcity is...

Vietnam’s economic growth in the first quarter of 2022 was consolidated thanks to the solid performance of export-oriented manufacturing and recovering service sector, according to the Vietnam Macro Monitoring report recently released by World Bank. The country’s GDP grew by 5.0 percent year-on-year in Q1-2022, comparable to the growth rate in Q4-2021, yet still two percentage points below pre-pandemic rates. Industry...

Deputy Prime Minister Le Van Thanh recently took part in an conference with localities regarding the completion of the National Power Development Plan for the 2021 - 2030 period, with a vision to 2045 (PDP VIII). According to the Government Office’s announcement of the Deputy PM's conclusion at the conference, participants reached a consensus that the total capacity of power...

Two major seafood firms have reported a surge in revenue in the first quarter thanks to surging prices and recovering demand. Vinh Hoan Corporation, the largest listed seafood company, posted revenues of VND3.2 trillion ($139.4 million) in the first three months of this year, up 80 percent year-on-year. Pangasius has become its main export earner, with sales of this fish...

Retail and consumer service revenues enjoyed good growth in the first quarter of 2022, rising 4.4 percent from the same period last year to 1,318 trillion VND (57.55 billion USD), according to the General Statistics Office (GSO). Retail revenue alone picked up 5.8 percent year on year, with many domestic retailers posting positive signs in their business. Mobile World Investment Corporation...