Business News

Ðỗ Văn Khuôl, supply director of Saigon Food Company, said the cost of both domestically sourced and imported inputs have risen, including those of rice and seafood, whose output has fallen.

Vietnam-ASEAN trade turnover has increased rapid over the last 26 years (1995-2021), contributing to the development of Vietnam and other ASEAN member states.

Digital transformation and e-commerce will continue to thrive in 2021 and create a new catalyst for economic growth, according to experts. This is also an opportunity for Vietnamese companies to develop new business strategies.

In the first three months of 2021, there were 16 deals involving Vietnamese startups compared to 20 deals in 2020 and 30 deals in 2019. Although the number of deals decreased, the total value of the deals (excluding undisclosed funding amounts) reached $150 million, up 34 per cent against last year’s period, according to the latest report by Nextrans Venture Capital Fund.

Vietnam witnessed a growth of import-export activities in the first four months of 2021, hitting a 10-year record high despite the pandemic, but profits have been eaten away by high logistics and raw material costs.

While concerns over interruption of global supply chains linger due to serious outbreaks of COVID-19 in India, Thailand, and elsewhere, Vietnam is attempting to remain on the front foot with continued business confidence and inflow of foreign investment.

Vietnam’s economic growth is expected to rebound to 6.7% this year, despite the recent resurgence of the COVID-19 pandemic in nearby countries, and rise to 7% in 2022, said Andrew Jeffries, ADB Country Director for Vietnam, at an event releasing the latest Asian Development Outlook (ADO 2021) in Hanoi.

Soaring raw material prices coupled with delays in shipping due to the COVID-19 pandemic significantly pushed up steel prices recently, according to the Ministry of Industry and Trade.