Fashion
Vietnam’s PM order outlines steps to boost exports, diversify markets
The country’s total trade revenue this year till September 15 was estimated at $673.21 billion—up by 17.2 per cent year on year (YoY), with exports climbing by 15.8 per cent YoY to $325.26 billion and imports rising by 18.8 per cent to $311.95 billion.
Vietnam’s PM has issued an order outlining steps to boost exports and diversify markets.
The Industry and Trade Ministry will lead efforts to monitor market conditions and trade policies of partner countries.
Major trade promotion programmes will also be launched in key markets.
Local authorities are instructed to attract large-scale projects by MNCs with global value chain participation capabilities.
The Prime Minister cautioned that despite these gains, global uncertainties, including strategic competition, conflicts and US reciprocal tariffs, pose significant risks for Vietnam’s exports.
The Industry and Trade Ministry will spearhead efforts to monitor market conditions and trade policies of partner countries, implementing flexible and timely solutions to boost exports, while addressing emerging challenges, a domestic news outlet reported.
The ministry will focus on capitalising on existing free trade agreements (FTAs) while working to sign new ones to tap such potential markets as the Middle East, Africa, Latin America, Central Asia, Eastern Europe, India, Pakistan and Brazil as well as the Mercosur and the Gulf Cooperation Council.
Major trade promotion programmes will also be launched in key markets, including the United States, the European Union, China, Japan, South Korea, the Association of Southeast Asian Nations (ASEAN), and India, while efforts to expand e-commerce and digital trade must be intensified.
Other solutions in the directive include refining mechanisms and policies to create a transparent investment environment, controlling product quality during customs clearance process, preventing imports of low-quality goods, intellectual property violations and origin fraud, strengthening economic diplomacy, and upgrading transport and logistics infrastructure.
The State Bank of Vietnam has been tasked with managing exchange rates flexibly and developing mechanisms to strengthen monetary and banking linkages in line with global commitments and legal frameworks.
Local authorities are instructed to attract large-scale projects by multinational corporations with global value chain participation capabilities. Besides, they must improve information-sharing with producers and packaging facilities to prevent congestion in cross-border agricultural trade.
The directive asks exporters to promote investment in science and technology, diversify supply chains, build stronger brands and target niche markets.
Fibre2Fashion News Desk (DS)
Current account excluding gold and energy indicated net deficit of $3.9 billion, while goods saw a deficit of $9.5 billion.
Turkiye recorded a current account deficit (CAD) of $9.6 billion in March, the country’s central bank said.
Treasury and Finance Minister Mehmet Simsek said the CAD is expected to widen this year, due to high energy and non-energy commodity prices.
Simsek said the deterioration is likely to remain temporary and manageable, thanks to stronger macroeconomic fundamentals and policy gains.
According to annualised data, current account deficit recorded as $39.7 billion (2.6 per cent of gross domestic product) in March, while the goods deficit recorded as $77.8 billion.
Simsek said the deterioration is likely to remain temporary and manageable thanks to stronger macroeconomic fundamentals and policy gains, domestic media outlets reported.
Turkiye is heavily reliant on imported energy, whose prices spiralled due to the Middle East conflict.
Simsek said elevated global commodity prices would put pressure on the external balance, but emphasised that the government’s economic programme had improved resilience against such shocks.
He said foreign direct investment (FDI) inflows totalled $1 billion in March, bringing annualised foreign direct investment to $12.6 billion.
The new investment incentive package under discussion in parliament now is expected to strengthen the country’s financing structure and support long-term capital inflows, he added.
Fibre2Fashion News Desk (DS)
During the first quarter of ****, the UK’s imports of textile fabrics eased down *.** to £*,*** million (~$*,*** million), against £*,*** million in January-March **** but slightly higher from £*,*** million in the fourth quarter of ****. Its imports of fibre were noted at £** million (~$***.** million) steady as £** million in Q*, **** but slightly lower than £** million in Q*, ****.
During the third month of this year, the country’s clothing imports declined *.** per cent to £*.*** billion (~$*.*** billion), compared with £*.*** billion in March ****. But the inbound shipment was slightly higher month on month compared with £*.*** billion in February ****.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins, it found.
High inflation is cutting deep into Bangladesh consumer spending, with weak demand turning one of the biggest concerns for businesses, DCCI said.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins.
DCCI’s economic position index revealed that consumers have sharply reduced spending as the cost of living continues to rise.
SMEs are feeling the pressure the most.
The chamber’s economic position index (EPI) revealed that consumers have sharply reduced spending as the cost of living continues to rise, putting pressure on retailers, transport operators and other service providers.
Small and medium enterprises (SMEs) are feeling the pressure the most as they struggle to manage higher operating costs without losing customers.
Businesses also cited difficulties in obtaining bank loans, while delays in licensing and other regulatory procedures are adding to costs.
The DCCI report identified a shortage of skilled workers, particularly in technical and customer service roles, as another challenge for the sector.
The country’s inflation rose to 9.04 per cent in April from 8.71 per cent in March, according to official statistics.
Fibre2Fashion News Desk (DS)
What to expect from "Survivor 50" finale
FTSE 100 up amid calmer bonds but oil rises again
Two Americans arrested at Japanese zoo
-
Entertainment6 days agoConan O’Brien hat tricks as Oscar host
-
Tech1 week agoCould Contact-Tracing Apps Help With the Hantavirus? Not Really
-
Fashion5 days agoItaly’s Zegna Group’s Q1 growth boosted by strong organic performance
-
Sports1 week agoBobby Cox, legendary Atlanta Braves manager who led 1995 World Series champions, dead at 84
-
Entertainment1 week agoMartin Short: Facing tragedy with joy
-
Entertainment1 week agoTom Brady gets back at Kevin Hart during Netflix roast
-
Sports1 week agoJacob Fatu unleashes vicious assault on Roman Reigns after World Heavyweight Championship loss at WWE Backlash
-
Entertainment1 week agoMartha Stewart: How to make an omelet