Commerce 2023

Vietnam’s e-commerce export revenues grow over 20% per year: conference

June 8, 2023 by tuoitrenews.vn Leave a Comment

Vietnam’s e-commerce export revenue is currently experiencing a remarkable annual growth rate exceeding 20 percent and is projected to reach VND296.3 trillion (US$12.6 billion) by 2027.

The forecast was released at the Vietnam Cross-border E-commerce Conference 2023 held in Hanoi on Wednesday by the E-commerce and Digital Economy Agency under the Ministry of Industry and Trade in collaboration with Amazon Global Selling, a program that enables merchants to list and sell their products across the world on U.S. e-commerce giant Amazon’s marketplaces.

In her remarks at the event, Lai Viet Anh, deputy director of the E-commerce and Digital Economy Agency, highlighted the flourishing global trend of cross-border e-commerce, which is gaining momentum in numerous countries worldwide.

“In Vietnam, the retail e-commerce sector demonstrates an annual growth rate of more than 20 percent annually,” Anh said.

With this impressive growth rate, Vietnam possesses immense potential for the advancement of e-commerce, she stated.

“We have implemented a range of diverse programs and training initiatives to expedite digital transformation, refine online export policies, and support businesses in expanding their global presence and achieving international success,” she noted.

According to a survey conducted by Access Partnership, a public policy consultancy, among 300 micro-, small-, and medium-sized enterprises (MSMEs) in the country, an overwhelming 86 percent of respondents believe that they would not be able to carry out export activities without e-commerce.

In addition, local MSMEs have set their sights on expanding their market presence to various countries, including the United States, Japan, and several European nations within the next five years.

The survey also showed that Vietnam’s e-commerce export earnings are anticipated to reach VND296.3 trillion by 2027, providing that local firms receive adequate support to accelerate the adoption of e-commerce in exporting their products and services.

According to Gijae Seong, CEO of Amazon Global Selling Vietnam, the export value of Vietnamese businesses utilizing Amazon as their platform experienced a significant growth rate of 45 percent in the past year.

So far, over 10 million Vietnamese products have been successfully sold to customers worldwide via the Amazon platform.

Seong added that numerous local companies are prepared to venture into online export, but they currently lack the necessary expertise to expand their export operations on a larger scale.

Highlighting their collaboration with Vietnamese government agencies and service providers, the Amazon representative emphasized that the event held on Wednesday aimed to provide support to online export businesses.

Seong also underscored that Amazon Global Selling is dedicated to fostering the growth of businesses in the Vietnamese market by equipping them with essential skills to thrive in the current global business landscape.

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Over 200 companies join Hanoi PlasPrintPack 2023

June 8, 2023 by en.vietnamplus.vn Leave a Comment

Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry speaks at the opening ceremony of the exhibition. (Photo: VNA)

Hanoi (VNA) – The 11th Hanoi International Plastic, Rubber, Printing, and Packaging Industry Exhibition (Hanoi PlasPrintPack 2023) was opened in Hanoi on June 8, attracting 200 companies with 340 booths.

The companies are from 11 countries and territories including China, India, Indonesia, Japan, Malaysia, the Philippines, Taiwan (China), Hong Kong (China), Thailand, the UK, and Vietnam.

Speaking at the opening of the exhibition, Hoang Quang Phong, Vice President of the Vietnam Chamber of Commerce and Industry, said that along with the development of the domestic manufacturing industry, the plastic, packaging, and printing industries also see rapid growth. They are supporting industries with great potential and require high-tech products, modern production processes, and management to increase competitiveness in the market.

Ho Duc Lam, Chairman of the Vietnam Plastics Association, said that Vietnam now counts nearly 4,000 plastics businesses, 90% of which are small and medium enterprises.

Over the past time, Vietnam’s plastics industry has grown strongly for years with an annual average rate of 10-12%. Industry revenue in 2022 topped 25 billion USD, up 5.7% over the same period in 2021.

However, the growth rate of Vietnam’s plastics industry have been seeing signs of a slowdown from the beginning of 2023 due to the global economic recession in general and the lingering impact of the COVID-19 pandemic in particular, Lam said.

Moreover, Vietnam’s plastics industry still largely depends on imported raw materials, machinery, and equipment, he said.

The exhibition will run through June 11./.

VNA

After RBI’s pause, industry wants reversal of rate hike cycle

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

President of industry body Ficci Subhrakant Panda said a status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth.

The status quo adopted by the Reserve Bank in its second bi-monthly monetary policy of the current fiscal will pave way for reversal of rate hike cycle in due course, expects India Inc. The RBI, in its bi-monthly monetary policy review, opted for a pause second time in a row, maintaining key benchmark policy rate at 6.5 per cent as inflation moderates.

The rate increase cycle was paused in April after six consecutive rate hikes aggregating to 250 basis points since May 2022.

This pause will help growth to become strong with the support of enhanced consumption demand in the economy, said Saket Dalmia, President, PHD Chamber of Commerce and Industry.

President of industry body Ficci Subhrakant Panda said a status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth.

“Ficci expects the impact of monetary policy interventions till date to pave the way for reversal of the rate hike cycle in due course,” he said.

Secretary General of another leading industry body Assocham said that while the Monetary Policy Committee remains focussed on withdrawal of accommodation to further rein in inflation, “we are confident that the RBI would ensure that adequate liquidity is maintained in the banking system and credit growth remains robust”.

Assocham also hailed several measures like allowing issuance of prepaid RuPay forex cards for international travellers, simplifying guidelines under FEMA for authorised persons in the forex market and streamlining Bharat Bill Payment System.

Since May 2022, RBI had hiked the short-term lending rate (repo) cumulatively by 250 basis points to check inflation, before hitting the pause button in April.

Commenting on the RBI’s policy review, Dalmia said this pause will help growth to become strong with the support of enhanced consumption demand in the economy.

“We look forward to the continuous handholding by the government and RBI to maintain economic growth and addressing inflationary pressures,” he said.

Announcing the bi-monthly policy, RBI Governor Shaktikanta Das said anchoring of inflationary expectations is underway and that the central bank’s monetary policy actions are yielding the desired results.

Dhruv Agarwala, Group CEO, Housing.com, said the status quo on benchmark lending rate augurs particularly well for the real estate sector in the country.

“Amid all growth indicators moving in the right direction, the consumer spirit would get a renewed boost from the RBI move, which means home loan interest rates would remain at the current level,” he said.

In his comments, Shiv Parekh, founder hBits, said while the immediate impact of the RBI’s decision might not be significant, this move brings a sense of stability to the real estate sector.

“It is crucial to assess the cumulative impact of previous rate hikes by the RBI, and by keeping the repo rate unchanged, the central bank has provided a sense of relief to various industries, especially real estate, which has been struggling due to consecutive increases in rates in recent months,” he said.

Ajit Banerjee, CIO, Shriram Life Insurance Company, said the RBI’s policy tone was balanced, but it remained non-committal on the decision on future rate actions by MPC.

Probably it is very unlikely if RBI would precede the US Fed in reversing its course of rate hikes in the future, he added.

Pranay Jhaveri, MD – India and South Asia, Euronet, opined that streamlining Bharat Bill Payment System will help integrate backend systems efficiently for a seamless experience, which could also bring new players to the table and improve the ad-hoc payment system.

It will be an advantage to bolster fraud monitoring and risk mitigation systems to ensure smooth online transactions, Jhaveri said.

To further enhance the efficiency of the Bharat Bill Payment System and to encourage greater participation, RBI has proposed to streamline the process flow of transactions and membership criteria for operating units.

Other measures announced on Thursday included allowing scheduled commercial banks to set their own limits for borrowing in Call and Notice Money Market, giving two more years to primary urban cooperative banks to achieve priority sector lending ( PSL ) targets, expanding the scope of e-RUPI digital vouchers issued by banks, and permit issuance of RuPay prepaid forex cards by banks.

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Supporting businesses to promote online exports

June 8, 2023 by bizhub.vn Leave a Comment

The event connects 14 service providers in the cross-border e-commerce industry to bring together solutions to support Vietnamese businesses to promote exports via e-commerce. — VNS Photo

Viet Nam could see its e-commerce export revenues rise to VND296.3 trillion (US$12.5 billion) by 2027, heard the 2023 Cross-Border E-Commerce Conference in Viet Nam in Ha Noi on Wednesday.

Amazon Global Selling and Viet Nam E-commerce and Digital Economy Agency (iDEA), Ministry of Industry and Trade kicked off their Cross-Border E-Commerce (CBEC) Conference in Viet Nam in response to growing demand from Vietnamese businesses and to empower them to capture the rising CBEC opportunity.

With the theme “Embrace Asian Experience, Vietnamese Brands Go Global”, held in Ha Noi on Wednesday and HCM City on Friday, the event will include a CBEC conference to share the most updated insights and information about the e-commerce export industry, a connecting day for 14 services providers in many services domains and presenting successful Amazon selling partners from South Korea, Singapore and Viet Nam.

According to the latest research by Access Partnership, Viet Nam could see its e-commerce export revenues rise to VND296.3 trillion ($12.5 billion) by 2027 if local businesses are fully enabled and accelerate the rate at which they adopt e-commerce to export their products and services.

The survey conducted among around 300 domestic micro, small, and medium enterprises (MSMEs) in Viet Nam found that 86 per cent of MSMEs believe that without e-commerce, they would be unable to export at all and they would lack the capacity to do exporting activities.

Moreover, local MSMEs are also looking towards expanding their footprint in more markets such as the United States, Japan, and European countries, over the next five years.

Seeing the potential of this industry, Amazon Global Selling is thus joining hands with Viet Nam E-commerce and Digital Economy Agency (iDEA) to organise CBEC Conference 2023 in Viet Nam with an expectation of raising awareness of CBEC among local enterprises, bringing online export experience from other countries in the region and from industry experts from service providers to empower, encourage and support businesses to accelerate their international growth while introducing more Vietnamese products and brands to customers around the world through CBEC.

This event is regarded as the first large-scale independent CBEC Conference in Viet Nam, acknowledging the participation of government representatives, industry associations, 14 service providers and successful sellers from Asia, and expects to welcome more than 1,500 visitors.

With the participation of representatives from government agencies and Amazon Global Selling Viet Nam business leaders, visitors can get updates about CBEC opportunities, trends, the readiness of Viet Nam for this new trade format, some initiatives and priorities from government and Amazon Global Selling to companion and empower Vietnamese businesses to achieve long-term growth and pave the way for global brands.

“Export value of Vietnamese businesses selling with Amazon increased by 45 per cent in 2022. Many Vietnamese businesses are ready to export online but are unsure of how to start and scale. We understand the challenges they face and that is why we are making continuous efforts to work with government agencies and service providers to organise this event to motivate, support and empower them,” said Gijae Seong, Head of Amazon Global Selling Viet Nam.

Amazon Global Selling was committed to enhancing the growth of businesses in Viet Nam and equipping them to embrace changes and reach new heights in this new global environment, he added.

“Cross-border e-commerce is a booming trend in many countries around the world. In Viet Nam, with a retail e-commerce growth rate of more than 20 per cent per year, this is also a new industry that is recognised as having great potential and is in line with the policy of developing the digital economy set by the Government,” said Lai Viet Anh, iDEA Deputy General Director.

iDEA has diversified its programmes to promote digital transformation, round off online export policies, identify the barriers MSMEs face, provide educational resources and training programmes to help Vietnamese businesses expand internationally, and achieve success on a global scale, said Anh.

Since setting up a dedicated team in Viet Nam in 2019, Amazon Global Selling has enabled thousands of Vietnamese selling partners to bring millions of Made-in-Viet Nam products to worldwide customers every year.

Export plays an important role in Viet Nam’s economy, with cross-border e-commerce booming worldwide, Amazon Global Selling is committed to working with government agencies and industry partners to help more Vietnamese MSMEs and brand owners capture this opportunity. — VNS

Mahindra makes foray into dual-fuel small commercial vehicle segment with Supro CNG Duo

June 8, 2023 by economictimes.indiatimes.com Leave a Comment

Synopsis

The company is rolling out the model from its Chakan plant in Maharashtra. Commenting on the launch, M&M President – Automotive Division Veejay Nakra said the Supro CNG Duo marks the company’s entry into the dual-fuel segment, in order to offer remarkably low operating costs to its owners and operators.

Mahindra & Mahindra on Thursday said it has entered the dual-fuel segment in the small commercial vehicle space with the launch of Supro CNG Duo priced at Rs 6.32 lakh (ex-showroom Delhi). The model can run on both CNG and petrol.

It comes with a payload capacity of 750 kg and a range of 325 km with a CNG tank capacity of 75 litres. It also comes with a five-litre petrol tank to take care of range anxiety issues.

In an interaction with PTI, Mahindra & Mahindra VP and National Sales Head Baneswar Banerjee said the product would cater to various segments including market load operators with fixed routes.

With the range of over 325 km, the vehicle can also be used for intercity travel as well, he said.

“From the demand side, the CNG segment has grown four times in four years. That clearly establishes the need for CNG and if we look at its contribution in the less than 2 tonne category, the CNG sales now account for around 5,000 units from a total of 16,000 units per month,” Banerjee stated.

The company is confident of corning a sizable market share in the segment with Supro CNG Duo, he added.

The company is rolling out the model from its Chakan plant in Maharashtra .

Commenting on the launch, M&M President – Automotive Division Veejay Nakra said the Supro CNG Duo marks the company’s entry into the dual-fuel segment, in order to offer remarkably low operating costs to its owners and operators.

“It is engineered to deliver on the tough demands of the logistics, supply chains and e-commerce companies, while offering a vastly superior value proposition to customers,” he added.

The Supro CNG Duo comes with a 20.01 kW (27BHP) BS6 RDE compliant engine, providing 60 Nm torque and best-in-class mileage of 23.35 km/kg, the company said.

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Thursday, 08 Jun, 2023

Experience Your Economic Times Newspaper, The Digital Way!

Read Complete Print Edition »

Front Page
Pure Politics
Economy
Sports & Companies
More

Regulation? AI, Says Altman

Unleashing Creativity: While norms are needed for major companies, smaller players should be allowed to flourish, OpenAI CEO says in a conversation with Times Internet vice chairman Satyan Gajwani.

Visa Delays for Chinese Pros Hit India Biz

The government’s strict approval process for granting visas to Chinese nationals and clearing investment plans of Chinese firms is now hurting Indian businesses, with projects getting delayed or even scrapped, multiple industry executives told ET.

OECD Raises India’s FY24 Growth Forecast a Jot to 6%

The Organisation for Economic Co-operation and Development (OECD) on Wednesday moved its forecast on India’s economic expansion for this fiscal year higher to 6%, from 5.9%, while citing weak global demand and the effect of monetary policy tightening as factors constraining the growth.

Vietnam’s e-commerce export revenues grow over 20% per year: conference

Over 200 companies join Hanoi PlasPrintPack 2023

After RBI’s pause, industry wants reversal of rate hike cycle

President of industry body Ficci Subhrakant Panda said a status quo in policy rates was largely expected and, by keeping the repo rate unchanged and maintaining the stance of withdrawal of accommodation, RBI is keeping a watchful eye on inflation while supporting growth.

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Supporting businesses to promote online exports

Mahindra makes foray into dual-fuel small commercial vehicle segment with Supro CNG Duo

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