Computers and electronic components are among the key products with high export turnover to the US market. (Photo: VOV)

According to the General Statistics Office, Vietnamese exports to the US reached US$54.3 billion, up 22.1% on-year, ranking first in turnover growth rate, and surpassing other markets such as the EU, ASEAN and the Republic of Korea (RoK).

In the opposite direction, imports from the US stood at US$ 7.1 billion, marking a year-on-year rise of 2.8%, while trade surplus was estimated at US$47.2 billion.

Vietnam currently has 8 export items to the US worth over US$10 billion, including computers and components at more than US$10 billion, and textiles and garments at US$6 billion. With such a growth rate, two-way trade turnover may soon exceed the US$100 billion mark this year.

As for wood products, the US currently accounts for about 53% of Vietnam’s total export turnover. Among 33 cashew export markets, the US is also Vietnam’s largest cashew consumer with 93,105 tons, up 24% over the same period from last year and accounting for 26% of the Southeast Asian nation’s total cashew exports.

According to the General Department of Customs, Vietnam’s cashew export turnover soared by 18.7% over last year’s corresponding period to US$1.94 billion in the first half of this year.

Tran Minh Thang, head of the Vietnam Trade Office Branch in San Francisco said that Vietnam is the 8th largest trading partner of the US, with the 3rd largest trade surplus just behind China and Mexico.

In the second half of 2024, the US’s GDP growth may reach 1.5% before increasing to 1.7% in 2025, and inflation will remain stable at 2.5%, therefore, the Federal Reserve System (FED) will loosen its monetary policy in the second half of 2024, Thang went on.

Seafood processing for export in a factory in Hau Giang (Photo: nhandan.vn)

Tran Thanh Huyen, head of the Investment Department of VinaCapital analyzed that important component of the purchasing managers’ index (PMI) is the new orders index. This index hit a near record high of 59.2 points, the highest level over the past 13 years which indicated the recovery prospects of the manufacturing industry with returning orders.

“The recovery prospect of the manufacturing industry is the return of export orders, most of which come from the US market,” Huyen added.

According to expert assessments, retail businesses in the North American nation are ending the inventory clearance period and returning to ordering. Additionally  US people’s income is increasing again coupled with growing consumption  which will boost purchasing activities of importers and drive Vietnamese exports up again.

Concerning exports activities in general, Ass .Professor Dr. Dinh Trong Thinh – economic expert – said that new export orders in the manufacturing sector will continue to increase in the time to come.

“The FED may lower interest rates soon but the reduction will not be more than 0.5%. A slight depreciation of the USD will not greatly impact on Vietnam’s socio-economic development, investment and imports-exports”, Thinh said.

Vietnamese flavours spotlighted at culinary week in Jakarta

JW Marriott Jakarta is hosting a Vietnamese culinary week themed “Vietnamese flavours” in the Indonesian capital from July 12 to 20, reported Vietnam News Agency.

Vietnamese dishes served at the event in Jakarta (Photo: VNA)

The event originates from the idea of the hotel’s culinary director, who recognised the unique appeal of Vietnamese cuisine. Subsequently, Marriott Asia chose JW Marriott Da Nang to collaborate in organising the first Vietnamese culinary week in Jakarta.

Marketing Director of JW Marriott Jakarta Stella Rizki stated the organisation of the event caters to the growing wave of tourists from Jakarta to Vietnam. Vietnamese food is globally renowned and much loved by Indonesians.

She said that chefs from JW Marriott Da Nang have brought the authentic flavours of Vietnam to Jakarta and that support from the Vietnamese Embassy and Vietjet Air has helped make this event possible.

Vietnamese chef Nguyen Ngoc Thinh from JW Marriott Da Nang said that the dishes selected are signature and famous ones from all three regions of Vietnam, with ingredients brought from the country to ensure their authentic taste.

Hanoi’s first lotus festival in full swing

The capital city of Hanoi’s first lotus festival is being held at the Cultural and Creative Space in Tay Ho district from July 12-16, with its opening ceremony attracting more than 5,000 participants and witnessing two Vietnam’s records awarded, reported Vietnam News Agency.

The OCOP product introduction and sale centre in Trinh street, Tay Ho district, is set to become a compelling destination for both residents and visitors. (Photo: VNA)

In his opening speech at the July 12 ceremony, Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen stated that the meticulously planned event promised to offer residents and visitors exciting experiences and unique artistic programmes that highlight the cultural exchange among different regions of Vietnam.

The opening day saw the Vietnam Records Organisation (VietKings) presenting two national record certificates for the largest number of participants (7,000) in a cycling journey around the West Lake and the largest number of people (1,000) wearing traditional ao dai with lotus patterns. It also featured more than 100 booths from 33 provinces and cities that showcased over 1,000 products under their One Commune One Product programmes.

Speaking on the sidelines of the festival, Lao Chargé d’affaires Latana Siharaj said events like this not only help embassies better understand the host country’s culture and traditions but also create opportunities to share values and experiences from various nations.

As part of the festival, there are also a workshop on the conservation and development of Vietnamese lotus, the inauguration of a centre for OCOP product introduction and sale in Tay Ho, a lotus installation art space, an exhibition of lotus photos in the Vietnamese life, a promotion programme for the district’s tourism, and a music night featuring works by Vietnamese popular composer Trinh Cong Son, among many other activities.

Vietnamese team ranks third out of 81 countries and territories participating in International Biology Olympiad 2024

The Vietnamese national team has secured three gold and one silver medals at the International Biology Olympiad (IBO) 2024, ranking third out of 81 participating countries and territories, reported Vietnam News Agency.

A group photo of the Vietnamese national team to the International Biology Olympiad (IBO) 2024 (Source: Vietnam’s Ministry of Education and Training)

According to the Ministry of Education and Training, the three gold medalists, all 12th graders, are Dang Tuan Anh from Chu Van An High School in Hanoi, Nguyen Tien Loc from High School for Gifted Students in Natural Sciences under the Vietnam National University, Hanoi, and Nguyen Si Hieu from Tran Phu High School for Gifted Students in the northern port city of Hai Phong.

Meanwhile, Ho Duc Trung, also a 12th grader from Quoc Hoc – Hue High School for Gifted Students in the central province of Thua Thien – Hue obtained the silver medal.

This year’s performance marked the best result for Vietnamese students at the IBO since 2019. Notably, it was the first time multiple Vietnamese students had excelled in the highly demanding practical exams of the competition.

The 35th IBO, held in Kazakhstan from July 7-13, saw the largest participation to date, with 320 contestants from 81 countries and territories. The students underwent two official exam days, each lasting 6 to 8 hours.

In total, the Olympiad awarded 28 gold, 56 silver, and 84 bronze medals to winners./.

(Source: https://en.dangcongsan.vn/)