Tag: asia

  • Samsung says Vietnam is ‘global manufacturing hub’

    Samsung says Vietnam is ‘global manufacturing hub’

    Samsung considers Vietnam a global manufacturing hub and wants to make it a center of research and innovation, the South Korean giant’s CFO, Park Hark Kyu, has said.

    In a meeting with Prime Minister Pham Minh Chinh Thursday, he said he highly regarded Vietnam’s investment and business environment. Samsung wants to make Vietnam the “center of centers” for research and development.

    Last year the company set up an R&D center in Hanoi and provided training to ensure there would be more Vietnamese in its leadership ranks.

    Over 2,000 engineers work at the center.

    The number of level 1 and 2 Vietnamese suppliers in Samsung’s global supply chain has increased tenfold since 2014, from 25 to 257.

    Park also spoke to Chinh about the use of “made in Vietnam” products, and the global minimum tax.

    Chinh hailed Samsung’s business activities in Vietnam as helping shift the country’s economic structure, promoting exports and creating millions of jobs.

    Last year Samsung’s profits in Vietnam topped US$4.6 billion. It has invested $18 billion in the country so far, and is planning to increase it to $20 billion.

  • WhatsApp rolls out new security features

    WhatsApp rolls out new security features

    Great news for WhatsApp users, as the company has just announced it has kicked off the rollout of some important security features meant to protect accounts. The new features will provide WhatsApp users with extra layers of privacy, as well as more control over their personal messages.

    First off, the latest update introduces a new security measure when a WhatsApp user wants to switch their account to a new device. Starting today, WhatsApp may ask users on their old devices to verify that they really want to take this step as an extra security check. It’s an important feature that will help alert users in case of an unauthorized attempt to move their account to another device.

    Another essential addition to WhatsApp is device verification. To prevent mobile device malware from taking advantage of their people’s phones without their permission and use their WhatsApp to send unwanted messages, the app has added special security checks.

    These checks will help authenticate an account (with no action needed from the user) and, hopefully, better protect the user if their device has been compromised. You can check out Meta’s post for more details on how this works under the hood.

    Last but not least, WhatsApp’s automatic security codes feature has just received an upgrade. The upgrade consists of a new security feature based on a process called “Key Transparency,” which should allow WhatsApp users to automatically verify their secure connection.

    Starting today, users can immediately tap on the encryption tab to verify that their conversation is secured. More details about the new security feature are available on Meta’s Engineering website.

    Although the new security features will automatically be added to each user’s device, two features must actually be turned on: two-step verification and use of end-to-end encrypted backups. Don’t forget to switch these on if you want an extra layer of security.

  • Co-Working Spaces vs Serviced Offices in Hong Kong: Which is Right for Your Business?

    Co-Working Spaces vs Serviced Offices in Hong Kong: Which is Right for Your Business?

    As the business landscape in Hong Kong continues to evolve, the demand for flexible and cost-effective office solutions has increased, leading to the rise of co-working spaces and serviced offices. While both options offer several benefits, it is important to understand the differences between them to determine which one is best suited for your business needs. In this article, we will compare and contrast co-working spaces and serviced offices in Hong Kong to help you make an informed decision.

    What’s the difference between a co-working space and a serviced office?

    A co-working space is a shared workspace popular among freelancers and entrepreneurs looking for an affordable workspace used by individuals who work independently but in the same space. Co-working spaces feature modern, plug-and-play collaborative amenities, including communal areas, breakout spaces, meeting rooms, internet access and other essential support. Co-working offices are often in central locations, making them ideal for networking and convenient access to transportation services.

    A serviced office is a more traditional, fully furnished, managed space available for short-term rent, yet flexible. It is ideal for businesses that need a dedicated workspace with the convenience of having all their needs taken care of in one place. The provider typically offers various services, including reception, mail handling, cleaning, telephone answering, and other essential administrative services. They are a popular choice for small and medium-sized businesses that need the flexibility to scale up or down as their business changes.

    Discover Bela Offices Flexible Serviced Offices

    Bela Offices is one of the leading providers of serviced offices in prime business locations in Hong Kong. Established in 2021, The Bela portfolio of offices was designed with your efficiency and productivity in mind, with a range of services and features affording you the best possible working environment. The state-of-the-art contemporary offices have various amenities, including administrative support, high-speed internet, meeting rooms and networking facilities. Whether you seek a hot desk or a larger private office, Bela Offices has a solution, with uniquely designed workspaces, a first-class lounge, and a talented, dedicated barista.

    Bela Offices offers tailored workspace, access to meeting rooms, secretarial services and networking facilities. You can customise your office space with your own brand identity. With flexible sizes, you can accommodate a sole entrepreneur or an entire team. The inspiring environments allow your teams to work more productively with no hidden costs, no long-term commitments, and no need to worry about maintenance or repairs.

    Bela Offices proposes flexible contracts, so you have peace of mind that you can scale up or down during the contract period and grow flexibly at your own pace allowing you to manage your overhead costs, maximise your budgets and elevate your productivity. Each office boasts electronic sit-to-stand desks and ergonomic office chairs for comfort.

    Bela Offices offers an excellent solution for businesses seeking flexible, serviced office solutions. You can enjoy a comfortable and professional working environment tailored to your needs with bespoke designs, support services and amenities.

    Contact Bela Offices: https://www.belaoffices.com/contact

     

     

     

     

     

     

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  • Pizza 4Ps profits exceed pre-pandemic levels

    Pizza 4Ps profits exceed pre-pandemic levels

    Pizza 4Ps has reported after-tax profits of VND83.5 billion ($3.5 million) for last year, higher than in the pre-Covid period.

    The Japanese-owned chain, which had made a loss of VND38 billion in 2021, had earnings of around VND50 billion a year in 2018 and 2019.

    In a filing with the Hanoi Stock Exchange, it said its return on equity was 55%.

    Its equity increased to VND150 billion last year, and its debt-to-equity ratio declined from 1.99 to 1.51.

    Pizza 4Ps currently has 32 restaurants, 14 in Ho Chi Minh City, 10 in Hanoi, two in Phnom Penh, Cambodia, and the rest in Da Nang, Hai Phong, Binh Duong, and Nha Trang.

    Besides pizza, the company makes and sells dairy products, including cheese.

  • Tuna exports to UK triple

    Tuna exports to UK triple

    Tuna exports to the U.K. tripled year-on-year in the first two months even as shipments to some main markets like the U.S. and E.U. plunged.

    Exports to the U.K. were worth US$1.3 million, enabled by a 13-fold rise in February, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Vietnam now ranks 13th out of 45 countries and territories that export tuna to that country.

    Last year its exports to the U.K. rose by 10%.

    Other markets to which Vietnam’s tuna exports grew by 32-99% in the first two months were Japan, Thailand, Germany, and Israel.

    They made up the country’s top five markets in the first two months along with the U.K.

    Vietnam’s total exports, however, dropped 30% year-on-year to $109 million in the period.

    The U.S. and the E.U. each posted a 50% decline, which VASEP attributed to rising inflation and a change in consumers’ shopping habit.

    The fact that Vietnam still has a yellow card given by the E.U. for illegal, unreported and unregulated fishing also pose challenges to exports, VASEP added.

    The association expects global demand for tuna to recover in the second half of this year.

    Vietnam has nine tuna species across its seas, with an estimated reserve of 600,000 tons. The three biggest tuna fishing localities are Binh Dinh, Phu Yen, and Khanh Hoa.

  • Starbucks customers complain new olive-oil coffee creates stomach problems

    Starbucks customers complain new olive-oil coffee creates stomach problems

    Starbucks customers have taken to social media to share their experiences with the coffee chain’s new slate of olive oil-infused drinks, and, for some, the picture is not so pretty.

    On March 16, a post titled “Olive oil drinks…” was added to the subreddit r/starbucks by a Redditor who claims to be a current Starbucks barista. In it, they share an experience their coworkers allegedly had after trying the new roster of Oleato drinks.

    For those unfamiliar, these new coffee drinks are infused with Partanna cold-pressed extra-virgin olive oil and debuted on Feb. 21 in limited markets.

    “Have you tried them? I’m wondering how many people are going to have happen to them what a few happened to our team,” wrote Redditor u/MoodyStarGirl. “Half the team tried it yesterday and a few ended up… Needing to use the restroom, if ya know what I mean.. I’m scared to try it because I already have stomach/bowel problems.”

    The Reddit user, who did not immediately respond to a request for comment, said that their store manager “doesn’t want us sharing this info with customers,” claiming the omission is “pretty F’d up.”

    Starbucks also did not immediately respond to a request for comment.

    In the comments section of the Reddit post, many others chimed in, with some sharing their own impressions and experiences with the drinks, which include lattes, shaken espressos, golden foam cold brews, cortados, a martini, and more.

    “Caffeine is a stimulant for your bowels and oil a relaxant,” wrote one Redditor. “So yeah, wonderful idea by Starbucks.”

    “Person with stomach/bowel problems thanking you for the heads up,” wrote another.

    “I’ve tried them, and tbh after drinking them, honestly, they just felt sick to my stomach, lowkey,” commented another. “Like i had no appetite at all after that and that was the only thing i’ve had in the whole day.”

    “The cold brew is fine until you taste the foam because it’s two pumps of olive oil. like- the foam is green,” wrote another Redditor who says they’re a barista. “Worst of all was the latte for me. You’re immediately hit with just olive oil, and I wanted to throw up after yeah I do not recommend.”

    Another user pointed out that “green olive oil is normal and usually an indication of better quality … Green doesn’t mean it’s bad or gross.”

    Some reviews of the Oleato drinks have been positive, like that of one Twitter user who wrote, “Starbucks, the new Oleato drink is so damn delicious! Love it!!!” and a Redditor who said, “I tried all 3 and loved all of them. Had no problems whatsoever.” But others detail more stomach-churning experiences with the beverages.

    “#Oleato — so far my stomach is gurgling and my throat is burning,” wrote another Twitter user, sharing an image of their Venti Oleato Iced Shaken Espresso. “Not sure if it’s the olive oil.”

  • Google TV has just added 800 free channels to its offering

    Google TV has just added 800 free channels to its offering

    Google TV is trying to catch up with the competition and has just announced a massive expansion of its offering. Starting today, no less than 800 free channels will be available via the Google TV streaming service.

    The new offering comes with a new live TV experience allowing users to browse the new TV channels across multiple providers, organized in an easy-to-use guide in the Live tab. If you haven’t tried Google TV yet, you might want to know that starting today the streaming service includes access to free channels from Tubi, Plex, and Haystack News directly into the Live tab.

    In addition, Google TV has launched free built-in channels from the streaming service that can be watched without the need to download or boot up an app. Among the 800 free channels added today, Google TV offers access to news channels from NBC, ABC, CBS and FOX. Also, channels worldwide are available too, with programming in more than 10 languages, including Spanish, Hindi and Japanese.

    Long-time users will find that the new TV guide allows them to save their Favorites to the top for quick and easy access at their leisure. Although these are free channels, those with a premium live TV subscription from YouTube TV or Sling TV, or access to over-the-air channels, can now use the Live tab to watch their favorite content.

    Regarding availability, the Mountain View company announced that the new live TV experience will be released on all Google TV devices in the US, including Chromecast with Google TV and TVs with Google TV built-in from Sony, TCL, Hisense and Philips.

    Last but not least, Google TV confirmed plans to bring the new TV guide and free channels to eligible Android TV devices later this year.

  • Google Maps adds four new features aimed at national park explorers

    Google Maps adds four new features aimed at national park explorers

    Google is trying to make it easier for Maps users who love to visit national parks to find and reach their favorite landscapes with ease. To help with that, Google announced four new features will make it to Maps in April, all four meant to make it easier for users to find the information they need when they are going to a national park.

    One of the most important new features coming to Google Maps this month will allow its users to identify the most popular places in a park, including attractions, campgrounds, visitor centers, and trailheads. To receive all this information, you can search for the park you’re interested in, and then tap on any of the photos you got as results for more details. These details oftentimes consist of videos and reviews from people who have already visited the location.

    Another major upcoming feature enables Maps users to see popular trails from start to finish. The app will now highlight a trail’s entire route on the map instead of just showing a pin. In addition, Maps will also provide more details on a trail from the community, such as what type of trail it is, its difficulty, and if it’s suitable for running, walking, or cycling.

    The following new feature coming later this month is meant to provide more detailed directions in US national parks. Park entrances will be highlighted on the map, so you can request walking or cycling directions to a trail and Maps should pinpoint you in the right direction.

    Last but not least, another useful feature coming to Maps in April allows users to bring Maps offline and still be able to check the app. A new way to download an offline map for a park will become available once the app gets updated. Simply tap the “download” button on the park’s Google Maps listing to download it for offline use.

    According to Google, the four new features will be coming to all US national parks in April and will be rolled out to parks around the world in the coming months. Naturally, the features will be available on iOS and Android devices.

  • Bitcoin pushes past $30,000 as investors eye end of rate rises

    Bitcoin pushes past $30,000 as investors eye end of rate rises

    Major cryptocurrency bitcoin breached the key $30,000 level for the first time in 10 months on Tuesday, adding to its steady gains as investors raised bets that the U.S. Federal Reserve will soon end its aggressive monetary tightening campaign.

    Bitcoin peaked at $30,438 in Asian trade and was last 2% higher at $30,262. It has gained about 6% since the start of the month, after rising 23% in March.

    The token’s surge follows Friday’s closely-watched U.S. nonfarm payrolls report that showed employers maintained a strong pace of hiring in March, pointing to a still-resilient economy.

    However, banking sector turmoil sparked by last month’s collapse of Silicon Valley Bank has raised market expectations that the Fed is unlikely to lift interest rates much higher for longer as it looks to ease the stress on the sector.

    “The reason behind the broad-based rally in crypto is traders’ optimism toward central banks’ monetary policy,” said Tina Teng, markets analyst at CMC Markets.

    “Bets for a sooner Fed pivot on rate hikes have been dramatically strengthened following the bank turmoil in early March.”

    Ether , the second largest cryptocurrency, stood near last week’s roughly eight-month peak of $1,942.50. It was last 0.75% higher at $1,925.80.

    Crypto investors are eagerly anticipating a major revamp to the Ethereum blockchain this week to allow them to access more than $33 billion of ether currency.

    Dubbed Shapella, the software upgrade will let market players redeem their “staked ether” – coins they have deposited and locked up on the network over the past three years in return for interest.

  • Useful new features are coming to YouTube Premium

    Useful new features are coming to YouTube Premium

    YouTube Premium offers features such as ad-free YouTube and YouTube Music and the ability to keep both services running in the background instead of closing down when you open another app. The premium version of YouTube and YouTube Music also allows subscribers to download content to play at another time, possibly when there is no cellular or Wi-Fi connectivity available.
    YouTube Premium is adding some new features, including one that will allow FaceTime users to view YouTube videos with others at the same time. This is similar to the Google Meet Live Sharing that is already available for Android users. In the coming weeks, YouTube Premium will be adding SharePlay support. Some services already offer support for SharePlay, including Hulu, HBO Max, TikTok, Apple Fitness Plus, Twitch, Spotify, and ESPN Plus.

    Also on the way to YouTube Premium subscribers using iOS is a feature called “1080p Premium” which delivers 1080p HD video to subscribers with an enhanced bitrate. This will make videos “extra crisp and clear.” Google hopes to bring this to YouTube Premium subscribers using an Android-powered device. Google says, “Whether you’re an avid sports fan or locked in on the latest gaming videos, this new feature will bring our members an even deeper visual quality!” There are no changes to videos being viewed in 1080p using the free version of YouTube.

    Starting today, YouTube Premium subscribers will be able to use the Queue feature on phones and tablets. Queue temporarily saves videos for users to view later. Unlike “Save to Watch later” or “Save to playlist,” which saves content on subscribers’ devices, videos and tunes can be put in a queue by tapping the three-dot menu to the right of videos (excluding Shorts) and selecting “Play last in queue.” In the Queue list, you can change the order of the videos in line to be played or remove videos from the queue.
    YouTube Premium members are also getting a feature called “Continue watching.” If you begin viewing a YouTube video but don’t finish watching it, the next time you open YouTube.com, you’ll see a prompt in the bottom right corner of the display that when tapped, will start the video you had been viewing from the exact point where you left off. And with Smart Downloads, YouTube will automatically download recommended videos for offline viewing.
    An individual subscription is priced at $11.99 per month and you can sign up for a year in advance for $119.99 which works out to $9.99 per month. A family subscription that adds up to 5 family members (13 years old and up) costs $22.99 per month, and a student subscription (which needs proof that you are a student) costs $6.99 monthly. All of these subscriptions offer a one-month free trial and you can learn more about subscribing to the service by going to www.youtube.com/premium.
  • Bamboo Airways shareholders shoot down capital increase plan

    Bamboo Airways shareholders shoot down capital increase plan

    Shareholders of Bamboo Airways, at an extraordinary general meeting on Monday, rejected plans for a private placement of shares to increase charter capital.

    The proposal for a VND9.57-trillion ($405.5 million) issue to increase the capital to VND28 trillion, restructure loans and swap debts for shares based on agreements with creditors was rejected by 56.4% of shareholders.

    Bamboo Airways chairman Nguyen Ngoc Trong said he would hold discussions with major shareholders and submit a plan for increasing the charter capital at the next annual general meeting.

    Trong said that in the first quarter of this year, with its fleet operating at full capacity, the airline would almost break even.

    It is expected to get delivery of six to eight aircraft this year and 10 more in 2024-25, he said.

    “Bamboo Airways will become profitable by 2025.”

    He said 2026 or 2027 would be an optimal time for it to make an IPO.

    The carrier now flies to 21 out of 22 airports in Vietnam, and in April would add Ca Mau to its destinations.

    Internationally, it has been resuming services to Europe and Australia post-Covid.

  • Google adds “Send photos faster” option for RCS messaging

    Google adds “Send photos faster” option for RCS messaging

    The feature description says, “Resolution is reduced for faster sending.” By toggling on this option, you are giving up your higher-resolution photo sharing via Rich Communication Services (RCS) in exchange for a quicker delivery of a lower-res image. Since SMS already shares low-res images, the toggle should apply to RCS users only in areas with slow data speeds.
    RCS is Google’s version of iMessage that allows two Android users running the platform for messaging to share messages with larger character limits and end-to-end encryption. Higher-resolution pictures and videos can be sent and features like read receipts and typing indicators appear. But should an iOS user dare to get into a group chat, all of these lovely features go away. Sound familiar?
    Remember that all RCS features won’t be found if an Android user isn’t using the Google Messages app. Some U.S. carriers offer their own messaging apps for Android but if you want the best messaging experience on the platform, you need to install Google Messages and stop using the carrier-branded messaging apps.
    The “Send photos faster” option would come into play in areas where mobile data speeds are slower. In these situations, if the feature is enabled, sending a lower-res image would allow a photo to be delivered faster than it might otherwise.

    The feature has not been pushed out to all Google Messages users yet. To see if the “Send photos faster” option is available on your phone, open the Google Messages app and tap the profile picture on the right side of the search field at the top of the screen. Press on Messages settings and the fifth item down from the top should be the “Send photos faster option.” The feature is toggled on by default.

  • Hyundai automobile sales in Vietnam increased by 5.5% in March

    Hyundai automobile sales in Vietnam increased by 5.5% in March

    Thanh Cong Group (TC Group) on April 11 announced its sales results for March with over 5,770 Hyundai automobiles sold in Vietnam last month, up 5.5% over February.

    Hyundai Accent continues to be the best-seller model in March with 1,355 units delivered to customers, followed by Hyundai Creta with 1,035 units – equal to the level a month earlier, and Hyundai Grand i10 with 664 units.

    Over 640 Hyundai Stargazer were sold last month, 2.5 times higher than February’s. The TC Group recorded sales of 514 Hyundai Santa Fe units, equivalent to the previous month Hyundai Tucson of 307, up 54.2% compared to February.

    Hyundai commercial models achieved sales of 1,016 vehicles in March, an increase of 42.1% compared to February 2023.

    In the first quarter of 2023, Hyundai-branded models achieved sales of 14,736 units, down 21.1% compared to the same period last year.

    TC Group expects higher sales in the second quarter of this year, explaining that the demand will increase thanks to the peak tourism season with greater travel demand.

  • Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exports 1.7 million tonnes of rice in Q1

    Vietnam exported 1.7 million tonnes of rice in Q1 worth over $900 million, a 19% increase in quantity and 30% rise in value over the same period last year, according to Vietnam Customs.

    According to the Ministry of Industry and Trade (MoIT), Vietnamese rice has seen some success in improvements in quality and demand over the last several years.

    The majority of exported rice came from the Mekong Delta, with the rest of the country’s rice production centres mainly serving the domestic market.

    Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the Delta and Ho Chi Minh City, Vietnam’s most populous city, will stay around 11 million tonnes, leaving 13 million tonnes for export.

    Of which, premium-quality rice for export accounts for 3 million tonnes, specialty rice 2.1 million tonnes and regular rice 1 million tonnes.

    Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).

    Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead.

    In addition, major free trade agreements including the European Union – Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as EUR175 per tonne, giving Vietnamese premium rice an advantage in the European markets.

    As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

    Phan Van Chinh, Director of MoIT’s Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets.

    On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country’s food security.

    In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

  • Garment exports slump in Q1

    Garment exports slump in Q1

    The value of textile and garment exports in the first quarter of 2023 reached $7.1 billion, down 17% compared to the same period in 2022, due to the impact of global inflation, according to the General Statistics Office (GSO).

    This was the deepest decline in the first quarter since 2009, the GSO said.

    The global inflation made consumers tighten spending on non-essential products, causing textile and garment exports to major markets such as the U.S. and EU to drop sharply.

    Many forecasts are saying that the domestic textile and garment industry’s exports growth will slump this year.

    Since the fourth quarter of 2022, textile and garment enterprises have had a shortage of export orders, leading to a sharp drop in export turnover and factories operating at below capacity.

    Export orders in the second and third quarters are still shrinking, and workers are working reduced hours.

    Than Duc Viet, General Director of Garment 10 Corporation, said the reduced demand for textiles and garments this year was due to the impact of inflation, pandemic, and geopolitical tensions between Russia and Ukraine. In addition, concerns about financial market instability and a banking crisis have also affected demand.

    In the first quarter of this year, exports of May 10 were estimated to decrease by 10% compared to the same period last year.

    Product volume in the second quarter is estimated to decrease by 20-30%, and until now, May 10 has not received new orders for production in the third quarter, said Viet.

    Viet Thang Jean Co, Ltd (VitaJean), a large garment firm, has also reduced factory capacity, and temporarily closed a high-grade product production line because of a lack of orders.

    Pham Van Viet, VitaJean Chairman and Vice Chairman of the HCM City Garment, Embroidery and Knitting Association, said that purchasing power has not recovered in Japan, the US and EU, while it has reduced by about 20-30% in February in the domestic market.

    He said that the prospects of the textile and garment industry in the first half of 2023 are still bleak. From the third quarter of 2023, the market may gradually recover, as input materials prices decrease, reducing pressure on businesses.

    However, all forecasts lack clarity because Russia and Ukraine’s conflict has not yet cooled down.

    In this context, textile and garment enterprises have to implement many solutions such as restructuring enterprises, markets and products to maintain production and keep workers while waiting for the market to warm up.

    The VitaJean chairman said that besides traditional markets such as the US and EU, his company is trying to boost exports to Australia and Canada, and at the same time, increase domestic consumption to partly compensate for the decline in exports to the traditional markets.

    Meanwhile, Than Duc Viet said that May 10 has also restructured its businesses and sustainable development strategies. It also needs to review product position, market, management, technology, and production models to meet customer requirements.

    He also said for the domestic market, this business is looking for products to meet customers’ needs in the context of the economic downturn.

    For exports, May 10 is seeking new markets besides its traditional markets including the US, Europe and Japan.

    Vietnam’s 15 signed free trade agreements (FTAs) bring a lot of opportunities to expand to new export markets, so South Africa, Africa, the Middle East and China are likely to all be huge markets in the future, he said.

    The May 10 general director said now is also the time of sustainable development associated with green production.

    The world is encouraging green growth, and Vietnam committed to reduce carbon emissions at COP26. Therefore, May 10 is switching to using green materials and green energy. As it increases the proportion of green products, this business will have many opportunities to promote production and exports in the future.

    Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (Vitas), said that the textile and garment industry last year still exported product worth more than 42.2 billion USD, up 8.5% over the same period the previous year.

    However, that result mainly came from export growth in the year’s first six months. From the third quarter of 2022, exports began to show signs of weakness due to China’s zero-COVID policy and the global recession.

    The textile and garment industry’s production continued to deteriorate in late 2022 and remained in that situation until the first quarter of 2023.

    In 2023, Giang forecasts that the textile and garment business will still have many challenges. The most significant is the trend of increased layoffs and moving the workforce away from big cities.

    Meanwhile, domestic enterprises have not been able to meet a number of complex orders.

    Foreign markets also have requirements for recycled products and transparency in operations. Those are issues that businesses cannot immediately respond to, tiny and medium-sized enterprises.

    According to Giang, the most important solution now is diversifying markets, products and brands produced in Vietnam.

    On the other hand, businesses should use more green and recycled products, and have infrastructure investment plans and in-depth strategies to meet the requirements of foreign markets.

    In addition, textile and garment enterprises need strategies to respond to the fast changes of the market, such as fast delivery times, competitive prices, stable quality, and product transparency.

    Businesses must also build connection channels to grasp the challenges and opportunities of the global textile industry, digital technology trends and new policies.

    Giang said that large-scale enterprises with production chains of yarn, weaving, dyeing and sewing will survive, while businesses specializing in processing will face great challenges.