Top Business News from Vietnam + 700 billion USD

 Thanks to the government's flexible policies and the efforts of companies to expand their export markets, the country's foreign trade showed impressive growth last year, exceeding 700 billion USD for the first time.

700 billion USD

In 2022, the import-export value of goods reached 732.5 billion USD, up 9.5% compared to 2021, informed Nguyên Thi Huong, head of the General Statistics Office.

It is just insame , the business in China 

Exports amounted to 371.85 billion USD, and imports, 360.65 billion, up 10.6% and 8.4% respectively year-on-year. As a result, the trade balance in 2022 showed a trade surplus of USD 11.2 billion, she said. In 2022, 36 products earned more than $1 billion each through their exports, including eight with more than $10 billion each. At the same time, 46 imported products had a turnover of more than 1 billion USD each.

Vietnam is one of the "most open" country in Asia. 

It exports electronic devices, integrated circuits and electronic micro-assemblies, footwear, technological products and machinery. Its imports are mainly electronic integrated circuits, semiconductor materials, etc.

Vietnam Top Business Partner 2023

Vietnam's main trading partners are the United States, China, Japan and the Republic of Korea. 

The Vietnamese economic model remains highly dependent on foreign investment and exports, particularly to the United States and China. Vietnamese trade is characterized by a certain geographical inequality: the country has a trade surplus with Western countries, but has a trade balance deficit with some of its Asian neighbors. To pursue its development, the country must continue to increase the value of its exports and diversify its products.

Further readings

1. https://www.businesstomark.com/top-tactics-in-vietnam-for-social-media-marketing/
2. https://vietnamnet.vn/en/vietnam-business-news-january-16-2101814.html
3. https://sthint.com/2023/01/05/facebook-in-vietnam-is-huge/

Overview and Insights about the Chinese Hats Market

The Chinese Hats & Caps market value is HUGE 

The market's value is the most important thing to consider when you are looking to enter a market. How important is the market? Is it big enough to support so many other competitors? Statista estimates that the Chinese caps and hats market will reach 6.63 billion USD in 2022. Comparable to the worldwide hats & caps market of 25.87 billion USD. The Chinese market currently takes 25.6% global hats & caps market.

Article Source 

China's Hats & Caps Market: Men, Women and Children

Who is the primary audience for hat products in China and who are their main competitors? The market for women's caps and hats in China is expected to reach 3.37 billion dollars by 2022. This represents 50.8% of China's total market. In 2022, the women's market for hats and caps accounted for 2.45 billion and 0.81 million USD respectively. 36.9% and 12.2% respective of the market share. The women's market for hats will continue to be the largest in China until 2022.

Chinese customers are more willing to buy hats online

Chinese customers are more likely to shop online than they do offline because of China's advanced e-commerce. Online sales of caps and hats for children, women, and men will account for 58.7%, 59% and 60.4% respectively of their market values in 2022. In comparison to the global market which has 35.2%, 35% and 32% online sales respectively, brands should place more emphasis on China's online sales.

Guess Which Hats Are More Expensive On Average? Men's!

The market volume for hats and caps in 2022 will be 1039.7, 505.3 and 465.3 million, respectively. If you calculate their market value, it might be that the average price for men's caps and hats is 4.85 USD. However, the average price for women's caps and caps are 3.24 USD and 0.3 USD. While the market for women's caps is growing faster than that of men's, Chinese men are purchasing more expensive hats.

What are the Trends in China? What is emerging?

Street wear leading to the rise of the Fisherman Hat

Chinese fashion-lovers of the younger generation (Gen Z), are more focused on the fisherman's hat. Many fashion youths in China are now willing to wear street clothes because of the rise in hip-hop. They have made it a popular choice to express their taste and find like-minded people by wearing street clothes. Inadvertently, they will highlight certain details in outfits through their choice of accessories or clothing. Fisherman hats have enjoyed a rising popularity. The winter of 2022 saw a 58.1% increase in the number of searches for fisherman's hats on Douyin. Fisherman hats have become a symbol for fashion and are no longer considered outdoor headwear.

Luxury in China after lockdowns

 The values ​​of the luxury sector are once again displayed in the very best places of the charts of increases this Friday morning. LVMH, Hermès International and Kering rose by 2 to 3.1%, with a strong influence on the 0.8% rise in the Cac 40 given their significant weight in the flagship index.

China is the future of luxury according to Boston Consulting Group

There is still talk in the markets of a potential exit from China's zero Covid policy, the same rumor as a few days ago. “What we assume is that [the country] will model its reopening on the model of Hong Kong”, indicated this morning to Bloomberg Jack Siu, director of Greater China investments at Credit Suisse, before relativizing: “To reopen completely, it will take at least another nine months. »

Rumors on Luxury in China

"Not aware", "not surprised"

the luxury sector had already taken advantage of rumors circulated on social networks and relayed by the same news agency, but not confirmed, according to which the Chinese authorities would consider ending their zero Covid policy. Chinese Foreign Ministry spokesman, however, reacted by saying he was "not aware" of a government committee tasked with assessing ways to stop such health restrictions still. in force in the country.

“I am not surprised by this rumor circulating online about a conditional reopening, reacted the same day, Liu , Top level Excecutice  at China Power Asset Management. The Council of State could wait for the deliberation of the team of experts to determine the next step to be taken. The market is also ready to buy on any indication that an inflection point is in sight for the zero Covid policy”.

At the end of September, Hong Kong announced, like Japan, the lifting of the mandatory hotel quarantine for anyone arriving from abroad, after a total isolation of more than two and a half years. The only condition for this is that travelers submit to a PCR test when arriving in the territory, without being able to go, however, to bars or restaurants during the first three days of their stay. China is now the last country in the world to apply this quarantine period. It also imposes broad confinements as soon as positive cases appear in any region.

According to other sources, still relayed by the Bloomberg agency, the first stage of this reopening would include an increase in the number of flights to China while, for the moment, certain air routes may be stopped for one to two weeks. in the event of detection of positive Covid cases among travellers. These same restrictions were stopped in July in Hong Kong. The number of international flights could thus more than double between October and March. The second stage would aim to relax the measures put in place when new cases are discovered, before a third, which would consist of a return to normal air traffic. However, no timetable seems fixed.

How to meet Chinese distributors?

Chinese distributors are a great option for brands looking to enter the Chinese market. They have an in-depth knowledge of the market and can help you connect with the right buyers. Chinese distributors also have the ability to expand your reach beyond China, making them a valuable asset to any brand looking to expand their business in Asia.

How to find Chinese distributors for your brand

When building a network of Chinese distributors for your brand, there are a few things to keep in mind. First, it is important to understand the differences between distributors in China and those overseas. Second, research your target market in China to find the best potential distributors. Third, make sure you partner with reputable companies that have a proven track record in the Chinese market. Fourth, be prepared to invest time and resources in building and maintaining your distributor network.

Things to Consider When Choosing a Chinese Distributor

When choosing a Chinese distributor, there are a few things to consider. The first is the size of the distributor network. Some distributors have a large network of factories and dealers while others may have a smaller network. It is important to find a distributor that has the right reach for your products.

Another factor to consider is the distributor's experience. Are they experienced in importing and selling Chinese brands? Do they know the Chinese marketing landscape and consumer behavior? Do they have contacts in major Chinese cities?

The final consideration is price. It is important to find a distributor who will offer you a good price for your products. Beware of distributors who claim to offer lower prices but actually charge higher shipping and commission fees.

Top Ressources 

https://appfound.co.uk/how-to-find-chinese-distributors-for-your-brand/

https://find-distributors.asia/top-challenges-facing-wholesalers-in-china/

The 10 Watches In China Today

What are the Top 10 Most Fashionable Watches in China in 2022?

Despite the decline in economic growth, the Chinese watch market is booming. More and more well-to-do young Chinese are turning their attention to luxury watches, for their prestige and the recognition they grant them. The big brands have understood this and are setting out to conquer the Chinese market. The second largest economy in the world can also boast of its know-how in the production of watches: 25 to 30% of watches are produced in China and Chinese components have been used for a long time in watches bearing the Swiss designation

No matter what type of watch you are looking for, there is a good chance that it can be found in China today. Here are the top 10 most fashionable watches in China today:

1. Cartier Lovewatch Sixty-Four: This watch is known for its beautiful design and high quality materials.

2. Hublot Big Bang Unico: This watch is a popular choice among luxury watch collectors because of its unique look and high quality construction.

3. Chopard L’Heure Bleue Lady Datejust II: This model features a beautiful blue dial and is made from high-quality materials.

4. Rolex Submariner Datejust: This model is one of the most popular luxury watches in the world and is perfect for those who want to stay stylishly on-brand.

5. IWC Portugues Chronograph Red Dot: This model features a beautiful red dial and comes with a wealth of features that make it an all-around desirable watch.

6. Tag Heuer Connected Modular 41: This watch is perfect for anyone who wants a stylish, versatile piece of jewelry that can be worn both casually and professionally.

7. Breitling Navitimer Worldtimer 5437/12 Classic Monaco Brown Dial Watch: This model features an iconic design, stunning brown leather strap, and automatic movement.

8. Panerai Luminor Marina Militare Watches Collection 2016

source 

How to target Young rich Chinese People

Discover Chinese culture

1. Get to know the Chinese culture Before starting your business in China, it is useful to understand the cultural norms and expectations of the Chinese people. Here are some tips for discovering Chinese culture:

– Start by learning about the history of China and its different dynasties. This will give you a better understanding of how traditional Chinese values, beliefs and practices have changed over time.

- Pay attention to how people speak - not only do typical Chinese words and phrases have different meanings, but idioms and phrases can be very important in expressing feelings or conveying social cues.

– Know the important festivals and ceremonies in China. Familiarize yourself with major events like the Qingming Festival (the spring festival that honors the dead), the Dragon Boat Festival (a celebration honoring the river gods), Valentine's Day (a Western holiday that doesn't has no specific equivalent in China) and New Year's Eve (a busy night when many families gather to celebrate).

read more https://peopletoghter.com/7-tips-to-help-you-target-chinese-people/

Understand their values

1. Understand their values

Knowing what values ​​are important to the Chinese can be a powerful marketing tool for them. For example, many Chinese place great importance on family and tradition. Therefore, products or services that promote family ties or traditional values ​​can be welcomed by Chinese people. Alternatively, other important Chinese values ​​include respect for authority, honesty, and hard work. If you sell a product or service that upholds these values, chances are it will be well received by the Chinese people.

2. Promote their culture

One of the best ways to target the Chinese is to promote their culture and heritage. Many Chinese value traditional values ​​such as loyalty to friends and family, discipline and punctuality. Therefore, products and services that represent these culturally important aspects of the Chinese way of life can be highly valued by this population. Additionally, promoting China's rich culture can help appeal to this audience, as many Chinese consider themselves global citizens with ancestral roots in China.

3. Awarness

Learn about their family life

Many people are interested in learning more about Chinese family life because they want to find out what makes this culture so unique. Here are some tips that can help you learn more about the Chinese family:Talk to locals who know about Chinese family life. If you can't visit China or don't have Chinese friends or relatives, you can still learn a lot about Chinese family life by talking to locals who know this culture firsthand. By doing this, you will be able to get an unbiased view of the Chinese family and its customs.

Know your preferred communication style

The Chinese like to exchange verbal messages. Many Chinese people prefer to communicate in person.

Fitness in China: 5 things to know

 The least we can say is that fitness has gone global. However, the inhabitants of each country have their own way of indulging in a good session.

Brazilians prefer sport by the sea, Europeans practice sport more at home by equipping themselves with the good old treadmill, a Tacx home trainer or an elliptical trainer. 

What about the Chinese?

Fitness in China: 5 things to know

1- The development of fitness in China is recent

While the American and European sports industries have developed since the late 1950s, the Chinese industry is young. Indeed, the Chinese did not make their physical fitness a priority until the early 2000s. to be in general.

2- Fitness in China is individual

The Chinese are renowned for their rigor in any discipline. The reality of this stereotype means that many aim for excellence in all areas and ideally for individual recognition.

Thus, if fitness in the West is practiced in groups like outdoor Zumba sessions, Chinese fitness is more individual. The Chinese – at least those who can afford it – like to hire individual coaches at home. They offer private lessons in order to obtain the best results.

3 a booming Sport economy

China is a booming Sport economy with vast opportunities for business expansion. As the Chinese population becomes more affluent, they are also becoming more health conscious. This has resulted in an increased demand for fitness centers and healthy lifestyle products and services. 

4 The domestic fitness industry is expected to reach more than 7 billion dollars in 2022.

5. If you’re looking to get into the Chinese market, the fitness center industry is a great place to start!

 In this blog post, we’ll take a closer look at the fitness center industry in China and discuss some of the key factors that you need to consider if you want to succeed in this market. source 

https://seoagencychina.com/booming-fitness-centers-getting-fit-china/

Fashion Trends in China November 2022

 Kids’ Fashion in China

The Chinese fashion market for kids is huge. There are a lot of different brands, colors, and styles to choose from. The prices are also very reasonable, especially for younger children.

One of the best things about Chinese fashion for kids is that there are so many different brands to choose from. You can find everything from stylish high-street stores to more unique and niche brands which cater specifically to children’s interests and needs.

And even if you can’t find what you’re looking for in traditional stores, there are always online shops where you can purchase clothes directly from the manufacturer. This can be a great way to get hold of unique and hard-to-find clothing items without having to go through the hassle of travelling to China or dealing with complicated customs procedures.

https://playonlineslot.net/2022/10/17/fashion-market-in-china-for-kids/

China: Your Fashion Store on KOL

When it comes to selling fashion, China is one of the biggest markets in the world. If you’re looking to get your fashion store off the ground in China, there are a few things you need to know. Here are a few tips for promoting your store on KOL:

https://archermind.co.uk/sell-fashion-in-china-via-kol/

1. Join the KOL community and start posting regularly. This is one of the best ways to get noticed by potential customers and create lasting relationships with them. You can also use KOL as a way to showcase your latest arrivals and promote offers and discounts.

Top 5 Fashion App in China

There are many fashion app in China, but here are five of the most popular ones.

https://mirrorgo.co.uk/top-5-fashion-app-in-china/

1. Zalando

Zalando is a German online retailer with a massive presence in China. The app offers a wide range of products from high-end brands like Dior and Saint Laurent to more affordable options from Aritzia, Uniqlo, and H&M. It features an easy shopping experience with filters for size, color, and brand. You can also place orders directly from the app and check out instantly with secure checkout.

Understand the Differences Between Chinese and Western Distributors

There are a few key differences between Chinese and Western distributors when it comes to business.

https://fastcollaborate.com/2022/10/17/tips-and-strategies-for-working-with-chinese-distributors/

Chinese distributors tend to be more focused on long-term relationships with their customers. This means that they are often more dedicated to offering quality products and services, than chasing after quick profits.

Western distributors, by contrast, are often more oriented towards making quick profits and expanding their businesses as quickly as possible. This can lead to some tense relationships with their customers, who may feel that the distributor is not giving them the attention or support they need.