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BUSINESS IN BRIEF 21/1
Singaporean
investment in
Vietnamese
authorities licensed 105 Singaporean-invested projects with total registered
capital of more than US$3 billion and approved 34 other existing projects
with total increased capital of nearly US$1.4 billion.
Worthy
of note are a US$2 billion Samsung Electronics Vietnam plant in Thai Nguyen
province, and US$1 billion in increased capital for the Samsung Electronics
Vietnam plant in Bac Ninh province.
These
are
By the
end of 2013, there were 1,219 operational Singaporean-invested projects
capitalized at more than US$29 billion, making the island nation second among
foreign investors in
Vietnamese
businesses also poured nearly US$35.7 million into
Consumer
confidence shows early year bounce
The
Ministry of Planning and Investment’s National Centre for Socio-Economic
Information and Forecasting survey shows, 41.7% of consumers in the last six
months of 2013 had described
This
was a marked improvement on the first six months where 54% of respondents
described
With
more than 1,500 inhabitants in
Some
65.9%said their employment was more stable in the second half of the year
versus 52.4% in the first half. The rate of those saying their employment was
unstable reduced from 44.3 to 31%bfrom the first to the second half of 2013.
“This
show that the economy has been showing very positive changes,” commentary on
the survey claimed. “It also shows that
However,
Pham Phuong Thao, a housewife in
“Salaries
haven’t increased, while the prices of petro and gas, water and electricity
all increased,” she said. “We have also heard that their prices will
continued rising in 2014, meaning that our life will become more difficult.”
Since
December 2012 power prices have risen by 10%.
In
2013, despite six reductions, petro prices overall increased 4.48% after a
series of five increases.
In
2013, gas prices also climbed seven times.
Last
month, the National Centre for Socio Economic Information and Forecasting
announced a study showing that it expected the government to increase power
prices by 11% in 2014 and another 11% in 2015 based on the government’s
average power retail price framework for 2013-2015 enacted last month.
“This
hike will have the biggest impact on the prices of garments, footwear, home
appliances, and housing and construction material,” said Pho Thi Kim Chi, a
representative from the centre’s Analysis and Forecasting Department.
The
centre also predicted a 20% bump in the prices of drugs and medical services
in 2014 and 20% in 2015, which would raise the country’s consumer price index
(CPI) by 0.71%.
US
firm offers advanced cyber protection
US-based
Symantec Corp has freshly announced in
Defending
against sophisticated attacks is now the norm, and it is not just large
companies that are being affected. Targeted attacks against businesses with
fewer than 250 employees are growing significantly. Globally, small
businesses are the target of 31% of all such attacks.
Small
companies are an attractive target for cyber criminals as they have fewer
security safeguards and often have business relationships with larger
companies, which may be the ultimate target of attackers.
"One
of the main concerns for Chief Information Security Officers (CISOs) and IT
managers today is safeguarding their organisations against evolving targeted
attacks which have become an established part of the threat landscape,"
said Raymond Goh, Symantec's Senior Director of Systems Engineering, Asia
South Region.
"The
new technologies, combined with our comprehensive solution portfolio, will
protect organisations in
Most
targeted attacks are now in the form of malicious but seemingly innocuous
documents delivered over email. Each such malicious document, like a PDF, DOC
or XLS file, contains an embedded attack. When a victim simply views the
document, his computer is automatically and silently compromised.
To
deal with this problem, companies can use powerful new innovations including
Disarm technology in Symantec Messaging Gateway and Network Threat Protection
in Symantec Endpoint Protection for Mac computers.
The
new Disarm technology in Symantec Messaging Gateway uses a first-of-a-kind
technique to protect companies from targeted attacks.
Traditional
protection technologies attempt to scan documents for suspicious
characteristics. The problem is that many of these document-based attacks are
deliberately crafted so that they do not look suspicious and as a result,
they go undetected.
Disarm
technology takes a whole new approach. Instead of scanning the document, it
essentially makes a digital, harmless copy of every incoming email
attachment/document, and delivers this copy to the recipient, rather than the
original, potentially malicious document.
The
result is that the recipient is never exposed to the attacker's malicious
attachment, said Goh.
FPT
set 30pct gain in revenue for 2014
The
country's software giant FPT has set a target of earning revenue of US$130
million this year, a year-on-year increase of 30%.
At the
company's 15th anniversary in
Lam
said FPT software plans to earn US$200 million in revenue and employ 10,000
employees in 2016.
According
to Hoang Nam Tien, Chairman of FPT Software, over the past decade, the
company has seen an average annual growth rate of 49% and 43% in terms of
revenue and profits respectively.
The
company has branches and representative offices in eight countries. Currently,
it is the leading provider of software outsourcing services in
Last
year, FPT signed many important software outsourcing contracts with partners
such as Recruit Technologies of Japan and a bilateral agreement with Vietnam
Airlines to modernise its IT system.
To
attain its dream of earning US$1 billion in revenue and employing tens of
thousands of IT workers, FPT leaders said they will make every effort to take
advantage of opportunities offered by traditional clients.
The
company will invest further in developing technology, including cloud
computing, big data, machine to machine (M2M) and SmartTV.
Deputy
Minister of Information and Communications Nguyen Minh Hong said that the
company's results last year have made it one of the biggest software firms in
However,
Vietnam still needs more companies that have a scale of business similar to
FPT Software, which could help maximise the country's software opportunities
and make it more competitive on a global scale, said Hong.
He
said the Ministry of Information and Communications will establish
appropriate favourable mechanisms and policies for the further development of
the sector to help Vietnamese enterprises participate in larger projects in
the near future.
Plastics
& Rubber Vietnam 2014 attracts businesses
As
many as 300 domestic and foreign businesses will take part in the fifth
Plastics & Rubber Vietnam 2014 exhibition in
This
is
Despite
the slow global economic recovery,
The
plastic and rubber industry alone has secured an annual impressive growth
rate of 20-25% thanks to high demands for domestic use and export.
Trade
promotion targets key exports
The
Ministry of Industry and Trade (MoIT) will increase trade promotion overseas
this year with a focus on
MoIT
deems increased trade promotion necessary to meet the 10% export growth
target set for 2014 by the National Assembly.
In
2013 the National Trade Promotion Programme benefited key export businesses,
helping the country maintain high export value, expand potential markets, and
reduce trade deficit.
Major
contributors include garment makers earning US$20 billion from exports,
footwear makers US$8.37 billion, seafood processors US$6.73 billion, timber
producers US$5.5 billion, rice businesses US$3 billion, coffee processors
US$2.7 billion, and rubber producers US$2.5 billion.
The
programme approved 23 trade promotion plans worth VND28 billion for the
agro-forestry and fishery sector, accounting for 28.6% of the total.
To
make the programme more efficient in 2014, experts suggest an increase in
funding for the programme and close coordination from Vietnamese Trade Offices
overseas.
Garment
accessories exported for first time
The
garments sector began exporting accessories for the first time in 2013, a
milestone in industry development after decades of purchasing input material
from overseas.
The
Vietnam Garment and Textile Group (Vinatex) noted accessories exports
contributed US$700 million to the total.
Domestic
support industries are unable to supply as many as 30 Vietnamese economic and
technical sectors. Production often relies on imported materials
Vinatex
reports domestic accessories are finally enabling garment makers to cease
costly material purchases from
Garment
10 Company General Director Nguyen Thi Thanh Huyen says the proportion of
locally made materials in its products has increased considerably over the
years, from 30–40% originally to its present 60%.
The
company, one of
But
the availability of locally made materials remains comparatively modest—the
cumulative US$10 billion total value is not enough to attract additional
investors to material manufacturing.
Raising
the proportion of local content in garments will become even more important
after
Spring
fair celebrates Lunar New Year
A
The
annual event creates opportunities for local businesses to introduce their
trademarks to consumers and consolidate the reputations of their brands.
As
many as 250 pavilions showcase a wide range of agro-forestry and fishery
products, handicraft products, jewellery, souvenirs, garments and textiles,
and home appliances.
Renowned
Vietnamese regional delicacies are also a major draw, including Dien Bien
sticky rice, Uoc Le pork pie, Hoa Binh mushrooms, wine, and bee honey, Thai
Nguyen tea, Buon Ma Thuot coffee, Ly Son garlic, and Tay Bac buffalo meat.
Fruit
is another especially big seller as locals prepare for end of year
festivities.
The
fair kicked off at 07.00pm on January 18 at an exhibition centre,
Vietnam-RoK
trade turnover hits US$27.3 billion
The
Vietnam
Customs statistics indicate
The
import value of computers and electronics and spare parts alone was US$5.1
billion, up 54.7% compared to 2012’s figure.
Half
of
Vietnamese
exporters earned US$6.6 billion from the RoK market, an 18.9% rise and
equivalent to 24.3% of the country’s total export earnings.
Major
export commodities spanned garments and textiles (US$1.6 billion, up 53.5%),
crude oil (US$724 million, down 9.3%), and seafood (US$512 million).
The
quantity and scope of the two countries’ trade ties have benefited from
Many
Vietnamese businesses, and especially importers, are eager to invest in or
explore emerging opportunities on the Korean market.
About
9,800 local businesses began importing goods from the RoK in 2012. Another
1,100 businesses had joined their ranks by the end of 2013.
In an
interview granted to Vietnam News Agency, Truong Dinh Tuyen, advisor to the
Vietnamese delegation to the negotiations, said both sides defined the
roadmap for concluding the talks and their leaders would release a joint
statement to mark the event.
According
to Tuyen, who was also former Trade Minister, both sides are likely to sign
the trade pact during Prime Minister Nguyen Tan Dung’s scheduled visit to the
EU this October.
In
They
worked out solutions for satisfying their requirements. The EU demands
Tuyen
said they need to strike an overall balance of their interest, taking into
account
If the
trade pact is signed,
Mauro
Petriccione, Director at European Commission's Directorate General for Trade,
EU chief negotiator, acknowledged both sides’ efforts in addressing
differences during the talks, saying they had found common ground on
sensitive issues.
He
said the signing of the agreement greatly depends on technical and legal
work, but expressed his belief the FTA will be reached this year.
Auto
sales meet targets
The
auto market has defied numerous difficulties to record the rather impressive
growth of 19 percent in 2013, providing leverage for even more improvement in
2014.
The
Vietnam Automobile Manufacturers Association (VAMA) reports as many as
110,519 vehicles were sold in 2013, 19 percent more than 2012’s 92,584.
Four-seat
car sales numbered 44,389 units (up 25 percent) while truck sales stood at
66,130 (up 16 percent).
Last
year’s improvements were attributed to a brighter economic outlook,
attractive financing deals, discounting, and lower car registration fees.
They exceeded industry expectations of 10 percent annual growth and marked a
significant change from years of disappointing auto sales.
Local
auto makers sold 13,205 units in December alone, a year-on-year increase of
32 per cent.
VAMA
Chairman Jesus Metelo Arias noted December was the ninth consecutive month of
year-on-year improvement.
While
December’s increase is partly thanks to the traditional end-of-year shopping,
industry insiders also acknowledge the role of attractive auto maker
discounting.
Most
car makers have been forced to reduce retail prices by between VND6 million
(US$295) and VND58 million (US$3,330).
Mitsubishi
offered the industry’s largest discount, a whopping VND58 million (US$3,300),
on its Pajero Sport model, while also slashing the price of its Triton pickup
truck by VND40 million (US$1,904).
Even
Suzuki, a Japanese car maker rarely offering discounts, reduced the price of
its compact Swift model by VND30 million.
A
number of car manufacturers began using promotional gifts, such as free car
insurance, free tuning and service packages, and installment payment options
at preferential interest rates.
The
Government's March 2013 decision to lower vehicle registration fees helped
bolster market demand.
Most
cities and provinces have reduced registration fees to 10 per cent of vehicle
value.
VAMA
Chairman Jesus Metelo Arias has subsequently revised 2014 sale estimates
upwards to 120,000 units.
Mercedes-Benz,
the only luxury car trademark assembling vehicles in
Arias
is confident Government policy adjustments, consolidated customer trust, and
the general economic recovery will create more opportunities for the auto
industry.
He is
careful to note 2014 is still vulnerable to market fluctuations, predicting a
relatively modest vehicle sales growth rate of 9 percent.
Vietnam
attends Green Week in Germany
The
opening ceremony for what is currently the world’s largest agricultural fair
featured European Agriculture, Food Security, and Rural Development
Commissioner Dacian Ciolos and agricultural ministers from a range of
participating countries.
German
Minister of Food and Agriculture Hans-Peter Friedrich highlighted the
agriculture and food sector’s significant role in
Friedrich
revealed the 750,000 businesses operating in the field generate jobs for 4.5
million workers.
The
10-day event attracts 1,650 businesses and is expecting more than 400,000
visitors.
A
124,000 square metre display space is showcasing traditional agricultural
products alongside the latest in food processing technology.
The
fair also incorporates a global forum on food and agriculture involving
almost 70 ministers and deputy ministers and representatives from leading
international food and agricultural businesses.
About
300 conferences, seminars, and bilateral meetings are also planned for the
sidelines of Green Week, covered by over 5,000 reporters.
Tax
policy amendments have improved the conditions facing foreign businesses
operating in
This
view was shared by participants at a January 17 dialogue between the HCM City
Tax Department and the European Chamber of Commerce in
Representatives
from the city’s tax department answered questions regarding tax payments and
deductions for agricultural businesses and enterprises expanding operations
over 2009–2014.
They
also explained payment methods for the value added tax levied on
international cargo transport services.
Chairman
of the EuroCham Taxation Committee, Thomas McClelland, said corporate tax
rates have been cut from 25% to 22% and will drop further to 20% in 2016.
Small
and medium-sized enterprises will enjoy a 20% tax rate reduction at present
but can expect a 17% drop by 2016.
McClelland
underscored these positive moves will encourage foreign businesses to expand
their Vietnamese market operations.
He
warned foreign businesses still face a number of difficulties keeping abreast
of the latest developments in Vietnamese tax policy. Taxation officials
should provide a greater degree of practical assistance and guidance.
Deputy
Head of the HCM City Tax Department Tran Thi Le Nga summarised taxation
policy updates regarding value added tax and corporate tax amendments in the
Government’s Decrees.
She
also affirmed
Positive
indicators offer real estate market boost
Economic
stability and increased sales seen at the end of 2013 is offering hope for
2014, according to real estate consultants.
According
to CBRE Vietnam, 2013 ended with a range of positive signs such as slightly
higher economic growth which is being supported by exports and foreign
investment, having helped offset faltering bank lending. The increase in
registered FDI to $21.6 billion was particularly encouraging.
CBRE
Vietnam’s managing director Marc Townsend added that the trade balance was in
surplus thanks to a booming year for Vietnamese exports to the
He
also predicted that the newly amended Land Law, passed in December, had
increased clarity for investors, and that a draft bill on foreign ownership
in the real estate market was promising for investors.
“Combined
with a tax rate cut and an increase in the minimum salary, these indicate a
more focused government policy intended to mitigate the effects of the
sustained economic downturn that has been witnessed in
Townsend
predicted that this year’s performance was expected to grow from stronger
external demand, but also face headwinds from weak bank balance sheets and
on-going structural reform at state-owned enterprises.
“It is
believed that the government will manage to keep inflation in check, which
means no major currency devaluation will be seen. This means that with the US
dollar strengthening,
In Ho
Chi Minh City, more cranes are expected to be seen in Thu Thiem peninsula as
development prospects in District 1 remain difficult to access, while in
Hanoi the east and north of the city will be the focus due to oversupply in
the west and access to new developments in the CBD is almost impossible.
CBRE
also predicted that by the end of 2014, the volume of sales in the mid-end
residential sector will be equal if not greater than those in the affordable
sector. They are even expecting a return of luxury residential to the market
in 2014.
The
office segment between
The
entrance of famous brands like McDonald’s to the retail segment this year,
and Vietnam’s obligations under WTO agreements to permit 100 per cent foreign
ownership in the restaurant sector in 2015, will see a wide variety of
retailers enter Vietnam during 2014.
Coastal
destinations will continue to be the top performing hospitality sector.
Deep-pocketed Russian will continue to shift strongly from
EVN
subsidiary to up electricity supply in 2014
Electricity
of
The
target was released at the company’s conference in
To
realise the goal, EVNNPT asked its units to pay attention to technical
management to prevent and reduce interruptions in the national electricity
network, while making every effort to safely operate transmission lines and
transformer stations, especially the 550kV North-South transmission line.
According
to EVNNPT Deputy General Director Vu Ngoc Minh, his company safely
transmitted 111,86 billion kWh of electricity last year, eight percent higher
than 2012.
The
company ran its power plants at full capacity in 2013, ensuring sufficient
supply of electricity to power substations to serve socio-economic
development and people’s everyday lives across the country.
To cut
down the loss of power to eight percent by 2015, the corporation said that
apa rt from ensuring the progress of electricity infrastructure development
projects, it will also work with its subsidiaries to timely update the demand
of regional power substation development.
At a
recent conference in
In
2013, the group generated and purchased over 127.8 billion kWh of
electricity, up 8.47 percent from 2012.
Deputy
PM seeks Italian help in economic restructuring
Deputy
Prime Minister Hoang Trung Hai sought a Vietnam-Italy partnership in economic
restructuring, including public investment, finance-banking and human
resources as he greeted Vice President of the Italian Chamber of Deputies
Marina Sereni in
Deputy
PM Hai thanked the Italian Government and people for their support to
The
Government of Vietnam wants more Italian investment in fields of its strength
like oil and gas, manufacturing, small and medium-scale business, scientific
and technological transfer, tourism and cultural exchange, he noted.
He
suggested stronger efforts to realise the action plan signed in September
2013. According to him,
Sereni
said the joint declaration on the establishment of a strategic partnership
and an action plan signed by both countries’ leaders in 2013 will lay the
groundwork for concrete actions.
Sharing
the same view as her host, she said
She
said that
The guest
also highly valued
Leading
think tank discusses economic development
The
Party Central Committee’s Economic Commission - a think tank in
socio-economic affairs - will keep up its good work and exert more effort
this year, heard a conference in Hanoi on January 7 to review its 2013
operations and set tasks for 2014.
Last
year, the commission paid attention to perfecting its apparatus while
fulfilling its political task.
Its
studies reflected the high sense of responsibility of experts and scientists
across the northern, central and southern regions. After referring to global experience,
they produced research studies and proposals up to the expectations of the
Party Central Committee, Politburo and Secretariat.
This
year, it will review the 30-year economic overhaul and contribute to the 12th
National Party Congress’s documents, particularly those involving
socio-economic development for the 2016-2020 period.
The
body will work on a report on the five-year implementation of a resolution on
socialist-orientated market economy adopted by the 10 th Party Central
Committee’s sixth conference, a project on renewing the legal framework,
mechanisms and policies on foreign direct investment and support industry.
Its
proposals to build a socialist-orientated market economy in pace with
national renewal and global integration will also come up, the quality of
periodic socio-economic reports will improve and its projects will meet their
schedules.
Apart
from other resolutions and directions set by the Politburo and Secretariat,
the commission will also monitor economic restructuring in line with the
renewal of the growth model.-
Leading
think tank discusses economic development
The
Party Central Committee’s Economic Commission - a think tank in
socio-economic affairs - will keep up its good work and exert more effort
this year, heard a conference in Hanoi on January 7 to review its 2013
operations and set tasks for 2014.
Last
year, the commission paid attention to perfecting its apparatus while
fulfilling its political task.
Its
studies reflected the high sense of responsibility of experts and scientists
across the northern, central and southern regions. After referring to global
experience, they produced research studies and proposals up to the
expectations of the Party Central Committee, Politburo and Secretariat.
This
year, it will review the 30-year economic overhaul and contribute to the 12th
National Party Congress’s documents, particularly those involving
socio-economic development for the 2016-2020 period.
The
body will work on a report on the five-year implementation of a resolution on
socialist-orientated market economy adopted by the 10 th Party Central
Committee’s sixth conference, a project on renewing the legal framework,
mechanisms and policies on foreign direct investment and support industry.
Its
proposals to build a socialist-orientated market economy in pace with
national renewal and global integration will also come up, the quality of
periodic socio-economic reports will improve and its projects will meet their
schedules.
Apart
from other resolutions and directions set by the Politburo and Secretariat,
the commission will also monitor economic restructuring in line with the
renewal of the growth model.-
A
socio-economic development master plan to 2020 with a vision to 2025 recently
approved by the Prime Minister requires
To
fulfil the goal, the city is asked to take concrete steps to produce an
average economic growth rate of 10-10.5 percent per year during the 2011-15
period, and 9.5-10 percent in the five following years, with GDP per capita
reaching 4,970 USD by 2015 and 8,820 USD by 2020.
Its
economic structure will also be shifted, with priority going to the services
sector which will account for about 60 percent, followed by industry, making
up approximately 40 percent, and agriculture with less than one percent.
In
regard to social development, the city with a population of 8.2 million in
2015 is requested to cut down the number of poor households according to its
new criteria to 7-8 percent overall.
The
plan includes a target to basically address submergence by rainwater and risin
g tides in the city’s central area within the 2011-15 period, and completely
deal with the problem by 2020.
Under
the plan, the city will focus on improving the quality of services including
finance-credit-banking-insurance, trade, transportation, information
technology, telecommunications and property.
The
development of the modern infrastructure system in support for the aforesaid
services such as supermarkets, plazas, office buildings, hotels, hi-tech
health centres and universities that meet international standards is also
part of the plan.
Furthermore,
urban development is not encouraged at conservation parks such as the Can Gio
biosphere reserve and protected forests in the suburban districts of Binh
Chanh and Cu Chi.
To
realise the master plan, the Government recommends the city mobilises capital
from both domestic and foreign enterprises while taking proactive measures to
balance its annual budget for key projects.
FDI
inflow feared to dwindle in 2014
The
inflow of foreign direct investment (FDI), having beaten all expectations
last year, is feared to dwindle in 2014 as authorities tend to be more choosy
while the business environment remains unfriendly to investors, experts said.
Last
year saw registered FDI surge to US$21.6 billion compared to the target of
US$13-14 billion set at the year’s beginning by the Ministry of Planning and
Investment. The total FDI disbursement also rose 9.9% to US$11.5 billion.
“Such
results are beyond all expectations,” said Phan Huu Thang, former chief of
the Foreign Investment Agency under the MPI.
Conditions
for FDI attraction this year and next look more favorable owing to better
macroeconomic stability, while the global economy gets stronger, according to
the National Financial Supervision Committee. In addition, more foreign
investors anticipating the conclusion of the Trans-Pacific Partnership
agreement this year will come knocking.
Researchers
at the Bank for Investment and Development of Vietnam noted that the
Government has issued a new resolution to attract FDI by urging more changes
to investment regulations, which will restore investors’ confidence.
Despite
such favorable conditions, officials and experts alike predict a fall in FDI
attraction this year as both central agencies and provincial authorities tend
to be more choosy in licensing new FDI projects.
Minister
of Planning and Investment Bui Quang Vinh in a televised Ask & Answer
session weeks ago stressed that
Dong
Nai Province’s authorities last week also made clear that it would set up
more stringent screening procedures with an aim to attract more high-tech and
environment-friendly projects.
The
European Chamber of Commerce (AuroCham) in a recent conference in HCMC also
noted the more stringent FDI screening process.
The
Government restricts labor-intensive FDI projects and looks to hi-tech ones
to create higher added values, but the local readiness for such projects is
low, especially in terms of skilled laborers and industrial property
protection, according to EuroCham.
In
addition, the FDI flow into
Of the
total registered FDI of US$21.6 billion in 2013, up to US$11.54 billion
belonged to just seven large-scale projects, whose implementation will
normally take a long time.
Phan
Huu Thang said that the FDI inflow can only be more sustained if the country
can improve its competitiveness. Whether the year 2014 can see a strong FDI
inflow or not also depends on the progress of talks on TPP and other free
trade agreements between
Smuggled
sugar injures local producers
Local
sugar refiners are losing in the competition against smuggled sugar that
amounts to hundreds of thousands of tons a year, said the Vietnam Sugar and
Sugarcane Association.
The
association said that local production is sufficient to meet demand, but each
year still sees a huge amount imported into the country via illicit trade.
The
sugar consumption per capita now is some 90 kilos, meaning the total demand
amounts to 1.45 million tons, according to the association. An official with
the Ministry of Agriculture and Rural Development said the sugar demand at
home this year would be almost the same with that last year, at over 1.5
million tons.
Meanwhile,
local refiners turn out between 1.5 and 1.6 million tons in the 2013-2014
sugar crop, more than sufficient for the domestic market. The association,
therefore, calls on State agencies to further tighten control on sugar trade
to prevent smuggled sugar.
The
official with the agriculture ministry confirmed that hundreds of thousands
of tons of sugar was smuggled into the country via the southern borderline
each year.
Experts
in the industry said locally-produced sugar cannot compete with the smuggled
one as illicit traders could evade taxes and thus offer smuggled sugar at a
lower price.
The
sugar price on the domestic market has fallen slightly, with the factory
price quoted at VND13,000 a kilo in late December compared to VND14,000
earlier last month.
Meanwhile,
smuggled sugar was offered at VND500-1,000 lower.
As the
sugar inventory is on the rise, the Ministry of Industry and Trade has
allowed sugar producers to export sugar at unlimited quantities until January
30. The sugar export will be halted after that to allow for the ministry to
calculate the supply-demand balance.
Farm
produce exports expected to grow further this year
The
nation is expected to obtain strong growth in farm produce exports this year
following positive export figures in 2013. Most of major farm products are
expected to bring higher export revenues.
The
Vietnam Cashew Association (Vinacas) expects this year’s export growth rate
would be equal to last year’s figure.
In
2013, local cashew exporters fetched an export value of US$1.66 billion
compared to the earlier target of US$1.5 billion. With cashew shell oil and
deeply-processed cashew products included, the export revenue would be around
US$1.8-1.9 billion.
Veggies
export value also hit over US$1 billion, rising by 25% against 2012. Of
which, dragon fruit, green skin pomelo, and fresh, frozen or canned veggies
reported strongest earnings.
The
Vietnam Fruits and Vegetables Association (Vinafruit) also forecasts 2014 to
be a robust year for veggies exports. Veggies exports have reported an annual
growth rate of 20-30% over the past years, so Vinafruit expects that the
growth rate will be maintained this year.
Meanwhile,
the Vietnam Pepper Association (VPA) projects export volume of around 125,000
to 130,000 tons with revenue of around US$900 million, equivalent to 2013’s
earnings. The forecast is rather cautious after pepper prices stayed stable
at around VND120,000 a kilo during last year.
For
rice exports, the Ministry of Agriculture and Rural Development and Vietnam
Food Association (VFA) said export situation would be almost unchanged
compared to 2013. However, the nation will face tough competition with
In
addition,
Concerning
export markets, despite falling demands in
In
addition,
VFA
said that
Source:
VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Hai, 20 tháng 1, 2014
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