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BUSINESS
IN BRIEF 14/10
Vietnam
tops frozen fish fillet exports to Brazil
In the reviewed
period,
By September 15,
Vietnamese tra fish exports to the market reached 86.2 million USD, up 19
percent compared to the same period last year and accounted 7.3 percent of
the country’s total export of the product.
With the import
volume,
In 2013,
The Brazilian
market is increasingly important to Vietnamese exporters of seafood products,
especially frozen tra fish fillets since exports to major markets like the
EU, the US, and Japan are seeing declines in demand and are facing tariff and
technical barriers.-
Vinacomin
awarded for outstanding achievements
The State-owned
Vietnam National Coal and Mineral Industries Group (Vinacomin) marked its
20th founding anniversary and received the State’s noble order for its
accomplishments and contributions to the national development at a ceremony
in
Over the past two
decades, the group turned out hundreds of millions of tonnes of coal and
developed industries relating to coal, minerals, electricity, chemicals, and
explosive materials.
In the first nine
months of 2014, it earned 78.3 trillion VND (3.7 billion USD) in revenue,
which is a 12 percent increase year on year, meeting 74 percent of the year’s
target, Vinacomin’s deputy general director Nguyen Van Bien reported at a
recent press meeting.
Of which, the
revenue from coal was 39.1 trilion VND (1.86 billion USD), a 12 percent
increase year-on-year, and that from mineral amounted to 4.4 trillion VND
(209 million USD), up 21 percent.
The group expects a
year-on-year 10 percent rise in profits to reach 1.2 trillion VND (57.1
million USD) in the period.
The same time, the
group contributed 8.6 trillion VND (409.5 million USD) to the State coffer,
and the figure is expected to stand at 13 trillion VND (about 619 million
USD) in 2014.
It sets to create
jobs for over 120,000 people this year. Meanwhile, the average salary of its
workers rose by 5 percent to 7.75 million VND (370 USD) each per month in the
first three quarters due to increasing turnover, Bien said.
As the first
State-owned enterprise to set up an environment fund, the group has engaged
in environmental protection activities while actively applying cutting-edge
technologies in production and developing human resources. It has also
expanded partnership with businesses around the world.
At the ceremony,
National Assembly Chairman Nguyen Sinh Hung awarded the group with the
Independence Order, third class.
Addressing the
event, Deputy Prime Minister Hoang Trung Hai spoke highly of the group’s
efforts and highlighted its role in the national economy.
Pointing out
several existing problems such as industrial accidents, low labour
productivity and competitiveness, and weak corporate administration, he asked
Vinacomin to accelerate restructuring and work harder to merchandise mining,
raise productivity and ensure safety for workers.
He also told it to
exert every effort to boost sustainable growth so as to deserve a pillar in
ensuring the national energy security.
The nine-month
figure marked a 14.2-percent annual gain, with 73 billion USD contributed by
foreign investors, up 14.1 percent. Earnings from apparels and cell phones
are expected to top 20 billion USD this year, reported the Ministry of
Industry and Trade.
Month-on-month, the
export revenue fell by 6.6 percent to 12.4 billion USD in September. However,
seafood, pepper, cashew nut and coffee soared roughly 25 percent in earnings
while vegetables expanded by 42.7 percent on year, said Deputy Director of
the ministry’s Agency of Foreign Trade Phan Thi Dieu Ha.
During the
nine-month period, Africa beat others to become the fastest-growing importer
of Vietnamese goods, notably
As Africa is on
track to development, it predominantly bought computers, electronic products
and accessories, garment, cell phones, transport vehicles and spare parts,
machinery, footwear, construction materials, seafood, coffee and pepper from
Latin America and
the Caribbean region are also among
Earlier in July,
Nestle sets
up 37 mln USD production facility in Dong Nai
Nestle last week
inaugurated a 37 million USD production facility at its Binh An factory in
the southern
The facility is
dedicated to meeting the growing demand for MILO RTD (Ready-To-Drink)
products in
It is part of the company’s
strategy to further strengthen its presence in the growing nutritional
beverage sector, he added.
With this project,
Nestle increased its investment in
In addition, the
company also has two La Vie fresh water factories in southern Long An and
northern Hung Yen provinces.-
Dong Nai
profits from grapefruit
Many farmers in the
southeastern
In Thong Nhat
district's Hung Loc commune, for example, Phan Van Xich, the first farmer who
planted the specialty grapefruit in Hung Loc, said he knew the soil was
suited to plant this kind of grapefruit.
Xich said he
visited the Mekong Delta
"My two-ha
grapefruits have had a stable harvest for two years," he said. "My
family has earned a profit of more than 400 million VND (19,000 USD) a
year."
At harvest time,
traders visit his orchard, offering a price of 35,000-40,000 VND (1.6- 1.9
USD) a kilo. They harvest grapefruit themselves, he said.
Green-peel and pink-flesh
grapefruit, a speciality fruit, is delicious and sweet, and has high demand,
especially during Tet (Lunar New Year) when the price normally reaches
100,000 VND (4.7 USD) a kilo.
The fruit is in
high demand in large cities like
Other farmers have
also intercropped green-peel and pink-flesh grapefruits in coffee or other
fruit orchards.
Dang Tuan Thanh in
Hung Loc said he cut down 1ha of his 1.5ha coffee orchard to grow green-peel
and pink-flesh grapefruit four years ago. The coffee orchard was 25 years old
and had a low yield.
Thanh decided to
grow the grapefruit after he visited his friend's grapefruit orchard in Dong
Nai's Dinh Quan district.
Dinh Quan's
green-peel and pink-flesh grapefruits are famous nationwide and have won top
prizes at the Southern Delicious and Safe Fruit Contest for many years.
Early this year,
Thanh's grapefruit trees began to bear fruit, and he has earned 20 million
VND (950 USD) of profits from the first harvest.
Bui Minh Phuong,
chairman of the Hung Loc Commune Farmers Association, said the price of
green-peel and pink-flesh grapefruit was high in recent years and many
farmers planted more grapefruit trees.
"Green-peel
and pink-flesh grapefruit is now one of the key fruits here," he said.
More than 40
households in Hung Loc commune have planted green-peel and pink-flesh
grapefruit trees on a total area of 50ha under the model of
grapefruit-specialised orchards or grapefruit-intercropped orchards, he said.
Previously, the
commune had only 10ha of grapefruit.
Hung Loc
authorities have encouraged farmers to set up co-operatives to plant
grapefruit trees under the Vietnamese Good Agriculture Practice (VietGAP)
standards, he said.
In other districts,
including Vinh Cuu, Tan Phu, Dinh Quan and Cam My, farmers have earned
profits several times higher than profits from other fruits and trees.
Dong Nai has had
1,900ha of grapefruit as of March, up nearly 1000ha against early 2013,
according to the province's Department of Agriculture and Rural Development.
Dong Nai farmers
have planted several grapefruit varieties, with green-peel and pink-flesh
grapefruits accounting for a large area.
Printing
industry calls for stronger policy support
The printing
inudstry has told the Government to improve policies governing the industry
so that it can reach its full potential.
They raised their
voice at a workshop held on October 8 by Vietnam Chamber of Commerce and
Industry (VCCI) and Vietnam Printing Association (Vinaprint).
The Chairman of
Vinaprint Nguyen Van Dong said the Government should remove import permits
and simplify business licensing procedures to help printers.
Dong proposed that
the Ministry of Information and Communications, instead of the Ministry of
Science and Technology, regulate terms for the use of imported machinery and
equipment.
He said this meant
printing companies would have to get approval from the information ministry
to import second-hand machines and devices, Dong said.
The head of
He suggested
companies should be owned and represented by Vietnamese individuals or
organisations.
Another requirement
was at least a member of the board of directors was specialised in the
printing profession, Liem added.
The chairman of Ho
Chi Minh City Printing Association, Le Van Tron, said that many post-printing
operations, including cutting, folding, assembling and binding, were done in
private homes and were now managed by the authority.
This created a
problem for those doing the work because householders were required to
perform administrative procedures once carried out by printing companies.
Participants also
showed concern about a policy that prevents domestic printing companies from
cooperating with each other in processing end products.
The regulation was
considered to limit companies' power in competing with foreign players.
A list of 100
outstanding entrepreneurs of
The municipal
People’s Committee also plans to award certificates of merit to ten
individuals who have won the title for many consecutive years.
According to Vice
Chairman of the Committee Tat Thanh Cang, thanks to their active
contributions, the city’s economic growth reached 9.6 percent in the
2011-2013 period and 8.9 percent in the first nine months of 2014.
In 2013 and the
first six months of this year, the 100 outstanding businesspeople created a
total revenue of 465 trillion VND (22.1 billion USD), accounting for 26.53
percent of the city’s figure. They contributed more than 28 trillion VND to the
local budget.
As
Bus, taxi
firms urged to reduce fares
The Ministry of
Transport has told bus and taxi companies to lower their fees in response to
recent falls in the price of fuel.
"Fees for air
and railway transport have begun to drop, but fees for other transport means
have not been adjusted," said Deputy Minister Nguyen Hong Truong
Bus companies
refused to lower fees even after the fuel price fell by 8 percent compared to
the first quarter of the year. They claim it would take too much time and
cost too much money to introduce new fees.
Passengers are
frustrated to see fees remain the same. Many say their rights as customers
are being violated.
In the past, every
time fuel prices fell, bus companies quickly adjusted their fees.
"Our fee
adjustment process is complicated. There are new fees to be registered,
tickets to be printed out and re-configuring of taxi-meters. These are all
costly tasks," said Nguyen Van Thanh, President of the Vietnam
Automobile Association.
Thanh said
companies will adjust fees when fuel price fluctuations hit 10 percent or
more, adding prices fluctuated too often to make regular adjustments.
"It's not easy
to get all taxi companies in the city to agree on the new fees. And it costs
8-12 USD to reconfigure one taxi meter," said a representative from Da
Nang Taxi Association.
Central
highlands provinces enjoy bumper coffee crop
The Central
Highlands provinces are expected to produce 1.3 million tonnes of coffee bean
this crop, an increase of 600,000 tonnes against the previous crop.
According to the
Central Highlands Region Steering Committee, farmer households and coffee
production businesses in the area have actively prepared for the start of the
November harvesting season, ensuring high-quality products for export.
Coffee producers in
the region have recruited more workers and strengthening management while
households and businesses have begun renovating thousands of coffee
processing facilities to improve output quality.
Moreover, the
provinces have also prepared thousands of square meters of land for drying
grounds and warehouses, repaired traffic systems, as well as bought hundreds
of thousands of new sacks and transportation means.
The coffee
plantations in the Central highlands currently cover an area of over 561,000
ha. Dak Lak province, the key coffee growing area in the region, is expected
to reap 462,433 tonnes of coffee bean from its 190,208 hectares, an increase
of 30,000 tonnes against last year’s crop.
Vietnamese
goods hold sway in domestic market
Locally-made products
have won consumers’ favour since a campaign titled “Vietnamese prioritise
Vietnamese goods” was launched five years ago, President of the Vietnam
Fatherland Front (VFF) Central Committee Nguyen Thien Nhan has said.
The front leader
was speaking at a conference in
Apart from
generating more jobs and raising income for labourers, the campaign has
contributed to establishing a production and supply chain, said Nhan, who is
also head of the Central Steering Committee of the campaign.
According to him,
under the programme, all cities and provinces will build communication
channels with a “Proud of Vietnamese goods” slogan by 2020.
It also aims to
raise Vietnamese products’ market share at traditional supply channels at
remote, far-flung and rural areas to 80 percent, he added.
To realise the
targets, the VFF President required relevant ministries, branches and
localities to roll out concrete programmes and plans to further popularise
the campaign in the time ahead.
He urged
enterprises to accelerate scientific-technological application while
improving the quality and competitive edge of products and services.
A survey conducted
by Nielsen Company reveals that up to 90 percent of consumers in
A report presented
by the municipal and provincial steering committees of the campaign also
shows that locally-made products are appreciated by Vietnamese consumers.
In many localities,
80 percent of Vietnamese people prefer made-in-Vietnam garment and footwear
products while 58 percent choose local food and vegetables.
Participants at the
event also pointed out a range of bottlenecks hindering the implementation of
the campaign such as cumbersome procedures, the presence of fake products in
the market and a loose coordination between businesses, producers and
distributors.
Vehicle
sales keep up growth momentum in September
Vehicle sales in
September continued on the revival track taken since last May, on the back of
multiple launches and improving consumer sentiment.
Of the figure, cars
made up 10,511 units, representing a 30-percent month-on-month increase, and
trucks made up 5,638 units, representing a 25-percent month-on-month
increase.
"This is the
18th consecutive month that industry volume has been higher than that of the
same period last year," VAMA chairman Jesus Metelo Arias said in a
statement released on October 10.
"The total
number of vehicle sales for 2014 is predicted to hit 145,000 units, a
32-percent year-on-year increase," Arias added.
Thaco, a domestic
car manufacturer, retained its market leadership with sales of 4,195 units or
32 percent of market share in September. Japanese manufacturer
Booming sales were
attributed to attractive financing deals, price discounts, cuts in car
registration fees and a brighter economic outlook.
According to the
Ministry of Planning and Investment,
Planning and
Investment Minister Bui Quang Vinh said on October 9 that the country's gross
domestic product growth could reach 5.8 percent or even higher this year.
The rise in vehicle
sales last month was also attributed to the traditional peak in shopping
towards the end of the year, usually beginning in mid-September.
In addition, a
large number of vehicles that will become obsolete this year also helped
trigger demand, as the Government stipulated that trucks more than 25 years
old and cars more than 20 years old could no longer be used.
According to the
Vietnam Register, a total of 3,388 cars, 13,033 trucks and 67 buses will be
taken off the road this year.
Meanwhile, about
7,000 completely-built units (CBU) were imported in September this year,
bringing 132 million USD in revenue, the General Statistics Office (GSO)
reported.
The number of CBUs
in September is about 1,000 units more than that in August, but revenue fell
by 4 million USD.
The automobile
market has been stable since last June, as the number of imported cars
remained at 6,000 units and above per month, the highest in the last three
years.
Vietnam
Entrepreneurs’ Day marked in Laos
The Association of
Vietnam Investors in Laos (AVIL) held a ceremony in
Addressing the
event, AVIL Chairman Nguyen Duc Moc said that this year’s anniversary takes
place in the context of the comprehensive and intensive development of the
special relationship between
Despite numerous
difficulties, Vietnamese businesses have pumped over 5 billion USD into 410
projects in
Moc also thanked the
Parties and Governments of both countries for creating favourable conditions
for Vietnamese investors to operate in
Also at the
ceremony, the AVIL launched a social welfare programme to provide assistance
to needy people in
The 2014 Mekong
Delta - Soc Trang Economic Cooperation Forum will be held in Soc Trang
province from November 5-7, the Steering Committee for the Southwestern
region told the press in Can Tho City on October 10.
The forum this year
will focus on effective measures to foster agriculture restructure and the
building of new style rural areas in the region.
It will also be an
excellent opportunity to promote trade, advertise the regional image as well
as potentials and trademarks, especially in agriculture sector.
Major activities at
the forum include a workshop on building climate resilient rural areas and a
conference promoting trade and calling for investment in agriculture and
rural areas in the Mekong Delta.
Nguyen Phong Quang,
deputy head of the Steering Committee for the Southwestern region, expressed
his hope that the forum can gather useful ideas on suitable mechanism and
policies to tackle challenges facing the region.
Ford
Ford
The growth was
thanks to strong demand for the two small-sized models – the EcoSport and the
new Fiesta.
According to Ford
September’s sales
helped push the company’s retail sales for the third quarter to 3,984 units,
a 93 percent surge year-on- year.
The company’s
Ranger model also took lead in the semi-truck segment in the same month with
459 units sold, soaring 183 percent and the Transit maintained its top
position in the commercial van segment with 337 units sold, up 71 percent
from one year ago.
It is time for the
economy to make big changes in line with new developmental requirements to
anticipate opportunities brought by extensively and deeply international
integration, Deputy Minister of Planning and Investment Nguyen Chi Dung said
on October 10.
Speaking at a
Economists
predicted that the world economy may face numerous difficulties and challenges
in the coming time. The Vietnamese Government was, therefore, suggested
maintaining its target of containing inflation and keeping growth at a
reasonable rate in line with both domestic and international situations.
Associate
Professor, Doctor Nguyen Van Thanh from the National Centre for
Socio-economic Information and Forecast presented two scenarios for the
Vietnamese economy in the next five years.
In the first
scenario, with growth model changing slowly and State management improving
inconsiderably,
Meanwhile, in case
the growth model is bettered, the country takes full advantage of bilateral
and multilateral free trade agreements and State management is improved, the
growth rate is forecast to reach 7.1 percent, inflation 7.21 percent and
investment/GDP ratio 15.3 percent.
To realise these
targets, Deputy Minister Dung highlighted the importance of speeding up the
shift of economic structure and growth model and increasing the quality and
efficiency of the economy’s competitiveness.
Delegates also
proposed increasing scientific and technological applications into production
and training high-quality human resources.
Fuel price
stabilisation fund surges to record high
As of the third
quarter of this year, the balance of the fuel price stabilisation fund had
risen to nearly 2.3 trillion VND, the highest since the use of the fund was
made known to the public, the Saigon Times Daily reported.
The Ministry of
Finance in a report released on October 8 said petrol traders in the third
quarter alone collected over 1.1 trillion VND from consumers for the fund,
which is used to compensate oil traders for losses they incur when the input
cost is higher than the retail price.
In the quarter, the
Ministry of Finance and the Ministry of Industry and Trade let fuel trading
firms extract an estimated 403.46 billion VND from the fund.
The fund’s balance
was recorded at nearly 1.6 trillion VND at the end of the second quarter ,
but the amount surged to around 2.3 trillion VND at the end of the third
quarter. The fund is kept at oil traders who have to periodically report
their balances to the Finance Ministry.
In 2013, the
balance frequently stayed at only tens of billions of dong, with many oil
traders reporting a deficit, meaning the sum collected from consumers was not
sufficient to compensate traders.
However, the
balance has started picking up this year, from 840 billion VND in the first
quarter to 1.5 trillion VND in the following quarter, as the global oil price
has steadily fallen while the local price has remained high.
The Ministry of
Finance’s report also indicated 15 out of 17 fuel trading firms had the
positive balance, with Vietnam National Petroleum Group (Petrolimex)
reporting 1.352 trillion VND and PetroVietnam Oil Corporation over 265
billion VND.
Speaking to the
Daily on October 8, the leader of a fuel trading firm said the prices of
finished petrol products in
Therefore, there is
a likelihood that the domestic retail price may decline by up to 500 VND per
liter of petrol soon. RON 92 petrol is currently priced at 23,560 VND per
liter.
VINACAS
urges processors to ensure export cashew quality
The Vietnam Cashew
Association (VINACAS) on October 9 recommended its member companies to
tighten control over export cashew so as to guarantee the Vietnamese
product’s trademark.
VINACAS told
processors to pay special attention to the steps of drying, removing testa,
and packaging while carefully examining the quality of raw materials.
The processors were
also asked to separately process cashew hailing from different sources to
ensure the rate of broken nuts is below 10 percent in line with the 2012 standards
of the
During the first
nine months of 2014, cashew exports posted a 19.6-percent year-on-year rise
in volume to 225,000 tonnes and a 21.8-percent year-on-year surge in value to
1.46 billion USD, according to the Ministry of Industry and Trade.
The
In 2013, cashew
exports brought home 1.8 billion USD.
Vietnam’s
wooden, aquatic products gain firm niche in RoK
Two-way trade
between
It expanded by 54
times, from 0.5 billion USD in 1992 to the record level of 27.3 billion USD
in 2013.
By October 2014, it
reached over 18 billion USD with
Notably, wood and
wooden products brought home 309 million USD, surging by 48.5 percent,
followed by aquatic products with 405 million USD, up 47.2 percent; garment
and textile, 1.2 billion USD, up 39.9 percent; and footwear, 208 million USD,
27.6 percent.
The country’s
imports from the RoK were mainly industrial products, including computers,
automobiles, auto components, machinery, iron and steel, fabrics and footwear
materials.
Ta Hoang Linh,
deputy head of the MoIT’s Trade Promotion Agency, stated that in order to
further boost the exports to the RoK and balance two-way trade, Vietnamese
businesses should increase the volume of processed products as well as
enhancing the quality of their products, especially agricultural ones.
Hai also pledged
that the MoIT will carry out a wide range of activities, notably trade
promotion programmes, to support the businesses and stimulate exports to the
partner’s market.
The two countries’
trade can exceed 20 billion USD before 2015 once a Free Trade Agreement is
signed. Besides, Vietnamese enterprises will be able to seek more
partnerships and higher export revenue from the RoK market.
Vietnam’s
seafood, agricultural products make way to Singapore
The Ministry of
Industry and Trade (MoIT) expects trade turnover between
Vietnam’s
agro-forestry-fishery exports only account for below four percent of
Singapore’s total imports, Le An Hai, deputy head of the MoIT’s Asian-Pacific
Market Department, told Vietnam News Agency correspondents on the sidelines
of an October 9 meeting on seafood and agricultural products between
representatives from some 40 Singaporean associations and businesses and 16
Vietnamese companies.
Almost all the
Vietnamese firms in the delegation to
From October 7-9,
the delegation had working sessions with the International Enterprise
The two sides
discussed the increase of Vietnamese exports, the attraction of Singaporean
importers and producers’ investment in
Nguyen Viet Chi,
Vietnamese Commercial Counsellor to
Chi stressed that
Lee Boon Cheow,
President of Singapore Fish Merchants General Association, said: “
“Our association
will try to increase chilled fish (import) from
State
budget collection likely to exceed estimates
State budget
collection for 2014 is likely to exceed estimates by 9 percent, Deputy
Minister of Finance Vu Thi Mai said at a regular meeting in
In the
January-September period, 636 trillion VND (30.2 million USD) was collected
for the State budget, equal to 81.3 percent of the estimates and representing
a year-on-year rise of 17.2 percent.
Meanwhile, the
budget spending edged up 11.9 percent to 768 trillion VND (36.5 million USD),
she reported.
The Government
bonds have also received more attention from investors, especially five-and
10-year-term bonds which made up 25.9 percent and 12.1 percent of the total
money mobilised by the State Treasury, in the reviewed period.
To ensure the
balance, the ministry is stepping up measures to reform administrative
formalities in taxation and customs sectors such as enabling enterprises to
use e-tax declarations and facilitating business operation.
Finance officials
will also tighten management in the field so that the State budget collection
can meet or exceed the estimates.
At the same time,
the ministry continues directing taxation and customs agencies and insurance
business associations to come up with solutions to back firms overcome
difficulties and develop operation.
In addition to
thrift practices, the ministry strives to manage and utilise effectively the
standby State budget with priorities to preventing natural disasters and
diseases.
TRACES is a
trans-European web-based network for veterinary health that notifies,
certifies and monitors imports, exports and trade in animals and animal
products around the world.
The National
Agro-Forestry-Fisheres Quality Assurance Department (Nafiqad) said it has
sent a dispatch notifying the European Commission Directorate General for
Health and Consumers (DG SANCO) of its participation in the network after
receiving a proposal from the directorate.
The Nafiqad
suggested that DG SANCO provide specific guidance and organise training
courses for concerned Vietnamese authorities and employees of Vietnamese
enterprises involved in exporting seafood to the EU.
The department said
joining TRACE would enable it to simplify certification procedures, promptly
inform authorities and businesses of the conditions of goods and restrict the
falsification of documents.
The European
Commission established and began to operate the network in 2003. Concerned
authorities and private sector economic operators all over the world can use
this system to trace the movement of animals and animal products being traded
in the world market.
Thailand- leading fruit and vegetable supplier to Vietnam
It also imports
fruit and vegetables from new markets such as
In the first eight
months,
Opportunity
to boost pork exports to Russia
A team of
inspectors from Rosselkhoznadzor- a Russian agriculture oversight agency on
October 20 will fly to
Additionally, they
will scrutinize a number of
The breakthrough
comes as a result of recent trade talks between Director of Rosselkhoznadzor
Sergey Dankvert with Deputy Minister of Agriculture and Rural Development
(MARD) Vu Van Tam in
At the meeting, the
two sides agreed the potential for trade between the two nations remains
largely untapped and incommensurate with its potential.
Rice
exports to face stiff challenges in 2015
The Vietnam Food
Association (VFA) is predicting rice export companies will face fierce
competition in 2015 as the nation more fully opens its markets in line with
World Trade Organization (WTO) commitments.
VFA Vice President
Pham Van Bay made the announcement at a conference in
The VFA is
forecasting rigid competition from Thai rice growers for aromatic rice
(Jasmine) and two other varieties in addition to harsh competition from the
African market.
In 2014, the output
of the Southern Region was estimated at 27.8 million tonnes of rice, an
increase of 916,365 tonnes compared to 2013, according to statistics of the
Ministry of Agriculture and Rural Development (MARD).
VFA statistics show
that in the nine months leading up to the end of September of 2014 rice
export companies shipped nearly 4.8 million tonnes, worth about US$2.2 billion
to foreign markets.
Local exporters pin high hope on new markets
By the end of
September 2014,
It is forecast that
exports of garment and telephone handsets will surpass US$20 billion each
this year.
Phan Thi Dieu Ha,
Deputy Director of the Import-Export Department under the Ministry of
Industry and Trade (MoIT), said despite continuous export growth of many
agro-forestry and seafood products, the country’s exports value in September
dropped slightly by 6.6% to US$12.4 billion.
In the nine-month
period, exports to new markets like African, Latin American and Caribbean countries
witnessed a high growth of more than 50%, particularly Northern Africa rising
by nearly 60% to US$466 million.
According to the
Vietnamese regional Trade Office, the developing African countries have high
demand for agricultural products, garment, computers, electronics, telephones
and means of transport. Vietnamese businesses should grasp the opportunity to
boost exports to this potential market.
Meanwhile, Latin
American and
Earlier, in July,
Ha said although
exports to new market are not high the impressive growth shows that a target
for diversifying export market is on the right track. In the fourth quarter,
local businesses should accelerate production to meet signed contracts, she
suggested.
The MoIT forecast
that if there is no obstacle the country’s exports will hit US$148 billion, a
year-on-year increase of 12% and up 10% compared to the National Assembly’s
set target.
Non-life
insurance hits double-digit growth
Non-life insurance
premiums managed to return to a double-digit growth in the first eight months
of 2014, according to preliminary reports of non-life insurance companies to
the Insurance Supervisory Authority.
Non-life insurance
premiums were reported to be worth nearly VND18 trillion (US$849.05 million),
representing a 10-per cent year-on-year increase, reported Dau Tu Chung Khoan
(Securities Investment).
This is a positive
development for the non-life insurance market following its sharp decline in
2013, considered its hardest year in the past 20 years. Last year, the
non-life insurance market grew by only seven per cent, compared with growth
rates of 24.5 per cent in 2010, 17.5 per cent in 2011 and 10.5 per cent in
2012.
PetroVietnam
Insurance Corporation (PVI) joined Bao Viet Holdings, Bao Minh Insurance
Corporation, PJIC and Post&Telecommunications Insurance Jsc (PTI) in the
list of the year's top five non-life insurers.
Bao Minh Insurance
posted the highest growth of 16.85 per cent among leading insurers while PVI
ranked first in market share in the first eight months of the year with 23.97
per cent, followed by Bao Viet Insurance with 19.45 per cent.
The total
compensation value of the non-life insurance sector was estimated at VND6.5
trillion ($309.52 million), a 42.4-per cent year-on-year decline.
Four of the five
leading insurers had a compensation rate below 37 per cent except for Bao
Viet Insurance, which had 48 per cent.
The total
compensation for companies in Binh Duong, Dong Nai and Ha Tinh provinces,
which were affected by riots last May, was initially estimated at VND2.5
trillion ($119.05 million). Dau Tu Chung Khoan quoted insurance companies as
saying compensation was under way and was being carried out in line with the
Government's guidance.
According to Viet
Nam Insurance Association, insurance companies need to continue restructuring
to enhance competitiveness, prevent cut-throat competition and diversify
their range of insurance products.
Soc Trang
plans forum to focus on
The Cuu Long
(Mekong) Delta Economic Cooperation Forum to be held next month in
The eighth annual
forum aims to improve cooperation between the Delta region and the rest of
the country, including ministries, Government agencies and international
organisations, according to Nguyen Phong Quang, permanent deputy head of the
Steering Committee for the South-West Region.
The event, to be
held from November 5–7, will focus on policies and incentives to help the
region cope with climate change.
Leading
data company ODS invests in new data centre services
The Online Data
Services company has double its data centre from 100 racks to contain 2,000
servers with two rack units (2U) or 4,000 servers with one rack units (1U) up
to 200 racks compromising 4,000 servers 2U or 8,000 serves 1U with total
investment of US$1 million. The company expects that the expansion would help
them to become one of the best service providers with market share from 10 –
15 per cent.
Plastics
export earnings rise 18%
The domestic
plastic industry has achieved high growth in exports but continues to face
difficulties arising from a lack of input materials, said the Viet Nam
Plastic Association (VPA).
The Thoi bao Kinh
te
During the period,
export value showed strong growth, posting year-on-year increases of 78.28
per cent for the
VPA Chairman Ho Duc
Lam said that in the third quarter,
The
The association and
domestic plastic exporters have prepared documents and data for US offices on
the sunset review of anti-dumping duties in the last quarter of this year,
Lam said.
Meanwhile, the
domestic plastic industry also had opportunities to promote products to the
European Economic Zone because anti-dumping duties of between eight to 30 per
cent were imposed on some Asian countries but not on
The VPA expected
the country to achieve a year-on-year surge of 16.5 per cent in plastic
export value to $2.6 billion for 2014, Lam added.
However, domestic
plastic producers must import 80 per cent of their input materials, and these
accounted for 70 to 80 per cent of production costs, thereby reducing the
added value and competitiveness of these products.
To achieve
sustainable development in the future, Lam suggested that domestic plastic
producers produce plastic material, export environment-friendly products with
high added value that meet international health and safety standards and
update their production technology.
Source: VEF/VNA/VNS/VOV/SGT/SGGP/Dantri/VIR
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Thứ Hai, 13 tháng 10, 2014
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