VIETNAM BUSINESS NEWS MARCH 11
16:09
Progress seen in
settlement of suspected cashew nut scam in Italy
Italian
police have kept four containers of cashew nuts delivered to this country’s
Port of Genoa, a stride in the settlement of a suspected scam involving 100
cashew nut containers exported from Vietnam. Vietnam’s trade office in Italy said
on March 10 this is an encouraging step that the Vietnamese companies with
the product being transported to Italian ports can consider. To deal with the case, a delegation
from the trade office came to Naples on March 10 to meet Vietnam’s Honorary
Consul in this city Silvio Vecchione and many agencies in southern Italy,
including the Port of Naples, military police, tax authorities, banks, and
the delivery firm DHL - the main points of transit of the 36 sets of original
documents that Vietnamese firms lost track of. Signs of a scam became clearer when
some banks said they had received only photocopied documents or blank papers
sent to the persons without accounts at those banks. Trade Counsellor in Italy Nguyen Duc
Thanh said only 36 sets of documents are being lost, noting that among the
100 sets of original documents, Vietnamese companies have retained over 50
and reclaimed many others returned by DHL. The most important thing is that the
first four containers to arrive at the Port of Genoa have been kept by
Italy’s financial police thanks to timely actions by relevant parties, he
said, adding that lawyers will continue working with relevant agencies of
Italy to return the goods to Vietnam, or let the companies sell the cashew
nuts to other buyers in Italy or other countries. Authorised by Vietnam’s Trade Office,
Honorary Consul Silvio Vecchione filed a denunciation of the cashew nut scam
to Naples police. He recommended that when trading with
Italian firms, Vietnamese businesses should learn information about their
partners through the Vietnamese Embassy, the trade office, and honorary
consuls here so as to maximise safety for bilateral transactions. He also affirmed his readiness to
assist Vietnamese businesses to learn about and work with Italian partners.  Ministry proposes cutting 50 percent of environmental tax on petrol The Ministry of Finance said it has
completed the National Assembly Standing Committee’s draft Resolution on the
adjustment of environmental protection tax rates for gasoline, oil, and grease,
which is set to become effective from April 1 to the end of December 31 this
year. It proposes to reduce the tax rates
for gasoline by 2,000 VND (0.088 USD) per litre; diesel, fuel oil, and
lubricating oil by 1,000 VND per litre; grease by 1,000 VND per kg; and
kerosene by 700 VND per litre. Given the complicated developments of
the global petroleum market and COVID-19 situation, the Prime Minister on
February 22 issued a dispatch on ensuring the supply of petroleum for the
domestic market, directing the ministry to assume the prime responsibility
for and coordinate with the Ministry of Industry and Trade and relevant
agencies in urgently studying and proposing a plan to adjust policies on
environmental protection tax. Under the direction, the finance ministry
conducted drafting the resolution following a shortened procedure. Tasks of ministries in RCEP
implementation clarified Permanent Deputy Prime Minister Pham
Binh Minh has signed a decision assigning duties of ministries relating to
the implementation of the Regional Comprehensive Economic Partnership (RCEP)
which took effect from January 1. Accordingly, the Ministry of Industry
and Trade (MoIT) will be in charge of coordinating the implementation of
chapters 1, 3, 7, 8 and 13 relating to rules of origin, trade remedies, trade
in service and competition. Regarding chapter 2 on trade in goods,
the MoIT is responsible for issues related to import duties of RCEP members
and import-export management, the Ministry of Finance will be in charge of
issues related to Vietnam's import duties, while the Ministry of Agriculture
and Rural Development (MARD) will take charge of implementing contents
related to agricultural goods. The General Department of Vietnam
Customs under the Finance Ministry will coordinate the implementation of
chapter 4 on customs procedures and trade facilitation, and the MARD is in
charge of chapter 5 on food safety; animal and plant health measures. The Ministry of Science and Technology
and the Ministry of Culture, Sports and Tourism are responsible for contents
relevant to industrial property rights and enforcement of intellectual
property rights and copyright, respectively, under chapter 11 on intellectual
property. In case any issue arises during the
implementation that calls for adjustment, the MoIT will coordinate with
relevant agencies to compile a report on the issue and submit it to the Prime
Minister for consideration. Tra fish exports record
strong recovery in early 2022 Vietnam’s Pangasius (tra fish) exports
in January 2022 surged nearly 73 percent year-on-year to 213.6 million USD,
according to the Vietnam Association of Seafood Exporters and Producers
(VASEP). Besides the recovery of traditional
markets, the strong growth in new markets in recent times is expected to
contribute to the pangasius industry’s recovery this year as well as in
coming years, the association said. Vietnam is home to nearly 120
facilities processing tra fish products for export with a combined capacity
of 1.8 million tonnes of inputs per year. This year, the tra fish export is
forecast to expand by 20-22 percent compared to 2021, while the price is
predicted to rise by 5 percent due to costs for breeding, logistics and
labour. Pharmaceutical stocks remain
attractive in 2022 on strong medicine demand As the COVID-19 pandemic continues to
spread nationwide and is gradually being considered an endemic disease that
could be treated at home, demand for drugs has increased sharply. SSI Research expects healthcare demand
will recover and grow 13 percent year-on-year in 2022. The impact from the pandemic will be
less severe and even bring some positive benefits for the pharmaceutical
enterprises, it added. With 70 percent of the Vietnamese
population already fully vaccinated with two doses, and new coronavirus
variants that may be less dangerous with lower hospitalisation rates, the
healthcare demand in 2022 is forecast to soon surpass pre-pandemic levels
with hospital visits recovering to normal levels. And the pharmaceutical
group will have significant additional revenue from fever reducers and
vitamins that are used to treat mild COVID-19 symptoms. Moreover, many Vietnamese
pharmaceutical companies have received formulas for the production of
COVID-19 medicines which are transferred by Pfizer and MSD, and may soon be
commercialised in 2022. According to SSI’s report, profits for
healthcare companies are likely to grow strongly in 2022, with prices for
medical services and medicines expected to rise slightly. Pharmaceutical companies are expected
to record high growth for the whole of 2022, while the hospital group will
achieve high growth in the second half of the year, SSI said. On the stock market, with the positive
profit growth prospect, SSI expects stocks of pharmaceutical companies
continue to be attractive during the pandemic period. Vietnam’s car sales drop for
second consecutive month The Vietnam Automobile Manufacturers’
Association (VAMA) reported that its members suffered a decline in sales for
the second consecutive month, with 22,802 cars sold units, or a 26-percent
decrease, in February. Of the total, 17,541 units were
passenger cars, and 4,782 units were commercial vehicles, down 31 percent and
7.6 percent month on month, respectively. Meanwhile, 479 special-purpose
vehicles were sold, up 67 percent against the previous month. The sales of domestically-assembled
vehicles fell 18 percent to 14,528 units, while that of imported CBU cars
decreased 36 percent to 8,274 units. This is the second month that the
industry saw decline in sales after 21 percent rise in December 2021. However, in the first two months of
2022, VAMA members sold 53,544 vehicles to the market, up 34 percent over the
same period last year. Of which, 42,820 were passenger cars, 9,959 were
commercial vehicles and 765 were special-purpose vehicles. The figures
represented respective rises of 42 percent, 4.7 percent and 62 percent year
on year. Experts predicted that with the better
control of COVID-19 and support of 50 percent in registration fee until May,
the industry will enjoy good growth in next months. This year, the industry
expects 500,000 vehicles to be sold. Exporters have to register
online when exporting starch to China The Ministry of Industry and Trade
said domestic companies wishing to export starch to China can now register
online, as information on starch products coded HS 1108 and 3050 has been
updated on China's online overseas food manufacturer registration platform. Accordingly, food manufacturers can
set up their accounts and register for export items on the platform:
https://cifer.singlewindow.cn/. Ministry urges for
intensified monitoring of fuel trade nationwide The Ministry of Industry and Trade has
asked authorities of cities and provinces nationwide to step up checks and
monitoring of oil and gas trade as the ongoing ups and downs of the global
fuel market are having major impacts on the domestic supply and prices. The move aims to ensure adequate fuel
supply and stablise the market, the ministry said in a newly-released notice. It has requested the authorities to
inspect the observation of fuel trade regulations at retail outlets which are
strictly required to publish current prices, not charge customers higher
rates than the listed prices, and remain open during their registered time.
Any violators must be subject to vigorous penalties, it noted. Any fuel retailers found ceasing sales
and hoarding stocks will face suspension of operation or withdrawal of
licences in accordance to regulations. Vietnam aims for wood and
forest product export target of US$20 billion by 2025 The nation is set to achieve an export
value of wood and forest products of US$20 billion by 2025, a figure over
US$9 billion higher than the current level, with the export turnover of local
wood products set to hit US$18.5 billion. Furthermore, the wood industry has
also set a timber and wood product value target of US$5 billion by 2025 for
domestic consumption, with these reaching over US$6 billion by 2030. These targets were part of a project
aimed at developing a sustainable and effective wood processing industry in
the 2021 to 2030 period, with these aims being approved by Deputy Prime Minister
Le Van Thanh on March 10. Under the terms of the project, over
80% of wood processing and preservation establishments will reach the level
and capacity of advanced production technology. Indeed, 100% of timber and
wood products used for both export and domestic consumption are used from
legal wood materials and certified for sustainable forest management. According to the common goal by 2030,
the wood processing industry is set to become an important economic sector.
Therefore, steps must be taking towards building and developing a reputable
Vietnamese wood product brand in both the domestic and international markets. The nation is striving to be among the
group of leading countries in terms of production, processing, and export of
wood and wood products. Da Lat launches new tourism
products A range of attractive tourism products
will be launched during the Lam Dong Tourism Week 2022 scheduled to take
place in April. The programme is one of several
tourism promotion events to attract visitors during the ongoing Covid-19
pandemic, according to the Lam Dong Department of Culture, Sports and
Tourism. The programme will include different
activities, including a Central Highlands Beauty photo exhibition, a food
festival on Da Lat’s delicious dishes and art programmes on local ethnic
cultures. Dalat Tourist will also provide
adventure tours such as trekking, canyoning, high rope course and zipline. Compulsory civil liability
insurance for the construction industry Construction contractors in Vietnam
will have to buy compulsory civil liability insurance for third parties from
July. On March 10, the government issued
Decree No.20/2022/ND-CP, amending and supplementing some regulations of
Decree No.119/2015/ND-CP from 2015. They govern compulsory insurance in the
construction sector. The latest decree adds the regulation
on compulsory civil liability insurance for third parties in the field.
Construction contractors will be required to buy compulsory insurance for
workers on construction sites and civil liability insurance for third
parties. The cost of the cover will be met by
the contractor, and it must be valid for the full duration of any
construction contract. The amendment also adds a regulation
on the insured amount for third parties. The minimum insurance to cover
damage to health and loss of life is around $4,300 per person per case. For projects of less than $43.5
million, the minimum cover for property damage and relevant legal costs is 10
per cent of the construction value. For construction work of $43.5 million
and higher, it is set at $4.3 million. The decree will take effect from July
1. High input costs hit wood
product manufacturers Additionally, Russia-Ukraine tension
is likely to cause a shrinkage of Russian timber supply, compounding the
situation, a conference on Wednesday heard. With timber supply becoming tighter,
Vietnamese firms will have to compete more fiercely for timbers in
international market, notably timbers from the EU and the US. The recent soaring demand for timber
in timber-exporting countries has caused a shortage, pushing up prices.
Higher material prices, coupled with mounting transportation costs, have
added to import bills, driving many manufacturers into unprofitability. The expert was concerned that timber
prices would continue to climb in the short term, making Vietnamese wood
products less competitive in the international market. Vietnamese timber and wood product
exports hit US$1.55 billion in January, up 14.3 per cent against the same
period last year. The industry aims to raise the figure to $18-20 billion by
2025. Hundreds of seafood transport
trucks stranded at Quang Ninh’s border gate Hundreds of seafood transport trucks
have got stranded at the Mong Cai International Border Gate in Quang Ninh
Province since China stopped customs clearance to prevent the spread of
Covid-19 late last month. After China’s Fangchenggang City
detected dozens of Covid cases, the Chinese authorities tightened anti-Covid
measures, including suspending import-export activities at its border gates. Tran Bich Ngoc, head of the management
board of the Mong Cai International Border Gate, said that Mong Cai City had
25 container trucks carrying fresh fruits and some 500 trucks of frozen
seafood awaiting customs clearance. The goods are being stored at
refrigerated warehouses. Some other international border gates
in the province, including Hoanh Mo and Bac Phong Sinh, are facing the same
fate, seeing huge backlogs of exports to China, Thanh Nien Online reported. Due to China’s export-import
suspension, the management board has asked exporters to temporarily stop
transporting goods to the northern border gate and proactively tap other
markets for export and boost domestic consumption. FDI firms post positive
growth despite pandemic: survey The Covid-19 pandemic has left
tremendous impact on many businesses, but foreign direct investment (FDI)
companies have maintained positive growth, according to Vietnam Report JSC. Vietnam Report JSC and Vietnamnet news
site has released a list of the 500 fastest-growing companies in Vietnam
(FAST500) this year. There were 186 businesses
participating in this year’s survey. Of them, 75.8% said they maintained
their revenue growth in 2021 and only 23.7% reported lower revenue than in
2020. Besides, 72.6% saw their pre-tax profits up from 2020, and nearly one
third said their revenue grew over 75%. Given the impact of the pandemic, in
the 2017-2020 period, the compound annual growth rate (CAGR) of the FAST500
companies reached 22.5% only, down 5.7% against the previous period. However,
the FDI sector stole the limelight as it still enjoyed stable growth and rose
to take the lead in CAGR at 24.1%, even though the number of FDI firms
accounted for 6% in the list. The private and State sectors reported their
CAGR lower, at 23.2% and 26.6%, respectively. In 2022, with Vietnam’s high Covid
vaccination rates, most of the FAST500 companies are pinning high hopes on
positive growth this year. Specifically, 83.3% of the interviewed firms say
they are optimistic about their economic growth prospects in the local market
this year. Therefore, when asked about their business plans for this year, up
to 89.2% revealed they would expand their business scale and 10.8% said they
would maintain the current scale. Gasoline price hike affecting
all exporters The current conflict between Russia
and Ukraine has caused the price of gasoline and transportation to spiral,
and export payments are being affected much more after Russia has been
removed from the Swift International payments system. Even though Vietnam has only a 1.2%
import-export turnover with the Russian and Ukrainian markets, the negative
impact of this crisis will be felt by all export enterprises. Among the top ten seafood exporting
companies to Russia at this time is the Kien Cuong Seafood Processing and
Importing Joint Stock Company, which is now temporarily suspending exports to
the Russian market. Mr. Doan Hoang Chien, Director of Kien Cuong Seafood
Processing Company, said that because of concerns of risks from the
Russia-Ukraine conflict to goods transportation, documents, and payments, his
company has temporarily put on hold all exports to the Russian market. Currently, the Russian market accounts
for about 30% of total export market share of the Kien Cuong Seafood
Processing Company. When asked if exclusion of Russia from the Swift
international payment system had affected the payment of partners for
previous export orders, Mr. Chien said that old orders had been shipped
before Tet, so the payments have all been completed. Seafood is one of the main exports to
the Russian market. Although seafood export turnover to Russia is still quite
modest, at about US$164 mn in 2021, the Vietnam Association of Seafood
Exporters and Producers (VASEP) always assesses this market as a potential
market. Mr. Truong Dinh Hoe, General Secretary of VASEP, said that the impact
on the seafood industry is not large because the market share of both Russian
and Ukrainian markets is still small, but 50 businesses have licenses for
both markets and they are all being affected from this crisis. Vietnam boosts digital
infrastructure in telecommunications With the development and convergence
of current information technology (IT), telecommunications infrastructure is
now transforming into digital infrastructure, said Deputy Minister of
Information and Communications Pham Duc Long at the World Mobile Broadband
and ICT Summit 2022 held in Hanoi on March 9. Vietnam is accompanying the world in
building digital infrastructure, Long said, adding that digital
transformation is taking place in all fields and has been accelerating. He added that the Ministry of
Information and Communications (MIC) has set out a goal that Vietnam will
master broadband infrastructure, 5G equipment infrastructure, and
make-in-Vietnam technology platforms. According to statistics of the MIC's
Authority of Telecommunications, in 2021, Vietnam had 70.9 million mobile
broadband subscribers, accounting for over 57% of total mobile subscriptions
and representing an increase of more than 4% compared to 2020. In 2022, the authority sets the goal
of having 100% of adults owning a smartphone, 75% of households installing
fiber optic internet, and 85% of mobile broadband subscribers per 100 people. Tra fish exports record
strong recovery in early 2022 Vietnam’s Pangasius (tra fish) exports
in January 2022 surged nearly 73 percent year-on-year to 213.6 million USD,
according to the Vietnam Association of Seafood Exporters and Producers
(VASEP). Besides the recovery of traditional
markets, the strong growth in new markets in recent times is expected to
contribute to the pangasius industry’s recovery this year as well as in
coming years, the association said. Vietnam is home to nearly 120
facilities processing tra fish products for export with a combined capacity
of 1.8 million tonnes of inputs per year. This year, the tra fish export is
forecast to expand by 20-22 percent compared to 2021, while the price is
predicted to rise by 5 percent due to costs for breeding, logistics and
labour. Last year, Vietnam produced 1.52
million tonnes and exported 1.62 billion USD of tra fish. The production target was set at
1.6-1.7 million tonnes and export revenues at over 1.6 billion USD this
year./. Thai Nguyen ranks second in
FDI attraction in two months The northern province of Thai Nguyen
with the issuance of of a licence to to Samsung Electro-Mechanics Vietnam
Co., Ltd under Samsung Corporation of the Republic of Korea to add 920
million USD to its project, ranked second in attracting foreign direct investment
(FDI) in the first two months of 2022, behind Bac Ninh. With the addition, Samsung
Electro-Mechanics has raised its total investment in the Yen Binh industrial
park in Pho Yen town to nearly 52 trillion VND (2.27 billion USD). Thai Nguyen attracted 924 million USD
of FDI in January - February, accounting for nearly 18.5 percent of the total
FDI poured into the country in the period. Last year, Thai Nguyen granted new
licenses to and approved the addition of capital for 27 foreign-invested
projects with a total registered capital of over 1 billion USD, lifting the
number of FDI projects in the locality to 170 valued at 9.67 billion USD. Meanwhile, it is now home to 800
domestic projects totaling over 143 trillion VND (over 6.25 billion USD). Source: VNA/SGT/VNS/VOV/VGP/SGGP/Hanoitimes |
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