Vietnam’s agro-forestry-aquatic product exports and imports were estimated at nearly 82.67 billion USD in the first 11 months of this year, up 24.7 percent annually.

Of the figure, around 43.48 billion USD was worth of exports, up 14.2 percent while nearly 39.18 billion USD was from imports, up 39 percent, resulting in a trade surplus of roughly 4.3 billion USD, down 56.5 percent year-on-year.

The US was the biggest export market of Vietnam with over 11.9 billion USD, or 27.5 percent of the market share. It was followed by China with around 8.4 billion USD, accounting for 19.2 percent, and Japan with nearly 3 billion USD, or 6.9 percent.

Share plunge as Omicron worries local investors

Vietnamese shares plunged on Friday as the spread of the Omicron coronavirus variant dampened investor sentiment, triggering worries about hits to a nascent economic recovery.

The market benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 2.61 per cent to end at 1,443.32 points. It had lost 0.21 per cent to end Thursday at 1,482.05 points. The market's breadth was negative with 61 stocks rising, while 415 slid.

The 30 biggest stocks tracker VN30-Index lost 2.39 per cent, to end at 1,503.98 points. Twenty-eight in the VN30 basket decreased, while one increased.

On the Ha Noi Stock Exchange (HNX), the HNX-Index lost 1.96 per cent to end Friday at 449.27 points. During the trading session, nearly 153.8 million shares were traded on HNX, worth nearly VND4 trillion. 

Magnetic strip ATM cards to remain valid until 2022

The State Bank of Vietnam (SBV) has issued a dispatch, noting that domestic automated teller machine (ATM) cards with magnetic strips will remain valid for normal use after December 31, 2021.

The dispatch was issued after some banks have recently started sending notices to their customers about stopping supporting cards from ATMs to meet the deadline of the SBV’s Circular 19/2016 on the roadmap to convert from issuing magnetic strip cards to chip cards from next year.

Under the new dispatch, the SBV clarified that Circular 19/2016 makes no mention of a suspension of transactions using magnetic strip cards that remain valid.

Special MICE tour offered for foreigners

Saigontourist Travel Service Co is organizing a MICE (meeting, incentive, conference, and exhibition) tour specifically for 60 foreign cultural officers and reporters currently residing in Vietnam.

The MICE tour hosted by the Ho Chi Minh City Department of Foreign Affairs is taking visitors to Ho Chi Minh City and Ben Tre province to help them gain a greater understanding of the local economy and distinctive culture, as well as local people’s daily life, along with development trends moving into the new normal.

Organisers expect the tour will help popularize Ho Chi Minh City as a safe destination to international markets, and attract investment into local tourism, culture, education, and economy.

The MICE tour, which started on December 1, will last until December 5.

VN Government tightens control on corporate bond issuance 

The Government Office has issued a notice on strengthening the management, inspection, and scrutiny of corporate bond issuance.

Over the past time, enterprises have increased capital mobilization, through the issuance of corporate bonds through private placement, with a scale of over VND436 trillion in the first 11 months of 2021, an increase of 23.4 percent over the same period last year, posing many potential risks.

Therefore, Prime Minister Pham Minh Chinh requested the Ministry of Finance to urgently inspect, check, and supervise the compliance with the law on the issuance and use of capital raised from bond issuance.

Coffee kingdom to raise value of coffee

Coffee is one of the key agricultural products of the Central Highlands province of Gia Lai but Gia Lai coffee has not been able to earn a brand name on par with its value.

To raise the value of Gia Lai coffee, the Ministry of Agriculture and Rural Development has launched a project on developing high-quality coffee for the 2021-2030 period, which aims at satisfying the growing demand for specialty coffee in domestic and export markets while improving added value and competitiveness of Vietnamese coffee products in the world market.

With a total area of nearly 100,000 hectares, Gia Lai is the fourth largest coffee-growing locality in the country. The province's Robusta coffee products are highly appreciated by experts for their distinctive flavour. 

HCMC ready to reopen inbound travel services

To allow international travelers to come back to the city, HCMC authorities have the relevant agencies and the authorities of Thu Duc City and districts to quickly map out plans to protect the health of residents and tourists.

HCMC has some 5,000 lodging facilities, 1,300 travel firms and nearly 150,000 workers active in the tourism industry at the ready. Some 83% of these workers have been fully vaccinated.

Under its pilot plan to serve international travelers, HCMC will offer foreign visitors all-in tours around the city or to other tourist sites in the city’s neighboring localities.

The city will focus on seven main groups of tourism products related to culture-history, cuisine, shopping, entertainment, nighttime experience, MICE (meetings, incentives, conventions and exhibitions) and nature-based tourism, said Hoa.

Post-pandemic recovery to be discussed at national economic forum

Post pandemic recovery and sustainable development will be the major theme of a national economic forum that is to take place in Hanoi on December 5.

The event to be held physically and virtually will bring together 500 delegates and more than 20 speakers to put forward initiatives aimed at revitalizing the ailing economy in the new normal.

Many scholars, experts and researchers from countries around the world are expected to attend the forum which will be co-hosted by the National Assembly Committee for Economic Affairs, the Party Central Committee’s Economic Commission and the Vietnam Academy of Social Sciences.

Bamboo Airline launches Dien Bien-HCM City air route

A Bamboo Airways flight departing from HCM City arrived at Dien Bien Phu airport in the northern province of Dien Bien on December 3, marking the launch of the first direct air service between HCM City and Dien Bien. 

The flight lasted 2 hours and 20 minutes instead of nine hours if using connecting flights. The carrier plans to operate five flights per week and the frequency will be ramped up based on actual demand. The flights take off at 10.40am from HCM City and 1.30pm from Dien Bien.

Next100 blockchain fund invests in Enrex startup

Next100 Blockchain - a fund of Nexttech group, has announced plans to invest up to US$500,000 into Enrex, an European startup developing a platform for buying, selling and exchanging emissions certificate on a global scale.

Enrex plans to minimise the negative impact of Blockchain technology on the environment and to achieve the "Go Green" trend in the context of the growing Crypto market worldwide, but faced with tightening monetary policy.

Vietnam's trade surplus estimated $225 million in 11 months

Vietnam posted a trade surplus of $225 million in the first 11 months of this year, ending the continual trade deficit that had lasted for nearly half a year due to the COVID-19 pandemic.

During the period, exports went up 17.5 percent year on year to $299.7 billion. The US remained Vietnam’s biggest export market with a turnover of nearly $85 billion, accounting for 28.3 percent of the total, followed by China with some $50.5 billion.

Manufacturing and processing accounted for 86 percent of export value, with the resumption of southern companies after three months of suspension boosting industry recovery. Textile and garment exports expanded 7 percent to nearly $29 billion. Iron and steel exports exceeded 10 billion USD for the first time to reach $10.8 billion, up nearly 130 percent year-on-year. Agriculture and forestry saw exports rising 11.4 percent year-on-year to nearly $25.2 billion.

Investment called in deep-water seaport project in Soc Trang

The Mekong Delta province of Soc Trang is urgently stepping up procedures to call for investment from the private sector in the Tran De deep-water seaport project.

The existing Tran De Port will be developed into an international deep-water seaport on a large scale. The project is estimated to cost more than VND40 trillion (US$1.76 billion) and will not be funded by the State. Total construction will cover about 5,750 hectares of land and water areas.

The new seaport is expected to play an important role as an international gateway seaport for the import and export of goods in the region.

Vietnam's industrial production rises 3.6% in 11 months

Vietnam’s industrial production index increased 5.5 percent in November compared to October and rose by 5.6 percent year-on-year. On a 11-month calculation, the index rose by 3.6 percent annually.

The manufacturing and processing sector grew by 4.8 percent, electricity manufacturing and distribution up 3.8 percent, and water supply and wastewater treatment up 3 percent. The mining sector contracted by 6 percent.

Several sectors saw higher growth than the same period last year, including metallurgy up 23.4 percent, motorised vehicle production up 10.7 percent, coal and refined oil products up 9 percent, and textile up 8.3 percent.

As of November 1, the number of workers in industrial parks (IPs) rose by 3.3 percent monthly and dropped by 2.6 percent annually.

Vietnam, Tunisia step up trade collaboration

From November 27 to December 2, Vietnam’s Trade Counsellor in Algeria and Tunisia Hoang Duc Nhuan met the head of the directorate for cooperation with Arab and ASEAN countries under the Tunisian Ministry of Commerce; the head of the directorate for international cooperation and external relations under the Ministry of Industry, Energy and Mines; and representatives from the directorate for Asia under the Ministry of Foreign Affairs, Migration and Tunisians Abroad, the Export Promotion Centre, and the Tunisian Union of Industry, Trade and Handicrafts (UTIA).

Both sides agreed to coordinate in holding a business workshop in 2022, and create favourable conditions for Vietnamese enterprises to participate in the Economic Forum of the Francophonie scheduled to take place on the sidelines of the Francophonie Summit in November 2022 in Tunisia.

Viet Nam Online Shopping Day starts

The Viet Nam Online Shopping Day – Online Friday 2021 officially started from midnight on Friday (December 3). The event will last until 12pm on Sunday.

During this time frame, consumers across the country can buy millions of products at attractive prices. Consumers can "hunt for vouchers" on website https://onlinefriday.vn and its mobile app as well as from partner websites and social media influencers.

Up to now, there have been more than 300,000 authentic products with promotions and more than 50,000 discount vouchers have been uploaded to the website.

This year's shopping festival attracts a large number of e-commerce businesses, large and reputable sellers such as Shopee, Tiki, Sendo, Voso, Lazada, and manufacturing businesses, and other retailers distributing authentic products with exclusive discounts of up to 100 per cent.

Stimulus programs to boost year-end sales

COVID-19 has had a tremendous impact on the incomes of many people over recent times. To increase sales and promote domestic consumption, additional stimulus policies are now needed.

Attractive discount programs have been introduced at this time of year to promote the sale of goods, especially those made-in-Vietnam, including cosmetics, garments, and home appliances.

State budget revenue in Jan-Nov reached VND1.4 quadrillion

The State budget revenue in the January-November period of this year reached nearly VND1.4 quadrillion, exceeding this year’s target by 3.4% and rising 8.9% year-on-year.

Specifically, the revenue from domestic production and business activities reached some VND1.14 quadrillion, or 100.6% of the target for the whole year and up 6.2% over the year-ago period. Meanwhile, the revenues from crude oil and import-export activities were VND38.1 trillion and VND210.6 trillion, representing 164.2% and 118% of the targets, respectively.

In the 11-month period, State spending was nearly VND1.3 quadrillion, meeting 75.2% of the target. In the January-November period, the country spent VND56.27 trillion on the fight against Covid-19 and support for pandemic-hit residents and enterprises.

Thai investor acquires solar power firm in VN

Banpu Power Plc (BPP), the power generation arm of non-oil energy conglomerate Banpu Plc, has acquired Ha Tinh Solar Power JSC in a deal worth $23.9 million. It has been the first time Banpu has acquired a solar power facility in Vietnam.

Ha Tinh Solar Power JSC operates a 50MW solar farm in central coastal province of Ha Tinh. The purchase deal was made through BRE Singapore Pte, a wholly-owned subsidiary of Banpu Next Co, the renewable energy and energy technology arm of Banpu Plc.

The Ha Tinh solar farm is given a feed-in tariff rate of 9.35 cents per kWh. It supplies electricity through the national grid system under a power purchase agreement with state-run Vietnam Electricity for 20 years.

Southern provinces holds investment promotion conference with US

An investment promotion conference with the US was held by the authorities of Binh Duong province on December 2 night.

Held via video teleconference, the event brought together officials and major corporations from both Vietnam and the US. The event happened at the time when the fourth COVID-19 wave has been wreaking havoc in many southern industrial hubs in Vietnam, like Binh Duong.

Given that Binh Duong has shifted to “safely, flexibly adapting to and effectively containing the pandemic,” the province is doing its best to be a good companion of businesses and facilitate the resumption of production and maintaining of supply chains.

Image of Vietnam promoted in US

The image of Vietnam and its people appeared on the big screen outside the Thompson Reuters building in the prestigious Times Square on December 2 (local time).

The video clip immediately attracted the attention of many people at the site with beautiful images of various famous tourist attractions of Vietnam such as the mysterious Son Doong cave, a vibrant Ho Chi Minh City, the spectacular fireworks festival and the unique Golden Bridge in Da Nang, rowing boating in Ninh Binh and steaming hot bowls of Pho (noodle soup) in the capital city of Hanoi.

Information about a new regular direct air service between Vietnam and the US operated by Vietnam Airlines was also provided.

Masan seeks nod to develop food factory in Hau Giang

The government of Hau Giang Province has approved food producer Masan Group’s proposal to build the Western Food Industrial Center No. 2 at the Song Hau Industrial Park in Hau Giang Province.

Masan has developed two factories in this Mekong Delta province, the Masan brewery factory and the Western Food Industrial Center No.1, with a total investment of some VND2.7 trillion.

Compiled by Hoang Viet

VIETNAM BUSINESS NEWS DECEMBER 3

Vietnam Economic Forum scheduled for December 5