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EU rules challenge seafood exporters
Under the regulation, which took effect last January, Vietnamese seafood exported to the EU should have certificates verifying the fish have been caught legally, and meet hygiene and safety conditions.
The Ministry of Agriculture and Rural Development together with the General Department of Seafood and the Directorate-General for Maritime Affairs and Fisheries of EC (DG-MARE), have held training courses on the IUU for fishermen and seafood firms, the Vietnam Economic Times said.
It cited the GDS as saying that in the first 10 months of implementing the IUU, agencies have granted nearly 17,000 original certificates and 3,599 catch certificates for more than 78,000 tonnes of fishing products in coastal provinces.
But, there are still many difficulties faced by everyone in implementing IUU, the department said.
The owners of fishing vessels, for instance, encountered difficulties in maintaining logs and making reports about their operations because of their low literacy levels.
Because exporters buy materials through many middlemen, for each batch of goods exported to the EU, export firms had to prepare a lot of certificates, which was a time-consuming and costly process, said Chu Tien Vinh, deputy head of the General Department of Seafood.
In addition, businesses and certifying agencies were also not clear about seafood species that these regulations did not cover, he said.
MARD will work with the DG-MARE to deal with difficulties that Viet Nam is facing in implementing the IUU.
The ministry has also asked the Department for Aquatic Resources Exploitation and Protection, the National Agro-Forestry-Fisheries Quality Assurance Department and the Association of Seafood Exporters and Producers to compile a draft regulation on catch certification and submit it this month.
The EU is the largest consumer of Vietnamese seafood.
By the end of last month, the country had a fleet of about 130,000 fishing vessels, of which 128,000 specialised in offshore fishing, the department said.
French agency to finance hydropower plant
Electricity of Viet Nam has signed a deal worth US$100 million with the French Development Agency to finance the Huoi Quang hydropower plant.
The plant in the northern mountainous provinces of Son La and Lai Chau has the capacity of 520MW.
The first turbine is expected to operate by the end of 2014 and the second one by April of 2015.
Sai Gon-Ha Noi Bank increases charter capital
Sai Gon-Ha Noi Commercial Bank has offered 150 million shares to raise its charter capital to VND3.5 trillion (US$175 million) from VND2 trillion ($100 million).
The bank issued convertible bonds totalling VND1.5 trillion ($75 million) last April and the bonds will be converted into securities after one year. It means that its charter capital will be raised to VND5 trillion ($250 million) next April.
The increased capital will help the bank raise the competitiveness, expand credit, develop its infrastructure and meet rising demand of customers.
French shipping line adds direct cargo service
French shipping line CMA CGM's container ship CMA CGM Otello departed the SP-PSA Port in Ba Ria-Vung Tau Province on Wednesday on its first direct route from Viet Nam to Northern Europe.
It will operate on the company's French-Asia Line 3 (FAL 3) route.
The 8,488 TEU (20-foot equivalent unit), 334m vessel and nine sister ships are the largest vessels that will ply the route.
It will sail weekly from SP-PSA to Port Kelang, Malta, Le Havre, Dunkirk, Zeebrugge, Hamburg, Rotterdam, Zeebrugge and Southampton before returning to Asia.
The new direct service will enable shorter transit times and enhanced service for importers and exporters from and to key European and Mediterranean markets.
Vinh Phuc hosts trade fair
Co-operation among provinces on industry and trade in the key northern economic zone has helped boost socio-economic development in the area, said Vinh Phuc People's Committe vice chairman Phung Quang Hung
Hung made the statement at the opening ceremony of the northern – economic-zone trade fair in Vinh Phuc Province on Thursday.
He said he hoped the six-day event would help better enhance economic co-operation among provinces in the region.
Deputy Minister of Industry and Trade Ho Thi Kim Thoa said provinces should use the event to promote their investment potential.
The event will also create opportunities for firms to draw up business development strategies, enhance their trademark and seek new partners, she said.
The event, which is part of national Trade Promotion Programme 2010, has attracted 200 enterprises who have more than 450 booths.
On display are agricultural and seafood products, construction materials, handicrafts and fine arts, furniture, electronics and IT equipment.
The northern key economic zone includes Ha Noi, Hai Phong, Hai Duong, Hung Yen, Quang Ninh, Bac Ninh and Vinh Phuc.
Firms urged to avoid trade dispute pitfalls
Good knowledge of trade disputes likely to arise in other countries is among the important attributes that Vietnamese businesses need to become more competitive in the global marketplace, experts said at a seminar yesterday.
Nguyen The Hung, deputy director, HCM City branch of the Viet Nam Chamber of Commerce and Industry, said that this knowledge would help businesses prepare better and avoid pitfalls as they enter another market.
The seminar, titled Partners with Hong Kong to develop global business had several experts from the territory share experiences about the role of trade referees in arbitrating and mediating foreign business disputes in Hong Kong that could be useful for domestic businesses.
Other topics that the seminar dealt with included ways to build of brands, investment channels, trademarks and copyrights purchases.
Tina Phan, director of the Hong Kong Trade Development Council for Indochina, said the agency wants to help Vietnamese companies gather more useful market information, match business partners and find customers through various channels including trade fairs.
She said more Vietnamese companies were showing interest in business opportunities in Hong Kong, as evidenced by a strong year-on-year increase in the number of Vietnamese corporate participants at trade fairs held in the territory.
The annual Houseware Fair in Hong Kong attracted 60 Vietnamese companies in 2009, "we are expecting 70 this year," she said.
Nguyen The Hung said Viet Nam wished to increase cooperation with Hong Kong – known as a global financial trade centre and a major capital market.
Hong Kong is particularly strong in business dispute advisory, finance and marketing, he said, adding that local businesses should take advantage of these strengths.
Hong Kong ranks eighth among investors in Viet Nam.
As of October this year, Hong Kong had 599 projects worth $2.7 billion. In the first six months of this year, bilateral trade turnover reached $2.9 billion, of which Hong Kong's exports to Viet Nam was $1.96 billion while the territory imported goods worth $900 million.
Petrol stations told to halt price rises
The Ministry of Finance's Price Management Department yesterday afternoon ordered petrol trading enterprises not to increase retail prices for petroleum products.
Under the requirement, key petrol importers are permitted to draw more money from the petrol price stabilisation fund to compensate for their losses.
From midnight yesterday, petrol trading companies were allowed to deduct funds of VND1,200 per litre for petrol products, instead of the current VND550, and VND1,000 for diesel, up from VND450. Deductions for kerosene rose by VND500 to VND1,200 per litre and mazut oil saw an additional deduction of VND450 to VND700 .
The order was made as global fuel prices continue to rise sharply to US$94.02 for a barrel of A92 petrol, $101.95 for diesel and $102.39 per barrel for kerosene.
Source: VNA
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