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North-central region’s largest oil storage inaugurated
The 260 billion VND (13 million USD) general storage is capable of containing 110,000 cu.m of oil.
In addition to a system of stores, the general storage includes wharves, capable of accommodating 25,000 DWT tankers and 3,000 DWT gas vessels.
On the same day, the facility received the first batch of 5,000 cu.m of oil.
Central region advised to tap EU market
The European market offers great potential for exports from the central provinces, especially in key industries like textiles, garments and seafood, experts said at a seminar last Friday.
The seminar, held by MUTRAP III in Hue City last Friday, sought to equip businesses in the region with knowledge on regulations regarding exporting goods to the EU market, opportunities to export garment and textiles, and the types of seafood preferred in the EU market.
MUTRAP III is a multilateral trade assistance project (3rd-phase) implemented by the European Commission to help Viet Nam prepare for, carry out and follow up on WTO membership obligations and opportunities.
Truong Dinh Hoe,ø General Secretary of the Viet Nam Association of Seafood Export and Processing (VASEP), said the EU market preferred salmon, tropical shrimp, tuna fillet, tilapia, and catfish.
Several central provinces are engaged in mass production of shrimp and ro phi fish, and they also have great potential for offshore tuna fishing.
Hoe told the seminar that demand for seafood in EU countries was on the rise and they would accept new types of seafood without much difficulty. He encouraged businesses in the provinces to convince customers with clear product origin, evidence showing the products are safe for human health, are being produced in a sustainable way.
Le Van Dao, deputy chairman of the Viet Nam Textile and Garment Association said exports had shown an encouraging upward trend in the last few months, and the EU market was demanding textile products in three segments – woven fabric, sleeping wear items and undergarments.
But he recommended that businesses in the central region familiarise themselves with EU import regulations to avoid future difficulties and losses.
Details of taxation, free tariffs, declaration of origin and packaging requirements for the EU market were also mentioned by Nguyen Can Cuong, deputy director of the Ministry of Industry and Trade's EU Market Division.
Oil depot receives first stock
The Vung Ang Petrol, Oil and Gas Joint Stock Company in Ky Anh District, central Ha Tinh Province received the first 5,000 cubic metres of oil at its depot yesterday.
The company's depot is the largest petrol and oil project in the north of central Viet Nam with a total capacity of 110,000 cubic metres.
The project with a total capital of VND260 billion has docking facilities capable of receiving 25,000-tonne ships transporting petrol and oil combined with a system of storehouses.
Central bank to tighten gold regulations
The State Bank of Viet Nam this week will issue regulations to control gold transactions in an attempt to lift current pressure on the foreign exchange market.
The new regulation is expected to be issued shortly.
The fluctuating price of gold is believed to be the cause of the overheated US dollar on the black market in recent weeks, due to price manipulation by domestic gold dealers who are trying to keep prices of the precious metal high.
Under the pending proposal, the State Bank is considering forbidding commercial banks from exchanging gold for cash; and narrowing gold mobilising and lending activities at banks.
A source from the central bank revealed that they had already consulted relevant institutions and agencies and received Prime Ministerial approval.
Experts call for improved rice marketing
Viet Nam needs to develop brands for its rice varieties to add value to its exports, experts said.
Prof Vo Tong Xuan, former rector of An Giang University, said only rice with brand names should be exported to add value and benefit farmers.
"Farmers should co-operate with one another to grow larger quantities of rice and ensure quality," he added.
Pham Van Du, deputy head of the Ministry of Agriculture and Rural Development's Plant Cultivation Department, said Viet Nam achieved a breakthrough in exports between 1989 and 2009, achieving growth of 435 per cent.
In the period, it went from being a rice-deficient country to the world's second largest exporter of the grain.
However, the exports have not been stable in terms of either markets or prices, according to Du
The Cuu Long (Mekong) Delta accounts for 50 per cent of the country's rice output and 90 per cent of exports.
But a shortage of equipment for harvest and post-harvest preservation means the region loses large quantities of the grain while quality deteriorates.
Even in An Giang Province, one of the delta's leading provinces in terms of investing in equipment, the dryers available can only serve 50 per cent of the paddy output while warehouses can store 2 per cent.
The province loses around 12 per cent of its annual rice output of 3.4 million tonnes.
Another problem is that exporters often husk the paddy before stocking unlike in other countries where they store it unhusked. As a result, the quality of Vietnamese rice exports is low.
Dr Pham Van Tan from the Southern Sub-Institute of Agricultural Engineering and Post Harvest Technology explained that husked rice degraded since insects and fungus would develop on it while the oil in the rice bran would oxidise over time. These would increase the rate of breakage and reduce the flavour, he said.
Upbeat garment industry bodes well for future
Textile and garment manufacturers and suppliers are upbeat about current business prospects in the leadup to the opening of a major industry exhibition in HCM City on Wednesday.
Viet Nam National Textile and Garment Group chairman Le Quoc An said garment exports were expected to increase by 15 per cent this year, to reach $20 billion by 2020.
Viet Nam earned US$5.87 billion from garment exports in the first seven months of this year, a year-on-year rise of 17.4 per cent.
These statistics bode well for the 10th Viet Nam International Textile and Garments Industry Exhibition to be held at the Sai Gon Exhibition and Convention Centre.
The exhibition is expected to attract more than 16,000 domestic and overseas visitors. It will host about 230 companies across 9,000sq m.
Events will include a fashion show, featuring brands such as CK, Diesel and Levi, with two performances a day on the first three days, and a seminar on trends, techniques and technologies, organised by the Association of Garments, Textiles, Embroidery and Knitting.
Also, first-time participant at the exhibition, Birla Cellulose, will introduce biodegradable and sustainable resources which are new to the industry.
Source: VNA
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