Sweet potatoes to be shipped to China

The Ministry of Agriculture and Rural Development (MARD) reported that Chinese agencies have approved Vietnamese sweet potato packaging units and growing areas that can satisfy requirements to export products to China. The first consignment of sweet potatoes is expected to depart to China in one month.

MARD said exports will give more opportunities to farmers to develop farming of sweet potatoes, increase economic value and gradually shift from cross-border to full-tax exports.

While the export of many key products is decreasing, the export of sweet potatoes may help offset the decreases and help agriculture bounce back in Q2.

Veggie, fruit exports up

The General Department of Customs (GDC) reported that as of the end of March, veggie and fruit exports brought turnover of $935 million, up 10.6 percent over the same period 2022. This is one of the few items witnessing satisfactory growth rates amid global inflation.

Bamboo leaf exports increased by 302.4 percent by the end of February compared with the same period last year. Meanwhile, laurel leaf exports in February saw a record growth rate of 5,082 percent, or 52 times higher than February 2022.

Interest rates down

The deposit interest rates applied by private commercial banks were lowered following the central bank’s move of reducing prime interest rates by another 0.3-0.5 percent.

Six month and under deposits are now quoted at 4.9-5.5 percent per annum, while the highest interest rate for six-month or longer term deposits were lowered to 8.8 percent per annum.

The ‘big four’ banks have also responded to the interest rate cut this time. VietinBank further slashed its online deposit interest rates for all terms, while Agribank and BIDV followed the move. 

First bank announces disbursement of funds from VND120 trillion credit package

Agribank has become the first bank of the ‘big four’ announcing some fund disbursement of the VND120 trillion credit package specifically designed to fund a program on developing social housing.

The bank began disbursing capital on April 3 and will complete the disbursement when the disbursed capital reaches VND30 trillion or December 31, 2030.

Borrowers will enjoy preferential interest rates for three years beginning the date of disbursement. The preferential interest rates will be 8.7 percent per annum, applied until June 30, 2023, for investors, and 8.2 percent, for home buyers.

MOF turns down proposal on car registration cut

The Ministry of Finance (MOF), in its document to Deputy Prime Minister Le Minh Khai, on the proposal on lowering the automobile registration tax on domestically assembled cars, said now is not the right time to apply the tax cut.

Some associations, including VIVA and EuroCham, last month proposed a 50 percent tax cut for domestically assembled cars in an effort to boost domestic sales.

Condotels, social housing to warm up property market

The project on developing 1 million social housing apartments from now to 2030 has been approved by the government.

The other good news is that condotels will be granted ownership certificates if they can satisfy requirements.

The instructions recently from the government have created hope that obstacles will be removed to pave way for the property market to develop in a healthy and sustainable way.

More countries to be granted visa waivers

The government has submitted to the National Assembly a statement proposing new immigration management policies, including a visa policy.

Associations and travel firms have expressed their support to the proposals, believing that they will help attract more foreign travelers to Vietnam.

Pensions, social insurance benefits to be reduced from 0.65% to 0.54%

MOF is collecting opinions from the public n the draft Prime Minister’s decision on a financial mechanism for social insurance, unemployment insurance and health insurance, as well as management cost for social insurance, unemployment insurance and health insurance, which will replace Decisions 60/2015 and 38/2019

MOF has proposed a reduction in pensions and social insurance benefits from 0.65 percent to 0.54 percent.

Hanh Nguyen