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Workers process pangasius for export at Vinh Hoan in Mekong Delta.
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Pangasius (tra fish) exports topped US$1.61 billion last year, an 8.4 per cent rise from 2020, according to the Viet Nam Association of Seafood Exporters and Producers (VASEP).
Exports rose quite sharply thanks to a surge in shipments to markets such as Brazil (48.6 per cent increase), Colombia (68.5 per cent), Russia (72.8 per cent), and Egypt (51.7 per cent).
VASEP said exports were up also thanks to the US increasing buying amid an increasing Covid-19 vaccination rate and reopening of restaurants.
Exports to the US in fact doubled from 2020 to $370.6 million. The fact that the US imposes zero import tariffs on Viet Nam’s two leading pangasius exporters, Vinh Hoan Company and Nam Viet Company, has been a big factor in exports to that market increasing consistently.
Meanwhile, exports to China were down 12.6 per cent to $450 million, or 27.8 per cent of total exports.
Exports to the EU declined for a fourth straight year, falling 17 per cent to $106.2 million.
Spain-based corporation enters Vietnam’s water treatment market
GS Inima Environment, the water treatment subsidiary of Spain-based GS Engineering and Construction Corp. (GS E&C), has acquired a 30 percent stake of Phu My Vinh Construction & Investment JSC (PMV) – an industrial water supplier in the Vietnam's southern province of Long An.
This move demonstrates the company’s effort to tap the Southeast Asian water treatment market after its foray into the South American and Middle Eastern markets.
Specifically, GS Inima holds 30 percent, Malaysian water treatment company RBC Water, 30 percent, and individual Vietnamese investors have a 40 percent stake in the PMV - the owner and operator of two industrial water treatment plants in Long An.
Over 1 billion USD raised via G-bonds last month
The State Treasury raised over 23.08 trillion VND (1.017 billion USD) worth of Government bonds (G-bond) via 14 auctions held on the primary market on the Hanoi Stock Exchange (HNX) in January.
The figure was down 23.6 percent month-on-month.
Those with 10-year maturity accounted for the largest share of the G-bonds sold, 46 percent, worth close to 10.63 trillion VND in total.
Interest rates for the 15-year bonds increased against the previous month while those for the 10-, 20- and 30-year bonds stayed flat.
On the secondary market, bonds worth 1.52 quadrillion VND had been sold as of January 31, up 0.66 percent compared to the end of 2021.
Reference exchange rate down 18 VND
The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 23,090 VND/USD on February 11, down 18 VND from the previous day.
With the current trading band of +/- 3 percent, the ceiling rate applicable to commercial banks during the day is 23,783 VND/USD and the floor rate 22,397 VND/USD.
The opening-hour rates at commercial banks continued to drop.
During the week from February 7-11, the daily reference exchange rate was down on Monday but then followed an upward trend in the next three days before turning around to drop on Friday. It ended the week up 9 VND compared to the beginning of the week.
Bright future forecast for US companies in Vietnam despite COVID-19: AmCham
There are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the COVID-19 for the country, said Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi, in a recent interview.
US companies and investors have contributed significantly to the transformation and growth of Vietnam’s economy, Sitkoff told Dau Tu (Vietnam Investment Review). This continues today as AmCham members represent billions of US dollars in foreign investment, tens of thousands of direct employees, hundreds of thousands of indirect employees, and a significant share of Vietnam’s exports and tax revenues, he said.
He revealed that the Vietnam-US trade totalled about 100 billion USD last year and the US remains Vietnam’s largest buyer, even during these tough times.
Last year was challenging for everybody, regardless of business sector, he said, noting that for US companies in Vietnam, the biggest challenge was the frequent changes in regulations that were announced and implemented on short notice.
He commended the Vietnamese government’s recent decisions to facilitate cross-border travel and encouraged additional actions to reduce the burdens on inbound and outbound international travel by both foreigners and Vietnamese citizens.
Hanoi seeks stronger cooperation with Singapore
Secretary of the Hanoi Party Committee Dinh Tien Dung on February 10 suggested Singapore build a Vietnam-Singapore Industrial Park (VSIP) in the capital city.
At a reception for Singaporean Ambassador Jaya Ratnam, Dung said Hanoi and Singapore have substantial cooperation opportunities, especially in such areas as politics, pandemic prevention and control, trade, investment, tourism, smart urban development, education-training and culture.
He called on Singapore to consider expanding investment in other areas, apart from real estate and traditional craft villages.
For his part, the ambassador held that the two sides should tighten solidarity and cooperation in the time ahead, noting the political trust between the two countries would enable them to step up cooperation.
Vietnam and Singapore should strengthen collaboration in human resources development and sustainable tourism, and expand people-to-people exchange, he said.
Singaporean enterprises wish to expand investments in Hanoi and its adjacent localities, he said, suggesting the two sides soon set up connectivity to enhance cooperation in the fields in which Hanoi is interested.
FLC proposes developing urban area worth VND80 trillion in Binh Chanh
FLC Group has proposed developing an urban area project called Smart Eco City, which will cover nearly 1,200 hectares of land and require an estimated investment of VND80 trillion in HCMC’s outlying district of Binh Chanh, with a 99-story tower being a highlight.
The project will be some 10 kilometers from the city’s downtown area and 15 kilometers from the Tan Son Nhat International Airport. Binh Chanh is also the gateway to the Mekong Delta.
The urban area project was designed to have five areas—ecological urban area; innovation and science-technology urban area; hospitality and entertainment urban area; service, resettlement and social housing area; and the existing residential area.
The green space at the project was expected to be over 75%.
HCMC accelerating public investment
Director of Ho Chi Minh City Department of Planning and Investment Le Thi Huynh Mai had a talk about solutions to promote disbursement of public investment capital in the near future.
The amount of disbursement in 2021 only reached VND 16,589 billion (US$733,342,754) of the total allocated capital of VND32,262 billion, equivalent to 51.4 percent.
Compared to prior years, disbursement results in 2021 are low in the context of unprecedented epidemics, investors and state management agencies must allocate human resources to support epidemic prevention and control, inadequacies in public investment, land, construction, bidding procedures, regulations on criteria. Some regulations are not specific; thus, it takes time for competent authorities to explain.
The city will have three major solutions in 2022. Specifically, the city will speed up the implementation of compensation, support and resettlement for projects with land acquisition, to hand over project sites to investors for implementation.
Based on the progress of disbursement of the public investment plan in 2022 of the investors, the Department of Planning and Investment advised the People's Committee of Ho Chi Minh City to transfer capital from low-disbursed projects to projects with higher potential disbursement during the year.
Shrimp-rice farms to be expanded to 200,000 hectares in 2022
About 200,000 hectares of shrimp-rice farms will be developed in 2022 with total output of 120,000 tonnes, according to the Ministry of Agriculture and Rural Development (MARD)’s Directorate of Fisheries.
Shrimp-rice farming (one shrimp crop and one rice crop in the same farming area) is an effective model in the Mekong Delta region with high economic efficiency, reaching 60-70 million VND (2,643-3,000 USD) per hectare each year on average.
Rice cultivation in shrimp raising areas is a way to remove salt from the rice fields during the rainy season, limit salt intrusion, and prolong the life-span of land use.
In order to deal with problems hindering the expansion of the model, the Directorate of Fisheries asked regional localities to develop the irrigation system to meet the water supply demand, while improving farmers’ cultivation techniques.
Vietnam to export durian to China via official channels
Vietnamese enterprises must strictly comply with set regulations relating to origin traceability, growing area, and packaging codes in order to export durian to China in a sustainable manner via official channels, according to industry insiders.
The Import and Export Department under the Ministry of Industry and Trade has outlined that durian consumption in China from 2010 to the present has witnessed rapid growth, maintaining an annual average of more than 16%.
At present, China is the largest consumer of Vietnamese durian, but the fruit in the peeled and frozen form has been shipped via unofficial channels.
Seven export commodities earn more than US$1 billion each in January
Vietnamese exports in January witnessed a surge of 1.6% to US$29 billion in value against the same period last year, with seven groups of commodities earning over US$1 billion each, accounting for 63.3% of total export turnover, according the Ministry of Industry and Trade.
Among the leading commodities, phones and components fetched US$4 billion, trailed by computers, electronic products and components (US$3.5 billion) and textiles and garments (US$3.3 billion).
The agro-forestry-fisheries sector raked in approximately US$2.67 billion, representing an annual rise of 21.4%. Other export commodities secured high growth, including seafood, coffee and pepper earning US$870 million, 395 million, and 71 million respectively.
Most notably, the group of industrial processing products brought in US$24.95 billion, edging up 0.2% year on year and accounting for 86% of total export turnover.
Prices of Da Lat roses surge 2-3 folds prior to Valentine’s Day
Prices of roses grown in Da Lat city of the Central Highlands province of Lam Dong are twice or thrice the normal as Valentine’s Day (February 14) is approaching.
Farmers in famous flower villages in the city, namely Van Thanh, Thai Phien and Lang Biang, are busy harvesting roses to sell in major cities of Ho Chi Minh City and Hanoi and some southern localities.
The prices of Da Lat flowers usually see an upward trend following the end of the Tet (Lunar New Year) holiday, especially on the threshold of Valentine’s Day.
Favourable weather this year results in a high yield, floriculturists said.
Prices of other flowers also rise on the occasion.
CAAV approves increase of flight frequency at Tan Son Nhat airport
The Civil Aviation Authority of Vietnam (CAAV) has decided to increase the landing and takeoff frequency at the Tan Son Nhat International Airport in Ho Chi Minh City based on the transport needs of airlines from now to February 20, 2022.
Accordingly, from February 10 – 20, the hourly frequency of landing and takeoff is 48 flights during the time from 06:00 am to 11:55 pm (local time), and 36 flights for the duration from 00:00 am to 05:55 am (local time). From February 21 to April 30, the frequency will stand at 30 flights per hour.
According to the CAAV, the travel demand from the localities nationwide to HCM City still remains high after the Tet festival.
To meet this increasing travel demand, from February 7 to 10, 2022, national flag carrier Vietnam Airlines scheduled flights and asked for slots and flight permits from the CAAV for 197 flights from localities with high demand to HCM City, including Hanoi, Da Nang, Vinh, Thanh Hoa, Hue, Quang Ngai, Quy Nhon, Dong Hoi, Hai Phong, Buon Me Thuot, Pleiku, and Tuy Hoa.
Customs procedures to go paperless from 2022
The customs sector will synchronously implement solutions to achieve the target of paperless customs in 2022, according to a directive recently issued by the General Department of Customs.
Directive No. 384/CT-TCHQ on enhancing administrative reform and simplifying customs procedures, dated February 8, is intended to build a digital, smart customs sector.
Accordingly, all customs procedures nationwide will be conducted on digital platforms.
The sector will also step up connectivity and digital transformation through the national single window system.
At the same time, efforts will be made to accelerate the implementation of the action plan to promote the ASEAN single window mechanism, which is linked with the sector’s information-technology system.
The sector will build digital customs platforms based on big data and bring into full play new technologies of the fourth Industrial Revolution, striving to take the lead in the Government's digital transformation plan.
Vietnamese food companies join Russia's PRODEXPO 2022
Veteran Vietnamese firms in the Russian market are attending the 29th International Exhibition For Food, Beverages and Food Raw Materials (PRODEXPO 2022), which runs in Moscow from February 7 to 11.
Among them is the Nafoods group, which sells dried tropical fruit, particularly mango. The company’s current sales are estimated at 200 – 250 tonnes of the products per month.
Another Vietnamese enterprise participating in the exhibition is the Sostra group, which has operated for 20 years in the market with hundreds of food brands, notably regarding chili sauce, soy sauce and instant noodles.
Smartphone market of Vietnam expected to pick up speed in 2022
Based on an on-year comparison with 2021, Vietnam’s smartphone market is expected to continue to grow in 2022 and become one of the most competitive ones in Southeast Asia.
The Counterpoint Research’s Monthly Vietnam Channel Share Tracker published on February 10 shows, that in 2021, Vietnam’s smartphone shipments increased 15 per cent on-year and in the fourth quarter alone, the figure reported an increase by 104 per cent quarter on-quarter.
After crossing the post-pandemic phase of pent-up demand, smartphones remained in high demand throughout the year, despite market difficulties, including macroeconomic worries, supply chain issues, and the emergence of new COVID-19 variants. The year 2021 also saw Samsung and Apple registering their highest ever shipments in Vietnam.
Vietnam gains strong growth in veg, fruit exports in January
Viet Nam achieved a high growth rate of fruit and vegetable exports in the first month of 2022, according to the Viet Nam Fruit and Vegetable Association (Vnfruit).
The fruit and vegetable export value in January reached US$301 million, a sharp increase compared to $260 million in the same period of 2021.
Enterprises maintained their export activities during the Lunar New Year so a volume of vegetables and fruits was still exported normally to the US, EU and Australia, contributing to the impressive export revenue in January.
The EU market is forecast to be a promising market in 2022. Now, the EU market imports a volume of vegetables and fruits worth about $100 billion each year. Therefore, with the advantages from the Europe-Viet Nam Free Trade Agreement (EVFTA), Viet Nam's fruit and vegetable exports to this market will continue to grow strongly.
In 2022, Viet Nam's fruit and vegetable export turnover to the EU is expected to increase by 10-15 per cent on year, reaching about $200 million.
Hanoi to boost food promotion programmes
The Ha Noi People's Committee has issued a plan to implement the campaign "Vietnamese people give priority to using Vietnamese goods" this year.
The campaign will provide a boost to the local food industry and is expected to attract from 1,000 to 2,000 businesses in all sectors.
It will be held in May, July, and November this year.
Vietnamese retail industry set to bounce back
Despite low growth in 2021, the local retail industry is still considered full of potential and will continue to explore areas for new growth.
According to experts, modern retail distribution faces the biggest challenge in the last two years due to changes in customer trends, human resources, warehouse operation and the supply chain.
During the fourth wave of the COVID-19 pandemic in HCM City, the supply chain of goods suffered many fluctuations which the modern retail enterprises must respond to in its distribution system instead of the traditional role of providing goods to consumers onsite.
During the pandemic, retail businesses invested in technological innovation and applied them in operations, business, and delivery services to fully meet the needs of customers.
MM Mega Market Viet Nam system has started a multi-channel sales development strategy, along with completing the online sales solutions: website MM Click & Get; Zalo and Telesales.
Similarly, Saigon Co.op, AEON, and LOTTE Mart are also pushing sales via phone, Zalo, assorted apps and e-commerce partners.
Experts forecast the COVID-19 pandemic will still be complicated in 2022, thus businesses must be well-prepared to stay up to speed during the recovery.
Capital demand remains high after Lunar New Year holiday
The State Bank of Vietnam (SBV) has to continually inject money to support the liquidity of the banking system as the capital demand and interest rates on the interbank market have remained high though the Tet (Lunar New Year) holiday has ended.
It was different from previous years when the SBV didn’t need to inject money to support the liquidity of commercial banks or even had to withdraw money from the banking system when the capital demand was low after Tet.
Specifically, in three consecutive trading sessions of this week, the SBV injected nearly VND13.93 trillion into the market through the open market operation (OMO) channel. At the session on Wednesday alone, seven banks borrowed nearly VND7.94 trillion from the SBV’s channel.
Due to the poor liquidity, the interbank interest rate has remained high at above 2 per cent per year since the beginning of this week. The rate is even higher than that before Tet. Data from the SBV showed the overnight interbank interest rate jumped to 2.59 per cent on February 8, even higher than the 2.53 per cent two-week rate.
Construction begins on first green material factory in Southeast Asia
Construction began on the first and largest green material factory in Southeast Asia, in the Northern city of Hai Phong on February 9.
Chairman of the National Assembly Vuong Dinh Hue (8th from left), leaders from ministries and localities press the button to kick-start construction of the project, Hai Phong City, February 9, 2022
Located in the city's Nam Dinh Vu Industrial Park, the US$120 million plant is a high-tech investment priority project. With a capacity of 30,000 tons per year, the plant will be completed in the next 24 months.
PBAT's operating efficiency is highly optimized with an average operating time of 8,400 hours, equivalent to 350 days/year. The factory also achieves high automation, which is expected to create jobs for about 200 high-quality workers.
Construction of $120-million compostable resin factory kicks off in Hai Phong
Work on the PBAT compostable resin plant, with a total investment of US$120 million, kicked off in the Nam Dinh Vu Industrial Park, the port city of Hai Phong.
With an output of 30,000 tons annually, the plant, among the priority high-tech investment projects, is expected to be completed in 24 months.
Once being put into operation, the factory will meet 100% of the material needs of An Phat Holdings, the Vietnamese plastics manufacturer, and the export goal.
With the investment in modern technology and machinery, the factory’s operating efficiency is highly optimized with an average operating time of 8,400 hours, equivalent to 350 days per year. The factory is expected to create jobs for about 200 highly-qualified workers.
National Highway No.13 expansion project to start works by end of April
After a site survey, the Provincial Party Committee of Binh Duong leaders unified to tentatively start works of expanding the National Highway No.13 and its intersections by April 30.
Regarding the compensation and site clearance, it is necessary to strengthen the mass mobilization to create consensus between local people and enterprises.
The 12.7-kilometer long expansion project of the National Highway No.13 will be implemented at a section from Vinh Phu Ward, Thuan An City to Le Hong Phong junction in Thu Dau Mot City with six to eight lanes.
The total amount for the above-mentioned project is expected to reach VND1,400 billion (US$62 million), excluding the site clearance fee.
Petrol shops in Mekong Delta, Dong Nai reopen
Many petrol stations in the Mekong Delta and the Southern Province of Dong Nai resumed operation after closure amidst a shortage of the item.
Director of the Department of Industry and Trade of Dong Thap Province Nguyen Huu Dung said that responsible agencies have not recorded speculation of petrol or oil.
Of roughly 514 retail petrol and oil retailers, four petrol retail stores closed the door because employees went home on the occasion of the Lunar New Year of Tiger in 2022. They are all back to work again.
In Kien Giang province, about 40 stores of Petrolimex Kien Giang and about 200 other petrol retail stores are operated normally.
There are approximately 586 petrol stations, with 4 branches, subsidiaries, petroleum wholesalers, two general agents, seven petroleum distributors in An Giang Province and 21 petroleum distributors outside the province. Distributors in An Giang Province are having difficulty in buying petrol from wholesalers because they hadn’t signed contracts with wholesalers beforehand; thus, they hardly have access to the supply from wholesalers.
Over 1.1 billion shares of EVNGENCO3 debut on HoSE
Power Generation Joint Stock Corporation 3 (EVNGENCO3) today, February 10 listed over 1.12 billion shares on the Hochiminh Stock Exchange (HoSE) under the code PGV.
With a reference price of VND39,480 per PGV share and a margin of 20%, the corporation’s market capitalization was estimated at over VND44.3 trillion.
Earlier in 2018, PGV was traded on the Unlisted Public Company Market (UPCoM), making it the first among the three power generation corporations under the Vietnam Electricity Group listing shares.
EVNGENCO3, with a chartered capital of over VND11.2 trillion, runs many large-scale gas- and coal-fired thermal power plants and hydropower and solar power ones, the local media reported.
Closing the debut session today, PGV gained 12.4% against its reference price at VND44,400.
HCMC sets up inspection team for petroleum business to prevent speculation
This morning, an inspection team paid visits to petroleum stations as a move to prevent speculation and hoarding goods before the Ministry of Industry, Trade and Finance will make adjustments for petrol prices this afternoon.
Today, Director of Ho Chi Minh City Department of Industry and Trade Bui Ta Hoang Vu signed Decision No. 25/QD-SCT on inspecting the observance of the law on petroleum business in the area taking effect from the date of signing to December 31. Inspectors will visit petroleum retailers.
During the inspection, when detecting any violation, the inspection team shall make a record of administrative violations; they will seal, confiscate documents and material of the violation as well as suspend illegal activities and impose sanctions on violators.
Prior, the Ho Chi Minh City Department of Industry and Trade issued Decision No. 23/QD-SCT on inspecting the observance of the law on petrol and oil trading in the area. The Decision takes effect from the date of signing until May 31, 2022. This decision aims to correct the petroleum business activities and promptly handle violations.
The inspection team is comprised of representatives of many departments and branches such as the Department of Industry and Trade, the Department of Market Management, and the Ho Chi Minh City Police Department.
Source: VNA/VOV/VNS/VNN/SGGP/VIR/SGT
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