Vietnamese, Lao, Thai localities foster trade ties

Representatives from Vietnamese, Lao and Thai cities and provinces proposed cooperation measures at a forum in the Lao province of Champasak on April 10.

The event, co-organised by the Vietnamese Consulate General in Pakse, Champasak province, local authorities and the Vietnam E-commerce Association (VECOM), brought together officials from Ho Chi Minh City, Quang Tri, Da Nang, Quang Nam, Quang Ngai, Khanh Hoa, Kon Tum, Gia Lai, Binh Duong, Dong Nai and Dong Thap of Vietnam, Champasak, Sekong, Salavanh and Attapeu provinces of Laos and Thailand’s Ubon Ratchathani province.

In his remarks, Vietnamese Consul General in Pakse Nguyen Van Trung said the forum is intended to roll out agreements reached at the 45th meeting of the Vietnam-Laos Inter-Governmental Committee earlier this year, and particularly to promote development cooperation in the East-West Economic Corridor.

He stressed that the Vietnamese Party and State leaders always attach importance to the role of the economic corridor, as reflected through the issuance of various relevant resolutions and documents to facilitate regional connectivity.

Representatives from the participating localities presented their strength and investment incentives, and proposed cooperation possibilities among the three countries.

Delegates of Vietnamese localities where the corridor runs through said they have upgraded infrastructure to tap the potential and advantages of the corridor, and enhance cultural, trade, investment and tourism links with others along the corridor.

On this occasion, VECOM signed cooperation agreements with the Lao southern provinces of Champasak, Sekong and Salavanh, which are hoped to help boost trade ties between the Lao localities and Vietnamese central, Central Highlands and southern cities and provinces through personnel training, e-commerce solutions and the building of a digital platform connecting Vietnam, Laos and Thailand.

Vietnam attends 3rd China International Consumer Products Expo

A delegation led by Minister of Industry and Trade Nguyen Hong Dien attended the opening ceremony of the third China International Consumer Products Expo in Haikou city of Hainan province on April 10.

Speaking at the event, Dien stressed that the Vietnam-China comprehensive strategic cooperative partnership is developing well, bringing about substantive benefits for both sides.

Despite serious impacts of the COVID-19 pandemic, China remains Vietnam’s biggest trade partner, and Vietnam is currently China’s largest trade partner in ASEAN and the sixth in the world, Dien said, adding that trade between the two countries currently accounts for about a quarter of Vietnam's foreign trade turnover.

Speaking highly of the significance and practicality of the expo which is one of the few major national-level fairs held right after the Chinese Government announced the successful control of the pandemic, the Vietnamese minister expressed his hope that participating businesses will have more information, form determination, be proactive and creative, and soon turn ideas and cooperation opportunities into specific programmes, projects and contracts, thus contributing to bringing economic and trade cooperation between countries to a new height.

 Minister of Industry and Trade Nguyen Hong Dien speaking at the opening ceremony. (Photo: nhandan.com.vn)
The Vietnamese Ministry of Industry and Trade is willing to support and create the most favourable conditions so that Vietnamese, Chinese and foreign enterprises can boost cooperation and achieve the highest results, he added.

At the opening ceremony, Dien had a discussion with Chinese Minister of Commerce Wang Wentao on creating favourable conditions to boost two-way trade, especially opening doors to more Vietnamese agricultural products.

He proposed Wang back the Vietnamese ministry’s opening of trade promotion offices in Hainan and Chengdu. The Chinese minister accepted the proposal, stressing the need for the two ministries to coordinate closely to boost two-way trade.

Over 3,100 brands from 65 countries and regions are partaking in the third expo. The exhibition area is set to increase by 20% over the previous edition, reaching 120,000sq.m.

On April 10 afternoon, Minister Dien is scheduled to attend a ribbon-cutting ceremony of the Vietnam pavilion, a Vietnam-China trade and investment promotion conference, and an inaugural ceremony of a Southeast Asia Investment Service Centre at the Hainan Free Trade Port.

Bac Ninh ranks third in foreign investment attraction in Q1

The northern province of Bac Ninh attracted more than 565 million in foreign investment in the first quarter of 2023, ranking third among localities nationwide, according to the provincial People's Committee. 

In the reviewed period, the province granted licences to 55 new projects, worth 481 million USD, which doubled the number of projects seen in the same period last year and marked a year-on-year increase of 8.5 times in terms of capital. 

It also allowed 31 operating projects to raise their capital by more than 83 million USD. 

Along with foreign-invested projects, the province also licensed six new domestically-funded ones with capital totalling 1.27 trillion VND (54.3 million USD). The province is now home to 1,534 valid domestically-invested projects capitalised at over 253.8 trillion VND.

Vice Chairman of the provincial People’s Committee Ngo Tan Phuong said the province would continue to implement solutions to support foreign and domestic businesses. 

It would focus on accelerating site clearance, investing in infrastructure construction of industrial zones and clusters, and fostering investment promotion. 

Along with that, the province would develop high-tech industries, and smart manufacturing, and anticipate a new wave of investment in semiconductors and chips; 5G and 6G technology, energy batteries, and ecological agricultural production.

Bac Giang earmarks 3.5 billion VND to encourage industry development

The northern province of Bac Giang will earmark 3.5 billion VND (149,250 USD) to activities to facilitate industrial development in the province. The funds have been approved by the provincial People’s Committee.

The funding will be used to cover technological transfer and the utilisation of cutting-edge machines and science-technology in agro-forestry product processing, food and beverage, support industries in service of garments-textiles, and mechanical and electronic production.

The province will focus on developing typical rural industrial products, improving the management capacity of businesses, raising their awareness of and capacity for clean industrial production, supporting rural industrial facilities in design and packaging, and stepping up the communications work.

This year, it will continue raising the quality and efficiency of industry promotion work with a focus on rural industries based on locally available materials. 

The province has boosted the sectors in which it has potential like agro-forestry product processing, handicrafts and construction materials, and urged and supported organisations and individuals to participate in rural industrial production, with cleaner technologies.

To bring into full play such industry encouragement projects by 2025, Bac Giang will concentrate on some key sectors that have potential, competitive advantages and the capacity to join the global production network and value chain.

The locality will continue supporting garment-textile and leather sectors, with priorities given to high value-added steps, along with others that employ local labourers.

Priorities will also be given to industries that serve agriculture and rural areas, especially agro-forestry-fishery product processing, and more attention will be paid to both traditional and new craft villages, especially in areas where farming land are revoked or those are home to ethnic minority communities.

The industry encouragement work has significantly contributed to accelerate economic and labour restructuring in rural areas towards industrialisation and modernisation, creating jobs, increasing incomes, reducing poverty, raising cultural and social life in rural areas, and building new rural areas. 

Garment exports slump in first quarter

The value of textile and garment exports in the first quarter of 2023 reached 7.1 billion USD, down 17% compared to the same period in 2022, due to the impact of global inflation, according to the General Statistics Office (GSO).

This was the deepest decline in the first quarter since 2009, the GSO said.

The global inflation made consumers tighten spending on non-essential products, causing textile and garment exports to major markets such as the US and EU to drop sharply. 

There are many forecasts saying that the domestic textile and garment industry's exports growth will slump this year.

Since the fourth quarter of 2022, textile and garment enterprises have had a shortage of export orders, leading to a sharp drop in export turnover and factories operating at below capacity.

Export orders in the second and third quarters are still shrinking, and workers are working reduced hours.

Rubber industry needs better grip on competitiveness in int’l market

As the COVID-19 pandemic recedes, Vietnam's rubber industry faces challenges from both the world market and internal factors that hinder the industry’s competitiveness. Finicky global markets are extremely competitive and well down the road of development, meaning Vietnam needs to catch up to keep pace.

Tran Ngoc Thuan, Chairman of the Vietnam Rubber Association (VRA), said the competition between natural rubber producing and exporting countries will become more intense in terms of price, product quality, commercial reputation and the ability to meet increasingly stringent sustainability standards on demanding markets.

On the other hand, the structure and types of natural rubber in Vietnam still heavily rely on the Chinese market and only partially meet the needs of other, more finicky markets. This makes it difficult for market penetration in major markets such as the US, Japan, among others.

In addition, a disjointed national management system and policy mechanism such as tax declaration, value added tax, and high income taxation has caused difficulties for industry and business growth.

Meanwhile, according free trade agreements, natural rubber imported into Vietnam currently enjoys a tax rate of 0%, which will encourage businesses to prioritise choosing import markets from Thailand, Malaysia, and Indonesia. This will create competitive pressure with domestic rubber businesses.

The rubber product processing industry still faces difficulties in competing with imported products. There is still a lack of technical barriers in trade to prevent poor quality goods from being imported from other countries, causing losses to consumers and unfair competition with domestic goods.

Despite many difficulties and challenges, the VRA leaders said that the industry will also have many advantages in the coming time.

The association forecast that the world's natural rubber demand will be in a continuous uptrend. The gap between supply and demand will be a great opportunity for Vietnam to increase natural rubber production, export turnover, and create jobs for rural areas and related industries.

Tran Thanh Nam, Deputy Minister of Agriculture and Rural Development, said that in general, there are still many difficulties and challenges, the association needs to continue promoting its representative role while considering supporting members and businesses as an important factor contributing to promoting the sustainable development of the industry in the coming time.

According to the official, sustainable development has become stronger and Vietnam's rubber industry must focus on improving competitiveness in the world market on the basis of quality assurance in accordance with international standards.

Vietnam's rubber industry requires uniform quality management nationwide while increasing the application of advanced techniques, restructuring products according to market requirements, and expanding investment in processing. The formation of auxiliary industries is important, and at the same time, the sector must continue to promote the reorganisation of the industry according to the production value chain in order to improve competitiveness in the international market.

Exports-imports via Lao Cai border gate thrive in Q1

Export-import activities via Lao Cai border gate in the northern border province of Lao Cai thrived in the first quarter this year, reaching nearly 186 million USD, reported the local customs agency.

Specifically, the value of exports reached 92.4 million USD, up 90.1% annually while that of imports rose by 15.2% year-on-year to 93.2 million USD.

Among exports going through Lao Cai border gate, farm produce still accounted for the majority, with a value of over 71 million USD, up 63.2% annually and accounting for 76.8% of the total export turnover. The main export items include dragon fruit, banana, rambutan, watermelon, cassava, and mangosteen.

Vuong Chinh Quoc, head of the management board of Lao Cai Border Economic Zone, said there are 335 businesses operating in exports-imports through Lao Cai border gate at present, up 14 ones compared to 2022.

The board has also come up with plans to prepare all necessary warehouse, logistics and support facilities to create the most favorable conditions for businesses in the second quarter when several seasonal Vietnamese fruits like lychee and dragon fruit will be shipped to China, he added.

Buon Ma Thuot city set to become logistics hub in Central Highlands

The People's Committee of Dak Lak province has recently issued a plan to improve the infrastructure of industrial clusters and establish a logistics and hi-tech industrial centre associated with biological and agro-forestry processing technological research in Buon Ma Thuot city by 2025.

Under the plan, the Central Highlands province will complete technical infrastructure at Tan An 1, Tan An 2 industrial clusters, turning them into eco-friendly zones with high industrial production value.

It will also set up Hoa Xuan industrial cluster and attract experienced and financially strong investors to build synchronous infrastructure as well as hi-tech projects in the cluster.

The provincial People’s Committee asked departments and agencies to clarify their role and responsibility for performing tasks in the plan toward its eventual completion and success.

Chairman of the municipal People’s Committee Vu Van Hung said the plan is meant to realise the Politburo’s conclusion, the Government’s Resolution on building and developing Buon Ma Thuot city into a central urban area of the Central Highlands region, and the National Assembly’s Resolution on piloting several special mechanisms and policies for the development of Buon Ma Thuot city.

The plan is based on the Government’s action programme to realise the Politburo’s conclusion on the development of Buon Ma Thuot city till 2030 with a vision to 2045, the master plan on the national logistics centre system till 2020 with a vision to 2030, and Dak Lak's logistics service development plan for the 2021-2025 period.

Blockchain facilitates international trade

Blockchain, which helps store information transparently between parties and can’t be faked, is considered an effective tool for the development of international trade as well as the digital economy.

Hoang Van Huay, Chairman of the Vietnam Blockchain Association (VBA), made the statement at a conference on “Blockchain Technology: Initiating the International Trade Process” held in Hanoi on April 5.

Cross-border trade has become more vibrant than ever with the growth of the Internet and the technology sector in general. Experts all agree that technology contributes to bridging the gap. However, it brings new difficulties in the process of communication, data storage, dealing with paperwork, contradictions in setting standards and consensus on trade policy among countries.

The World Trade Organisation (WTO) on the same day released a report forecasting that the global merchandise trade volume this year will fall to 1.7%, lower than that of 2.7% in 2022 due to heavily influenced by fluctuations related to rising energy prices, inflation and monetary policy. Therefore, businesses need to consider cutting costs for cross-border trade at this time.

Huay added that blockchain technology emerged and is expected to solve the complexities of international trade. The WTO argues that blockchain could be revolutionary for global trade. Specifically, blockchain has the ability to cut trade costs by automating manual processes in management, encrypting foreign trade documents and letters of credit (L/C), speeding up payment operations, and automatically executing agreements through the help of smart contracts stored on the blockchain.

Do Ngoc Minh, a member of the VBA’s Technology Department said: “We are facing challenges when user data is overused by platforms acting as third parties, taking advantage of serving users and providing fake information. Blockchain is the foundation platform to help form a digital society, where everyone can participate, contribute, collaborate and transact, forming a digital economy without having to worry about the safety and integrity of the system.”

Minh said blockchain helps create new concepts such as smart contracts, Central Bank Digital Currency (CBDC), the token economy with non-fungible tokens (NFTs), metaverse, Decentralised Finance (Defi), Decentralised Autonomous Organisation (DAOs). Although blockchain is witnessing trial and error as well as success and failure, it has been playing a role in global governments, organisations and commerce.

According to a forecast by MarketsandMarkets, the blockchain-related market in Vietnam could reach a value of nearly 2.5 billion USD by 2026, a five-fold increase compared to 2021.

Many organisations have realised the role of blockchain in commercial activities and start to apply it.

Nguyen Quang Thong, Director of Digital Banking at Nam A Bank, said that risk management at banks often consumes a huge amount of money. In particular, with trade finance documents related to documents of origin, it is required to ensure reliability. Blockchain could be used to ensure transparent operations, reducing customer verification time and costs.

In addition, traditional international payment activities are still going through the Society for Worldwide Interbank Financial Telecommunication (Swift). However, the centralised processing through this network still has problems related to speed, operating costs, and ensuring accurate and safe transfer orders. The development of blockchain technology could form payment networks that make cross-border money transfers faster and safer.

"We hope to have support from the Government and technology organisations to promote cross-border commercial payment platforms,” Thong said.

Explaining the reason that making the Vietnamese blockchain platforms have not been popular, Eric Hung Nguyen, CEO cum Co-Founder at Spores Network (the ecosystem that supports blockchain projects) said that the legal gap makes attracting investment into Vietnamese blockchain projects facing difficulties.

“I have worked with a lot of foreign investors, but when talking about blockchain projects in Vietnam, they were afraid that the lack of a legal framework may affect the projects’ operation. For example, blockchain can be used in L/C transactions at banks, but if the law does not recognise it, it has no value,” Hung told the conference organised under the 32nd Vietnam International Exhibition (Vietnam Expo) held in Hanoi from April 5-8.

"Instead of choosing familiar topics such as Vietnam's development and integration, sharing success, Vietnam Expo 2023 will offer practical applications and solutions to commercial operations for businesses," said Nguyen Thu Hong, Deputy Director of VINEXAD – the Vietnam Expo 2023’s organiser.

"In addition to showcasing products and services and sharing from domestic and international businesses at the event, blockchain technology is prioritised to exploit its potential while being the optimal technology in the digitalisation process of the trade sector.”

VBA is currently acting as a bridge between businesses in the industry and regulators, especially international connections with a range of activities, starting with The Connect event in Thailand on March 15.

FTAs and trade promotion key to boosting exports

Taking full advantage of Vietnam's numerous free trade agreements (FTAs) and rolling out measures to promote trade are the key to boosting the country's exports in the future, said the Ministry of Industry and Trade (MoIT).

According to the ministry, the Southeast Asian economy's export picked up in March, reaching 29.57 billion USD, a 13.5% increase from February. Total exports during the first three months of the year dropped by 14.8% compared to the figure in the same period last year.

Domestic firms were hit the hardest, with a drop of 17.4% compared to foreign firms, who also experienced a drop of 10%. 

The ministry said the situation wouldn't likely improve soon as global demand for goods slows down, especially in major markets such as the EU and the US. Competition has been on the rise since the reopening of the Chinese market. 

Vietnam's agro-aquatic product exports for the first quarter of 2023 are projected to reach 6.86 billion USD, a 7.5% decrease from last year. 

Seafood firms have voiced concerns over a lack of orders, a stark difference from what is usual for this time of year. 

"We have been hit hard by both weaker demand and the strengthening Vietnamese dong against the dollars," said a representative from the seafood industry. 

To Tuong Lan, deputy director-general of the Vietnam Association of Seafood Exporters and Producers (VASEP), said orders from all markets were fewer during the first three months of the year.

Lan said a global credit crunch hindering retailers from stocking up, on top of increased competition, has resulted in fewer orders this year. 

Industrial sectors also reported lower export, with just 67.5 billion USD in value during the last three months, a 13.1% and mineral exports dropped by 3.1% compared to the same period last year.

On the other hand, Vietnamese rice has seen some success in both raising export quality and prices. The country exported nearly 70% more rice in the first quarter of 2023 compared to the same period last year. 

The US remained Vietnam's largest buyer, with a total value of goods imported at 20.57 billion USD.

Do Ngoc Hung, Vietnam's trade representative in the US, said Vietnam-US trade would likely continue to grow strong for the foreseeable future with the two countries seeking out new products and services, removing trade barriers and work together on products safety and standards. 

Hung said his office has been holding regular working sessions to help connect Vietnamese and US businesses while keeping Vietnamese exporters up-to-date with the US's trade policies. 

During the first quarter of 2023, Vietnam imported 75.1 billion USD in goods and services, a 14.7% decrease year-on-year.

The country maintained a trade surplus of 650 million USD in March to bring the first quarter's trade surplus to 4.07 billion USD, a marked improvement over the same figure last year at 1.87 billion USD. 

The ministry said Vietnamese seafood and textile products would likely face increased competition in many of their major markets as strong competitors, including Bangladesh, Cambodia, El Salvador, India, and Indonesia, have managed to sign FTAs with said markets. 

The ministry called on firms to make greater efforts to meet consumer demand in foreign markets, start additional marketing campaigns, and improve product safety and quality.

Vietjet has new senior leaders

Vietjet Aviation JSC announced the appointment of its senior leaders at a ceremony in HCM City on April 6.

Accordingly, from April 6, 2023, Nguyen Thi Phuong Thao has become Chairwoman of the Board of Directors of the Company, being Nguyen Thanh Ha’s successor.  Managing Director Dinh Viet Phuong is appointed as new Chief Executive Officer (CEO).

The appointments are parts of the company’s development plan, marking the growth of the senior leaders at Vietjet, helping the company to continue to expand and develop strongly in the future.

Thao is the founder of Vietjet with the desire to make the flying dreams of people in both domestic and international come true. The businesswoman, the first self–made female billionaire in Vietnam and Southeast Asia, has held the position of Vice Chairwoman of the Board of Directors and President & CEO of Vietjet for many years. She, together with former Chairwoman Ha, has marked their bold impressions on Vietjet to bring about the revolutionary changes in the aviation industry. 

Phuong has also worked at Vietjet since its establishment and assumed the position of Permanent Vice President and Managing Director of Vietjet since October 2020. During the time the aviation industry faced challenges and difficulties due to the COVID-19 pandemic, Phuong had made important contributions to help Vietjet overcome the pandemic and recover strongly after all.

In 2022, Vietjet transported 20.5 million passengers on 116,000 flights, a 20% increase in domestic passengers compared to the same period in 2019. The total assets also increased by 30% to more than 67,000 billion VND (2.85 billion USD) with the long-term debt-to-equity and liquidity ratios staying at 0.7 and 1.3 respectively, which are considered as good indicators in the aviation industry. The airline has paid a total of 4,349 billion VND of direct and indirect taxes, fees and charges in 2022. This year is expected to be a year of strong growth in international air transport which offers opportunities to the airlines with good financial and operational capacity as Vietjet.

The new-age carrier Vietjet has not only revolutionised the aviation industry in Vietnam but also been a pioneering airline across the region and around the world. With a focus on cost management ability, effective operations, and performance, applying the latest technology to all activities and leading the trend, Vietjet offers flying opportunities with cost-saving and flexible fares as well as diversified services to meet customers’ demands.

Vietjet is a fully-fledged member of International Air Transport Association (IATA) with the IATA Operational Safety Audit (IOSA) certificate. As Vietnam’s largest private carrier, the airline has been awarded the highest ranking for safety with seven stars by the world’s only safety and product rating website airlineratings.com and listed as one of the world's 50 best airlines for healthy financing and operations by Airfinance Journal in many consecutive years. The airline has also been named as Best Low-Cost Carrier by renowned organizations such as Skytrax, CAPA, Airline Ratings, and many others.

Hung Yen to help ease housing burden on Hanoi

Real estate experts predict that Hung Yen will "share" the burden of housing demand with Hanoi in the near future.

With prominent advantages, the northern province of Hung Yen offers many opportunities for real estate developers at all segments.

Do Thu Hang, Senior Director of Research and Consulting Department of Savills Hanoi said the increasing demand for housing in Hung Yen is driven by three main factors.

Firstly, the high housing prices in Hanoi make it difficult for people to own a house, especially in the low-rise segment. Meanwhile, the average price of apartments and townhouses in Hung Yen is 14% and 17% lower than in Hanoi respectively, which creates a motivation for the demand to shift to this market.

The next factor comes from the demand to expand residential areas away from the central area of Hanoi where the population density is quite high. Currently, elderly customers who do not have much need for mobility are interested in housing projects in Hung Yen. The demand is towards projects with good air quality, green living environment, and diverse utility systems.

With its geographical location adjacent to Hanoi, Hung Yen is likely to become a bridge between the capital city and other provinces and cities. Furthermore, the developed infrastructure has shortened the travel time from Hung Yen to Hanoi's central areas, so home buyers from neighbouring provinces can consider Hung Yen as an alternative choice.

The housing development programme in Hung Yen aims to have over 10 million sq.m of new housing area by 2025, targeting both tenants and investors from Hanoi and other provinces and centrally-run cities.

In addition, the housing supply will also increase along with the urbanisation rate of Hung Yen, from 17% in 2022 to an estimated 48% in 2025, with about 108,000 new housing units expected to join the market by 2025.

Therefore, the future affordable housing supply in Hung Yen will somewhat ease the burden of the housing demand on Hanoi.

Vietnam exports 1.7 million tonnes of rice in Q1

Vietnam exported 1.7 million tonnes of rice in the first quarter of 2023 worth over 900 million USD, a 19% increase in quantity and 30% rise in value compared to the same period in 2022.

These latest figures were released in a latest report by the General Department of Customs.

According to the Ministry of Industry and Trade (MoIT), Vietnamese rice has seen some success in improvements in quality and demand over the last several years. 

The majority of exported rice came from the Mekong Delta, with the rest of the country's rice production centres mainly serving the domestic market. 

Le Thanh Tung, deputy head of the plant cultivation department under the Ministry of Agriculture and Rural Development (MARD), said rice production this year for the Mekong Delta alone is projected to reach 24 million tonnes. Consumption for the Delta and Ho Chi Minh City, Vietnam's most populous city, will stay around 11 million tonnes, leaving 13 million tonnes for export.

Of which, premium-quality rice for export accounts for 3 million tonnes, specialty rice 2.1 million tonnes and regular rice 1 million tonnes.

Vietnamese rice will likely continue to be sought after in the second quarter of the year as demand has been on the rise in major markets including the Philippines, China and Africa, said the Vietnam Food Association (VFA).

Nguyen Ngọc Nam, President of the VFA, said Vietnamese rice has been fetching good prices on the international market despite a gloomy outlook for the global economy as countries look to stock up on food for uncertain times ahead. 

In addition, major free trade agreements including the European Union - Vietnam Free Trade Agreement (EVFTA) have seen tariffs on Vietnamese rice reduced by as much as 175 EUR per tonne, giving Vietnamese premium rice an advantage in the European markets. 

As demand soars, exporters have been trying to purchase additional amounts from farmers to maximise efficiency and profit. However, many have voiced concerns over a lack of capital.

Phan Van Chinh, Director of MoIT's Agency for Foreign Trade, said the ministry has been working closely with exporters to find solutions to minimising logistic costs and dealing with import/export protocols in international markets. 

On the other hand, the ministry said it is to keep a close watch on the amount of rice being exported to ensure the country's food security. 

In an earlier development, the State Bank of Vietnam (SBV) has ordered commercial banks to review and streamline the borrowing process for rice traders to help them access additional capital sources.

Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes