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Three-month exports fetched 93.06 billion USD, a rise of 17% compared to the same period last year, and imports, 84.98 billion USD, up 13.9 %, resulting in a trade surplus of about 8.08 billion USD.
The agency was assigned by the National Assembly to collect 375 trillion VND for the State coffer this year, with 204 trillion VND expected to come from exports and imports.
The agency said it will continue with the reform of customs policies and procedures, ensure state management and prevent trade fraud, while creating a full legal foundation for the building and implementation of a digital and smart customs model, thus facilitating trade and contributing to meeting growth targets.
Smuggling, trade fraud, and drug trafficking took place complicatedly in the quarter, it said, noting that customs forces detected and handled 3,483 cases with a total value of about 5.81 trillion VND./.
Bac Giang leads nation in economic growth in Q1
The northern province of Bac Giang continued to lead the nation in economic growth in the first quarter, with an estimated expansion of 14.18%, reported Vice Chairman of the provincial People’s Committee Mai Son.
All production sectors showed robust growth, including agro-forestry-fisheries up 2.14%, industry-construction 18%, services 6.32% and product taxes 4.48%.
The province now boasts 10 industrial parks with a total planned area of over 2,250ha. As of March 15, it had drawn nearly 624.26 million USD in registered investment capital. There were 310 newly-established enterprises, marking an 18% increase, with a registered capital of nearly 2.6 trillion VND (over 108 million USD).
In March, its industrial production index went up 20.6% monthly and 16.7% annually, pushing up the three-month figure to 23.89%. The sustained production expansion and stable operation of several large enterprises, particularly since the latter part of the third quarter of 2023, were credited for this achievement.
Looking toward the second quarter, Son outlined Bac Giang's plans to proactively attract foreign investment, particularly high-quality sources with advanced technologies. This will involve preparing the necessary infrastructure, developing a skilled workforce, and ensuring land availability.
The province also aims to enhance the effectiveness of trade promotion activities, particularly for its key agricultural products such as lychee. To promote domestic brands, Bac Giang will host a "National Brand Week" in conjunction with the "Vietnamese Brand Day" on April 20 while upgrading agricultural production processes to meet VietGAP, GlobalGAP, and high organic standards, he added./.
VinFast opens first dealership in Indonesia
VinFast, the electric vehicle (EV) maker of Vietnamese conglomerate Vingroup, opened its first dealership in Indonesia on April 2.
The event marks an important step forward for VinFast in the Indonesian market after previously enjoying a successful debut at the Indonesia International Motor Show (IIMS) 2024 in February.
The VinFast store of dealer PT Gallerie Setia Utama is located in Depok city to the west of Jakarta.
On display at the showroom will be a series of VinFast's smart electric vehicles, namely the VF5 and VF e34 models.
Apart from PT Gallerie Setia Utama, VinFast plans to develop a network of EV distribution agents across major cities throughout Indonesia this year as part of efforts to meet the growing demand for EVs among customers in this market.
Nguyen Ngoc Chuc, deputy general director of VinFast Indonesia, emphasized that the launch of the first VinFast dealership in Indonesia represents the company’s important step in its journey to bring high-quality EVs to customers in the Indonesian market.
Boasting a modern design, the VF 5 and VF e34 are suitable for the tastes of local consumers and is anticipated to pave the way for other VinFast EV models in the future, thereby further promoting the development of the EV industry in Indonesia.
Yance, general director of PT Gallerie Setia Utama Company, expressed his delight at becoming the first unit to own a VinFast store, noting that the company is fully committed to providing customers with the best experience when using VinFast’s EVs.
Aside from key markets such as the United States, Canada, and Europe; VinFast is expanding to countries in the Asian region including India, Indonesia, Thailand, and the Philippines; as well as the Middle East and Africa.
In addition to Vietnam, VinFast is also accelerating the construction of EV factories in the US and India, with further plans to build a factory in Indonesia.
Carvivu, Hanoi Taxi Association ink deal for taxi conversion to electric vehicle
Carvivu, one of the leading companies specializing in distributing and assembling automobiles, particularly electric vehicles, has signed a significant business cooperation agreement with the Hanoi Taxi Association.
This partnership agreement aims to convert taxi fleets from gasoline-powered vehicles to electric vehicles, marking a significant step forward in reducing pollution and promoting sustainable development in the public transportation sector.
Under the agreement, Carvivu commits to collaborating with the Hanoi Taxi Association in researching and providing suitable and efficient electric vehicle models for taxi companies within the association. It will also facilitate arrangements for taxi companies to access preferential funding sources to support the most robust and effective transition to electric vehicles.
“We are honoured and excited to collaborate with the Hanoi Taxi Association on the electric vehicle conversion project. We are committed to supporting taxi companies in achieving this goal, not only to promote the development of the electric vehicle industry but also to actively contribute to environmental protection efforts and support government commitments on climate change,” shared Lan Huong, general director of Carvivu.
According to the plan, both parties intend to implement the basic conversion from gasoline-powered taxi vehicles to electric vehicles by 2030. This is not only a significant step in reducing emissions and environmental pollution but also a positive contribution to the commitments delivered by the Vietnamese Prime Minister at the 26th UN Conference on Climate Change (COP26) in Glasgow, Scotland, 2021.
“We are delighted and confident in collaborating with Carvivu on the electric vehicle conversion project. This is an essential and necessary step for the Hanoi taxi industry to actively contribute to environmental protection goals and promote the sustainable development of the city,” noted Nguyen Cong Hung, chairman of the Hanoi Taxi Association.
By signing this agreement, Carvivu and the Hanoi Taxi Association have opened up a new direction, while also creating opportunities and encouraging businesses in the taxi industry to engage in the electric vehicle revolution, contributing to building a green, clean, and sustainable living environment for the community.
The partnership agreement was signed against the backdrop of increasing demand for improving air quality and environmental protection in Vietnam.
Ho Chi Minh City's economy regains growth momentum
Despite the international situation continuing to face unpredictable fluctuations and difficulties in terms of imports and exports in the first quarter of this year, Ho Chi Minh City’s economy has seen positive development, with an average GRDP higher than the entire country, businesses having new orders, and tourism growth being recorded.
These positive results are attributable to the Party Committee and the municipal administration's determination to both direct and manage economic development, while working alongside businesses to quickly and effectively solve problems, thus enabling growth in every field.
Nguyen Duc Lenh, deputy director of the State Bank of Vietnam - Ho Chi Minh City Branch, said that during the first two months of the year the credit balance grew positively, showing that the capital absorbability of firms and the economy has improved.
Specifically, the VND509,864 billion credit package through the bank-business connection programme disbursed VND51,754 billion in February to 15,390 customers, accounting for 10.2%.
"There have been positive changes in credit growth. If in January credit dropped to 0.93%, credit grew again in February. In particular, positive changes in the local economy such as import-export, tourism, and service trade are growing well, which has impacted capital needs," Lenh stated.
In the first quarter of the year, the southern metropolis devised many solutions to revive the economy. The southern city's GRDP in the reviewed period is estimated to have increased by 6.54%, the highest rate compared to the same period from 2020 to present and much higher than the same period in 2023.
Manufacturing and service sectors are growing steadily, especially key industrial groups, while the industrial production index soared by 5.1%, the highest recorded over the past four years.
The city's total retail sales of goods and service revenue increased by 12.2%, whilst the real estate market has shown signs of recovery coupled with the growing confidence of businesses and investors.
Several growth drivers, such as investment, domestic consumption, import-export activities, and tourism have all witnessed drastic changes, of which export turnover soared by 7.5%; tourism activities recovered strongly, visitor numbers and revenue increased sharply; and budget revenue reached 28.7% of the year's estimate and surged 7.61% over the same period.
According to Dr Trương Minh Huy Vu, deputy director of the Institute for Research and Development in HCM City, the growth recorded in the first quarter of the year shows the bright spots in the local economy such as industry, tourism, real estate, and transportation infrastructure, all of which are partly the result of previous proper policies.
Notably, from the end of last year to the beginning of this year, there were important institutional changes, especially at the central level, coming with the approval of the Land Law (amended) and the Housing Law (amended), a move serving to create trust for people and businesses.
“Ho Chi Minh City has been proactive in promoting traditional growth pillars such as public investment, domestic consumption, and exports. It accelerates comprehensive consumer demand stimulation, from service trade activities to tourism, from geographical space to cyberspace, and e-commerce. In addition, green projects and semiconductor projects are starting to form from the private sector," Dr Vu emphasized.
Nguyen Van Nen, Politburo member and secretary of the Ho Chi Minh City Party Committee, assessed that entering 2024, the southern city has drastically performed key and urgent tasks for the cause of socio-economic development, thereby creating positive changes right from the beginning of the year.
In the second quarter and moving forward, to achieve growth goals, especially economic growth, the southern city is required to primarily focus on intensifying growth activities - investment, consumption, and exports. This is along with innovating investment promotion activities with a particular focus on emerging industries and fields, while selectively attracting major groups and businesses to invest in strategic fields and environmentally friendly projects.
More important is to support enterprises, especially in digital transformation and technological innovation, targeting industries with high added value, and engaging in the supply chain, the municipal leader added.
The growth in the first quarter is higher than experts' estimates and will create further growth momentum in the remaining quarters. However, this year’s growth will be difficult later on. Therefore, to fulfil the growth target in 2024, the city still prioritises solutions for domestic consumption, public investment capital, recovery of production and business activities, and improving labor productivity.
In addition, the city will concentrate on improving institutional groups and the legal environment to serve growth in the time ahead.
VND25.5-trillion expressway planned to link Dak Nong, Binh Phuoc
The Ministry of Transport has mapped out a project to construct an expressway from Gia Nghia in Dak Nong Province to Chon Thanh in Binh Phuoc Province, with an estimated cost of VND25.5 trillion.
According to the pre-feasibility study, the Gia Nghia-Chon Thanh Expressway will begin at an intersection with Ho Chi Minh Road in Dak R’Lap, Dak Nong Province, and end at a section of Ho Chi Minh Road in Chon Thanh Town, Binh Phuoc Province.
With a total length of about 130 kilometers, the expressway will include 28 kilometers traversing Dak Nong, 99 kilometers in Binh Phuoc, and nearly two kilometers connecting an interchange with the HCMC-Chon Thanh Expressway to Ho Chi Minh Road.
The initial phase will feature four lanes. The project might be developed through a combination of public investment and private-public partnership, with contributions from state and local budgets as well as the private sector.
Site clearance compensation and resettlement support are scheduled for the 2024-2025 period, with construction slated to commence in 2025 for completion in 2016.
Investors increasingly optimistic about manufacturing sector
Confidence in the manufacturing outlook for the year ahead hit an 18-month high, with manufacturers taking on extra staff at a faster rate.
According to an industry report released by S&P Global on April 1, manufacturers in Vietnam are increasingly confident that production will increase over the year ahead.
Optimism is the strongest it has been in a year-and-a-half. Firms expect the launch of new products to boost output, while also hoping that an improvement in market demand will help to support new order growth.
Manufacturers also stepped up their recruitment efforts in March, raising employment for the second month running and at the fastest pace since October 2022.
Rising staffing levels, and a drop in new orders, has helped firms to work through their outstanding business for the second consecutive month. Moreover, the rate of depletion was the fastest in five months.
The report also points out that the S&P Global Vietnam Manufacturing Purchasing Managers' Index dipped below the 50 point no change mark in March, posting 49.9 points after a reading of 50.4 points in February. The index therefore signalled an end to the two-month period of improving business conditions at the start of 2024, but pointed to broadly unchanged operating conditions overall.
There were signs of demand weakness in March, leading to a drop in new orders despite discounts being offered to help secure sales. New export orders were also down, and to the greatest extent since July 2023 amid competitive pressures and geopolitical issues.
With new orders down, firms also scaled back production at the end of the first quarter of the year, following growth in January and February. The drop in production was only marginal, however, and limited to intermediate goods firms as expansions were recorded at consumer and investment goods producers.
Andrew Harker, economics director at S&P Global Market Intelligence said, “Growth stalled in the Vietnamese manufacturing sector in March as subdued demand put the brakes on new orders and production. Demand weakness was also reflected in the PMI survey's price indices, as input cost inflation slowed and an outright reduction in selling prices was recorded."
"On a more positive note, firms are increasingly optimistic that the sector will move back into gear in the months ahead, and this confidence helped to drive accelerated job creation at the end of the first quarter."
Diversification giving boost to chip targets
More semiconductor players are planning to diversify their supply chain to Vietnam, reinforcing the country’s importance as an assembly and packaging hub for the chipmaking industry.
Last month, Prime Minister Pham Minh Chinh hosted a meeting with Karthik Rammohan, group vice president of global operations at Lam Research in Hanoi. At the meeting, the company was encouraged to invest at least $1 billion in local semiconductor production.
The American chip-making tools supplier is keen on Vietnam’s semiconductor supply chain. Jeanette Tan, vice president of Asia Communications at Lam Research, said that, “On an ongoing basis, we evaluate opportunities to diversify our supply chain and support our manufacturing operations in Asia. We believe that Vietnam, with its infrastructure and skilled workforce, will play an important role in the semiconductor value chain as the industry continues to diversify geographically. We remain committed to supporting our customer base in Asia.”
According to government disclosure, Lam Research would team up with South Korea’s Seojin. The South Korean company is a supplier to Samsung and Intel, with factories in both Bac Ninh and Bac Giang provinces, where Samsung has chip and smartphone facilities.
Meanwhile, Dutch high-tech firm VDL confirmed its plan to build a new semiconductor components factory in northeast Vietnam. The schedule is for the first modules to leave the new plant to supply international customers by the end of the first quarter of 2025.
VDL, which has other locations in Singapore and China, said many of its customers are following a China+1 strategy of diversifying their manufacturing base. VDL’s global customers are asking for even better global coverage, with local production for the local market.
“About 60 colleagues will initially join us in Vietnam,” the company said, without disclosing the size of the investment.
VDL is not the first Dutch semiconductor company to diversify its operation to Vietnam. In February, BE Semiconductor Industries (Besi), a Dutch maker of chip equipment, inaugurated a 2,000 square metre plant with capital of $5 million in the first phase at Saigon High-Tech Park.
Phase 1 will see the production of advanced components and molds for the chip packaging machinery system. In phase 2, the company intends to expand its operation to build chip packing machines within the next 2-3 years.
According to Besi’s investment plan, thousands of Vietnamese workers will be employed for the project. Besi will also become a partner and supplier of chip packaging machinery to support the growth of the nation’s semiconductor industry.
China’s Victory Giant Technology, specialising in electronic components and semiconductors, will invest over $800 million into a factory at VSIP Bac Ninh 2 Industrial Park in the northern province. The project is slated to begin production of high-precision printed circuit boards in mid-2025.
Stephen Olson, senior adjunct fellow of Pacific Forum and visiting lecturer and non-resident fellow at the Yeutter Institute, said, “For Chinese companies, the primary appeal of setting up operations in Vietnam is to circumvent the various restrictions put in place by the United States on trade and investment with China as a result of escalating geopolitical tensions. For companies from the US, South Korea, or elsewhere, Vietnam provides a cost-competitive manufacturing platform in an ideal geographic location.”
In ASEAN, Singapore and Malaysia are leading the semiconductor ecosystem, with Singapore as the wafer fabrication and front end equipment hub and Malaysia as the packaging and back end testing hub. Vietnam is slowly venturing into semiconductors as it aims to focus on more high value added goods.
To step up its game in the region, Olson noted that Vietnam has to demonstrate that it has the capacity to become a bigger player.
“This means providing a large enough work force with the necessary technical skills. The quality of the educational system will be key,” Olsen said. “It also means having an adequate infrastructure. This not only includes physical infrastructure such as roads, airports, and ports but also a world-class technological infrastructure. The challenge here is to make the necessary investments.”
Finally, Olsen said, Vietnam also needs to demonstrate that it can absorb these new facilities in a way that is both socially and environmentally sustainable.
Bamboo Airways moves headquarters to HCMC
Bamboo Airways’ new headquarters at Tan Son Nhat International Airport in HCMC has officially gone into operation, starting today, April 1, the local media reported.
The relocation of Bamboo Airways’ headquarters from Hanoi to HCMC was completed on March 31. The previous headquarters in Hanoi has been converted into a representative office and relocated to Long Bien District.
While Bamboo Airways has not made an official announcement regarding the headquarters relocation, key personnel have moved to HCMC to continue their work.
Established in 2017, Bamboo Airways began its first flights on January 16, 2019. Originally owned by FLC Group under the leadership of Chairman Trinh Van Quyet who has been in police custody, the airline has been struggling with difficulties since Quyet’s arrest.
With a fleet of 30 aircraft previously, Bamboo Airways currently has only eight planes operating on domestic routes, including those connecting HCMC to Hanoi and Danang.
Vietnam’s Q1 IIP expands by 6.18%
Vietnam’s Index of Industrial Production (IIP) in the first quarter of the year grew by a robust 6.18% against the same period last year, official statistics showed.
The manufacturing and processing sector was the primary driver of this growth as it picked up by 6.98% year-on-year, contributing 1.73 percentage points to the overall IIP.
The electricity production and distribution sector edged up by 11.97%, while the water supply and waste treatment sector rose by 4.99%, adding 1.9 and 0.03 percentage points to the overall IIP. However, the mining sector declined by 5.84%.
Several industries showed remarkable double-digit growth over the previous year. They include the chemical and chemical product industry (28.4%), rubber and plastic products (25.8%), and electrical equipment (24.8%). Likewise, significant growth was observed in the production of coke and refined petroleum products (21.7%), beds, wardrobes, tables, and chairs (18.1%), and metal (16.6%).
Conversely, the IIP for the repair, maintenance, and installation of machinery and equipment industry, crude oil and natural gas extraction, and production of other means of transport slid during the same period.
Among the 63 centrally-run cities and provinces, 54 witnessed a rise in IIP, while nine reported a fall.
Capital of projects not completing formalities to be transferred
Under Prime Minister Pham Minh Chinh’s requirement, the capital of the projects that are not completed for formalities will be transferred.
Prime Minister Pham Minh Chinh yesterday signed official Telegram No. 29/CD-TTg on completing investment procedures for projects expected to arrange medium-term public investment plans for the period 2021 - 2025.
The telegram clearly states that the Prime Minister has assigned to supplement the medium-term public investment plan with central budget capital for the period 2021 - 2025 from the general reserve source to the medium-term public investment plan between 2021 and 2025 corresponding to the increasing central budget revenue in 2022 for 34 tasks and projects with a total capital of VND33,157 billion (US$1.33 billion).
At the same time, ministries, central agencies and localities are requested to urgently complete investment procedures for projects in this plan.
However, 6 ministries, central agencies and 12 localities have not yet completed investment procedures so far according to the present regulations to submit to competent authorities for additional mid-term public investment plans for the period 2021 - 2025.
These ministries, central agencies and 12 localities are the Party Central Committee Office, the Ministry of Transport, the Ministry of Public Security, the Ministry of National Defense, the Ministry of Finance, the Ministry of Planning and Investment and provinces including Quang Tri, Binh Duong, Phu Yen, Khanh Hoa, Can Tho, Thai Binh, Ninh Binh, Binh Phuoc, Ho Chi Minh City, Tay Ninh, Vinh Long, Lam Dong.
To ensure timely capital allocation and speed up capital disbursement, the Prime Minister requested ministers, heads of central agencies, and chairpersons of people's committees of the above provinces and cities to focus on the implementation of the disbursement plan.
For projects that have been assigned a medium-term public investment plan for the period 2021 - 2025 by the Prime Minister from the general reserve source corresponding to the increase in central budget revenue in 2022, ministries, central agencies and localities have to complete investment procedures to arrange annual capital plans according to the regulations. Ministries, agencies and local administrations must send investment procedures to the Ministry of Planning and Investment no later than April 10.
After this deadline, in case ministries, central agencies and localities do not complete investment procedures, the Ministry of Planning and Investment shall report to the Government, the Prime Minister, and competent authorities on transferring of capital to ministries, agencies, localities that meet the requirements according to the current regulations.
The Prime Minister assigned the Ministry of Planning and Investment to coordinate with the Ministry of Finance and relevant agencies to review, synthesize and report to the Prime Minister and the Government before April 20. Competent authorities will consider additional assignment of the medium-term public investment plan for the period 2021 - 2025 from the general reserve source corresponding to the increase in central budget revenue in 2022. The 2024 capital plan will be transferred to projects that satisfy requirements according to the provisions of the law on public investment and the state budget.
Deputy Prime Minister Le Minh Khai also just signed a decision to assign estimates and investment plans for central budget capital in 2024 from increased revenue and saving of central budget expenditures in 2021 to the Ministry of Transport and eight localities for the implementation of three important national highway projects.
Specifically, some VND2,571 billion was given to the Ministry of Transport was assigned and VND3,887 billion was provided to the People's Committees of 8 provinces and cities including Khanh Hoa, Dak Lak, Dong Nai, Ba Ria - Vung Tau, An Giang, Can Tho, Hau Giang, Soc Trang for three important national highway projects.
Central bank keeps exchange rate in check as currency market heats up
A senior official of the State Bank of Vietnam said the bank has closely monitored and kept the VND/USD exchange rate in check amid a recent significant increase in the rate.
The inter-bank rate hit a record high of more than VND25,000 a US dollar on April 2, while the rate in the black market rose to VND25,500 a US dollar.
The exchange rate management still ensures stability and foreign currency balance, meeting legal foreign currency demand for import and export activities, as well as the general needs of the economy, said Dao Minh Tu, deputy governor of the central bank, at a press briefing on April 3.
The depreciation rate of VND against USD remains low compared to other countries, he added.
According to the bank official, the green banknote of the US has gained its value in recent times, prompting other currencies worldwide, including VND, to go down.
In addition, Vietnam has subsequently lowered interest rates, creating inadequacies between the interest rate difference in the interbank market.
This put even more pressure on the exchange rate to go up in the market, said Tu.
He affirmed that exchange rate management is a very important macroeconomic management as it greatly affects Vietnam’s economic and inflation control policy, as well as market psychology and investor confidence.
In the coming time, he said the State Bank will continue to flexibly manage the exchange rate to ensure that the rate can go up and down in accordance with market trend.
The ultimate goal is to maintain a positive foreign currency status and foreign currency balance for the legitimate needs of the economy, stressed the bank official.
Pangasius export prices to rebound this year
The average export price of pangasius is forecast to recover this year thanks to increasing demand from the United States and the European Union, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
February alone witnessed the average export price of pangasius rise by about 4% to reach US$2.13 per kilo.
Specifically, the EU imported more than 3,000 tonnes of pangasius from Vietnam with the export price edging up by 8.4% to US$2.49 per kilo.
Meanwhile, the US purchased more than 6,000 tonnes, with the average export price increasing slightly by 0.8% to roughly US$2.66 per kilo.
There are positive signs ahead in the ASEAN market as the import volume has also inched up slightly, reaching nearly 6,000 tonnes with the export price increasing by 6.8% to US$1.92 per kilo.
Although China and Hong Kong (China) remain the largest consumers of Vietnamese pangasius, the combined export volume to these markets decreased sharply after hitting 13,000 tonnes in January, whilst the average export price to the markets also dropped by 1.5% to US$1.94 per kilo.
VASEP statistics indicate that in the first half of March, pangasius exports to foreign markets reached US$74 million, down 18% year on year.
From the beginning of the year to March 15, pangasius exports declined by 0.05% against the same period last year to US$329 million.
Mountainous district debuts e-trade of Ngọc Linh ginseng
An e-commerce platform for Ngọc Linh ginseng (Panax vietnamensis, or Vietnamese ginseng) medicinal herb and farm produce of Nam Trà My has been launched by the mountainous district committee, promoting the national brand and applying online trading and social network business models.
Vice chairman of Nam Trà My district’s people’s committee, Trần Văn Mẫn said three domain names: phienchosam.quangnam.gov.vn; phienchosam.vn; and phienchosam.com.vn are the only recognised sites to conduct electronic transactions of the district’s ginseng, herbs and farm produce.
Mẫn said the introduction of the e-commerce platform would help local farmers and businesses build up trust, while introducing genuine Nam Trà My-grown products to customers nationwide.
He said the e-trade transaction site will serve users seeking the best ginseng and herbs, as well as heathy farm produce developed by ethnic communities in the district, some 1,500m above sea level.
Mẫn said it will help customers find genuine products and avoid fake ginseng and herbs sold through unofficial ads on social networks.
Social network platforms: Facebook, TikTok and Zalo have been used by local farmers and traders in exchanging local root products nationwide, he added.
Nam Trà My, one of the six mountainous districts in Quảng Nam Province, hosts a Ginseng Fair the first day every month, building trade links among local farmers and businesses.
According to a report from the district’s committee, about three million ginseng plants have been grown on 810ha.
The original Ngọc Linh ginseng’s price is more than VNĐ300 million (US$12,500) per kilo, but ‘fake’ Ngọc Linh ginseng is offered for only a few million đồng per kilo, according to the General Department of Market Management of the Ministry of Industry and Trade
The mountainous district, 90km southwest of Tam Kỳ City, is home to 10,000 people belonging to the Ca Dong, Xê Đăng and Mơ Nông ethnic minority group
The precious Ngọc Linh ginseng grows strongly and sustainably in the primary forest.
Sâm Sâm company in the province is the first business developing a Ngọc Linh ginseng production plant – a major hi-tech processing factory combined with a seed and research centre – to build a source of high-quality ginseng seeds and saplings.
It said 500,000 mature Ngọc Linh ginseng plants have been planted on a 200ha farm on Trà Linh mountainous village.
The Sâm Sâm company’s sustainable ginseng farm is listed as one of eight Asian projects jointly assessed and financially supported by World Wild Fund for Nature (WWF) and Dutch Fund for Climate and Development (DFCD).
The ginseng brand can be processed into finished capsules, foods, essential oils, cosmetics, drinks and tea, creating high value for Quảng Nam, while benefitting ethnic communities of Xơ Đăng, Ca Dong, Mơ Nông, as well as promoting primary forest conservation.
PPP important to high-quality, low-carbon rice production: Confab
The significance of the public-private partnership (PPP) to the project on developing 1 million hectare of high-quality and low carbon footprint rice in the Mekong Delta region by 2030 was highlighted at a workshop held in the Mekong Delta city of Can Tho on April 4.
The project will be implemented in the provinces of An Giang, Kien Giang, Dong Thap, Long An, Soc Trang, Bac Lieu, Tra Vinh, Hau Giang, Ca Mau, Tien Giang, and Vinh Long, and Can Tho city.
It is part of an effort to restructure the region's production system and value chain with a focus on sustainable farming practices, higher product value, greater business and production efficiency, as well as improved livelihoods of rice farmers, in accordance with Vietnam’s commitment to environmental protection, climate change response, and greenhouse gas emission reduction.
Under the project, greenhouse gas emissions from rice farming is expected to reduce by more than 10% and low-emission, high-quality rice will account for over 20% of the total for export in the entire specialised rice farming region.
According to Deputy Director of the International Cooperation Department under the Ministry of Agriculture and Rural Development To Viet Chau, concerted efforts should be made to realise the set target, with attraction of the public-private investments being a key solution.
Last year, the agriculture minister issued a decision on the establishment of a PPP working group on the rice sector, contributing to concretising Vietnam’s environmental commitments, improving rice added value via value chain, luring more investments, and modernising the agricultural and food systems.
Deputy Director of the Institute of Policy and Strategy for Agriculture and Rural Development Hoang Vu Quang suggested several PPP activities for the implementation of the project, including signing cooperation agreements between businesses and competent State-owned agencies, and those between businesses and cooperatives, which clarify responsibilities of the State, firms, and cooperatives.
He recommended the State build rice cultivation procedures and guidance and transfer technologies to cooperatives, drawing linkage contracts, and handle differences between businesses and cooperatives.
In the meantime, companies are responsible for providing seedlings and techniques, investing in materials in advance, and supervising and supporting the development of cooperatives, he said, adding cooperatives should guide their members how to comply with technical procedures and supervise farmers in measurement of emissions reduction.
At the workshop, experts, agriculture leaders, and representatives from localities, businesses, and cooperatives also discussed the benefits of the State, firms, and cooperatives when joining the PPP model.
Chairman of the Vietnam Rice Industry Association Bui Ba Bong stressed once Vietnamese rice is branded with “low carbon”, it will help improve the image of the Vietnamese agriculture, describing this as the most substantial benefit.
As part of the project, the agriculture ministry has developed five pilot low-carbon cultivation models applied the Measurement, Reporting and Verification (MRV) method in Tra Vinh, Soc Trang, Kien Giang, and Dong Thap provinces and Can Tho city in the 2024-2025 period./.
China Duty Free and IPPG to open duty-free shops in Vietnam
China Duty Free, owned by state-owned travel company China Tourism, has signed a deal with Vietnamese conglomerate Imex Pan Pacific Group (IPPG) to open three duty-free shops in Vietnam to draw in Chinese tourists.
The deal was concluded during a trip to Vietnam by the China Duty Free and China Tourism mission at the end of March.
"The first duty-free store will be opened in the northern city of Mong Cai in Quang Ninh Province near the Chinese border this year," according to Jonathan Hanh Nguyen, chairman of IPPG. "The second will open next year in the beach city of Nha Tran, Khanh Hoa Province, and the third in downtown Ho Chi Minh City at an unspecified date."
Before the pandemic, Ho Chi Minh City, Khanh Hoa, and Quang Ninh were the top destinations for Chinese tourists.
US discount store to buy from Vietnam
Big Lots (NYSE: BIG), the American discount retail chain, announced on April 1 that it has opened international buying offices in Ho Chi Minh City and Shanghai to enhance the company's competitiveness in sourcing products.
The offices will be under the leadership of Kevin Kuehl, senior vice president and general merchandising manager.
According to Kuehl, the company's buyers will be situated near significant manufacturing facilities and vendor partners in Asia. The move also aims to help the organisation expand its sourcing network for critical categories such as furniture, seasonal items, and soft home goods to developing markets in Central and South America, Africa, and other regions.
Retail sales surge 8.2% in Q1
Vietnam’s retail sales of consumer goods and services in the first quarter of this year soared by 8.2% year-on-year to over VND1,537.6 trillion, said the General Statistics Office.
The surge in retail sales in March, which amounted to VND509.3 trillion, up by 9.2% from the previous year, indicates a rebound in consumer spending following the Lunar New Year (Tet) holiday.
From January to March, retail sales of commodities totaled VND1,190.3 trillion. Key sectors driving this growth include household goods (15%), food (11.8%), and garments (8%). However, the automobile sector experienced a sharp decline of 27.8% year-on-year.
Top performers in terms of growth rates include Quang Ninh, Haiphong, and Long An, recording respective growth of 9.8%, 9.7%, and 9.1%.
Accommodation and catering revenue in the first quarter reached an estimated VND174.8 trillion, a 13.4% increase from the previous year. Leading this growth are Quang Ninh (23.2%), Danang (19.8%), and Haiphong (13.5%).
In response to these positive trends, the General Statistics Office has urged the Ministry of Industry and Trade to expedite measures to ensure the stability of essential goods supply and foster domestic market development. These measures include reviewing and enhancing legal documents governing market prices and effectively ensuring an ample supply of critical commodities to avoid potential price hikes due to shortages.
AEON Vietnam opens first super supermarket in HCMC
AEON Vietnam has inaugurated its first super supermarket (SSM) at the Crescent Mall shopping center in District 7, HCMC.
The opening of AEON Nguyen Van Linh in HCMC on April 3, following similar launches in Hanoi in 2022 and Binh Duong in 2023, reflects AEON’s major plan to diversify its retailing models in Vietnam.
Covering 5,000 square meters, AEON Nguyen Van Linh comprises two sections: shopping and catering service. Notably, the store introduces the Reward Kitchen model, offering delicacies typically served at restaurants to customers.
Gold ring prices shoot up
The local price of 24K gold rings shot up to a record high of more than VND72 million this morning, April 4, according to local media.
Saigon Jewelry Company (SJC) in HCMC today quoted its gold rings at VND70.8 million for buying and VND72.05 million for selling, up by VND500,000 against yesterday.
Bao Tin Minh Chau in Hanoi listed its gold ring buying price at VND71.1 million and its selling price at VND72.3 million.
Following the global trend, the local prices of gold bars also increased strongly and approached the threshold of VND82 million per tael. A tael equals 37.5 grams or 1.2 troy ounces.
SJC raised its gold bar price by VND600,000 to VND79.7 million for buying and VND81.7 million for selling. Meanwhile, DOJI gold bars were capped at VND79.4 million and VND81.6 million per tael.
Since the beginning of the year, the gold ring price has increased by over VND9 million per tael to its highest-ever price range, while gold bars have shot up by nearly VND8 million per tael.
Vietnam boosts trade promotion in Algerian locality
The Vietnam Trade Office in Algeria coordinated with the Chamber of Commerce and Industry of Algeria's Béjaia province organised a seminar on April 2 to introduce economic and trade cooperation potential between the two countries.
Chairman of the chamber Mamasse Samir said with 100 km of coastline, the locality has huge potential for tourism development.
Enterprises in Béjaia mainly operate in the areas of the food industry, wood and paper, metallurgy, mechanics, electricity, electronics, construction materials, and textiles, he said, adding that several local companies are importing coffee and spices from Vietnam.
He called on Vietnamese businesses to invest in the Algerian locality, and cooperate with local partners based on mutual benefit, affirming that Béjaia always creates favourable conditions for foreign investors with many incentives on taxes and industrial land leasing.
Trade Counselor Hoang Duc Nhuan briefed participants on Vietnam's economic and foreign trade situation and the trade and investment cooperation relationship between the two countries. The two-way trade between Vietnam and Algeria reached an estimated 250 million USD in 2023, up 68% year-on-year.
Nhuan also provided information to and invited Algerian businesses to attend an exhibition on connecting international supply chains (Vietnam International Sourcing) from June 6-8, 2024 in Ho Chi Minh City.
At the event, the office also displayed catalogs and samples of coffee, pepper, cashew nuts, cinnamon, anise, coconut meat, and plywood of Vietnamese businesses.
Businesses in Béjaia expressed their interest in importing raw coffee, cashew nuts, sugar, soybeans, sunflower seeds, bags, packages, and materials for cork production; sporting products from Vietnam; and seeking partners in the fields of textile production and agricultural processing, refrigeration equipment, logistics, and tourism.
They said they wish to export olive oil, caromic powder, margarine, and sauces to Vietnam./.
Vietnam’s macro-economic achievements praised at international workshop
Vietnam’s macro-economic achievements were applauded at an international workshop co-organised by the International Monetary Fund (IMF) and the Bank of Laos on April 3 in Luang Prabang.
The workshop discussing measures to overcome headwinds of the global economy saw the participation of bank governors from Laos, Malaysia, Thailand and Vietnam; the Deputy Managing Director of IMF; the Chief Representative of International Financial Corporation (IFC) office in Laos; representatives of central banks and finance ministries of ASEAN countries, international organisations, and financial institutions in the region.
Governor of the State Bank of Vietnam Nguyen Thi Hong led the Vietnamese delegation to the event.
As a main speaker at the workshop, Hong shared the positive results of Vietnam’s economic restructuring model in recent years from agriculture to industry and services. During this process, the SBV's monetary and credit management has actively contributed to the country’s macroeconomic stability, creating a solid foundation for sustainable development and promoting industrialisation.
In addition, Vietnam's banking industry is also promoting national digital transformation and proactively deploying practical actions to respond to climate change, she said, adding that it ranks higher than those in other Asian countries in implementing a number of important contents of the Paris Agreement.
Participants at the workshop praised Vietnam's macroeconomic achievements in recent years, saying that Vietnam contributes to making ASEAN a bright spot of regional and global growth.
The workshop, which took place on the sideline of the ASEAN Finance Ministers and Central Bank Governors’ Meetings 2024, provided participants with an opportunity to discuss long-term development trends in the world and how to take advantage of opportunities that the trends can bring to boost economic growth.
According to the IMF, in contrast to projected slowdown of the global economy and the risk of recession, the Asia-Pacific region continues to maintain a solid outlook, expected to contribute about two thirds of the global economic growth in 2024. In particular, ASEAN, a typical model of economic integration and cooperation, is increasingly becoming a dynamic economic region that is expected to contribute about 10% of GDP globally this year.
Within the framework of the workshop, leaders of central banks and representatives of the IMF and IFC discussed long-term development trends in the world, from economic restructuring, demographic changes, climate change adaptation, technology development, artificial intelligence and green transition to the operation of the ASEAN economy in general, and financial markets and the monetary policy management of central banks in particular./.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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