Food safety - From farm to fork

Sustainable development is a trend and goal in every industry. In food, the “farm-to-fork” clean agriculture model is also becoming an inexorable trend. Clean and organic food with clear origin and processed right after harvesting is increasingly popular nowadays.

Concerned about buying unclean food from the market, to actively create a clean food source this school invested in a 2.3-ha farm, growing fruit and vegetables and breeding livestock for its kitchen. All farming processes follow a closed-loop model that meets safety standards, providing fresh food and nutritious meals for more than 500 students.

With fields of more than 2,000 square meters organically growing a variety of vegetables, the school is entirely self-sufficient. This is also where students enjoy their extra-curricular activities.

From farm to fork has become a popular trend today. On 3.5 hectares, this unit has invested in producing clean vegetables in line with safety standards. Despite the difficulties in following the strict processes, it still strives for clean and safe food every day.

Figures show that, at present, all cities and provinces in Vietnam have developed a “from farm to fork” production chain. Experts said that to change people’s mindsets, it is necessary for related agencies to be fully involved.

A recent report showed that up to 86 percent of Vietnamese consumers prioritise organic products for their daily meals, because of safety and nutrition factors. Clean food, from farm to fork, contributes to product safety, thereby creating trust and confidence among consumers./.

Swing trading of apartments no longer attractive to investors: Experts

Investing in apartments to capture short-term gains has not been attractive to investors due to high prices caused by limited supply, according to experts.

Investing in apartments to capture short-term gains has not been attractive to investors due to high prices caused by limited supply, according to experts.

“Apartments are not as attractive as before and careful consideration must be given to swing trading,” Dao Van Duy, general director of Vietnam Infrastructure Investment and Development Joint Stock Company told local media.

From the perspective of a developer, Duy said the reason the previously profitable apartment segment was not attractive to investors was encapsulated in the story of prices.

Nguyen Duc Huy, an investor, said the pandemic pushed the market into a lot of difficulties but housing prices remained at a high level due to limited supply. He added that housing prices were already at high levels, making swing trading no longer attractive.

According to Nguyen Van Dinh, deputy general secretary of the Vietnam Real Estate Association, the time of swing trading apartments to earn significant profit was over as prices were unlikely to increase.
Dinh said swing trading of apartments was not a good idea at this time.

Starting from last year, many secondary investors put their apartments up for sale to cut their losses.

In different crises, assets like gold, foreign currency and real estate could be considered safe-haven investments. For real estate assets, important factors include price increases, liquidity and ability to use for business activities, thus, commercial land and property are more attractive than the apartment segment.

According to the Vietnam Association of Realtors, there was an absence of swing traders due to low transactions and profitability.

Nguyen Thi Thanh Huong, general director of Dai Phuc Land said the opportunity for short-term investment was not huge at this moment due to low market liquidity, adding that short-term investment would provide gains only when the real estate market was robust or there were new key projects./.

Dong Nai IPs see high rate of occupancy

The southern industrial hub of Dong Nai has formed 32 industrial parks (IP) with a total area of over 10,222 hectares, 31 of which have been operational with the occupancy reaching 81.93 percent, according to the Dong Nai IP Management Board.

Since the beginning of this year, 64.94 hectares of the local IPs have been rent, surpassing the target of 60 hectares, mostly in Giang Dien, An Phuoc, Loc An-Binh Son, Nhon Trach 6 and Dau Giay IPs.

Due to impact of COVID-19 pandemic, many sectors have faced difficulties, forcing them to reduce production scale and investment.

Over 18 million USD has been invested in infrastructure system in the IPs, raising the total investment in the system to nearly 674 million USD, basically completing the IP’s infrastructure.

Due to limited industrial land for lease, the board will prioritise projects with large investment, high rate of technology, and environment friendly.

Under a planning for IP development in 2020, Dong Nai will have 35 IPs covering 11,748 hectares. Three more IPs are expected to be developed, along with the expansion of a number of operational ones.

Following Dong Nai’s request, the PM has agreed to increase the IP area in the province to 2020 to 6,500 hectares./.

Moody’s raises BIDV’s foreign-currency deposit rating

The Bank for Investment and Development of Vietnam (BIDV)'s foreign-currency deposit rating has been raised from B1 to Ba3 by Moody’s.

The bank’s long-term local deposit and long-term issuer ratings were maintained at Level Ba3. The Moody’s continued to keep the BIDV’s long-term issuer rating at an equal level of the Vietnam’s national credit ratings.

In this review, the Moody’s recognised the stable improvement of BIDV in property quality. Capital mobilisation capacity is still a strength of the bank.

BIDV’s successful selling of shares to the Republic of Korea's KEB Hana Bank in 2019 contributed to increasing the bank stockholder’s equity. The Moody’s held that the bank’s selling of more stocks to foreign investors will contribute to its ratings rise.

2020 marks the 15th consecutive year that BIDV has been reviewed by Moody’s. This confirms BIDV’s commitment to financial transparency as well as compliance with international standards./.

Can Tho int’l workshop seeks to raise farmers’ income

An international workshop was recently held in the Mekong Delta city of Can Tho to seek ways to raise income for Vietnamese farmers.

It offered a platform for scientists, researchers and policymakers to share ideas and new achievements; identify emerging challenges and forge academic cooperation in various fields related to business, economy and finance.

Organised by the Can Tho University, the event saw the participation of scientists and experts of Vietnam, Japan, New Zealand, the US, and Indonesia.

Prof. Scott Hipsher of Webster University of the US pointed out that the COVID-19 pandemic is taking its toll on vulnerable groups, including farmers.

He urged farmers to utilise time and human resources to increase farm production and quality during border closures and trade restrictions. Once the pandemic is brought under control and trade resumed, they are believed to gain an upper hand in supply and increase revenues.

Prof. Tsunoda Manabu from the Japan International Cooperation Agency laid a stress on the role of sustainable agro-economy development models.

He also touched on the application of modern technology in agriculture, saying it will be the most effective and sustainable agricultural development orientation.

A number of solutions were introduced during the event to bolster income for farmers, including the diversification of varieties, arrangement of short-term refresher courses and regular updates on market information.

In addition, farmers’ fear over risks should be minimised through the diversification of production, the Government’s support for insurance for varieties and thorough land planning, among others./.

Investment needed for agriculture, rural area building

The mountainous district of Quan Hoa in north-central Thanh Hoa province has been following the new-style rural area model over recent years, in line with developing its economy and supporting technology transfer in production. And its efforts have paid off.

Ha Van Thai’s farm has had technology transferred by Phú Nghiêm commune’s project on new-style rural area building, and he now earns roughly 4,300 USD a year. 

Since meeting new-style rural standards, local households in Ban Pong-Ka Me village have seen their livelihoods improve remarkably. Each household now raises five cows, for a village total of nearly 600. Most local people are also now involved in planting forests, earning 1,500 USD each per year. 

Over the last five years, the people of Phu Nghiem have contributed 3,600 workdays and donated more than 28,500 square metres of land, building a new-style rural area in line with economic development while calling for investment in agriculture. 

It is expected that by the end of this year there will be three more mountainous communes in Bá Thước, Ngọc Lặc, and Quan Sơn districts meeting standards, thus improving local livelihoods./.

Vietcombank honoured with Visa’s prestigious prizes

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has recently been honoured at four categories of the multinational financial services corporation Visa Inc.

The bank was named the Leadership in Payment Volume, Leadership in Debit Payment Volume, Leadership in Merchant Sales Volume, and Leadership in Contactless Active Terminals Penetration in 2020.

Vietcombank Deputy General Director Nguyen Thi Kim Oanh said despite challenges for the economy and the banking sector in particular brought by the COVID-19 pandemic, Vietcombank has bolstered the application of contactless technology and taken the initiative in expanding its partnership with merchants accepting one-touch payment option, among others.

Visa assesses its global clients by eligibility requirements and recognises the highest-performing banks in each key area.

Recently, the lender was presented with the outstanding digital banking transformation bank award in 2020.

In July, it launched its digital bank service, VCB Digibank, which integrates the bank’s online trading platforms./.

Japan pledges to support major transport projects in Binh Duong

Japanese Ambassador to Vietnam Yamada Takio has told leaders of the southern province of Binh Duong that his country supports transport projects connecting Binh Duong with regional localities and cooperation in investment for major projects using Japanese ODA.

At a meeting with provincial leaders in the locality on December 19, the diplomat said that said he is impressed by the dynamic development environment and infrastructure of Binh Duong.

The two sides discussed measures to speed up cooperation in major transport projects. They also mentioned a railway line connecting Hoa Lu border gate in neighbouring Binh Phuoc province and Cai Mep-Thi Vai border port, an important project not only for Binh Duong but also the southern economic region and the whole nation, completing the logistics and urban system of the region.

Binh Duong proposed that Japan help spread the information on the project to partners, while speeding up procedures to supply investment capital to the project.

The Japanese ambassador lauded the Vietnam-Japan joint venture Becamex-Tokyu’s establishment of a centre for pre-feasibility research for the project.

So far, 15 Japanese firms have chosen Binh Duong as their investment destination, he noted, suggesting that Binh Duong work harder in training high quality human resources to meet the demand of Japanese investors.

Secretary of the Binh Duong Party Committee Tran Van Nam said that after 23 years of re-establishment, Binh Duong has become a dynamic industrial locality of Vietnam, with industrial sector making up 97 percent of the locality’s economic structure.

Binh Duong is home to 29 industrial parks and 10 industrial clusters. It has attracted nearly 4,000 foreign-invested projects from 66 countries and territories, of which disbursement reached over 35.4 billion USD.

He noted that Japan has been the largest foreign investor in Binh Duong with more than 320 projects worth over 56 billion USD.

The official added that despite impact of COVID-19 pandemic, the province has still maintained high growth rate in 2020, while its State budget collection hits nearly 60 trillion VND, and per capita income reaches 6,700 USD per annum.

The Japanese ambassador spoke highly of the initiative of organising an international friendship football tournament for Japanese and Vietnamese U13 teams, expressing his hope that such activities will be expanded in the future./.

Importers to reduce purchases for Tet as lower demand feared

Companies that import fruits and foods expect lower demand during Tet (Lunar New Year) next February due to the impact of COVID-19 pandemic and plan to reduce import.

Insiders said Tet is the season for consuming fresh fruits such as apples and cherries in the high-end segment. But their prices have increased significantly this year because the cost of harvesting the fruits in major exporting countries of the fruits such as the US, Australia, and New Zealand have gone up by two to three times due to the impact of COVID-19, and there is a lack of international flights.

Fresh fruit imports are expected to reduce this Tet, while the supply of imported nuts such as pistachios, almonds, walnuts, and pecans will surge, insiders forecast.

According to other market research companies, while consumers will still spend during Tet, demand will surely reduce from previous years./.

Indonesia, Republic of Korea sign free trade deal

Indonesia and the Republic of Korea on December 18 inked their Comprehensive Economic Partnership Agreement (IK-CEPA) in Seoul.

The signing marked an important milestone for both countries, when the RoK is increasingly interested in making Indonesia a new production base in Southeast Asian region.

Trade minister of Indonesia, Agus Suparmanto said at a virtual press conference the same day that he believes the IK-CEPA will make Indonesia’ economy stronger, more competitive, open, and more attractive to RoK investors.

Suparmanto emphasised that the signing of the IK-CEPA showed the commitment of the two countries to strengthen economic relations in the midst of a challenging global economic situation in recent years before finally being faced with the COVID-19 situation. He hoped that the IK-CEPA can assist the economic recovery of the two countries more quickly.

Under the pact, the RoK will eliminate up to 95.54 percent of its tariff posts, while Indonesia will eliminate 92.06 percent of its tariff posts in goods trade. In services trade, Indonesia and the RoK are committed to opening more than 100 sub-sectors.

In 2019, the RoK was the eighth export destination country and the sixth source of imports for Indonesia. Their two-way trade in 2019 reached 15.65 billion USD, with Indonesian exports to the RoK amounting to 7.23 billion USD and imports from the RoK amounting to 8.42 billion USD.

In the first 11 months of 2020, the value of Indonesia’ non-oil and gas exports to the RoK was recorded at 5.03 billion USD./.

World Bank predicts 4 percent growth for Cambodia in 2021

Cambodia's economy is projected to contract 2 percent in 2020 but recover to a four percent growth next year, the World Bank forecast in its latest economic update for Cambodia entitled Restrained Recovery.

The bank said economic activities in the country are gradually returning to normal levels as social distancing measures are relaxed.

Consumption is being partly supported by government intervention, while inflation remains subdue and foreign direct investment inflows to projects in non-garment industries and agriculture have been rising thanks to free trade agreements that Cambodia has signed with partners.

According to the report, although total exports have been hit by the pandemic, exports of bicycles, electrical parts and vehicle parts and accessories are rising, and the export of rice and agricultural products have surged.

Domestic tourists have also supported a partial recovery of the travel and tourism industry, it said.

However, WB country manager for Cambodia Inguna Dobraja said significant uncertainty remains to Cambodia’s growth outlook. According to her, the most important policy goal must be to urgently regain jobs lost and suspended due to the pandemic./.

ASEAN, Brazil eye stronger trade and investment links

Vietnamese Ambassador to Brazil Pham Thi Kim Hoa has attended a virtual meeting between the ASEAN Committee in Brasilia (ACB) and the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) which discussed opportunities for trade and investment and ways to develop economic relations between ASEAN member states and the Latin American country.

The meeting brought together ambassadors of ASEAN member states and Apex-Brasil Chairman Sergio Segovia.

Speaking at the event, Segovia highlighted ASEAN as Brazil’s third largest grouping partner and congratulated the bloc on the signing of the Regional Comprehensive Economic Partnership (RCEP) last month.

He later introduced about Apex-Brasil and solutions it is adopting to promote trade and investment in Brazil at the time of COVID-19.

In 2020, the Apex-Brasil organised a number of virtual business-matching events and webinars on food, beverages and information technology with enterprises from Southeast Asia, Segovia said, adding that the agency has also released market research reports, including one for Vietnam focusing on foods and drinks industries following the visit of an Apex-Brasil delegation to the country in late 2019.

These reports have provided Brazilian firms with useful and updated information about the Vietnamese market, he noted.

Next year, the agency plans to take part in virtual trade fairs, webinars and roadshows among others to gain broader access to ASEAN markets for Brazilian companies. It also shows strong interest in the FoodExpo held annually in Vietnam which it plans to participate in next year.

In 2019, the Vietnam-Brazil trade reached nearly 5 billion USD, making Vietnam Brazil’s largest trade partner in ASEAN while Brazil is also Vietnam’s biggest partner in Latin America.

Ambassador Pham Thi Kim Hoa, for her part, briefed about Vietnam’s incentives for foreign investment and called on Brazilian firms to invest in Vietnam’s areas of priority, such as logistics, pharmaceuticals, IT, textile and garment, agriculture and biofuel.

She also proposed the Apex-Brasil sign an agreement with the Vietnam Trade Promotion Agency to further boost trade between the two countries./.

Vietravel Airlines announces uniforms, IATA symbol

The Vietnam Travel Aviation Company Limited (Vietravel Airlines) on December 18 unveiled the company's uniforms, to mark the 25th founding anniversary of the parent company Vietravel.

On the occasion, the airline also announced its IATA symbol (international code representative of Vietnam travel airlines at airports) as VU.

Vietravel Airlines plans to open ticket sales right after being granted the Aircraft Operator Certificate (AOC) and will operate its first commercial flight in December with Airbus A321 aircraft.

At first, the company will focus on transporting tourists, then gradually expand to other passengers.

Vietravel Airlines plans to operate more than 40 flights per week, focusing on the main flight axis Ho Chi Minh City – Hanoi and tourist destinations such as Nha Trang, Phu Quoc.

Vietravel Airlines is an airline invested by Vietravel. With a total investment capital of 700 billion VND, the airline is eligible to engage in air transport in 50 years with more than 30 aircraft. In early December, it received its first aircraft./.

Vietnam, India eyes stronger cooperation in pharmaceuticals

Vietnam and India hold plenty of advantages and potential to boost cooperation and investment in pharmaceuticals and medical equipment, heard at a webinar co-held by the Vietnam Chamber of Commerce and Industry's Branch in Ho Chi Minh City (VCCI-HCM) and the Pharmaceuticals Export Promotion Council of India (Pharmexcil) on December 18.

India is now Vietnam’s third largest pharmaceutical supplier, after France and Germany, with imports into Vietnam reaching 198 million USD in the first three quarters of this year, Director of VCCI-HCM Vo Tan Thanh told the webinar on opportunities for cooperation and investment in pharmaceuticals in Vietnam.

Medicine demand in Vietnam is on the rise in recent years, he said, adding that each Vietnamese spends around 64 USD on pharmaceuticals annually and the Vietnamese market size has exceeded 6.5 billion USD.

Vietnam is calling investment in developing domestic production of pharmaceuticals and medical equipment to improve people’s living standards, so there are large room for the two countries to step up cooperation and investment in the field, Thanh noted.

Hua Phu Doan, Vice Chairman of HCM City’s Medical Equipment Association said that population aging in Vietnam has resulted in increasing demand for medicine and advanced medical equipment serving the elderly.

Meanwhile, the local healthcare system has been poorly equipped with 70 percent of hospitals without CT scanners, 35 percent of medical equipment used for more than 20 years and 40 percent of them used between 10 and 20 years.

He also cited the fact that most of medical equipment in Vietnam are imported as domestic production can only supply 1.5 – 2 percent of demand.

This provides big opportunities for foreign investors, including those from India, he said.

Pharmexcil Director Murall Krishna said India is the world’s third largest exporter of pharmaceuticals and medical equipment which provides up to 70 percent of vaccines to the World Health Organisation (WHO).

Vietnam and India has seen strong partnerships in multiple areas, however, that in pharmaceuticals has failed to meet both sides’ potential, he said, noting that a large number of Indian producers in the field are looking for opportunities in Vietnam.

Vietnam – India trade and investment ties have been thriving in recent years with India ranking in Vietnam’s top 10 biggest trade partners while Vietnam is a key market in India’s Act East Policy.

Bilateral trade totaled 11.2 billion USD last year and over 7 billion USD in the first nine months of 2020, despite impacts of COVID-19./.

Webinar fosters Vietnam’s investment in Myanmar amid COVID-19

The Embassy of Vietnam in Myanmar on December 17 hosted a webinar on “Foreign Investments in Myanmar in the Context of COVID-19 Pandemic”, bringing together officials from both countries.

The event was also attended by representatives of 40 Vietnamese enterprises doing business in Myanmar and a number of firms from Hanoi and Ho Chi Minh City who are looking for investment opportunities in Myanmar.

In his remarks, Vietnamese Ambassador to Myanmar Ly Quoc Tuan emphasised the importance of the event as the COVID-19 pandemic has caused severe impacts on the two countries’ businesses.

Myanmar has swiftly responded to the pandemic by developing short, medium and long term plans to recover the economy and prevent the spread of the coronavirus, Tuan said.

New policies and regulations have been put in place in Myanmar to boost foreign trade, investment and travel in and out the country so the webinar provides a chance for Myanmar authorities to provide details about these new rules, the ambassador added.

He went on to highlight the significance of economic cooperation between the two countries, urging local concerned authorities to continue facilitating Vietnamese firms to invest and do business in Myanmar, contributing to the enhancement of bilateral economic cooperation.

Vietnam-Myanmar trade reached 943 million USD last year and 724 million USD in the first 10 months of this year. Vietnamese enterprises registered to pour about 2.2 billion USD in investment in Myanmar in 2020 fiscal year, ranking 7th among 51 foreign investors in the Southeast Asian country./.

EVFTA brings first success with plenty more to come

Since its entry into force on August 1, the European Union (EU) – Vietnam Free Trade Agreement (EVFTA) has brought first successes, reflected by the strong growth of Vietnam’s exports to the EU in recent months and opened significant opportunities for sustainable development in bilateral trade.

Deputy Minister of Industry and Trade Tran Quoc Khanh said at a roundtable seminar held by the Delegation of the European Union to Vietnam on December 16 that the EVFTA was the spotlight in the relationship between Vietnam and EU. Four months was not a long period of time but enough to look back at the impacts of the trade deal, he added.

These are positive signs showing the EVFTA has been opening up important opportunities for the sustainable development of bilateral trade relations. The EVFTA should continue to offer important opportunities for the sustainable development of bilateral trade relations.

The first month EVFTA came into effect, Vietnam’s exports to the EU increased by just about seven percent then 9 percent in the second month and 15 percent in the third month, meaning an average increase of 10-11 percent in the three-month period. This was a considerable increase compared to other trade deals which saw just around 2-3 percent of enterprises to be able to take advantage of the preferential tariffs in the first years.

Vietnam’s imports from the EU were estimated to reach 13.2 billion USD in January-November, representing a rise of 4.3 percent against the same period last year. The average increase in Vietnam’s imports from the EU in the three-month period when the EVFTA was in force was 11.5 percent.

“EVFTA brings first fruits and is opening significant opportunities for the sustainable development in trade between the two sides,” Khanh said.

Not only trade but also investment of the EU into Vietnam increased. Statistics of the Foreign Investment Agency under the Ministry of Planning and Investment showed that EU poured around 752 million USD worth of investment in Vietnam in the first three quarters of this year, 100 million USD and 180 projects higher than before the EVFTA was in force.

Head of the Delegation of the European Union to Vietnam, Ambassador Giorgio Aliberti, said: “Recently, some Vietnamese products have immediately enjoyed the benefits of the EVFTA, such as agricultural, fisheries, and footwear products. The EVFTA is a new and very comprehensive agreement that covers many sectors and industries. However, it is still a challenge to fully understand the standards and requirements set out in the agreement."

Nguyen Thi Thu Trang, Director of the WTO and Integration Centre under the Vietnam Chamber of Commerce and Industry (VCCI), said a recent VCCI survey carried out on import-export companies about their undertanding of FTAs found that enterprises understood issues related to their operation fields in the EVFTA much better than other trade deals.

In addition, enterprises were expecting the positive impacts of EVFTA more than other trade deals, demonstrating that the Government’s efforts in promoting communication for the trade deal.

EVFTA also provided opportunity for Vietnam to hasten institutional reforms toward international standards and make the business environment more transparent and predictable.

Since the EVFTA came into force, three decrees, two decisions and one circular were issued while one decision was abolished in an effort to complete the legal framework and environment for the successful implementation of the EVFTA.

Luong Hoang Thai, Director of the Multilateral Trade Policy Department, said that still more amendments were needed to improve the legal framework and the institutions to implement the EVFTA efficiently.

Technologies were changing everything, especially in the era of Industry 4.0 and the context of the COVID-19 pandemic, requiring enterprises and management agencies to change to adapt, Thai said./.

Credit growth limits extended

The State Bank of Vietnam (SBV) has extended the credit growth limits for the second time this year to some commercial banks, of which the highest level is up to 30 percent. 

Leading banks including four State-owned commercial banks, also introduced a loan package for production and business, supporting small and medium enterprises with preferential interest rates to boost credit growth at the end of the year.

The lending interest rate ranges from 4.8-6.5 percent per year for loans less than six months and 5.5-7.5 percent per year for loans from six to 12 months.

Deposit interest rate is also stable at 2.5-3.8 percent per year for tenors of less than six months, 3.7-5 percent per year for six to less than 12 months, 4.9-5.8 per cent per year for 12-13 months.

Credit growth was more positive in the last quarter of the year, but commercial banks' liquidity is still abundant, interbank interest rates and deposit interest rates will move sideways in the next few months./.

Seaculture needs sustainable measures to thrive: experts

Seaculture holds significant potential for growth in Vietnam but measures are needed for its sustainability, experts told a conference on December 18.

Co-organised by the Ministry of Agriculture and Rural Development and the People’s Committee of the south-central coastal province of Phu Yen, the conference discussed the sector’s advantages and difficulties and put forth measures for sustainable development.

According to the Directorate of Fisheries, Vietnam’s seaculture area covers about 500,000 ha, with marine production reaching 604,000 tonnes in 2020. The main species for cultivation include molluscs, fish, crustaceans, seaweed, and sea cucumbers, with local processed products primarily exported to the EU, the US, and Japan.

The sector has so far helped improve living standards, ensure marine security, and safeguard the country’s sovereignty over its seas and islands. However, it remains unplanned and without adequate infrastructure, while farmers’ breeding skills are yet to meet requirements. A number of farms overlap and conflict with other economic sectors, and cause environmental pollution.

Vice Director of the Phu Yen Department of Agriculture and Rural Development Nguyen Tri Phuong suggested the Government establish a credit package and a set of standards, promptly address obstacles in the handover of water surfaces, boost human resources training, invest in coastal infrastructure, and build a roadmap for mariculture output, particularly of lobsters in Phu Yen and neighbouring provinces.

Representatives from the Research Institutes for Aquaculture No 1 and No 3 recommended the self-production of industrial feed to protect the environment.

Nguyen Huu Dung, Chairman of the Vietnam Seaculture Association (VSA), advised localities involved to develop the sector in association with off-shore fishing, tourism, and wind power.

Echoing these opinions, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that for rapid and sustainable growth during 2021-2025, the sector should focus on infrastructure investment, breeding selection, and building a closed process from input to export that does not cause environmental pollution./.

Forum discusses tax policy supporting businesses

Relevant agencies have rolled out various solutions this year to help taxpayers cope with the adverse impact of COVID-19, a forum on tax policy held in Hanoi on December 18 heard.

The Ministry of Finance has worked to complete institutions, raise the validity and efficiency of the tax system, and foster administrative reform. It has also bolstered the utilisation of modern tax management apps.

A number of mechanisms and policies responding to the pandemic have been submitted to the Government, of particular note Decree No 41/2020/ND-CP on the extension of tax payments and land rents for companies and household businesses, increases to family circumstance-based deductions for taxpayers, and exemptions on import tariffs for medical supplies and devices used to fight COVID-19.

Similarly, various measures were introduced by the customs sector to address bottlenecks and support export-import companies, thereby facilitating trade, raising the efficiency of State management, and ensuring budget collections, said Le Manh Hung, deputy head of the export-import authority at the General Department of Vietnam Customs.

The sector will continue with the implementation of effective measures, bolster administrative reform, and support companies in the future, he added.

Vietnam’s total foreign trade in the first 11 months was estimated at nearly 490 billion USD, a year-on-year rise of 3.6 percent. The customs sector collected about 310 trillion VND (13.42 million USD) for the State budget, down 11 percent against 2019. 

There are now 194 online public services being offered via the portals of the General Department of Taxation and local tax offices nationwide.

More than 794,000 businesses are making online tax declarations, or 99.32 percent of those in operation.

The Ministry of Finance in cooperation with 55 commercial banks has introduced electronic tax payments for about 780,600 businesses.

It will keep a close watch on the situation so as to timely compile and introduce support measures, while continuing with the implementation of existing measures./.

Businesses updated on Vietnam-Cuba Trade Agreement

The Ministry of Industry and Trade (MoIT) held a seminar in Hanoi on December 18 to provide businesses with an insight into the Vietnam-Cuba Trade Agreement, the Latin American country’s first deal with an Asian partner.

The seminar was to help local businesses learn of the commitments in the agreement and the challenges and opportunities in boosting exports to Cuba.

The Vietnam-Cuba Trade Agreement was signed in Hanoi on November 9, 2018 and came into force on April 1, 2020.

It consists of 14 chapters with regulations on trade in goods, rules of origin, customs management, trade facilitation, trade remedies, technical standards, conformity assessment procedures, sanitary and phytosanitary measures, and economic and trade cooperation.

The two sides commit to eliminating or reducing tariffs on nearly 100 percent of imports within five years.

The agreement is expected to generate benefits for both business circles so as to lift bilateral trade to new heights.

Trade between the two countries stood at 226.81 million USD in 2019, including 221.62 million USD in exports from Vietnam. The figure reached 102 million USD in the first 10 months of this year, with 100 million USD being Vietnamese shipments.

Rice, coffee, chemical products, apparel, and footwear are major exports, with the country primarily importing vaccines and pharmaceuticals from Cuba.

Vietnam has four investment projects worth tens of millions of USD licensed in Cuba, including two already operational and others still in preparation./.

Cargo via Vietnam’s seaports up 4 percent in 2020

Vietnam’s seaports handled an estimated over 689 million tonnes of cargo this year, up 4 percent annually, reported the Vietnam Maritime Administration.

During the year, the country’s fleet of cargo ships are estimated to transport nearly 160 million tonnes of cargo, marking an annual increase of 3 percent, including 2.6 million TEUs of containers, up 8 percent year-on-year.

Vietnam now has 1,516 seagoing vessels, 1,049 of them are cargo ships with a combined tonnage of around 9.3 million tonnes. The country now ranks fourth in ASEAN and 30th globally in terms of the number of vessels.

The average age of Vietnamese vessels is 15.5 years, or 5.8 years less than the world’s average.

So far this year, the Vietnam Maritime Search and Rescue Coordination Centre has saved 60 vessels in distress with 765 people aboard, including 13 foreigners this year./.

Steel exports surge in November

Steel exports in November surged 21.52 percent month on month and 40 percent  year on year, reaching more than 478,300 tonnes, reported the Vietnam Steel Association (VSA).

The same month, steel production of all kinds reached more than 2.4 million tonnes, a month-on-month increase of 4.34 percent, and year-on-year increase of 15.6 percent.

Sales of steel also reached a record of more than 2.4 million tonnes, a sharp increase of nearly 36.9 per cent compared to October, and up 20.9 percent over the same period last year.

However, steel production, sales and exports were still almost flat in the 11-month period.

Specifically, the production of steel in the period increased only 1 percent over the same period last year, reaching more than 23.3 million tonnes, while sales decreased by nearly 1 percent to more than 21 million tonnes. Meanwhile, exports fell 2.8 percent over the same period in 2019 to over 4.1 million tonnes.

The economy in November continued to recover in new normal conditions, while production, business, trade and consumption continued as a growth factor for the steel market, according to the VSA.

Price of raw materials for steel production such as iron ore and scrap steel has soared in the past three years and set a new price mark in November, which affected prices in Vietnam.

Along with that, trade tensions between countries, the trend of increasing trade protectionism and the impact of the COVID-19 pandemic have made steel prices increase, the VSA said.

Domestic steel price is currently at an average of about 12,000 VND-12,500 VND (around 0.5 USD) per kilogramme at the beginning of this month, depending on the type of product and enterprises.

Price of construction steel currently sold on the market is around 15,000 VND per kilogramme, an increase of about 2,000 VND per kilogramme compared to last month./. 

Vietnamese, Malaysian enterprises boost cooperation

The Vietnam Malaysia Business Association (VMBIZ) and Malaysia’s Blue Ocean Capital Group Berhad (BOCGB) signed a Memorandum of Understanding (MoU) on December 20 to bolster collaboration and exchange between enterprises of both nations.

Accordingly, the VMBIZ and the BOCGB agreed to create favourable business cooperation climate for corporations of the two countries, help them to find potential partners, and mobilise resources for investment projects.

They also reached consensus on providing members with necessary market and project information, as well as latest updates on related policies so that they can seize business opportunities not only in Vietnam and Malaysia but also in the region and the world.

The two sides want to become a bridge to enhance cooperation between non-governmental organisations in Vietnam and Malaysia, and promote integration activities with a view to contribute to the Vietnam-Malaysia relations.

On the occasion, Vietnamese Ambassador to Malaysia Tran Viet Thai said Vietnam always treasures the relations with Malaysia, and wishes to enhance the strategic partnership with the nation, with economy-trade-investment being an important pillar.

Apart from being a favourite destination of large corporation like Apple and Samsung, Vietnam is also a potential market with a population of nearly 100 million people, he said, adding the VNBIZ and BOCGB should concretise their MoU with specific business and investment projects.

After the signing ceremony, several BOCGB’s members unveiled their plan to enter the Vietnamese market, and pave the way for Vietnamese goods to enter Malaysia and many other Muslim markets.

The VMBIZ, established in 2018, has conducted a wide range of activities to link Vietnamese and Malaysian firms. During the pandemic, the association worked with the Vietnamese trade office in Malaysia to organise many online conferences on enhancing Vietnamese exports to Malaysia. Additionally, the association has made positive contribution to activities by the Vietnamese people community in the host nation, and supported citizens who were battered by floods in the homeland./.

Source: VNA/VNN/VNS/SGGP/VOV/NDO/Dtinews/SGT/VIR