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Vietnam is aiming at 900 million USD from cashew nut export to the European Union (EU) in 2022.
According to the Import-Export Department under the Ministry of Industry and Trade, the EU is currently the second largest importer of Vietnamese cashew nuts, accounting for 23 percent of the total volume and 22 percent of the total value.
In 2021, Vietnam shipped about 135,000 tonnes of cashew nuts to the EU, earning 816 million USD, up 16.5 percent in volume and 7.9 percent in value year-on-year.
Vietnamese cashew nuts are available in 23 EU member markets, mainly the Netherlands and Germany.
The two are currently important trading hubs for cashew nuts in the EU, because they not only import for domestic consumption but also re-export to other markets in the bloc.
Motorbike sales fall for third straight year
With nearly 2.5 million motorbikes sold in 2021, the local motorbike market continued to see declining sales for three consecutive years.
According to the latest data released by the Vietnam Association of Motorcycle Manufacturers (VAMM), its five members, comprising Honda Vietnam, Piaggio Vietnam, Suzuki Vietnam, SYM Vietnam and Yamaha Motor Vietnam, sold 2.492 million motorbikes last year, down over 220,200 vehicles or 8.1% against the 2020 figure.
The total sales of the local two-wheel industry inched down, but the market share of Honda continued its upward trend in Vietnam.
Experts forecast that motorbike sales in the local market would continue to reach around 2.5 million units this year.
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LEGO pledges to speed up US$1 bln plant project in Vietnam
Danish toy production company LEGO Group is recruiting personnel for its US$1 billion plant project that is expected to get off the ground in the southern province of Binh Duong this year.
This information was unveiled by Preben Elnef, vice president of Global Brand at LEGO Group, during a working session on January 17 alongside leaders of Binh Duong province.
The factory represents the group’s sixth manufacturing site in the world and is the second throughout Asia. It is to help LEGO Group expand its global supply chain network, flexibly adapt to changes occurring in consumer demand in each region, and to provide children with fun experiences in the years ahead.
By developing the project, the group aims to generate 4,000 jobs for locals in Binh Duong over the next 15 years.
The project is expected to be put into operation in 2024.
Vietjet expands international air routes as from January 21
Low-cost carrier Vietjet Air plans to expand its international commercial flight network by restoring an air route connecting Ho Chi Minh City (Vietnam) with Bangkok (Thailand), starting from January 21.
The move will see the airline operate two round-trip flights per week on Fridays and Saturdays between Ho Chi Minh City-based Tan Son Nhat International Airport and Thailand's largest airport Suvarnabhumi.
Vietjet is exploiting a wide flight network connecting Bangkok with Thailand’s tourism and economic hubs, including Chiang Mai, Chiang Rai, Phuket, Krabi, Hat Yai, Nakhon Si Thammarat, Surat Thani, Udon Thani, Khon Kae, and Ubon Ratchathani, along with other inter-regional routes.
Dong Nai Province to spend $858 on roads to new airport
The southern province of Đồng Nai plans to build or widen three roads linking the under-construction Long Thành International Airport at a cost of VNĐ19.6 trillion (US$858 million).
Provincial Roads 770B and 769 will be upgraded and extended and a new road will be built from industrial parks to Cái Mép – Thị Vãi Port passing through the airport.
The 53-km 770B will be widened to have eight lanes and connect Định Quán, Thống Nhất and Cẩm Mỹ districts and Long Khánh Town with the airport, and its construction has begun.
The proposed new road, besides improving airport connectivity, will also enable transport of goods from industrial parks to Cái Mép – Thị Vãi Port, and also ease the load on the crowded National Highway 20 and Provincial Road 769, especially in Dầu Giây Town.
It is estimated to cost VNĐ12.5 trillion, including VNĐ7.5 trillion to acquire lands and relocate people.
Quang Ninh and Lao Cai halt fruit truck reception at some border gates
The northern provinces of Lào Cai and Quảng Ninh have decided to temporarily halt receiving vehicles carrying fresh fruit for export to China via some of their border gates and crossings, as congestion is still an issue.
Lào Cai is going to suspend the reception of vehicles at Kim Thanh International Land Border Gate No 2, the Chinese counterpart of which is Beishan, from Tuesday (January 18) until further notice.
In an urgent announcement sent to localities nationwide on Sunday, the Lào Cai provincial People’s Committee said China’s Yunnan Province has resumed imports of fresh fruit through this border gate pair since January 12.
However, as the Chinese side is implementing strict anti-COVID-19 measures, the gates’ customs clearance for fresh fruits remains modest, with only 60 lorries passing through from January 12 to 15. While nearly 1,000 vehicles carrying the produce, including dragon fruit, mango, watermelon, and jackfruit, are currently stranded at border gates in Lào Cai, the Kim Thanh border gate has already been overloaded and is unable to handle more.
Reference exchange rate up 12 VND
The State Bank of Vietnam set the daily reference exchange rate for the US dollars at 23,097 VND/USD on January 18, up 12 VND from the previous day.
With the current trading band of +/-3, the ceiling rate applicable to commercial banks during the day is 23,790 VND/USD and the floor rate 22,404 VND/USD.
FTAs provide impetus for exports
Despite pandemic-caused difficulties, Vietnam still posted a trade surplus of 4 billion USD, an impressive achievement partly attributed to free trade agreements (FTAs), especially the new-generation ones.
Statistics show that trade turnover hit 668.5 billion USD in 2021, rising 22.6 percent from the previous year. Notably, exports increased 19 percent, helping maintain a trade surplus for the sixth consecutive year, the Cong Thuong (Industry & Trade) newspaper reported.
Shipments to the markets having FTAs with Vietnam posted growth last year, including China (15 percent), the US (24.2 percent), the EU (14 percent), ASEAN (25.8 percent), the Republic of Korea (15.8 percent), India (21 percent), New Zealand (42.5 percent), and Australia (3.1 percent).
In particular, the new-generation FTAs such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU - Vietnam FTA (EVFTA), and the UK - Vietnam FTA (UKVFTA) are being enforced comprehensively and effectively.
In 2022, bilateral and multilateral FTAs, including the Regional Comprehensive Economic Partnership (RCEP) that took effect on January 1, will continue to give an impetus to Vietnam’s economic growth.
Rubber industry forecast to continue seeing bright prospects this year
The scarcity of rubber raw materials is forecast to continue in 2022, and world rubber is entering a new price increase cycle due to the decreasing supply, opening an optimistic picture for Vietnamese rubber enterprises to enjoy the dual benefits in terms of both export volume and value.
According to statistics of the Ministry of Agriculture and Rural Development, in 2021, thanks to the continuous increase in rubber prices, although the export volume only increased by 11.7 percent, the turnover soared by 36.2 percent year-on-year.
China maintained Vietnam's largest rubber importer, with 1.2 million tonnes worth 1.96 billion USD in the first 11 months of 2021, equivalent to increases of 1.71 percent in volume and 26.3 percent in value over the same period in 2020. In addition, some rubber export markets saw sharp rises in the past year such as the US, the European Union (EU), Malaysia, the Republic of Korea and India.
Vietnam's stock market on track to become one of 'Asia tigers': BSC
The Vietnamese stock market has witnessed drastic changes in both quality and quantity in 2021 and the trend will continue this year, BIDV Securities Company said in a recent report.
The firm said that the country's stock market was on track to follow the path of economies that were dubbed "Asian tigers" about 25-30 years ago, including Hong Kong, Singapore, the Republic of Korea and Taiwan.
In 2022, the market is likely to maintain the rally trend thanks to the fundamentals of macro factors, businesses, and cash flows, according to the firm. However, after a booming year in many aspects, BSC also became more cautious when international factors were less favourable despite positive local factors supporting the market’s growth.
The securities firm believes that the stable macroeconomic situation and the approval of the economic stimulus package will help the economy regain its growth momentum after controlling the COVID-19 pandemic.
Rising selling pressure weighs on market
The market finished lower during Monday's trade, weighed by profit-taking activities across all sectors.
The benchmark VN-Index on the Ho Chi Minh Stock Exchange (HoSE) lost 43.18 points, or 2.89 per cent, to 1,452.84 points. This marked the biggest daily loss since August 20.
The index extended losses in the afternoon session due to rising selling force. It fell 3.44 points in the morning trade.
The market's breadth was negative with 446 stocks decreasing, while only 49 stocks rose.
Meanwhile, liquidity on two main exchanges surged compared to the last trading session with a trading value of VND34.59 trillion (US$1.52 billion). Of which, the trading value on HoSE climbed 39 per cent to nearly VND29.2 trillion.
The index's downtrend was driven by the losses of stocks across all sectors, with many large-cap stocks hitting the maximum daily loss of 7 per cent.
The VN30-Index, tracking 30 biggest stocks on HoSE, dropped 44.96 points, or 2.95 per cent, to 1,478.61 points. Of the VN30 basket, 29 stocks declined, while only one increased.
The HNX-Index on the Ha Noi Stock Exchange (HNX) also edged down 21.52 points, or 4.61 per cent, to 445.34 points.
WTO membership the driving force behind Viet Nam's growth: experts
World Trade Organisation (WTO) membership and the signing of 15 free trade agreements (FTAs) has been moving Viet Nam’s economy forward for years, according to experts at the 15th anniversary of Viet Nam’s accession to WTO.
The WTO’s World Trade Statistical Review reported that among the top 50 merchandise traders, Viet Nam has recorded the biggest increase in world ranking, improving its position from 39th place in 2009 to 23th in 2019.
In 2020, the country positioned itself among the 20 leading exporters in international trade.
According to Ministry of Industry and Trade (MoIT), Viet Nam’s economy has been forging ahead with many upturns in exports thanks to WTO membership.
The country has successfully expanded its trade footprint in almost all markets worldwide and actively participated in global value chains and production networks.
Viet Nam’s exports have become more processing-oriented with processed goods’ contribution to exports rising from 80.3 per cent in 2016 to nearly 89.2 per cent in 2021.
Coca Cola invests US$136 million in project in Long An
Beverage company Coca Cola has received the investment certificate for its beverage plant, which requires an investment of US$136 million, in the Mekong Delta province of Long An.
Nguyen Thanh Thanh, head of the Long An Economic Zone Authority, said the authority had issued the investment certificate for Coca Cola’s project, which will be developed at the Phu An Thanh Industrial Park in Ben Luc District.
The project received the investment certificate right on the day Coca Cola submitted dossiers for the certificate.
In the last quarter of 2021, many large investors also received investment certificates on the day they submitted dossiers on their projects. Despite the quick completion of the procedure, all processes were in line with the law, Thanh added.
Wood, furniture exports to US expected to hit 10 billion USD
Export revenue of wood and furniture generated frrom the US market is predicted to reach 10 billion USD in 2022 thanks to the development trend from 2021.
According to the General Department of Vietnam Customs, the export of the products to the US surged 22.4 percent in 2021 to 8.8 billion USD, 87.6 percent of which came from wooden furniture.
Experts attributed the results to efforts of businesses in maintaining production and effective support from the Government amid difficulties caused by the COVID-19, holding that this expansion trend will continue in 2022.
However, they pointed out that the sector will still face many challenges, including trade remedies and the shortage of containers as well as high logistics cost. On average, the cost for each container to be transported to the US is 20,000-30,000 USD, four times that in previous years.
Vietnamese banks urged to tighten lending in real estate, securities
The State Bank of Vietnam (SBV) urged local banks to refrain from providing credits for businesses operating in risky real estate, securities, corporate bonds, or build-operate-transfer (BOT)/ build-transfer (BT) transport projects.
In addition, the SBV asked banks to tighten lending in foreign currency to avoid the dollarization of the economy, as well as create favorable conditions for businesses and people to access bank loans.
The SBV would continue to monitor the macro-economic situation for flexible and consistent management of monetary/fiscal policies, to stabilize the monetary and foreign exchange markets, and control the credit expansion rate.
Local banks are instructed to waive and lower transaction costs for customers amid the pandemic while ensuring the smooth operation of payment systems, privacy, and security of the system.
From a macro-perspective, the SBV is committed to finalizing the legal framework for banking operation, focusing on drafting the revised Law on anti-money laundering; revising the Law on the SBV, Law on credit institution, and guidance on the implementation of the Basel II or Basel III standards among banks.
Vietnam’s power plan to be submitted to PM in Q1/2022
The plan will be built with a focus on renewable energy and be in line with the national sustainable development after Vietnam pledged to cut greenhouse gas emissions to net-zero.
Vietnam’s Ministry of Industry and Trade (MoIT) has said it will submit the draft Power Development Planning VIII (PDP8) to the prime minister in the first quarter (Q1) this year.
Currently, the PDP8 is available for recommendations among localities nationwide before it will be finalized for submission. The plan will focus on renewable energy and be in line with the national sustainable development after Vietnam pledged to cut greenhouse gas emissions to net-zero.
reached 69.3GW, including 16.5GW of solar power or 24% of the total capacity, 0.6GW of wind power, and more than 50% came from coal.
Hanoi requests to vacate six degraded condominiums
Hanoi’s decision on speeding up the comprehensive renovation of old apartment buildings is considered a breakthrough in improving people’s living standard in the capital city.
Under the plan, all residents of the six condos must be relocated by March, and work on demolishing, renovating and rebuilding them be finished within this year.
The six rotten apartment buildings include four in the inner city district of Ba Dinh, including C8 Giang Vo condo, G6A Thanh Cong, Ngoc Khanh, and the apartment blocks of the Ministry of Justice and 148-150 in Son Tay Street, and two others at 51 Huynh Thuc Khang Street in Dong Da District. These buildings were built from 1954 to 1990.
Hanoi has set the goal of basically completing the renovation and rebuilding of old apartments by 2045. However, for the past 20 years, the city’s authorities have been able to renovate only 1% of the total old apartment buildings, only 19 apartment blocks have been upgraded or rebuilt and work remains ongoing at 14 others.
HCMC using digital transformation for economic recovery
During the fourth outbreak of the Covid-19 pandemic, Ho Chi Minh City has endured severe economic impacts as it has to stay lock down for a long time. Yet also in that hard time, innovative ideas in business administration have been pushed forward and successfully carried out to overcome those tough challenges.
At the end of June 2021, when HCMC continuously received bad news related to Covid-19 spreading in the community, Nguyen Luong was staying at home considering possible ways to earn money for their daily needs like studying, healthcare, essential commodities. Having asked for consultation from his acquaintances, Luong decided to invest in securities, which can be done right at home.
After understanding all instructions from the representative of Dai Viet Securities JSC., Luong scanned and sent his citizen ID card to the company, followed by a receipt of a corresponding account number and password to use for an app on a smart device. He then continued with the eKYC (Electronic Know Your Customer) process and changed the default password, before he can easily and safely deposit billions of VND online into this account for securities transactions.
Vietnam promotes trademark, geographical indication protection
The Intellectual Property Office of Vietnam under the Ministry of Science and Technology handled 85,204 among 95,139 forms of protection registration application and Intellectual Property rights establishment in 2021.
Regarding the establishment of industrial property rights, the Intellectual Property Office of Vietnam handled 73,441 forms, an increase of 5.4 percent over 2020. Of which, the results of handling national brand-name surged 8.2 percent, complain letters about industrial property increased nearly 50 percent and requirements related to certificate protection surged over 30 percent.
Recently, the Ministry of Science and Technology, Ministry of Industry and Trade, Ministry of Agriculture and Rural Development have signed the plan of cooperation on protection of trademark and geographic indication for potential export products of Vietnam, including lychee of Bac Giang Province, mango of Dong Thap Province, longan of Son La Province for the pilot study.
In 2021, the Ministry of Science and Technology successfully supported the protection of geographical indication for Luc Ngan lychee and dragon fruit of Binh Thuan Province in Japan market which will promote the geographical indication protection for more Vietnamese agricultural products in this strict market.
Source: VNA/VIR/VNS/VOV/ND/SGT/SGGP/Hanoitimes
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