The ministry attributed the decline in five-month export value to a sharp decrease in shipments of the products to China.

Exports of all vegetables and fruit to China have shown signs of decline, except for bananas which recorded remarkable growth, it said.

In the first five months of this year, China imported 742,000 tonnes of bananas, a year-on-year increase of 10 percent. Of which, the volume of Vietnamese and Philippines bananas account for 43 and 28 percent market share, respectively.

According to the MARD, in the coming time, it is still difficult for fruit and vegetable in particular and agricultural products in general to enter the Chinese market. Therefore, exporters should actively seek new markets, and increase the export of fruits that have been granted permission to Japan, the United States and European Union markets.

Falling output means VN cannot export chicken to Singapore
     
Singapore is facing a serious shortage of chicken meat, but Vietnamese livestock companies do not have a surplus to export to the island.

Deputy chairman of the Dong Nai Province Poultry Association, Nguyen Kim Doan, said it was a rare opportunity for Vietnamese businesses to export poultry to Singapore, but the current supply is only enough to meet domestic demand. The COVID-19 pandemic had a severe impact on the livestock industry, he said.

It caused feed prices to rise and heavy losses to many farmers, and many farming households in Dong Nai reduced their flocks by half, so chicken supply was no longer abundant, he said.

Besides, to export to a completely new market, businesses would need to complete extensive processes including obtaining certificates of international standard slaughter, freezing and food safety, he added.

Market to continue correction trend
     
The stock market marked its first weekly fall in four, with the VN-Index breaking down 1,300 points. This has led analysts to suggest that the market is likely in an inevitable correction phase, but it is necessary to accumulate more before there is a new rally.

On the Ho Chi Minh Stock Exchange (HoSE), the market benchmark VN-Index finished last week at 1,284.08 points, a 1.81 per cent decline. The index hit the highest close since May 11 last Wednesday.

The HNX-Index on the Ha Noi Stock Exchange (HNX) fell by 2.01 per cent to end the week at 306.44 points.

For the week, the VN-Index lost 0.3 per cent after gaining for three consecutive sessions, while the HNX-Index slipped 1.3 per cent.

Trading value on HOSE increased by 4 per cent over the previous week to nearly VND81,2 trillion (US$3.5 billion), equivalent to a gain of 4.1 per cent in trading volume to over 2.9 billion shares.

The trading value on the HNX also climbed 17.5 per cent to VND12.05 trillion, equal to the trading volume of 473 million shares, up 12.8 per cent.

On the other hand, foreign investors posted a positive week after net buys in all five sessions with a total value of more than VND770 billion.

Leading the net buying list were VN-Diamond fund certificates (HoSE: FUEVFVND) with a value of VND478 billion, followed by Petrovietnam Fertiliser & Chemicals Corporation (HoSE: DPM) and Masan Group (HoSE: MSN) with a net buying value of VND372 billion and VND244 billion, respectively.

Meanwhile, Hoa Phat Group (HoSE: HPG) was net sold the most, with a value of VND262 billion.

Cai Mep port ranked 11th among the world’s most efficient container ports

According to the Container Port Performance Index 2021 report (CPPI 2021) developed and published recently by World Bank and S&P Global Market Intelligence, Cai Mep port of Vietnam was ranked 11th among the 370 most efficient container terminals/port clusters globally.

The CPPI report is developed annually to evaluate the worldwide seaport efficiency, based on criteria related to the total time needed for completing the loading and unloading container of each voyage at a port for the entire year.

Vietnam has several ports ranked in this list, in which, Cai Mep port ranked 11th by the "statistical approach" index - increased by 38 places compared to 2020 and ranked 13th by the “administrative approach” index– increased 5 rankings against 2020.

In Cai Mep – Thi Vai area, Tan Cang - Cai Mep International Terminal under Saigon Newport Corporation currently holds 40 percent of the market share, with 10 international service routes weekly connecting with North America, Canada, Europe and Inter Asia.

The data was provided by the world's 11 largest shipping lines for a total of 370 global terminals/port clusters.

Vietnam reports over 5,400 cyber-attacks in first five months
 
It is more difficult for criminals to commit their crimes on the virtual environment via spreading malware, cheating people, or destroying valuable data of users.

Vietnam recorded more than 5,400 cyber-attacks in the first five months of 2021, including 930 phishing, 776 deface, and 3,757 malware, according to the Authority of Information Security (AIS) under the Ministry of Information and Communications.

In May alone, AIS's Vietnam National Cyber Security Center (NCSC) identified, issued warnings and handled 847 cyberattacks (161 phishing, 226 deface, and 460 malware), a decrease of 9.7% compared to April, but still leaving serious consequences on information systems in the country.

In May alone, the NCSC handled 847 cyber-attacks. 

This drop is attributed to a more stable socio-economic situation nationwide, an increase in vigilance towards cyber dangers, and more focus on measures to ensure cyber security or public security.

Therefore, it is more difficult for criminals to commit their crimes in the virtual environment via spreading malware, cheating people, or destroying valuable data of users.

Circular economy helps Vietnam reduce GHG emissions per GDP by 15% in 2030

The Vietnamese Government considers a circular economy a key solution for the country to reduce greenhouse gas emissions per GDP by at least 15% by 2030 against 2014, and eventually realize the net-zero carbon emission target by 2050.

The goal was set in the Government’s plan for circular economy development in Vietnam, which was recently signed off by Deputy Prime Minister Le Minh Khai.

In the coming time, the Government would continue to raise awareness among businesses and investors from Vietnam and abroad about the circular economic model, while promoting the application of circular economy among different sectors toward green and sustainable growth.

By 2025, the Government expects circular economic projects to start having positive impacts on the economy, society, technologies, and environment, contributing to the restoration of renewable resources, reducing energy consumption, and enlarging the proportion of renewables to the total energy provision.

Vietnam also targets to recycle and reuse up to 85% of plastic waste; reduce 50% of plastic waste in the oceans and seas compared to the previous periods; gradually phase out the use of nylon bags and single-use plastic products.

The Government aims to enhance the capabilities of recycling organic waste in the urban and rural areas and raise public awareness of the consumption of using plastic products.

By 2030, the rate of solid waste collected and treated under the circular economic models would reach 50%; 100% of organic waste in urban areas and 70% in rural areas would be recycled;  wastewater in urban areas would be treated to the maximum under national standards.

The plan encourages Government agencies to actively seek support from international donors and organizations to access new technologies, knowledge, and resources for the development of the circular economy.

Hanoi to build more shopping malls and supermarkets

Hanoi will build three shopping malls, ten supermarkets, and 100 convenience stores, with the aim of turning the trade industry into a high-quality and high-value-added trade-service sector.

This is one of the highlights of the Hanoi People's Committee's latest plan to overcome weaknesses in business infrastructure investment and development, which was pointed out at the 2021 city review conference.

The purpose of the plan is to improve the quality of the retail industry, making it consistent with the objective of turning the city into an international trade center for the region and the country.

To accomplish this goal, Hanoi will promote the involvement of the private sector in investment, business management, and exploitation of local markets.

The capital city will support expanding the scale, diversifying types as well as speeding up investment procedures to build a number of trade centers in the western districts, namely Tay Ho and Hoang Mai according to current regulations.

Why more European investors are choosing Vietnam

Viet Nam was one of the few Asian economies that did not experience an economic contraction during the COVID-19 pandemic in 2020 and 2021.

The Southeast Asian country's GDP expanded 2.91 percent and 2.58 percent in 2020 and 2021, respectively, and is expected to grow 5.5 percent this year.

The International Monetary Fund predicted that Viet Nam GDP will reach US$571.1 billion by 2025, surpassing the Philippines and Singapore to become the third largest economy in the Southeast Asia.

Thanks to fast vaccination rate, the Government decided to fully reopen borders to foreign tourists and revive economic activities from March 15, 2022.

Viet Nam's economic performance during and after the pandemic has captured the attention of some major European firms, according to The Indian Express.

A recently released AHK World Business Outlook Index 2022 showed that almost 93 percent of German companies operating in Viet Nam will continue investment in the country and more than 46 per cent of them plan to recruit more employees in the coming year.

Minimum wages to be increased by 6% from July

Among the 10 ASEAN member states, Viet Nam is one of the four countries participating in the CPTPP, and together with Singapore, it is the only two countries with a free trade agreement with the EU so far, said Chief Representative of AHK Viet Nam Marko Walde.

More importantly, the advantage with Viet Nam as a production base also lies in the fact that German and European enterprises could set up enterprises with 100 percent-foreign capital, hardworking and inquisitive workers, as well as the close economic, social and cultural connections between the two countries.

In December last year, Denmark LEGO Group announced it would announced a US$1 billion factory in the southern industrial hub of Binh Duong, making it one of the largest European investment projects in Viet Nam to date, which indicates the Group's confidence in Viet Nam's business environment.

The construction of the factory is set to take place in November this year and production is due to start in 2024, LEGO Chief Operations Officer Carsten Rasmussen told Standing Deputy Prime Minister Pham Binh Minh last May.

In addition, German automotive supplier Brose is currently deciding between Thailand and Viet Nam for a new production location, reported The Indian Express.

Viet Nam has sailed through the hardest time of the pandemic with positive GDP growth to continue with its consistent cause of extensive international integration. This offers chances for European investors to consider investment decisions in the country./.

Gov't approves project for restructuring credit organizations in 2021-2025

The Government has approved a project for restructuring credit organizations in association with handling bad debts in the 2021-2025 period.

The project targets to gear up the application of Basel II at commercial banks in which the State holds controlling shares and at joint stock commercial banks; raise the capital adequacy ratio of commercial banks to 10-11 percent by 2023 and 11-12 percent by 2025.

Each of the country's leading commercial banks is expected to raise charter capital to at least VND 50,000-15,000 billion by 2025 while each of credit organizations needs to increase charter capital to at least VND450-750 billion.

Weak commercial banks and credit organizations subject to special control will have to undergo restructuring and capital increase plans approved by competent authorities.

The bad debt rate of credit organizations is expected to fall below 3 percent by the end of 2025./.

US enquires into wooden cabinets from Vietnam

The US Department of Commerce (DOC) has launched an anti-circumvention and anti-subsidy investigation into wooden cabinets imported from Vietnam and Malaysia, according to the Trade Remedies Authority of Vietnam (TRAV).

On May 24, DOC launched a probe to consider whether or not wooden cabinets from Vietnam and Malaysia that include components imported from China are subject to the trade remedies the US is levying on similar products of China.

So far, DOC has initiated investigation for both scope ruling and anti-circumvention requests filed by the petitioner.

According to the US rules, DOC will have to issue final conclusions within 300 days since the probe launch. The duration could be extended, but for not more than 365 days.

Five-month fruit and vegetable export turnover reaches 1.4 billion USD

Vietnam’s fruit and vegetable export turnover hit 1.4 billion USD in the first five months of this year, down 17 percent compared to the same period last year, according to the Ministry of Agriculture and Rural Development (MARD).

The ministry attributed the decline in five-month export value to a sharp decrease in shipments of the products to China.

Exports of all vegetables and fruit to China have shown signs of decline, except for bananas which recorded remarkable growth, it said.

In the first five months of this year, China imported 742,000 tonnes of bananas, a year-on-year increase of 10 percent. Of which, the volume of Vietnamese and Philippines bananas account for 43 and 28 percent market share, respectively.

Vietnam remains second largest rubber supplier to Chinese market

During the initial four months of the year the nation was the second largest rubber supplier to China with US$721.51 million, an annual rise of 2.2%, according to the General Administration of China Customs.

Throughout the reviewed period China's rubber import turnover (HS code 4001, 4002, 4003, 4005) reached US$4.65 billion, up 9.5% on-year.

Most notably, Thailand, Vietnam, Malaysia, Japan, and the Republic of Korea make up the five largest rubber suppliers to China.

During this time, the northern neighbour boosted its import of rubber from a number of markets, including Thailand, Vietnam, Japan, Laos, Myanmar, and the Ivory Coast.

Furthermore, Vietnamese rubber market share as part of China's total import value in the first four months of the year accounted for 15.5%, representing a drop of 16.6% on-year.

Vietnamese economic recovery remains strong despite global uncertainties: WB

Vietnam’s ongoing economic recovery remains strong, despite heightened global uncertainties relating to the protracted conflict in Ukraine, higher commodity prices, and supply chain disruption caused by health-related lockdowns in China.

This assessment was given in the June edition of the World Bank’s (WB) monthly publication Vietnam Macro Monitoring.

According to details in the report, industrial production continued to witness a robust expansion of 10.4% on-year, while retail sales growth rebounded at 4.2% on-month and 22.6 % annually, thereby suggesting a strong recovery in terms of private consumption.

Amid a heightened degree of global uncertainties, the growth of exports slowed and any growth relating to imports plateaued. In addition, FDI commitment also fell for the fourth consecutive month, while FDI disbursement registered a six-month growing trend.

Furthermore, CPI inflation edged up from 2.6% in April to 2.9% in May, with this largely being driven by a rise in gasoline and diesel prices which stand 54.5% higher than in May last year.

Producer price inflation showed signs of easing in May as both input costs and output prices have been rising at their slowest rates for three months, whilst credit growth remained strong at 16.9% on-year, while overnight interbank interest rates dropped sharply from 1.73% in April to 0.33% as of the end of May.

Vietnam, Laos strive to raise total trade turnover by up to 15%

Vietnam and Laos are striving to increase this year’s total trade turnover by between 10% and 15%, thereby meeting the target set out by both sides’ leaders for the 2021 to 2025 period.

Lao Minister of Planning and Investment Khamjane Vongphosy made the statement in a recent interview granted to a VOV reporter based in Laos’ capital Vientiane to discuss the recent economic co-operation between the two sides.

This comes amid celebrations of two important events, the 60th anniversary of both nations' diplomatic ties and the 45th anniversary of the signing of the Vietnam-Laos Treaty of Friendship and Comprehensive Cooperation within the framework of the Lao-Vietnam Solidarity and Friendship Year 2022.

Since the start of this year, the two sides have continued to strengthen and improve the effectiveness of co-operation mechanisms, with efforts made to carry out joint statements, agreements, bilateral co-operation documents, as well as holding working visits between senior leaders from central to local levels in various forms.

Regarding economic co-operation, Minister Vongphosy said that at present, there have been 417 investment projects run by Vietnamese enterprises in Laos, with a total investment of roughly US$4.3 billion, duly ranking third out of 54 countries and territories currently operating in the neighbouring country.

In 2021, the Lao Government licensed three investment projects of Vietnamese enterprises, including two in the mining sector and one in the banking sector. In addition, the Lao Government is in the process of pressing ahead with closer co-ordination in dealing with pending issues in the implementation of a number of large-scale projects involving firms from both sides in the fields of energy, minerals, infrastructure construction, and agro-forestry production in line with the signed agreements.

The two sides therefore agreed to evaluate and analyse investment opportunities in Laos for Vietnamese enterprises by 2025 and outline orientations until 2030.

HCMC section of interprovincial beltway gets higher cost

The Transport Ministry has issued a decision approving the site clearance cost adjustment of the HCMC section of an interprovincial beltway from VND149 billion to nearly VND1.6 trillion.

The section connecting Tan Van in HCMC and Nhon Trach in neighboring Dong Nai Province is part of the Beltway No.3 project linking HCMC, Binh Duong, Dong Nai and Long An.

The total investment cost of the Tan Van-Nhon Trach section was revised up to over VND6.955 trillion (US$300 million) from the initial original VND5.329 trillion (US$230 million).

The cost rise was attributed to the addition of VND1.626 trillion (US$70 million) to site clearance spending.

Of this, the site clearance cost in Dong Nai Province is up from some VND476 billion to over VND651 billion, and the cost in HCMC to nearly VND1.6 trillion from the previous VND149 billion.

The capital adjustment also led to changes in the percentage of capital pledged for the section. Official Development Assistance provided by South Korea is US$190.77 million, and the Vietnamese Government’s reciprocal capital is over VND2.779 trillion.

To ensure the project will be implemented as scheduled, the ministry asked the authorities of HCMC and Dong Nai to map out plans on compensation and resettlement, collect the ministry’s feedback on the plans, and appraise, approve, and execute the plans in line with the prevailing regulations.

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