The new planes are expected to provide a total of 40,000 seats during the summer peak period and around 299,000 seats in the second half of 2024.

The planes will be used on domestic routes such as Hanoi-Da Lat, Hanoi-Phu Quoc, Ho Chi Minh City-Thanh Hoa, and Ho Chi Minh City-Chu Lai.

According to the airline, receiving more planes is an important measure to help it meet passengers' demand during peak time, especially as the aviation industry faces a lack of available planes due to the manufacturer's engine recalls globally.

The Airbus A320neo aircraft accommodates 182 passenger seats. It is equipped with a new generation engine, which saves over 16% on fuel consumption, reduces noise by 75%, and cuts about 50% of harmful emissions compared to previous generation engines.

Vietnam Airlines has also ordered more Boeing 787-10s, one of the largest aircraft of the Boeing 787 line, in the future.

Currently, to meet passengers' demand and provide great ticket prices to passengers in the summer, Vietnam Airlines is implementing synchronous solutions. Specifically, the airline has increased the operation of more than 4,500 red-eye flights with nearly 1 million seats on domestic routes which depart after 9 pm daily.

The airline has also optimised flight schedules and ground service processes to reduce turnaround time, thereby increasing the average operating hours and the number of operating flights per plane./. 

Vaksindo inaugurates veterinary vaccine factory in Hung Yen

Vaksindo Vietnam Animal Health Company Limited, which belongs to Indonesian firm Vaksindo Satwa Nusantara, has just inaugurated a modern veterinary vaccine factory at the Yen My II Industrial Park in Yen My District, Hung Yen Province.

As a large-scale investment factory, when Vaksindo Vietnam goes into production, it will provide high quality veterinary vaccines for the domestic market, while also aiming to export to Asian countries and beyond.

A representative from Vaksindo Vietnam said that the veterinary vaccine factory began construction in April 2022 on an area of ​​more than 20,000 square metres and is expected to expand further in the future.

As a GMP-WHO certified vaccine factory, Vaksindo Vietnam applies advanced technology to produce veterinary vaccine products that meet international standards.

When put into operation, the factory will operate five production lines on an area of ​​9,000 square metres, focusing on cell vaccines, egg-based vaccines and bacterial vaccines.

The factory's key products are designed to meet vaccine needs for pigs, cattle and poultry.

At the inauguration event, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that currently, domestic vaccines for livestock produced at GMP standards only meet about 70% of demand.

In that context, the start of operation at the Vaksindo Vietnam vaccine factory is an important event, he noted.

The Deputy Minister expected that Vaksindo Vietnam would soon launch products to meet domestic needs and move towards exporting, with a particular focus on researching vaccines that Vietnam is currently importing.

Dong Thap launches exemplary model of high-quality low-emission rice production

A ceremony was held in My Dong commune in Thap Muoi district of Dong Thap province on June 12 to kick start a project to develop 1 million hectares of high-quality low-emission rice associated with green growth in the Mekong Delta Region.

On this occasion, the provincial Department of Agriculture and Rural Development, the Ministry of Agriculture and Rural Development and its agencies launched the exemplary model of rice production in Dong Thap province.

Director of the provincial Department of Agriculture and Rural Development Nguyen Van Vu Minh said that Dong Thap is among five localities in the Mekong Delta Region that the agriculture ministry has chosen to develop exemplary models for the project on 1 million hectare of high-quality and low-emission rice production.

The model in Dong Thap will be implemented in the area of 50 ha at Thang Loi Agricultural Service Cooperative in My Dong commune.

Le Van Chan, Deputy Director of the province’s Sub-department of Crop Production and Plant Protection, said that Dong Thap strives to have about 20,000 ha of rice included in the high-quality low-emission rice project in 2024, mainly in the districts of Hong Ngu, Tan Hong, Cao Lanh, Tam Nong, Thanh Binh, and Thap Muoi and Hong Ngu city.

The area is expected to expand to 50,000 ha by 2025 and to 161,000 ha by 2030.

Rice production is the main and key industry of Dong Thap province. With a rice production area of 480,000 - 500,000 ha, the province produces over 3.3 million tonnes yearly.

Dong Thap - one of four provinces with large rice cultivation areas in the Mekong Delta - has favourable conditions to apply advanced production techniques./.

Solutions sought to curb inflationary pressure as prices rise

The Price Management Steering Committee, led by Deputy Prime Minister Le Minh Khai, convened in Hanoi on June 12 to assess inflation control efforts in the first half of 2024 and directions for the remainder of the year, aiming to achieve inflation control as targeted by the National Assembly.

The Ministry of Finance, the committee's standing body, reported a 4.03% year-on-year increase in the Consumer Price Index (CPI) for the first five months of this year. Price hikes affected 10 out of 11 goods and services categories, with only post and telecommunications services experiencing a decline.

To maintain macro-economic stability and follow the Government’s pricing roadmap for public services and State-controlled goods, PM Pham Minh Chinh and Deputy PM Khai have directed ministries, agencies and localities to adopt a range of solutions. These include ensuring the smooth supply and distribution of essential goods and services, especially strategic items like fuel and electricity, and enhancing logistics connectivity to drive the consumption and export of agro-forestry-fisheries products.

The Ministry of Industry and Trade highlighted its ongoing monitoring of market trends and commodity prices, especially for fuel and electricity. They are collaborating with other ministries and local authorities to enhance the accuracy of price forecasts.

Deputy Finance Minister Le Tan Can warned of some factors that put pressure on prices in the remaining months of the year, including the adjustments of prices of goods and services managed by the State such as education services and electricity. He also mentioned possible rises in domestic airfare due to a combination of factors, including workforce and aircraft shortages, rising fuel costs, and a strengthening US dollar against the Vietnamese dong.

Besides, the deputy minister predicted fluctuations in the prices of construction materials and basic consumer goods and services, potentially adding further pressure to inflation. However, he offered a glimmer of hope, suggesting that easing global inflationary pressures could provide some relief in the coming months. In addition, Vietnam's domestic agricultural sector is expected to perform well, ensuring a steady supply of food for both domestic consumption and export.

Several tax relief policies performed in 2023 will continue into 2024, including reductions in environmental protection taxes on gasoline and diesel, as well as value-added taxes on specific goods and services, which are expected to ease the cost burden of fuel and other goods, further contributing to inflation control efforts, he said.

In closing remarks, Deputy PM Khai called for continued vigilance and proactive management from all stakeholders to effectively contain inflation./.

Modern IPs, good policies key to Binh Duong success

The southern province of Binh Duong's modern industrial parks and business support policies have helped attract thousands of domestic and foreign enterprises.

The province has more than 4,300 foreign businesses that have invested 41 billion USD and 68,573 domestic enterprises with combined investment of 754 trillion VND (33 billion USD).

Its annual industrial production and exports top tens of billions of dollars.

The Vietnam - Singapore Industrial Park (VSIP) is one of its most modern industrial parks, and has attracted a number of domestic and foreign businesses who have set up factories there.

Nguyen Van Hung, Co-chairman of the VSIP Group, said Becamex, Sembcorp and other partners have boldly implemented unprecedented policies with the goal of effectively developing industry in Binh Duong.

VSIP has been recognised as a model industrial park, not just in Vietnsm but also in the region he said.

In the past two decades, VSIP has transformed from a traditional industrial park into an urban-industrial complex, bringing new urban solutions and sustainable infrastructure and attracting many investors, he said.

It has 630 tenants from 30 countries, and attracted FDI of more than 9 billion USD, achieved cumulative exports of 32 billion USD and created 174,000 jobs, he added.

Since the first park was built in Binh Duong in 1996, 10 more VSIPs have sprung up across the country.

Eliseo Barcas, Managing Director and President of Tetra Pak Vietnam in VSIP No.2A in Binh Duong, said his company is always ready to welcome local businesses into its supply chain as long as they comply with environmental protection and sustainability norms.

It supports local businesses in building capacity to recycle paper cartons as part of its global low-carbon and circular economy strategy, he said.

Nguyen Trong Luat, General Director of Cicor Vietnam Limited Liability Company, said Vietnamese businesses that want to become partners of foreign enterprises, especially large manufacturing corporations, need to focus on improving production capacity and complying with partners' standards.

Vice Chairman of the Binh Duong People's Committee Nguyen Van Danh said in the context of increasing international economic integration, building and maintaining a favorable business environment is a key factor to attract investment and promote economic development.

The province has implemented many programmes to help manufacturers and suppliers link up with retailers and import-export businesses, he said.

“Binh Duong always strives to organise international conferences, seminars and trade exhibitions, creating conditions for businesses to meet directly with potential partners. We believe that promoting exchange and cooperation between businesses will help them grasp market trends and new technologies, thereby improving product and service quality.

“The provincial government also has many preferential policies to help businesses."

It always encourages local enterprises to meet international standards and supports them in participating in global supply chains, he added./.

Vietnamese Entrepreneurs Association in Angola makes debut

The Vietnamese Entrepreneurs Association in Angola made its debut at a recent ceremony, approving its charter and introducing a nine-member executive board.

The event was attended by Chairman of the Angolan Chamber of Commerce and Industry Vincente Francisco Soares, Secretary General of the Angolan Parliament Manuel Lopez Moniz Dembo, Vietnamese Ambassador to Angola Duong Chinh Chuc, and representatives of nearly 50 Vietnamese entrepreneurs in the African nation.

On behalf of the association’s executive board in the 2024-2027 term, Phung Khac Minh Chau said the association will soon propose the Angolan government recognise its legal status and also seek recognition from the Ministry of Foreign Affairs' State Committee for Overseas Vietnamese (SCOV).

The association will work to support and protect the legitimate interests of Vietnamese entrepreneurs in Angola, thus contributing to promoting economic exchange and cooperation between the two countries, as well as deepening mutual understanding between their people, Chau said.

Addressing the event, Ambassador Chuc said the establishment of the association marks the beginning of a new development period for the Vietnamese business community in Angola.

It aims to further strengthen unity and mutual support within the community, creating a fair platform with transparent rules for Vietnamese entrepreneurs in Angola, thus elevating the status of the Vietnamese people in Angola and contributing to expanding economic relations and cooperation between the two countries, he said.

The diplomat expressed his hope that the government, local authorities, and ministries, sectors, and socio-economic organisations of Angola will support and create favourable conditions for the association’s operation.

According to the diplomat, the Vietnamese community in Angola is the largest in Africa with more than 10,000 people. There are many Vietnamese businesses operating in various sectors such as construction, mechanical engineering, food services, agriculture, and forestry./.

Vietnam to play in Group of Life at AFC U20 Asian Cup 2025 qualification

A draw on June 13 afternoon put Vietnam in a Group of Life of the Asian Football Confederation (AFC) U20 Asian Cup 2025 qualifiers alongside Syria, Bangladesh, Bhutan and Guam.

Vietnam are expected to have no hard time getting past Group A because their opponents are underdogs, except for Syria.

As Vietnam will play host to Group A matches, the team led by head coach Hua Hien Vinh will play in home ground and the Vietnam Football Federation will announce the venue in the near future.

The AFC U20 Asian Cup 2025 qualification taking place from September 21 to 29 will consist of 45 teams which are divided into five groups.

After the group series, 10 group leaders and five best second-placed teams will win tickets to the final round to be held in China.

Notably, the top 4 teams will progress through to the FIFA U20 World Cup 2025 finals set to take place in Chile next year.

Also on June 13, the AFC held a draw for the AFC U17 Asian Cup 2025 qualifiers at its headquarters in Malaysia.

Vietnam will share the same Group I with Yemen, Kyrgyzstan and Myanmar. Group matches will get underway from October 19 to October, and Vietnam has been selected to host these matches.

All 43 teams are divided into 10 groups. The ten best teams and five best second-placed team will cruise into the AFC U17 Asian Cup 2025 finals alongside hosts Saudi Arabia. 

Eight teams entering the quarter-finals of U17 Asian Cup finals will join Qatar for the FIFA U17 World Cup 2025 finals.

Intensive processing enhances spice export value: insiders

A world leading spice exporter with a revenue of some 1.5 billion USD every year, Vietnam should bolster intensive processing and trade promotion to increase added values, experts have said.

According to the Vietnam Pepper and Spice Association (VPSA), the country earned 322.7 million USD from shipping 87,400 tonnes of spices abroad in Q1, a year-on-year fall of 4.8% and 24.1%, respectively.

Except for chilli which witnessed a surge of 17.6% in export volume and 52.8% in value, shipments of key products like pepper, cinnamon, anise, ginger, and cardamom experienced a sharp fall in both quantity and value.

Vietnamese spices have been present in more than 120 countries and territories worldwide, and set a foothold in many important markets such as the US, the European Union, India, and China. However, export revenue to India and China have been on the downward trend.

Known as Vietnam’s cinnamon capital, Yen Bai province boasts more than 86,000 hectares of cinnamon-growing area, 14,000 hectares of which get international organic cinnamon certificate.

According to Deputy Director of the provincial Department of Industry and Trade Nguyen Dinh Chien, local cinnamon products have been present in more than 30 markets, including China, the Republic of Korea, Japan, Egypt, the US, Russia, and the UK. However, major investments have not been made in the production and processing chains, making cinnamon products fail to meet requirements of both domestic and foreign markets.

Regarding pepper, the Department of Industry and Trade of Binh Phuoc province said as the export value of the products in 2023 fell 45% year-on-year to only 26 million USD, it is necessary to develop high-quality and organic cultivation areas and focus on intensive processing.

President of the VPSA Hoang Thi Lien said trade promotion also has an important role to play to help Vietnamese spices reach out to the world.

The association is building a strategy for sustainable market development while popularising the Vietnamese spices, she said, adding it will support member enterprises to expand trade opportunities at large international exhibitions./.

ADB supports financial access for women-owned businesses in Vietnam

The Asian Development Bank (ADB) and Lien Viet Post Joint Stock Commercial Bank (LPBank) on June 12 signed a financing package of up to 80 million USD to expand access to finance for a women-owned small and medium-sized enterprises (WSMEs) project in Vietnam.

The financing comprises a 30 million USD loan from ADB’s ordinary capital resources and 50 million USD syndicated parallel loans, with 30 million USD from the Export–Import Bank of China (CEXIM), and international cooperation and 20 million USD from the ILX Fund, an Amsterdam-based asset manager focused on supporting the Sustainable Development Goals in emerging markets. ADB acted as the mandated lead arranger and bookrunner for the entire financing.

ADB Director General for Private Sector Operations Suzanne Gaboury said by providing access to finance and tailored advisory services, its partnership with LPBank will empower women entrepreneurs in Vietnam to thrive and contribute to the country’s economic growth.

She went on to say that by working with development partners like the Export–Import Bank of China, ILX, and We-Fi, they aim to mobilise capital for private sector development that makes a meaningful difference to women-owned businesses in Vietnam.

SMEs account for 40% of Vietnam’s gross domestic product and half of all employment. Access to commercial finance is a challenge, particularly for women borrowers who often face constraints such as lack of collateral, low financial literacy, higher risk perception by banks, and limited awareness among banks of the potential of the women’s market.

The financial package will help LPBank design new products and procedures to enhance its support to WSMEs. A 750,000 USD performance-based grant funded by We-Fi will incentivise LPBank to expand its services to female borrowers and implement advisory support services for WSMEs.

LPBank Vice Chairman Le Minh Tam said that supporting SME customers in accessing capital is always an important strategy that LPBank prioritises.

With this loan package, LPBank not only has more potential in providing effective financial solutions for customers but also shows the efforts in supporting the WSME, especially where they are in great need of capital to recover from the pandemic and to further to develop their business, he added./.

May auto sales inch up 6%

Vietnam’s auto sales in May increased 6% from the previous month to 25,794 units, as dealers rolled out stimulus measures to spur consumption, according to the Vietnam Automobile Manufacturers’ Association (VAMA).

Of these, the sales of passenger cars rose 6% against April to reach 18,235 while commercial vehicle deliveries grew 7% to 7,292. In the meantime, those of special-purpose vehicles contracted 4% to 267 autos.

In terms of vehicle origins, nearly 12,000 locally-assembled cars were sold in the month, up only 0.02%. Deliveries of completely-built units (CBUs) expanded 12% to 13,809 over a month earlier.

During the five-month span, VAMA members sold a total of 108,309 autos, with the sales of domestically produced units falling 14% and imported vehicles rising 8% year-on-year.

Other brands like Audi, Jaguar Land Rover, Mercedes-Benz, Nissan, Subaru, Volkswagen, Volvo, Haval and many more refused to disclose their figures.

There were also no sale results from Vinfast as the Vietnamese automaker has announced its quarterly from August 2023 as required by the US stock market.

Based on reports from VAMA and TC Group, 127,643 automobiles were delivered to customers during January-May.

Experts said the sales of CBUs had a better growth than those of domestic ones since the imported vehicles with a localisation rate of 40% or more are entitled to a 0% tariff under several free trade agreements that Vietnam has signed. Besides, Vietnamese dealers ran various promotional campaigns, including giving discounts, supporting registration fees and offering gift packs, helping imported units attract more buyers.

They added that the Government should roll out rational measures to create competitive edge for domestically-assembled vehicles for a long term./.

Over 200 local, foreign businesses join Vietnam AutoExpo 2024

More than 200 Vietnamese and international businesses are showcasing products and technologies at the 17th International Exhibition on Automobile, Transportation & Supporting Industry that began in Hanoi on June 13.

Addressing the four-day event, Pham Tuan Anh, deputy director of the Department of Industry and Trade emphasized that the reputable expo offers an opportunity for businesses to introduce their latest products and reach potential customers, while accelerating the development of Vietnam’s automobile and motorcycle industry.

The participation of hundreds of businesses and visitors is expected to open up bright prospects for the transportation and supporting industries in the near future, he noted.

On display at 250 booths are commercial cars, passenger cars, special-purpose vehicles, motorcycles, and electric bikes by over 200 leading local and foreign brands.

A seminar will be held during the expo to discuss the development of the global supply chain of the automobile industry amid climate change adaptation.

Simultaneously, a business-to-business (B2B) matching session will be organized to promote trade exchanges, share expertise in science and technology, attract further investment, and support businesses in seeking additional opportunities.

Agri Vietnam 2024 opens in Ho Chi Minh City

The 4th International Exhibition and Conference on Machinery, Equipment, Supplies, Chemicals and Agricultural Products in Vietnam – Agri Vietnam 2024 opened in Ho Chi Minh City on June 12, attracting over 100 exhibitors from 14 countries and territories.

The event, held annually by the Minh Vi Exhibitions and Advertisement Services Co. Ltd. (VEAS) with support from the Ministry of Agriculture and Rural Development, is a rendezvous for producers, suppliers, distributors, and oranganisations in the agricultural sector to meet and seek business opportunities.

The three-day Agri Vietnam 2024 showcases advanced, efficient and safe products and solutions in the agricultural sector. This year, it features special display areas to honour high-quality agricultural products of the country, including one for export rice and another for items under the One Commune, One Product (OCOP) programme.

Coming to the exhibition, enterprises and producers can learn about the latest agricultural products, techniques and technologies while exchanging experience in promoting green and circular economy towards sustainable development.

Specifically, a seminar hosted by leading industry experts is expected to help businesses update the latest technology trends and market developments. Participants can get connected with one another to seek partners and sign contracts through business-to-business events.

The exhibition is expected to attract more than 4,000 domestic and international visitors./.

Hanoi trade fair to showcase agricultural products, fruits, regional specialties

A trade fair showcasing agricultural products, fruits and regional specialties opened at the Economic and Trade Exhibition Centre at 489 Hoang Quoc Viet street in Cau Giay district of Hanoi on June 13.

This four-day event features 70 booths introducing agricultural, forestry and aquatic products grown or raised under organic and ecological agriculture standards along with goods that utilise high-tech methods in production and processing. It also highlights traditional craft village products as well as goods from the One Commune One Product (OCOP) Programme.

Visitors to the market can find many famous agricultural products and specialties, such as Thai Nguyen tea, Ly Son onions and garlic, Muong Khuong chili sauce, Lao Cai's Seng Cu rice and Cao Bang black jelly.

There are also high-quality seasonal tropical fruits like Ha Den grapes, Dak Nong durians, avocados and custard apples, melons from Tuyen Quang, Tam Hoa plums, Ban Lau-Lao Cai pineapples and Vinh Phuc's red dragon fruit, which has a bright red interior.

Speaking at the opening ceremony, Nguyen Minh Tien, Director of the Trade Promotion Centre for Agriculture at the Ministry of Agriculture and Rural Development, said this market aims to support localities, businesses, cooperatives and production facilities in the agricultural sector to develop business activities and grow their markets, especially the domestic market.

A major highlight in this market is the live stream activity selling agricultural products and OCOP products on TikTok and social networking platforms to diversify forms of trade promotion, open new markets and increase opportunities for reaching customers.

The Trade Promotion Centre for Agriculture, which organised the market, supports participants in connecting the trade of agricultural products between localities, businesses and cooperatives with distribution systems, supermarket systems and retail store chains in Hanoi and the surrounding areas.

The event will last until June 16. It will be followed by a promotion week for custard apples, a specialty fruit of Lang Son province, which is slated for August 15-18 at the same location./.

Business partnering strengthens RoK-Vietnam trade cooperation

Forty direct business meetings were organised between a delegation of Korean companies from the Korea Intellectual Property Strategy Agency (KISTA) and the Korea Environmental Industry & Technology Institute (KEITI) with Vietnamese importers on June 12.

Facilitated by the Korea Trade-Investment Promotion Agency (KOTRA Hanoi), the event opened up new cooperation opportunities in the industrial and technology sectors between Korean and Vietnamese companies.

The delegation showcased various high-quality traditional products, including cosmetics, functional foods and beverages. Additionally, advanced medical devices and technologies such as Nano Knife cancer treatment therapy, and environmental technologies like unmanned surface vessels for monitoring and measuring, automatic air monitoring systems, and new water sterilisation technology garnered significant interest from Vietnamese experts and businesses.

Jung ChulWan, a specialist in business development research at KISTA, expressed his delight at the participation of four member companies and his hope for fruitful trade cooperation and the development of Korean products in the Vietnamese market.

KwangKeun Shin, senior specialist in industry and environmental technology at KEITI, shared: "Our institute brought three companies focusing on environmental, emission and medical fields to this event. We found that Vietnamese importers showed great interest. We hope to enhance exchanges, training and trade/export, especially in environmentally related products."

Representing Korean businesses, Brian Shin, CEO of RPG Lab Korea, which specialises in Makgeolli drink powder, said: "Young consumers in Vietnam are increasingly seeking safe products. Our first customer this morning showed great interest in our product. We are very hopeful about entering the Vietnamese market."

This event highlights the growing cooperation between the Republic of Korea and Vietnam, strengthening bilateral trade relations and paving the way for future collaborations in various sectors./.

Petrol prices slightly up in latest adjustment

The retail prices of E5 RON 95 petrol increased by 260 VND to 22,230 VND (0.87 USD) per litre from 3pm on June 13, following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.

Meanwhile, the retail price of E5 RON 92 petrol rose by 170 VND to 21,310 VND per litre.

The price of diesel went up 220 VND to 19,640 VND per litre.

The two ministries have decided not to use the petrol price stabilisation fund./.

Export prices of Vietnam coffee shoot up

The export price of Vietnamese coffee, mainly Robusta beans, in the first five months of 2024 soared by nearly 50% compared to the same period last year to US$3,482 per ton.

Data from the Vietnam Coffee – Cocoa Association (VICOFA) showed that Vietnam exported nearly 71,570 tons of Robusta coffee at US$3,920 per ton and around 6,830 tons of Arabica coffee at US$3,888 per ton. This is the first time in 50 years that the export price of Arabica beans was US$32 per ton lower than that of Robusta beans.

In the 2021-2022 coffee season, the average export price of Robusta coffee was US$1,980 per ton, significantly lower than the US$4,333 per ton for Arabica.

During the 2022-2023 season, the export price difference between the two types of coffee gradually narrowed, and by May 2024, the export price of Robusta had surpassed that of Arabica.

According to VICOFA, this shift in the export price dynamic between Robusta and Arabica can be attributed to a change in demand for Robusta beans. Coffee processors and roasters have increasingly turned to Robusta due to its higher profitability. As a result, the demand for Robusta has surged, causing its export price to surpass that of Arabica.

This trend led to the export price of Vietnamese coffee beans reaching around US$3,482 per ton in the first five months of this year, up by nearly 50% against the same period in 2023. Consequently, coffee exports brought US$2.9 billion to Vietnam during this period.

Recently, coffee prices in the Central Highlands provinces have fluctuated, often hovering around VND120,000 per kilogram, with some instances even exceeding VND126,000 per kilogram.

The US extends deadline for final ruling on wooden cabinets from VN

The US Department of Commerce has extended the deadline by 31 days for a determination on an inquiry into whether wooden cabinets from Vietnam are within the scope of its antidumping and countervailing duties.

The new deadline for the preliminary finding is in July, according to the Trade Remedies Authority of Vietnam.

The investigation was initiated in May 2022 to determine whether wooden cabinets, vanities and components from China that undergo further processing in Malaysia or Vietnam before being exported to the US fall under its antidumping and countervailing duties imposed on wooden cabinets from China.

The new deadline for the preliminary circumvention determination is now July 29 and the final circumvention determination is October 28.

In September, the US Department of Commerce issued an initial finding that three cases of wooden cabinets imported from Vietnam with components produced in China are within the scope of duty orders on wooden cabinets from China.

The US has imposed an anti-dumping duty of 4.37-262.18% and an anti-subsidy duty of 13.33-293.45% on wooden cabinets from China since April 4, 2020.

Chili prices in Mekong Delta region surge while Thai jackfruit prices drop

The Mekong Delta region has recorded a consecutive surge in the prices of chili in many localities.

Specifically, the current prices of skyward-pointing chili in many localities are priced at VND45,000 (US$1.7) to VND50,000 (US$1.9) per kilogram, increasing by VND10,000 (US$0.3) to VND12,000 (US$0.4) per kilogram compared to the previous month.

Meanwhile, the prices of Thai jackfruit and Indonesian red-flesh jackfruit in many localities of the Mekong Delta region are currently decreasing sharply.

Thai jackfruit type 1 is sold to traders at gardens with prices ranging from VND23,000 (US$0.9) to VND25,000 (US$0.98) per kilogram while type 2 is priced at VND11,000 (US$0.4) to VND13,000 (US$0.5) per kilogram.

The prices of Indonesian red-flesh jackfruit type 1 range around VND90,000 (US$3.5) to VND95,000 (US$3.75) a kilogram, and type 2 is priced at about VND80,000 (US$3.1) a kilogram.

Many gardeners said that although the prices of Thai jackfruit are decreasing due to slow exports, jackfruits still bring better incomes than other fruits.

Since mid-June, the prices of durian have tended to increase again.

Specifically, on June 13, Ri6 durians were priced at VND63,000 (US$2.4)-VND65,000 (US2.5$) a kilogram; Thai durians were sold at VND94,000 (US$3.7)-VND95,000 (US$3.75) per kilogram; Thai Xo durian ranged from VND75,000 (US$2.9)-VND77,000 (US$3) a kilogram.

In the Southeast region, Ri6 durians and Ri6 Xo durians are traded at VND48,000 (US$1.8)-VND65,000 (US$2.5) a kilogram; Thai durians are sold at VND94,000 (US$3.7)-VND95,000 (US$3.75) per kilogram and Thai Xo durians are priced at VND75,000 (US$2.9)-VND77,000 (US$3) per kilogram.

In the Central Highlands region, the prices of Ri6 durian and Ri6 Xo durian are traded at VND48,000 (US$1.8)- VND63,000 (US$2.4) a kilogram; Thai durians are sold at VND90,000 (US$3.5)-VND92,000 (US$3.6) per kilogram and Thai Xo durian prices range from VND71,000 (US$2.7) to VND72,000 (US$2.8) a kilogram.

Ministry of Finance proposes excise tax increase on alcohol, tobacco

The Finance Ministry submitted to the Government a proposal of imposing tax on spirits with alcohol content in the draft Excise Tax Law (amended).

Accordingly, spirits with alcohol content of 20 degrees and above are subject to an 80-percent excise tax in 2026, and gradually increasing to 100 percent in 2030.

Those below 20 degrees are imposed an excise tax rate of 50 percent, then reaching 70 percent. The tax rate on all beers would also gradually increase from 80 percent to 100 percent.

The Ministry of Finance commented that excessive use of wine and beer can harm the health of consumers and negatively affect social security and traffic safety.

At present, the excise tax rate of beer is 65 percent and of wine 35-65 percent depending on the alcohol level. These rates are suggested to rise gradually from 2026-2030 in order to increase retail prices by 10 percent as recommended by the World Health Organization.

In addition to wine and beer, the Ministry of Finance also proposes increasing the tax rate and expanding the range of goods subject to this excise tax in line with international practices and reality.

In particular, the draft law stipulates that cigarettes, shredded tobacco, cigars, snuff, and other forms of tobacco are subject to this tax. For the time being, the tobacco rate remains at 75 percent, but then additional absolute tax rates will be introduced for different types of tobacco products.

During the 2026-2030 period, the absolute tax rate for cigarettes will rise slowly by VND5,000-10,000 (US$0.2-0.4) per pack; cigar by VND50,000-100,000 ($2-4) per item; shredded tobacco and other forms of tobacco by VND50,000-100,000 per 100gr/ml.

This regulation is expected to reduce the smoking rate among men from 42.7 percent in 2022 to 38.6 percent in 2030. Predictions show that the state budget revenue from tobacco will grow to VND39.2 trillion ($1.54 billion) in 2030, which is 2.2 times higher than the one in 2022.

Before this, many businesses had proposed that the Government not to increase excise tax due to concerns about significant economic damage to the industry and a decline in tax revenue. Last year, the returns of the beer industry dropped by 11 percent while its profit also saw a decline of 23 percent.

Therefore, the tax rise that leads to adjustments in retail prices is said to be an ineffective tool to change the bad habits among consumers. Instead, the Government should adopt incentive policies to help enterprises upgrade their technologies to create more suitable products for consumers and bring about more profits to the economy.

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