With climate change, rising sea level posing significant threats, experts are advocating for a shift toward a circular economic model in the Mekong Delta, Vietnam's agricultural powerhouse.
The Institute for Circular Economy Development believes this approach holds immense potential for the region's vast agricultural sector.
The Mekong Delta's large-scale production offers a unique opportunity to minimise input resources, recycle waste and wastewater, and find new uses for by-products, said its experts.
The environmental benefits are particularly compelling. Rice production alone generates a staggering 20 million tonnes of straw, 4 million tonnes of rice husks, and 2 million tonnes of bran annually. "Effectively utilising these by-products is crucial for a sustainable rice industry”, they said.
According to the Ministry of Agriculture and Rural Development's Department of Crop Production, up to 70% of rice straw is currently burned or buried in fields, leading to air and soil pollution and release of harmful greenhouse gases. The circular economy model offers a solution: collecting straw for mushroom cultivation, cattle feed, organic fertiliser production, bioplastics, and even urban agriculture.
Livestock farming also presents a challenge. The Mekong Delta generates a hefty 2.78 million tonnes of animal waste annually, primarily from pig, poultry and cattle. While some of this waste is used for biogas generation, composting or directly used as fertiliser, significant opportunities remain for more sustainable practices.
The Mekong Delta contributes 31.37% to the country's GDP, with approximately 50% of rice production, 95% of rice exports, 65% of aquaculture, 60% of fish exports, and nearly 70% of various fruit production./.
Buyers no longer line up for gold purchases at banks
Long queues of gold buyers were no longer seen in front of designated sites of four State-owned commercial banks on June 17 morning.
From June 17, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) enables registrations for SJC-branded gold purchases on their websites.
Meanwhile, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has applied this method since June 12.
The banks said they only sell gold bars to those successfully registering on the websites.
On June 17 morning, only several people came to the banks’ branches to buy gold, but they were instructed by bank employees to register online.
For each registration, customers are allowed to buy 1 gold tale per day.
The move came after two weeks the banks directly sold SJC gold bars to people and recorded crowds at their designated sites.
Earlier, the State Bank of Vietnam (SBV) authorised Agribank, Vietcombank, Vietinbank, BIDV, along with the State-owned Saigon Jewelry Company Limited (SJC) to purchase SJC gold bars from the SBV and sell to the public. This aims to promote market stability and ensure a balanced gold market./.
Business Guide on Vietnam launched for Mexican enterprises
The Embassy of Mexico in Vietnam, the Western Mexican Business Council for Foreign Trade (COMCE Occidente), and the National Bank of Foreign Trade (Bancomext-Nafin) have launched a Business Guide to introduce the attractiveness of the Vietnamese market and investment opportunities to Mexican firms.
The guide introduces business opportunities within the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), with the aim of providing Mexican businesses with the best tools in order to gain entry to the Vietnamese market in an effective manner.
The guide consists of 13 chapters which feature both practical and concise information on the Vietnamese economy and bilateral trade between the two countries, as well as advantageous products and opportunities for Mexican firms in this market, trade fairs in Vietnam, and useful contacts for conducting business in the country.
According to Mexican business representatives, with more than 100 million people, Vietnam has been integrated into global trade networks, with an average economic growth rate of 7% being recorded annually over recent decades. These factors have therefore turned the country into an extremely attractive market for Mexican investors.
Among ASEAN member states, Vietnam is Mexico's second largest trading partner and its seventh largest global supplier. Bilateral trade between both sides has grown significantly since the CPTPP first came into effect back in 2019.
Farm exports see solid upswing through border gates in Lang Son
The turnover of exported goods going through the northern mountainous province of Lang Son's border gates is increasing sharply, with the majority being fresh fruit, according to the Lang Son provincial Customs Department.
As a means of creating the best possible conditions for the export of agricultural products, the Lang Son provincial Customs Department has directed customs branches at border gates to include 11 types of fruits allowed to be exported to the Chinese market as "green channel" goods. It is hoped that this will serve as a way of helping to shorten customs clearance time and process declarations of businesses on the 24/24 digital border gate platform.
Nong Quang Hung, deputy head of Tan Thanh Customs Branch, affirmed that the unit always prioritises procedures for fresh fruit shipments to clear customs first as a way of avoiding damage in hot weather conditions.
Currently, the number of vehicles carrying export and import goods through customs gates in Lang Son province averages over 1,000 vehicles per day, of which about 300 vehicles transport fresh fruit.
According to statistics, since the beginning of the year the total output of fresh fruit exported through border gates in the province has reached about 1.2 million tonnes, marking an increase of nearly one and a half times compared to the same period from last year.
Lieutenant Colonel Doan Duy Tien, head of Huu Nghi International Border Gate, said, "The unit has regularly and proactively coordinated with functional forces at the border gate area to regulate the flow of vehicles entering and exiting the border gate to ensure security and order , while seriously and effectively implementing the digital border gate platform, thus creating favourable conditions for import and export activities through the border gate area."
To fully meet the goal of promoting cross border trade through the two international border gates, one bilateral border gate, and nine secondary border gates, Lang Son province has developed and carried out many solutions aimed at improving customs clearance capacity and building a model border gate.
The locality has directed functional forces at the border gate to proactively grasp the situation and regulate goods clearance activities with the aim of bringing import-export turnover through the province's border gates this year up to between US$55 billion and US$60 billion. Lang Son is therefore striving to serve as an important exchange hub in economic and trade development with Guangxi of China.
Vietnam launches anti-dumping probe into galvanized steel from China and RoK
The Ministry of Industry and Trade (MoIT) has decided to launch an investigation and apply anti-dumping measures on imported galvanized steel products originating from China and the Republic of Korea (RoK).
The decision has been made based on the evaluation results of the dossiers submitted by local enterprises namely Hoa Sen Group Corporation, Nam Kim Steel Corporation ,Ton Phuong Nam Company, Ton Dong A Corporation, and China Steel & Nippon Steel Vietnam Corporation.
Accordingly, Vietnamese enterprises had accused galvanized steel products orginating from China and the RoK of being dumped into the Vietnamese market, thereby causing significant damage to the domestic manufacturing industry.
Simultaneously, these firms have also provided sufficient grounds in which to establish that the products had been dumped. In addition, they have released data to determine the dumping margin of 69.23% and 3.41% for the products from China and the RoK, respectively.
The investigation period to determine the dumping behavior runs from April 1, 2023, to March 31, 2023, while the investigation period to identify damage is between April 1, 2018, and March 31.
According to regulations, after initiating the probe, the MoIT will send an investigation questionnaire to relevant parties in order to collect information to analyze and evaluate the alleged contents.
Based on the results of the preliminary investigation, the MoIT will apply temporary anti-dumping measures in an effort to prevent any dumping behaviour that has caused significant damage to the domestic manufacturing industry.
The MoIT will also move to re-verify information provided by relevant parties before completing the official investigation conclusion on the case.
Simultaneously, it will host a public consultation for relevant parties to directly provide information, whilst expressing their views on the case before making a final conclusion.
Related businesses and individuals are duly advised to supply necessary information to the MoIT to ensure their rights and interests in accordance with the law.
Six provinces and cities achieve five-month export turnover of over USS$10 bil
Six Vietnamese provinces and cities, including Ho Chi Minh City, Bac Ninh, Binh Duong, Thai Nguyen, Hai Phong, and Bac Giang earned export turnover of more than US$10 billion over the past five months, according to the latest statistics released the General Department of Customs.
The top 4 localities included Ho Chi Minh City, Bac Ninh, Binh Duong and Thai Nguyen with export earnings of US$17.53 billion, US$14.37 billion US$13.41 billion, and US$13.15 billion, respectively.
Hai Phong was placed fifth with an export turnover of US$12.15 billion, up by 29.25% on-year or US$2.75 billion, while Bac Giang exports ranked last on the list with US$10.58 billion, representing a year-on-year increase of 19.14%, equivalent to US$1.7 billion.
Notably, the northern province of Bac Ninh has gained recovery momentum after experiencing negative growth through the end of April compared to the same period from last year.
Specifically, May saw the locality make a significant breakthrough with the nation's leading export turnover of US$3.15 billion.
The country's merchandise exports grossed US$32.27 billion in May alone, bringing the five-month export turnover to US$156.28 billion, up 14.9% over the same period from last year.
Rattan, bamboo, sedge, and carpet exports show positive signs
May alone witnessed Vietnam's export of rattan, bamboo, sedge and carpet products reach US$66.37 million, bringing the total export turnover of the items to US$334.5 million, an increase of 15.4% on-year, according to data compiled by the General Department of Customs.
This shows positive signs in the export of handicrafts even though the world economy is still facing plenty of difficulties.
The United States retained its position as Vietnam's largest export market over the past five months of the year, with more than US$136.7 million, posting a -year-on-year rise of 31%.
In May alone, Vietnamese rattan, bamboo, sedge and carpet exports to the North American nation fetched more than US$31.5 million, an increase of 29% compared to March 2023.
The United States retained its position as Vietnam's largest export market over the past five months of the year, with more than US$136.7 million, posting a -year-on-year rise of 31%.
In May alone, Vietnamese rattan, bamboo, sedge and carpet exports to the North American nation fetched more than US$31.5 million, an increase of 29% compared to March 2023.
The Japanese market came second, with its imports in May reaching US$3.6 million, down 8.7% compared to last May. Vietnam earned US$20.9 million from exporting products to the East Asian nation, down 3% on-year.
In 2022, Vietnam ranked 2nd after China) among the countries and territories that exported the most bamboo and rattan in the world and ranked 10th in the world in carpet exports, with an average growth turnover of 29. 5%/year.
According to economic experts, these Vietnamese products' possibility to occupy 10-15% of the world market share is within reach when the global bamboo market size is expected to hit US$ 82.9 billion by 2028, thus enabling rattan and bamboo bring billions of US$ to Vietnam.
There is plenty of opportunity for Vietnam to dominate the rattan and bamboo market as the bamboo area in the country is up to 1.5 million hectares, distributed in most provinces across the nation, of which 37/63 provinces have an area of more than 10,000 hectares.
Bac Giang lychees promoted in Thailand
Fresh lychees from Luc Ngan district, the northern province of Bac Giang, continue to be sold at the supermarket chain of Gourmet Market and shopping malls belonging to Thailand’s The Mall Group this year.
This is the second year in a row, the Bac Giang lychees have been sold at major supermarkets in Bangkok.
Pumin Piyawanich, a representative of Ekthai company - the importer of lychees for sale at Gourmet Market - Siam Paragon commercial centre, said that the company wants to sell Vietnamese lychees because of their best taste.
This year's Vietnamese lychee output is not as high as last year, but the company luckily signed contracts with farmers last year. That's why they still have opportunities to sell the fruit to meet the expectations of customers in Thailand, he said.
Although the price of imported lychees this year is a bit higher than last year, his company still tries to keep the selling price as same as last year's so that more customers can enjoy Vietnamese lychees, he added.
The Bac Giang lychees which are fresh and sweet not only attract Thai consumers but also foreign visitors.
Debby, a tourist from Singapore, said she heard Vietnamese lychees are available in Thai supermarket. After having some, she hoped the fruit will soon enter Singapore so that she can buy them there.
In an effort to widely introduce Vietnamese lychees in Thailand which is well-known as the kingdom of tropical fruits, Gourmet Market has combined with the Mam Initiative - a project of a group of young Vietnamese people dedicated to building a brand for Vietnamese agricultural products - launching the promotion campaign "The best lychees from Vietnam" for the first time in Thailand in 2024.
Under the campaign, hand-drawn adverstisements and a set of stickers of lychees with different funny expressions in Thai language are free to download on some applications such as Viber or WhatsApp. The promotional activity is expected to bring Vietnamese lychees closer to more Thai consumers.
The campaign will be carried out from June 15 to the end of July, during which the lychees are imported weekly and sold in Bangkok.
Truong Duc, strategy team leader of the Mam Initiative, said that they want to innovate trade promotion methods through the application of technology and creative ideas. In the coming time, they hopes to join promoting other Vietnamese agricultural products in countries./.
Quang Ninh aims to attract 3 billion USD worth of FDI this year
Northern Quang Ninh province has attracted more than 1.52 billion USD worth of foreign direct investment (FDI) in the first half of this year and is poised to reach its goal of 3 billion USD in FDI for the full year.
According to the province’s Investment Promotion and Support Board, FDI was put mainly into high-tech fields and environmentally friendly industries with high added value, enabling the northern coastal province to participate in the global value chain.
FDI in the manufacturing and processing industries is particularly helpful for the province’s development goals, which helped establish production chains in the electronics and garment industries.
The northern province registered a gross regional domestic product (GRDP) of 9.02 %, ranking 4th in the Hong (Red) River Delta region and 8th out of 63 provinces and cities in the country.
The manufacturing and processing industry was the standout of the province in the first half of this year with a growth rate of 23.05%, 10.3 percentage points higher than the same period last year.
The province collected an estimated sum of 30.774 trillion VND (1.2 billion USD) for the State budget in the first six months of this year, or 55% of its target.
Over the same period, 795 new firms were founded in the province, creating about 17,400 jobs. This figure is up 12.6% year-on-year.
Quang Ninh attracted more than 3.11 billion USD of FDI in 2023, becoming the top destination for foreign investment in Vietnam.
The province has significant potential for attracting FDI with the largest number of industrial and economic zones planned for development in the northern region./.
Vietjet launches two new routes linking Phu Quoc with Taiwan
Vietjet has launched two new air routes connecting Phu Quoc island, the southern province of Kien Giang, with Taichung and Kaohsiung (Taiwan, China).
The Phu Quoc – Taichung route serves passengers, with three return flights per week on every Tuesday, Thursday and Saturday, while the Phu Quoc – Kaohsiung route with four return flights per week on Monday, Wednesday, Friday and Sunday.
On this occasion, Vietjet offers customers a big promotion programnme with international flight tickets from only 0 VND (excluding taxes and fees) every Friday from now until December 31, 2024 when booking tickets on the airline’s website or Vietjet Air apps.
Phu Quoc island is famous for its stunning long beaches such as Sao Beach and Rach Vem, in addition to well-known attractions such as Hon Thom Nature Park, Kiss Bridge Phu Quoc, and Ham Ninh fishing village.
Meanwhile, Taichung is well-known for its ancient architecture, poetic scenery with Sun Moon Lake, Rainbow Village, and Fengchia night market. Kaohsiung City is an attractive natural, cultural and historical destination with many famous landmarks such as Fo Guang Shan Buddha Museum, and National Science and Technology Museum./.
Thailand, Cambodia, Vietnam look to maritime tourism connectivity
Thai media reported on June 16 that this country, Cambodia and Vietnam are seeking to cooperate in open a maritime route connecting islands near Trat province with Cambodia's Sihanoukville province and Vietnam's Kien Giang province with a view to promoting investment, trade, tourism and tourism combined with meetings, incentives, conferences, and exhibitions (MICE).
Trat provincial Governor Natthapong Sanguanjit recently chaired a meeting on this initiative at the Cambodia-Vietnam-Thailand -Trat Business Roadshow 2024, with the event featuring the participation of representatives of six provinces across the three countries. The Governor was joined by Chamnan Srisawat, chairman of the Tourism Council of Thailand (TCT) and senior vice president at Thailand Convention & Exhibition Bureau (TCEB).
Chamnan said that the TCT is in the process of accelerating the organisation of the CVTEC conference, with TCEB as co-organiser and main sponsor, adding that their goal is to promote maritime routes connecting the three countries in order to create "One market with three destinations”.
This maritime route will not only function as a modern economic route, but also as an attractive tourist route featuring beautiful nature and culture.
Meanwhile, Governor Natthapong said that it is important to find ways to enhance tourism connecting the eastern coastal regions of the three countries together through this maritime route.
Within the framework of the meeting, representatives of both the private and public sectors of the three countries signed a Memorandum of Understanding (MoU) to jointly strengthen trade, investment, tourism, and the MICE industry in areas along this route.
Apichai Somboonpakorn, deputy director of the TCEB, said that TCEB believes Thailand is ready for this project and if successful, it will allow tourists to travel from Pattaya to Laem Chabang, from where they can continue on to locations such as Trat, Sihanoukville, and Kien Giang, and vice versa.
According to Wiyada Suang, vice chairman of Trat provincial Tourism Council, the sea route will likely open during the peak tourist season in November this year.
Vietnamese, Cuban farmers’ associations bolster cooperation
President of the Vietnam Farmers’ Union (VFU) Luong Quoc Doan led a delegation from the association to pay a working visit to Cuba from June 8 to 14 at the invitation of the Cuban National Association of Small Farmers (ANAP).
While in Cuba, Doan met with Roberto Morales Ojeda, Politburo member and permanent member of the Secretariat of the Communist Party of Cuban Central Committee, held talks with Félix Duarte Ortega, ANAP president, and had a discussion with Ramón Osmani Aguilar Betancourt, President of the Permanent Commission of Agrifood Work of the National Assembly of People’s Power.
On the occasion, the VFU and ANAP signed a Memorandum of Understanding (MoU) on cooperation for the 2025-2030 period.
At the working sessions, Doan affirmed that the Vietnamese Party, State and people always treasure the special traditional friendship and comprehensive cooperation between Vietnam and Cuba, which was nurtured by President Ho Chi Minh and Cuban leader Fidel Castro.
As a socio-political organisation of Vietnamese farmers, the VFU wants to contribute to deepening the two countries' relations through cooperation with the ANAP, he stressed, adding the VFU’s visit as also a chance for the two associations to share experience and seek collaboration opportunities to develop the nations.
The Cuban officials thanked the Vietnamese Party, State and people for their support for Cuba’s revolutionary cause, and stressed that Cuba attaches importance to the friendship and comprehensive cooperation with Vietnam.
They congratulated Vietnam on the achievements it has carved out during the renewal and national development process, saying renewal policies have brought about strong development for the Vietnamese agriculture, farmers and rural areas.
They said they hope that the two associations will work closely in the areas of food production, human resources training, management capacity improvement, and promotion of Vietnamese investments in Cuba.
Vietnamese Ambassador Le Quang Long expressed his delight over the MoU signing which will open up numerous cooperation opportunities between the two associations, and wished that they will build specific cooperation plans, contributing to consolidating and developing the traditional friendship, special solidarity and comprehensive collaboration between the two nations.
Hai Phong’s Cat Bi airport welcome first flight from China’s Lijiang
The first flight with 162 passengers on board departing from Lijang, China’s Yunnan province landed safely at Cat Bi International Airport in the northern port city of Hai Phong on June 15.
According to Vice Chairman of the city People’s Committee Le Khac Nam, the opening of new international flights from and to Cat Bi airport is significant to the local economic, trade and tourism development.
The Hai Phong – Lijiang air route not only contributes to the development of the two localities and enhancement of their mutual understanding but also meets the demand for trade exchange and travel of local residents and Chinese investors.
General Director of Yunnan Tongdian Air Travel, the operator of the route, Hu Chaozhu said the company plans to run three flights on the route on Tuesday, Thursday and Saturday every week from June 15 to June 14, 2025, expressing his hope that Hai Phong will give financial support for the opening of this new air route in line with regulations, and bolster connectivity among enterprises to develop tourism between the two localities.
US recognition of market economy to increase opportunities for Vietnamese exports
The US's recognition of the market economy in Vietnam will help expand business opportunities for Vietnamese enterprises and pave the way for Vietnamese exports to this market, according to experts.
In early May 2024, the US Department of Commerce held a hearing on the recognition of Vietnam's market economy.
Vietnam has made efforts for a long time to meet six criteria for the US to recognize its market economy status, including conducting economic reforms to meet the criteria prescribed by the US, including currency convertibility, salary and wage negotiations between employees and employers, level of foreign investment in economic activities, and issues related to state and private ownership.
According to assessments of many international analysts, Vietnam has demonstrated its performance in accordance with the above criteria as good or often better than other countries that have been granted the market economy status. Vietnam also intervenes less in state-owned enterprises than India, and is more open to foreign investment than Indonesia, Canada and the Philippines.
Nguyen Thi Thu Trang, Director of the Centre for WTO and Integration under the Vietnam Chamber of Commerce and Industry (VCCI), held that winning the US recognition has great significance for manufacturing and export industries, as exports to this market will receive tax reductions. This move can also encourage US companies to diversify their supply chains.
James Borton, a non-resident senior fellow at the Foreign Policy Institute (FPI) of the Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies (SAIS), wrote in an article published on geopoliticalmonitor.com that the market status recognition will bring many economic benefits to both countries.
Burgeoning trade flows between the two countries and the White House’s push for the establishment of the partnership agreement on the Indo-Pacific Economic Framework for Prosperity (IPEF), means market status recognition would help Vietnam expand its trade and investment with the US.
The bilateral benefits for US companies derived from recognition of Vietnam as a market economy include market access and export opportunities, namely in agriculture, machinery, aircraft, and pharmaceutical products, all of which contribute to the development of a supply chain that suits the US’s interests.
Market-status recognition would also contribute to a reduction in trade barriers, making it easier and cheaper for US businesses to export goods and services to Vietnam, according to Borton.
Furthermore, the US’s recognition of Vietnam as a market economy could further incentivise US companies to diversify their supply chains. Additionally, lower import prices and improved market access could enable US companies to increase their output and production in Vietnam. This offers the potential to generate increased sales revenues and profitability for American companies operating in Vietnam, he wrote.
According to Nguyen Dinh Luong, former head of the Vietnamese negotiation delegation of the Vietnam – US Bilateral Trade Agreement (BTA), to be truly recognised as a market economy by the US, Vietnam must learn from the world's laws and apply universal laws in new areas, and have a roadmap to gradually gain a firm foothold in the common playing field.
Trang advised businesses to study and regularly update regulations of the US market, pay attention to those related to trade remedies, epidemic prevention, hygiene, technical standards, rules of origin, and regulations related to labour employment standards.
Quang Binh woos Belgian tourists, investors
The central province of Quang Binh trumpeted its natural beauty and investment potential at an event in the Belgian capital of Brussels on June 14, which attracted many local tourism agencies, potential investors and travel fans.
The highlight of the event, co-organised by Quang Binh’s Tourism Department, the Vietnamese Embassy in Belgium and the Flemish government agency Visit Flanders, was a seminar on the Vietnamese province’s advantages and opportunities in tourism development.
Ambassador Nguyen Van Thao spotlighted the unique natural heritage and culture of Quang Binh, along with an open investment environment and incentives.
Quang Binh, dubbed the Kingdom of Caves, wants to seek cooperation to develop tourism, said Chairman of the provincial People’s Committee Tran Thang. He added that the province also prioritises renewable energy and high technology industries.
Videos, photos and virtual tours were available at the event to give visitors a look into the destinations in the province.
Piet Steel, a representative of Visit Flanders and Han-sur-Lesse who used to serve as Belgian ambassador to Vietnam, presented his view on Vietnam tourism in general and the great potential of Quang Binh in particular. He said he was impressed by the province’s efforts to conserve nature and develop responsible tourism.
Aquatic products from RoK’s South Chungcheong to be exported to HCM City for first time
Aquatic products of small- and medium-sized enterprises (SMEs) in the Republic of Korea (RoK)’s South Chungcheong province will be sold in Vietnam’s Ho Chi Minh City and China’s Taiwan for the first time in the coming time.
This is part of export contracts worth 5.5 million USD signed by South Chungcheong’s SMEs at consulting conferences on exports to Taiwan’s Taipei and Ho Chi Minh City, held in the two localities in early June.
At the events, six enterprises in the marine and fisheries sector engaged in export consulting activities focusing on their outstanding products such as anchovy snacks, shrimp sauce, seaweed sticks, dried seaweed, seasoned seaweed and cosmetics. Finally, they signed 12 export contracts worth a total of 5.5 million USD.
A leading official of South Chungcheong said that the province has supported businesses in finding partners and developing markets, and provided export consultation for SMEs wishing to expand operations abroad./.
PM orders sustainable development of construction materials industry
Prime Minister Pham Minh Chinh on June 15 required restructuring in terms of organisation, administration, finance, and input materials at enterprises in the construction materials industry towards their sustainable development.
Addressing an online conference on removing difficulties in, promoting production and consumption of cement, iron and steel and other construction materials, PM Chinh underlined that the industry is facing difficulties from rising fuel costs, a shortage of raw materials for production, environmental protection pressure, and problems in policy mechanisms, markets, and financial situation.
In order for the sector to develop sustainably, promote efficiency, and make important contributions to socio-economic development, Chinh said it is essential to effectively implement the national construction materials development strategy for the 2021 – 2030 period, with a vision to 2050, and the master plan on exploration, exploitation, processing, and use of mineral resources for the 2021 – 2030 period, with a vision to 2050, together with speeding up the pace of public investment and infrastructure projects, including the scheme on building one million social housing apartments.
He also noted the need to apply scientific, technological and management achievements, especially the fourth Industrial Revolution, in production; improve product quality; and diversify high quality products with high economic value to meet construction needs.
At the same time, it is important to economically and efficiently use resources; save energy, raw materials and fuel in production; maximise use of waste from industries for the production process; and minimise impact on the environment, Chinh said.
The Government leader urged improvement of the capacity to forecast domestic and foreign influence factors so as to make proactive and timely response and support enterprises in stabilising their production and expanding markets.
Attention should be paid to seeking ways to reduce imports, improve product quality, cut down costs, and increase the competitiveness of domestic products, he added.
According to the Ministry of Construction, in the last 10 years, Vietnam's total production capacity of key construction materials has grown to about 120 million tonnes of cement, 830 million square metres of tiles, 26 million ceramic sanitary ware products, 330 million square metres of construction glass, 20 billion fired clay bricks, and 12 billion unburnt bricks each year.
The quality of Vietnamese construction materials has met international standards. The level of technology, and production and business organisation of the industry ranks among the top in the Association of Southeast Asian Nations (ASEAN). The total annual revenue is estimated at nearly 47 billion USD, accounting for about 11% of national GDP.
However, in recent years, the country's construction materials industry has encountered many difficulties, such as decreases in consumption and revenue leading to stagnation production and business activities, loss of jobs, thus affecting socio-economic development of the nation./.
Petrovietnam maintains growth despite declining oil prices
Petrovietnam managed to achieve high growth across all financial indicators despite negative impacts caused by dropping crude oil prices on its production and business activities in May.
The optimistic results can be attributed to consistent and proactive management, heard a recent regular meeting of the company’s executives.
Petrovietnam's production activities remained safe and stable, ensuring the supply of essential products and contributing to socio-economic stability. In the first five months of the year, all production targets exceeded plans by 3.5-35.7%, including crude oil extraction at 4.19 million tonnes, gas extraction at 2.91 billion cubic metres, fertiliser production at 797,000 tonnes, electricity generation at 12.98 billion kWh and petrol production (excluding the Nghi Son Refinery Plant) at 2.32 million tonnes.
Notably, Petrovietnam’s electricity production in May and the first five months exceeded targets.
In spite of the sharp decline in core product prices, particularly a 19.8% drop in petrochemical margins, Petrovietnam’s financial targets were exceeded by 34-92% for the first five months, with significant year-on-year growth.
Total revenue for the first five months was estimated at 392.7 trillion VND, 34% above targets and 15% higher than the same period in 2023. The group contributed 55.4 trillion VND to the state budget, 46% above the plan and up 2% year on year. Consolidated pre-tax profit was estimated at 22.1 trillion VND, 92% above the five-month target and 6% higher than the same period in 2023.
The group’s chairman Le Manh Hung said that risks still remain for the group for the remainder of the year, such as inflation, currency depreciation, declining oil prices and the energy transition.
He cautioned that the company needs enhanced risk management to respond to macroeconomic and market fluctuations and ensure operational efficiency. He also stressed the importance of updating strategies, development plans, and investment portfolios and recovering outstanding debts./.
Buoyant middle class drives domestic retail market development: insiders
Recently, in addition to improving service quality and restructuring models, retail systems have continuously increased the number of their stores and supermarkets in Vietnam, showing that the domestic retail market still has an ample room for development.
With various advantages and favourable conditions, this market is forecast to continue to be a bright spot of growth in the coming time.
On June 1, BRG Group JSC and its Japanese partner, Sumitomo Corporation, opened their 11th Fujimart supermarket in Hanoi in Ba Dinh district’s Giang Vo street.
Earlier on May 25, the 10th Fujimart supermarket was inaugurated on Thanh Xuan district’s Chinh Kinh street.
These moves are part of the two sides’ joint-venture contract on expanding the grocery supermarket chain in Vietnam, towards opening 50 new stores throughout the country by 2028.
Meanwhile, on May 18, Aeon, a leading distributor in Japan, started work on the Aeon Mall Tan An in Long An province, marking the eighth of its kind in Vietnam and the first in the Mekong Delta region. This mall is expected to be put into operation in late 2025.
"In 2024, AEON Vietnam plans to open a variety of stores with different models and scales. Not only AEON shopping malls, we will develop more AEON outlets at shopping centres of other partners. Although the areas vary, all AEON Vietnam touch points fully meet customer needs from food, household goods, mother and baby products, to fashion," said Director General of Aeon Vietnam Furusawa Yasuyuki.
By the end of 2024, the total number of business locations of the member companies within the AEON Group in Vietnam is expected to exceed 160 sites, including shopping malls, supermarkets, specialty stores, general merchandise stores and supermarkets, convenience stores, children's play areas.
Meanwhile, General Director of WinCommerce Nguyen Thi Phuong said that last year, the company opened and renovated more than 1,700 supermarkets, bringing the total number of its supermarkets and stores across the country to more than 3,600. This year, it aims to open 400-700 new stores and supermarkets to reach over 4,000 touch points nationwide.
According to the General Statistics Office (GSO), Vietnam’s total retail sales of consumer goods and services during January-May increased 8.7% year-on-year to top 2.58 quadrillion VND (101.3 billion USD).
Revenue from retail sales of goods was estimated at more than 1.99 quadrillion VND, accounting for 77.5% of the total and up 7.4% against the same time last year.
GSO Director General Nguyen Thi Huong said that the domestic retail market still has a lot of room for retailers to develop both in width and depth, as the average income of people is increasing. The middle class is growing rapidly, and Vietnam's consumption to GDP ratio is also high compared to other countries in the region.
Associate Professor, Dr. Nguyen Thuong Lang from the National Economics University commented that increasing touch points, and improving service quality show that retail businesses, including big foreign retailers, see the trend of the Vietnamese retail market with great potential that has not been fully tapped. This will be the driving force for domestic retail to aim for higher standards, and protect and develop brands.
Economist Ngo Tri Long recommended retailers to innovate business methods, bring quality products with reasonable prices to consumers as quickly as possible, and have promotional and after-sales policies to retain buyers and create brand reputation./.
Breakthrough policies needed to promote Red River Delta’s trade: official
Although the Red River Delta makes up the lion's share in the nation’s import-export structure and has huge potential to develop high-tech, support and logistics industries, the region needs breakthrough policies to capitalise on its strengths for further trade development, Deputy Minister of Industry and Trade Nguyen Sinh Nhat Tan told a recent conference in Hanoi.
At the event, Tan highlighted the region, comprising 11 provinces and cities of Hanoi, Hai Phong, Vinh Phuc, Bac Ninh, Hung Yen, Hai Duong, Quang Ninh, Thai Binh, Nam Dinh, Ha Nam and Ninh Binh, has boasted robust development and dynamic economic shift, with industry-construction and services securing a majority of the economy and becoming the motive of the economic growth.
However, he pointed out that the regional economic development does not match its potential, advantages, positions and important role while there is a substantial development gap among localities, and low proportion of high-tech production sectors.
Besides, value chains and industry clusters have not formed in the region, and breakthroughs have not been recorded in the development of economic zones, industrial parks, and free trade areas, he underlined.
Against this backdrop, the official said the region should tap its resources to the fullest extent and effectively carry out breakthrough action plans, adding that measures to bolster science, technology and linkage chains in production as well as regional connectivity in trade promotion must be put in place.
Director of the Trade Promotion Agency under the Ministry of Industry and Trade (MoIT) Vu Ba Phu described arrangement and resources as the main challenges for regional trade promotion activities, elaborating that the region’s three trade promotion centres are operating under different management levels, leading to inadequacies in state management and poor implementation of promotion events.
He held that there is a shortage of exhibition and convention centres to organise regional- and international-level events to attract investment, promote trade and popularise the nation’s culture and tourism even in regional economic hubs like Hanoi, Hai Phong and Quang Ninh.
At the event, representatives from localities discussed challenges in regional connectivity, economic development and imports-exports, as well as ways to improve the efficiency of regional trade promotion activities.
Tan asked competent agencies of the MoIT to promote feasible initiatives for trade promotion work, assist the region in looking for suitable markets for its products amidst global headwinds that could have negative impacts on Vietnamese exports.
Localities were urged to work together to develop regional key products so as to identify rational supply chains, and join hands with relevant ministries and sectors to bolster exports to target markets and build a suitable linkage model.
Meanwhile, enterprises must keep updated with market information to grasp consumer taste and make adjustment to their products as well as the latest technology and e-commerce trends to improve goods’ competitiveness, while engaging in trade promotion events of localities and the MoIT./.
Hanoi market accepts new level of apartment price
Customers accept new levels of apartment prices in Hanoi after surging in the past months, according to OneHousing, a site trading property products and other real-estate-related services.
Tran Quang Trung, director of OneHousing's business development, said recently, some investors have launched property products and sold them very quickly. So, the market has accepted the high price levels that established in the first quarter of this year, he said.
Although apartment prices remained high in the first quarter of 2024, Hanoi still had more than 12,000 transactions in both primary and secondary markets.
The average secondary selling price on the apartment market in the first quarter of this year increased by 14.4% year on year to 55 million VND per sq.m, approaching the investor's primary price. The secondary prices recorded high level in most projects in the East and West areas of Hanoi.
The average primary price in the first quarter was about 58.5 million VND per sq.m, an increase of 11% year over year.
Of which, the secondary price in the East approached to the primary price when the secondary prices increased significantly in the affordable apartment segment in the first quarter.
Meanwhile, this site reported that the secondary price in the West was 7 million VND per sq.m lower than the primary price because many high-end projects continued to launch new supply in the first quarter of 2024.
Supply on the primary market in the first quarter of 2024 reached nearly 3,000 apartments, 2.1 times more than in 2023, but still only equivalent to 80% of the first quarter of 2022.
About 75% of new launches came from old projects, and only four new projects offered their products on the market in the first quarter of 2024.
This was the third consecutive quarter having low new supply, leading to limited primary supply in the Hanoi market.
The apartment prices are likely to have a sideways trend before entering a new price increase period in the future because the supply in the next two years is forecast to be lower than market demand, Trung said./.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes