Green-skinned pomelos processed for export. The global demands for importing rice, fruits and vegetables are increasing on disruptions to supply chains in many countries due to geopolitical conflicts and trade wars, providing significant opportunities for Việt Nam. — VNA/VNS Photo Hồng Đạt

The Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development are working together on possible ways to seize any opportunities from the rising global demand for rice, fruits and vegetables, in order to expand exports sustainably.

According to Nguyễn Ngọc Nam, President of Việt Nam Food Association, Việt Nam earned an estimated US$2.3 billion from exporting 3.6 million tonnes of rice from January – May, representing a rise of 11 per cent in volume and 34 per cent in value.

All eyes are on India and whether the country will lift its current ban on rice exports, Nam said. If the ban is kept in September, there will be a significant opportunity for Việt Nam to increase its own exports in response to rising global demands.

Production output from other countries is falling due to the impacts of climate change, heat and drought.

However, Việt Nam’s rice exporters are competing with each other, under cutting prices and Ngọc urged the Ministry of Industry and Trade to find solutions to the unhealthy competition, suggesting that a floor on prices for export rice could be imposed.

Nguyễn Như Cường, Director of the agriculture ministry’s Department of Crop Production, estimated that around 7.6 million tonnes of rice can be for export this year. 

The total output of fruits and vegetables is estimated at 13.5 million tonnes, up 3.4 per cent over 2023.

As regards to concerns that harvesting and planting of several fruits are increasing rapidly without complying with the planning laws, such as durian, the agriculture ministry said that inspections are being enhanced on code-granted growing areas and packaging facilities to ensure compliance with signed protocols.

In addition, the national standards and technical standards are being developed to standardise the farming process.

According to Nguyễn Thanh Bình, President of Việt Nam Fruit and Vegetable Association, import markets are imposing high standards for the product quality, thus, producers must pay attention to the market demand and diversify export products.

The fruit and vegetable industry also needs to establish value chains to control quality and supply towards sustainable development, Bình said.

Minister of Agriculture and Rural Development Lê Minh Hoan said that links between Vietnamese exporters remain weak and in terms of trade promotions, enterprises are still going it alone.

Hoan said that associations play an important role in helping farmers, producers and exporters to get market information, take advantages from free trade agreements, as well as promote brands.

The Ministry of Industry and Trade said that the exports of agricultural products will continue to face challenges.

The global demands for importing rice, fruits and vegetables are increasing on disruptions of supply sources in many countries due to geopolitical conflicts and trade wars, providing significant opportunities for Việt Nam. However, the focus must be on improving product quality to meet the requirements, the ministry said.

Minister of Industry and Trade Nguyễn Hồng Diên urged the agriculture ministry to strengthen the restructuring of the rice, fruit and vegetable industry towards enhancing quality and efficiency.

It is important to ensure compliance with planning and increase the application of technology in production, harvesting, processing and preservation.

The focus should be placed on developing standards for production, processing and quality in line with international economic integration requirements to improve competitiveness and value of Vietnamese farm produces, affirm brands in the international markets and expand shares in potential markets.

Packaging exported rice at Lộc Trời Group's affiliate Thoại Sơn Food Co Ltd's factory in An Giang Province. Around 7.6 million tonnes of rice can be for export this year. — VNA/VNS Photo Vũ Sinh

Improved quality critical for farm produce

According to the National Agro-Forestry- Fisheries Quality Assurance Department, improving quality and meeting labour and environment standards are critical for agricultural products.

Phạm Thị Lâm Phương from the Import-Export Department under the Ministry of Industry and Trade said Việt Nam’s export of agro-forestry-fishery products are facing difficulties due to falling consumption demand in major markets. In addition, consumers are paying greater attention to not only origins and quality but also labour and environmental standards.

She said the competition for exporting farm produce is also increasing as several countries are strengthening their participation in free trade agreements.

Nguyễn Quang Hiếu, Deputy Director of the Plant Protection Department under the Ministry of Agriculture and Rural Development, said that negotiations are underway to open markets for fresh coconuts and frozen durian to China. Work is being continued to complete the draft protocol for jackfruit.

Jackfruit is a traditional product being exported officially but the protocol must be signed following the standardisation roadmap agreed with the Chinese customs department. Longan, lychee and rambutan will follow.

As for medicinal herbs, China has sent a draft protocol, and reviews are underway towards the signing.

In the US, the market will be opened for passion fruit after coconut. The Plant Protection Department is proposing the US allow treatment measures which have been recognised by other countries such as cold treatment for longan, hot steam treatment for mango and dragon fruit and Methyl Bromide treatment for lychee.

An open market for pomelo to Japan is the most difficult, Hiếu said, as this requires a test that might take around one year to complete.

Negotiations also face problems from changing policies and stricter standards of import markets, together with the increasing trend of applying non-tariff barriers on farm produce.

Hiếu also expressed worries about products that have the potential for export and the ability to meet the standard requirements of the import markets by domestic producers and exporters.

Import markets also have high requirements for seafood products, such as the EU, Đặng Văn Vĩnh from the National Agro-Forestry – Fisheries Quality Assurance Department said.

The National Agro-Forestry – Fisheries Quality Assurance Department’s Director Nguyễn Như Tiệp said that besides traditional markets, it is necessary to expand to potential and niche markets.

The domestic market of around 100 million population also has strong potential, he said.

In the long term, a market information database will be developed to provide analysis of the market size, demand and trends as a base to develop produce. 

Jan-May farm exports grow strongly

Vietnam’s exports of agro-forestry-fishery products have soared by 21% in the first five months of this year to an estimated US$24.14 billion, according to the Ministry of Agriculture and Rural Development.

The ministry said the sector has recorded a trade surplus of US$6.53 billion during this period.

Agricultural exports alone have picked up by 27.7% year-on-year to US$13.11 billion. Forestry exports have increased by 22.7% to US$6.58 billion. Fisheries exports have edged up by 3.6%, and livestock exports by 5.6%.

Major export items have made substantial gains. Wood and wood products have picked up by 23.6%, coffee exports 44.1%, rice 38.2%, cashew nuts 19.3%, and fruit and vegetables 28.1%.

Export prices of some commodities have also inched up. The price of rice has leapt by 20.5% to US$638 per ton. Coffee prices have shot up by 49.9% to US$3,482 per ton, and pepper prices have soared 39.3% to US$4,308 per ton.

Exports to major markets have increased during this period. Shipments to Asia have risen by 17.5%, to the Americas 23.1%, and to Europe 39.4%. The U.S., China, and Japan have remained the largest importers of Vietnamese agricultural products, with respective growth rates of 23.9%, 8.6%, and 6.6%.

In May alone, the export value of agricultural, forestry, and fishery products has reached US$5.06 billion, up by 11.2% from the same period last year. Agricultural exports have improved by 14.3%, forestry by 17.9%, and livestock by 10.2%, while fisheries exports have fallen by 3.5%.

Public investment disbursement reaches 21% of annual plan

Public investment capital disbursements have reached 21% of the full-year plan in the first five months of the year, according to the Ministry of Finance.

Eleven out of 44 ministries and central agencies, and 31 out of the country’s 63 centrally-run cities and provinces, have exceeded the national average disbursement rate. The overall disbursement rate was 22%, slightly above the plan assigned by the prime minister.

Ministries with high disbursement rates include Vietnam Television at 100%, the Ministry of Construction at 41.44%, and the Ministry of Agriculture and Rural Development at 41.53%. Leading localities include Tien Giang Province with 47.8% and Phu Tho Province with 41.95%.

However, 30 ministries and central agencies reported disbursement rates below 10%, with four having disbursed no funds. Additionally, 27 cities and provinces had disbursement rates under 20%.

The Ministry of Finance has called on local leaders to instruct relevant departments to review and expedite project progress, addressing issues such as procedural delays, land clearance, volatile raw material prices, and public disagreements over compensation and resettlement plans.

The ministry recommended detailed capital allocation plans for the upcoming year, specifying capital levels for each project. It also called for comprehensive guidelines from the Ministry of Planning and Investment.

Currently, the lack of feedback from the Ministry of Planning and Investment has delayed budget approval for qualified projects allocated after December 30, 2023.

For projects where non-affiliated entities act as main investors, the Ministry of Finance has sought legal clarifications from the Ministry of Planning and Investment. The Ministry has requested the prime minister to instruct the Ministry of Planning and Investment to promptly provide feedback on these matters to ensure a unified approach.

BIDV says will not seek profit in gold sales

The Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) will sell gold to stabilize the market, instead of making profit, said Le Ngoc Lam, general director of the State-run bank.

The State Bank of Vietnam (SBV) will sell gold directly to four commercial banks majority-owned by the State, namely Vietcombank, VietinBank, Agribank and BIDV. These banks will then sell the metal to the public.

Lam said that BIDV had made preparations for retailing gold to the publlic, including listing gold vending locations and start date on its website. The bank has established a transaction relationship with the SBV for gold trading and will publish daily gold prices on its website.

Customers can start buying gold on Monday, June 3. BIDV will initially establish sales networks in Hanoi and HCMC, with plans to expand to other major cities.

On June 3, the SBV will sell gold to the four banks at prices based on global rates, aiming to narrow the wide difference between domestic and world prices.

Lam said the bank will offer gold at prices determined by the SBV.

Long An targets 125,000 hectares for high-quality rice cultivation

The Mekong Delta province of Long An aims to zone 60,000 hectares of land for high-quality and low-emission rice cultivation by 2025, with plans to double it to 125,000 hectares by 2030.

This goal was announced at a conference organized by the local government on May 29, concerning the project to grow one million hectares of high-quality, low-emission rice in the Mekong Delta region until 2030, reported the Vietnam News Agency.

Long An’s current annual rice cultivation area is around 500,000 hectares. The targeted area under sustainable rice cultivation in 2030 will therefore account for 25% of the province’s total annual rice cultivation area.

According to the Department of Crop Production under the Ministry of Agriculture and Rural Development, sustainable rice cultivation will reduce the use of chemical fertilizers and pesticides by 30% and decrease water use by 20% compared to traditional farming methods.

The project, which aims to sustainably develop one million hectares of specialized high-quality, low-emission rice cultivation linked with green growth in the Mekong Delta region until 2030, will be implemented in 12 provinces in the Mekong Delta region.

This specialized area aims to facilitate rice production while pursuing environmental protection and climate change adaptation goals. The project seeks to modernize the rice production industry nationwide, focusing on green production, reducing emissions, and ensuring high quality to establish Vietnam’s rice as a reputable brand.

The project will span five years, from 2026 to 2031, with a two-year preparatory phase in 2024 and 2025. The total estimated cost for implementation is around US$375 million, equivalent to nearly VND9 trillion.

SBV’s gold market stabilization measure seen working

Vietnam’s SJC gold prices have continued falling since the central bank announced a decision two days ago that it would allow four major state-run banks to sell gold bars to the public early next week.

SJC gold bars dropped to VND87 million per tael, a decline of VND1.8 million from the previous day. However, the buy-sell price difference widened to VND3 million per tael. One tael weighs 37.5 grams or 1.2 troy ounces.

DOJI gold in Hanoi and HCMC was listed at VND83.05 million per tael for buying and VND85.55 million per tael for selling, according to data from the gold price monitoring website bieudogiavang.vn at around 3 p.m. This represents a respective decrease of VND1.7 million and VND1.55 million compared to Thursday.

Prices of gold rings and jewelry remained stable. SJC 9999 gold rings were bought at VND74.6 million per tael and sold at VND76.2 million per tael, with a buy-sell price spread of VND1.6 million per tael.

The drop in domestic prices comes despite global gold prices remaining stable at US$2,346 per ounce. The announcement that the Big 4 state-run banks – Agribank, Vietcombank, Vietinbank and BIDV – will start selling gold bars to the public from June 3 has contributed to the recent price declines.

The gap between domestic and global gold prices has narrowed to around VND15.6 million per tael.

Local gold prices plummet further

The domestic price of SJC gold bars plunged by VND2 million this morning, June 1, to VND85 million per tael, which is nearly VND6 million lower than two days ago, according to local media reports.

At 8:45 a.m. on June 1, Saigon Jewelry Company (SJC) in HCMC continued to adjust its gold bar price down. Each tael of SJC gold bars was capped at VND82 million for buying and VND85 million for selling, a decrease of VND2 million per tael compared to yesterday’s close.

The difference between selling and buying prices this morning also narrowed to VND3 million per tael following the sharp decline in precious metal prices.

Doji, a jewelry firm in Hanoi, listed its gold bar prices at VND81.95 million per tael for buying and VND84.5 million per tael for selling. Other businesses, such as Bao Tin Minh Chau and Mi Hong, also sold SJC gold bars at VND84.5 million per tael.

The prices of 24K gold rings and jewelry also dropped. On June 2 morning, gold rings were bought at VND74.2 million per tael and sold at VND75.8 million per tael, down VND400,000 per tael from yesterday.

The sharp drop in SJC gold bar prices followed the State Bank of Vietnam’s decision to sell gold directly to four state-run commercial banks, which will begin retailing the metal to the public from June 3.

Overseas travel ban on Trung Nam Group chairman lifted as tax debt settled

The Customs Department of Khanh Hoa Province has written to the Immigration Department of the Ministry of Public Security announcing the cancellation of a temporary overseas travel ban imposed on the chairman of Trung Nam Group over tax debt.

Nguyen Tam Thinh, chairman of the Board of Directors (BOD) of Trung Nam Group, can now travel abroad as the tax debt owed by his company has been settled.

Under the current laws, when a business has overdue tax debt, its legal representative would be banned from traveling abroad.

The decision on cancellation of the overseas travel ban is based on the Tax Management Law, the Immigration Law, and the Khanh Hoa Customs Department’s Decision No. 444/QD-HQKH dated December 27, 2023 on authorization to issue enforcement decisions on implementation of administrative decisions regarding tax management.

Nguoi Lao Dong newspaper reported that Le Nhu Phuoc An, permanent deputy CEO of Trung Nam Group, had said that the recent VND21 billion tax debt originated from the import tax on equipment for the 450MW Thuan Nam solar power project. Ninh Thuan Customs did not approve the tax exemption file which was prepared by the company when the project investor was changed as approved by the provincial government.

“This tax obligation arose after an inspection by Ninh Thuan Customs. However, despite many difficulties, we have tried to fulfill our obligations, especially tax and financial ones. We have arranged other sources to fulfill those obligations. Because of this, we hope that EVN (Vietnam Electricity Group) will settle the unpaid amounts for Trung Nam to help Trung Nam overcome this difficulty,” An said.

On May 6, the Customs Department of Khanh Hoa Province requested the Immigration Department of the Ministry of Public Security to prevent Nguyen Tam Thinh, the legal representative of Trung Nam Group, from overseas travels until tax debt is settled.

Volatility in cashew prices raises supply chain breakage risk

VINACAS warned that African raw cashew exporters have been defaulting on contracts due to significant price fluctuations over the past month.

At a press conference on the afternoon of May 31, Mr. Nguyen Minh Hoa, Vice Chairman of the Vietnam Cashew Association (VINACAS), warned that African raw cashew exporters have been defaulting on contracts due to significant price fluctuations over the past month (an increase of nearly US$500 per ton). This situation poses risks of disrupting the global cashew supply chain by the end of the third and fourth quarters of 2024 and early 2025. If this situation occurs, it could lead to legal disputes between Vietnamese cashew processing businesses and international importers, roasters, and supermarkets when they are unable to deliver goods as per signed contracts, thereby affecting their reputation and resulting in a loss of market share.

According to VINACAS, the recent decision by Ivory Coast, the largest supplier of raw cashews to Vietnam, to temporarily halt exports has caused shipment delays. Currently, many shipments of raw cashews are arriving late and in smaller quantities than contracted, leading Vietnamese processors to face a shortage of raw materials. Raw cashew containers currently in transit are being offered at higher prices. However, in order to fulfill their contracts and protect their reputation, Vietnamese businesses are compelled to purchase these cashew containers at higher prices because they have already signed long-term contracts for processed cashews.

The International Nut and Dried Fruit Council (INC) forecasts a global decline in raw cashew production by approximately 7 percent due to adverse weather conditions. This, coupled with Ivory Coast's temporary halt in raw cashew exports, has caused significant market volatility.

Mr. Ts Quang Huyen, CEO of Hoang Son 1 Corporation (Binh Phuoc Province), noted that some traders in Ivory Coast are exploiting the situation by hoarding stock and raising prices, which has prompted other businesses to do the same, creating significant challenges for Vietnamese companies. His company signed a contract early in the year with a West African partner for 52,000 tons of raw cashews but has merely received 25,000 tons so far. The remaining quantity is being offered at higher prices and lower quality.

Mr. Cao Thuc Uy, CEO of Cao Phat Company, mentioned that while they had anticipated some issues, the current rampant price increases were unforeseeable. The price of raw cashews has surged by 40-45 percent, whereas that of processed cashews has only climbed by 30-35 percent. It represents the biggest challenge ever faced by the Vietnamese cashew industry.

To mitigate potential negative developments, Mr. Bach Khanh Nhut, Permanent Vice Chairman of VINACAS, stated that the Association's Executive Committee has established a task force to meet with the government and relevant ministries (Industry and Trade, Foreign Affairs, and Finance) to seek support and resolve difficulties. They are also working with the Department of International Cooperation to send official letters to several West African countries, requesting the lifting of the temporary export ban on raw cashews. Previously, VINACAS had sent letters to the Ivory Coast Cashew Exporters Association, reminding businesses to adhere to their signed contracts. For importers of processed cashews, Vietnamese companies facing raw material shortages should proactively negotiate and communicate with their partners to ensure understanding and support under the current circumstances.

Furthermore, the Association will compile a blacklist of raw cashew partners who intentionally breach agreements to alert the entire industry and collectively refrain from future transactions with them. Legal action might be pursued against West African companies failing to fulfill their obligations for authorities to enforce measures against non-compliant shipments upon arrival at Vietnamese ports.

Moreover, VINACAS has urged the Ministry of Agriculture and Rural Development to implement suitable policies for the domestic cultivation of cashew trees, along with initiatives to enhance seed quality and productivity.

Presently, domestic raw cashew production only satisfies 10 percent of processing plant demand, approximately 3.5 million tons per year, with the remaining 70 percent needing to be imported, of which 70 percent originates from West African countries.

By the end of May 2024, cashew export turnover reached $1.55 billion, up 19.3 percent compared to the same period in 2023.

Union of Vietnamese Business Associations in Europe hold congress for new term

The Union of Vietnamese Business Associations in Europe has recently held a congress for the 2024-2028 term, with the participation of delegates and Vietnamese businessmen from European nations, and leaders of Vietnamese diplomatic representative agency in the Czech Republic.

Over the past years, the Union of Vietnamese Business Associations has seen constant development with 19 members from 12 European nations and become a forum for Vietnamese businesses in Europe to connect and share experience through business forums.

Regarding the future direction, the Union of Vietnamese Business Associations in Europe determined that it is necessary to fine-tune the organizational structure and develop stronger membership in Western European countries.

This is alongside maintaining and developing annual business forums, intensifying exchange activities and connecting Vietnamese businesses in Europe, and enhancing links with domestic businesses and sponsor young business associations.

At the congress, delegates elected a new Executive Committee for the 2024-2028 term including 37 members, with Nguyen Thai Ngoc being elected Chairman.

On behalf of the Vietnamese Embassy in the Czech Republic, Ambassador Duong Hoai Nam affirmed that Vietnamese diplomatic representative agencies in Europe in general, including the Czech Republic, always accompany business associations and serves as a bridge for businesses to invest in the country as well as promote economic diplomacy.

The Union suggested that businesses carefully study the current agreements between Vietnam and the European Union (EU) such as the Vietnam - EU Free Trade Agreement (EVFTA) and the Vietnam - EU Investment Protection Agreement (EVIPA) to find new opportunities, thereby augmenting economic cooperation between Vietnam and European countries.

The Chairman of the Union of Vietnamese Associations in Europe also congratulated the congress on its success and hoped that business associations would accompany and support the Union in activities connecting the community as well as fostering Vietnam-EU relations.

At the end of the congress, representatives of the Union of Vietnamese Business Associations in Europe presented donations to support people affected by the fire at Marywilska Shopping Center in Poland.

Việt Nam's industrial production surges in five months

The country's industrial production index (IIP) is continuing its positive growth pace with an increase of 3.9 per cent over April and 8.9 per cent compared to the same period last year, according to the General Statistics Office (GSO).

The GSO said the IIP in the first five months soared 6.8 per cent year-on-year. The index saw a yearly decline of 2 per cent in last year's corresponding period.

The manufacturing and processing sector increased by 7.3 per cent. Electricity production and distribution was up by 12.7 per cent and water supply, waste and wastewater management and treatment activities by 6.3 per cent. The mining sector dropped by 5.2 per cent.

Sectors that recorded a significant IIP rise were rubber and plastic, up 27 per cent, and furniture, up 24 per cent while others that posted a decrease in IIP were repair, maintenance and installation of machinery and equipment, down 12 per cent; crude oil and natural gas exploitation, down 11 per cent and production of other means of transport, down 5 per cent.

According to the GSO, the IIP increased in 55 localities and dropped in eight during the reviewed period.

Some localities that recorded a high growth rate in the IIP were Phú Thọ at 31 per cent; Bắc Giang (25 per cent); Bình Phước (15 per cent); Hà Nam and Hải Phòng (14 per cent). Localities that saw a fall included Hà Tĩnh (9 per cent); Quảng Ngãi (8.2 per cent) and Cà Mau (2.5 per cent).

The GSO also said that the number of workers in industrial enterprises as of May 1, 2024, increased 1 per cent month-on-month and 3.2 per cent year-on-year.

According to Đào Phan Long, Chairman of the Vietnam Association of Mechanical Industry, the continued efforts of developed countries to diversify supply sources, supply chains and investments would help Việt Nam become a significant production and export hub in the global value chain.

However, the global economic forecast for 2024 suggested weak growth, high inflation and geopolitical tensions in various regions. Việt Nam's participation in numerous free trade agreements and its open economy made it susceptible to negative impacts from these risks.

Long said firms still needed connectivity solutions provided by ministries and sectors and support from authorities in addressing difficulties relating to capital, interest rates, and administrative procedures.

The Ministry of Industry and Trade pledged to expedite the disbursement of public investment and review pending issues to quickly bring key projects in the electricity, oil and gas, manufacturing, processing and mining industries into operation, creating market capacity for business development. 

HCM City's disbursement of public investment capital still slow

The HCM City disbursed only VNĐ6.55 trillion (US$267.1 million) of public investment in the five months of this year, or only 8.3 per cent of the year's target, according to the City's State Treasury.

Therefore, deputy director of the City's State Treasury Bùi Nhật Toàn said that he is coordinating with the Department of Finance and Department of Planning and Investment to advise the City People's Committee on solutions to accelerate public investment disbursement.

To reach a public investment disbursement target of at least 95 percent this year, the City People's Committee requested departments, agencies, districts, and Thủ Đức City to take the initiative in co-operation with relevant agencies to remove difficulties to speed up the execution of projects.

Specifically, for key projects, investors need to submit weekly reports to relevant agencies to promptly update the specific capital amount and disbursement rate of each month, as well as any difficulties and problems.

For projects that are behind schedule, the municipal Department of Planning and Investment will coordinate with relevant units to review and urge investors to accelerate the progress of projects.

At the same time, the City will resolutely handle the responsibility of investors who cannot ensure construction progress due to subjective reasons. 

Trade promotion event is scheduled to be held in Hà Nội.

The Conference on Trade Promotion and Import-Export Development in the Red River Delta region is scheduled to take place on June 5 in Hà Nội.

It will be conducted in a hybrid format, allowing for both in-person and online participation.

The upcoming event will be the third conference in the series of six Trade Promotion and Import-Export Development conferences organised by the Ministry of Industry and Trade across the regions nationwide in 2024. The primary objective of these conferences is to foster regional connectivity in trade promotion and import-export development. 

The conference is expected to have about 200 delegates in attendance, including leaders of People's Committees from provinces and cities in the Red River Delta region, leaders of relevant units under the Ministry of Industry and Trade, industry associations, representatives from business support organisations, manufacturing enterprises, import-export enterprises, trade, and logistic service providers.

The event aims to address pressing matters pertaining to trade promotion and import-export growth in the Red River Delta region. It will focus on bolstering value chains for both industrial and agricultural products, enhancing logistics services, and fortifying the energy sectors and infrastructure. Additionally, the event offers a valuable platform for local businesses to showcase their products, facilitating connections with import-export enterprises and trade organisations. It's worth noting that specific localities within the region have experienced remarkable progress, particularly in sectors such as metallurgy, mechanics, food processing, and energy generation.

Over the past years, the import-export activities of the Red River Delta region have consistently held a significant proportion of the country's overall trade structure. In 2023, the region's total import-export turnover reached nearly US$261 billion, the highest among the six economic regions, accounting for 38 per cent of the country's total import-export turnover. This represented a decrease of nearly $12.25 billion compared to 2022, mainly due to the challenging global trade landscape.

Specifically, in 2023, the region's export turnover surpassed $126.94 billion, a decrease of over $2.98 billion compared to 2022, while import turnover reached nearly $133.94 billion, a decrease of nearly $9.26 billion compared to 2022. Bắc Ninh led the region in terms of export-import turnover, followed by Hà Nội, Hải Phòng, Vĩnh Phúc, Hải Dương, Hà Nam, Quảng Ninh and Hưng Yên.

According to the ministry, trade promotion activities have been identified as the key element connecting localities in the Red River Delta region to boost goods consumption. Recently, the ministry has partnered with localities in the region to carry out various trade promotion activities with the goal of enhancing long-term regional connectivity and effectiveness.

The Red River Delta comprises 11 provinces and cities: Hà Nội, Hải Phòng, Vĩnh Phúc, Bắc Ninh, Hưng Yên, Hải Dương, Quảng Ninh, Thái Bình, Nam Định, Hà Nam, and Ninh Bình. To the north, northeast, and west, it borders the midlands and northern mountainous regions; to the south, it borders the North Central Coast and the coastal areas of Central Việt Nam; to the east, it borders the Gulf of Tonkin. This region is characterised by dynamic economic development and a vast market space. 

Phu Yen, India's Kerala state boost tourism cooperation

The Department of Culture, Sports, and Tourism of the south-central coastal province of Phu Yen in collaboration with the Consulate General of India in Ho Chi Minh City, organised a tourism promotion programme on June 1 with the participation of many travel agencies from the province and Kerala state of India.

The event aims to promote bilateral cooperation between the two localities and stimulate tourism demand to Phu Yen this summer.

Deputy Director of the department Nguyen Le Vu said he hopes the event will lay a foundation for promoting tourism cooperation and cultural exchange between the two localities.

Indian partners and businesses can collaborate, exchange experiences, and establish partnerships to develop tourism and promote the image of Phu Yen, thus creating a bridge to attract more international tourists and Indian visitors in particular to Phu Yen, and Vietnamese tourists to Kerala, he stressed.

According to the department, India is one of Phu Yen's traditional partners. In recent times, the cooperation between Phu Yen and India has recorded significant results in investment, culture, sports, and tourism. With the participation of local tourism businesses and the nearly 30 tourism firms from Kerala, this event will open up opportunities for multifaceted cooperation between the two localities.

As part of the programme, WebCRS company from Kerala signed memoranda of understanding on cooperation with several travel agencies and hotels in Phu Yen./.

Hanoi’s FDI attraction hit 1.12 billion USD in five months

The capital city of Hanoi attracted 98.6 million USD in foreign direct investment (FDI) in May, lifting the total in the first five months to 1.12 billion USD.

According to the municipal Department of Statistics, over 1.02 billion USD was poured into 92 new projects in the January – May period, while 36.8 million USD was added to 64 existing projects, and 57.9 million USD spent on contributing capital to or purchasing shares of local companies.

In the first five months, Hanoi had 12,900 newly established enterprises with a registered capital of 124.3 trillion VND (4.9 billion USD), a decrease of 2% in the number of companies and 3.5% in capital year-on-year.

Meanwhile, as many as 5,400 businesses resumed their operation, up 18.5% compared to the same period last year.

Vice Chairman of the municipal People’s Committee Nguyen Manh Quyen attributed the results to efforts in promoting administrative reform and improving the investment environment.

The capital is leading the country in implementing the model of decentralisation and authorisation in handling administrative procedures, he stressed, adding that more and more foreign businesses are interested in investing in the capital./.

Five-month public investment disbursement reaches nearly 27% of target

The disbursement of public investment from the State budget in the first five months of this year was estimated to reach 190.6 trillion VND (7.44 billion USD), equal to 26.6% of the yearly target and 5% higher than the same period last year, according to the General Statistics Office (GSO).

Of the sum, investment managed by the government was estimated at 32.5 trillion VND, equivalent to 29.3% of the yearly plan, a year-on-year decrease of 2.6%. Some ministries posted estimated disbursement rates lower than those recorded last year, namely the Ministry of Natural Resources and Environment (down 34.8%), the Ministry of Transport (down 19.1%), the Ministry of Health (down 1.5%) and the Ministry of Education and Training (down 1.1%).

The GSO also said that implemented investment capital managed by localities was estimated at 158.1 trillion VND, equal to 26.1% of the yearly plan and up 6.7% over the same period last year.

In May alone, 48.2 trillion VND in public investment capital from the State budget was disbursed, a year-on-year increase of 3.1%.

To promote the disbursement of public investment capital, the Ministry of Planning and Investment (MPI) suggested the Government to direct ministries, agencies and localities to proactively and drastically implement tasks and solutions set out in Resolutions of the National Assembly and the Government, especially the Prime Minister's directives on the acceleration of public investment disbursement.

Minister of Planning and Investment Nguyen Chi Dung urged ministries, sectors and localities to promptly handle difficulties to speed up the disbursement rate.

It is necessary to proactively review the disbursement capacity of each project to have adjustment plans from projects with slow disbursement to outstanding ones which need additional capital, he said.

According to the MPI, by the end of May, ministries, agencies and localities had allocated 634.6 trillion VND for projects, reaching 95.6% of the plan assigned by the Prime Minister./.

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