Vietnam’s total retail sales of goods and services in the first two months of this year were estimated at 994.2 trillion VND (41.88 billion USD), up 13% year-on-year, according to the General Statistics Office (GSO).

Of the total, the retail sales of goods were estimated at 781.8 trillion VND, up 10.1% year-on-year, of which the revenue from garment and textile rose by 18.4%, food and food stuff 12.5%, and home appliances 4%.

Meanwhile, a decrease of 3.7% was seen in the group of cultural and educational products, the GSO said.

In the period, the revenue from lodging and catering services reached 109.1 trillion VND, a year-on-year rise 31.6%.

Notably, tourism raked in 4.7 trillion VND, a 2.2-fold increase compared to the same period of last year, as various activities to welcome the spring were organised across the nation.

The turnover from other services was valued at 98.6 trillion VND, up 16.2% year-on-year.

Director of the Ministry of Industry and Trade’s Domestic Market Department Tran Duy Dong said that the ministry is striving for an 8-9% increase in total retail sales of goods and services this year.

Nearly 51,400 firms exit market in Jan-Feb

Nearly 51,400 businesses have pulled out of the market in the year to date, up 14.5% year-on-year, according to the General Statistics Office.

Of these companies, some 38,800 have temporarily suspended their operations, up 18.5% year-on-year, and 9,400 have halted their operations pending dissolution, up 5.8% against the year-ago period. Over 3,200 have completed procedures for disbandment, a year-on-year drop of 1.6%.

In February, over 3,800 businesses temporarily ceased their operations, dipping by 89% month-on-month but rising by 9.7% year-on-year. More than 2,630 firms were awaiting dissolution, up 37.5% year-on-year, and nearly 1,200 enterprises completed disbandment procedures, down 5.4% against the year-ago period.

Nearly 19,700 enterprises were established in the first two months of this year, down 3% year-on-year. These new market entrants registered total capital of over VND164 trillion and 119,600 employees, down 40.7% and 20.1%, year-on-year, respectively.

More than 18,200 companies have returned to the local market in the year to date, down 18.6% year-on-year, raising the total number of firms entering the market and resuming operations during the two-month period to 37,900, a year-on-year decline of 11.2%, the local media reported.

Interbank interest rates rise

Vietnam’s interbank interest rates have edged up further due to the central bank’s net cash withdrawals from the banking system.

The interbank rates for all tenors have risen, with the overnight rate increasing by 1.4 percentage points to 6%, according to a recent market report by SSI Research.

The interest rate surge resulted from the continuous net cash withdrawals by the State Bank of Vietnam (SBV) from the system recently.

Last week, the SBV, the country’s central bank, drained VND140,550 billion via sales of treasury bills with terms of seven days and 91 days, leading to net withdrawals of VND43,700 billion.

“The withdrawal showed the SBV’s intention to drive the interbank rate benchmark higher than the U.S. federal funds rate. It aimed to create a safe gap between the Vietnamese interbank rates and the Fed funds rates in preparation for the Federal Reserve meeting to be held in March,” SSI Research said.

The interbank rate is the rate charged on short-term loans made among banks. A high interbank rate suggests a liquidity problem in the banking system and may exert pressure on deposit and lending rates at commercial banks.

Currently, the lending rates for businesses hover around 10-10.5% a year for six-month tenors and 11-12% for 12-month terms, while interest rates for consumer loans have climbed to 14-16% annually.

VN-Index ends losing streak on pillar stocks     
Indices were mixed on Tuesday, with the VN-Index escaping the recent downtrend on back of pillar stocks.

The market's benchmark VN-Index gained 3.43 points, or 0.34 per cen, to finish the day at 1,024.68 points, recouping from the recent losses.

It fell more than 18 per cent on Monday to nearly two-month low at 1,021.25 points.

The market's breadth was positive, with 180 stocks on HoSE adding points, while 130 ticker symbols declined.

Liquidity, however, continued to decrease. Of which, the trading value on the southern bourse was more than VND6.48 trillion (US$272.5 million), equal to a trading volume of nearly 433 million shares.

The index's reversal was mainly driven by gains in large cap stocks, with the 30 biggest tracker VN30-Index up 3.5 points, or 0.35 per cent, to 1,014.96 points. Eighteen stocks of the VN30 basket rose, eight stocks went down while four stayed unchanged.

On the Ha Noi Stock Exchange (HNX), the HNX-Index extended losses to sixth sessions. It finished Tuesday at 202.38 points, down 0.89 points, or 0.44 per cent.

The liquidity on three stock exchanges hit record low of over VND7.4 trillion. The low liquidity capped the VN-Index's morning gain as it was up nearly 1.3 per cent earlier in the session.

Leading the uptrend were pillar stocks in banking, manufacturing, and realty industries. These stocks were Vietcombank (VCB) up 0.75 per cent in market capitalisation, Masan Group (MSN) up 2.63 per cent, Vinhomes (VHM) jumped 1.47 per cent, and Vincom Retail (VRE) up nearly 3.7 per cent.

On the contrary, great losses of Techcombank (TCB), Vietnam Airlines (HVN), PV Gas (PVG), and BIDV (BID) weighed on the market.

Analysts from Saigon - Hanoi Stock Exchange (SHS) said that in the short term, the market is in the risk zone as there is a rising possibility that the benchmark will enter the medium-term downtrend channel. Therefore, short-term disbursement chances contain many risks.

"The opportunity to disburse only appears if investors aim at medium and long-term investments. The medium-long term investment strategy should be gradual disbursement according to the movements of the market," SHS said.

On Tuesday, the market also received some support from foreign capital inflows. Accordingly, they net sold a small amout of VND448.06 million on HoSE, while net bought VND16.76 billion on HNX. 

Louis Capital’s senior executives face ouster

Louis Capital JSC (TGG) has announced it would call for the dismissal of four board members and three supervisory board members at the upcoming general meeting of shareholders.

The four board members who are facing removal are Nguyen Mai Long, Trinh Van Bao, Ngo Thuc Vu, and Cao Ba Trung, while Nguyen Thi Kieu Lien, Ho Le Hoang Anh and Pham Minh Vuong may be relieved from the supervisory board.

Meanwhile, the firm wants to be renamed TGG JSC.

On April 20 last year, Do Thanh Nhan, board member of TGG, and Trinh Thi Thuy Linh, managing director of Louis Holdings Group, were arrested on alleged charges of stock market manipulation.

The investigative agency said that Nhan had admitted using multiple stock trading accounts to buy and sell shares of TGG and Louis Land and some other firms to manipulate their prices.

He earned over VND153.8 billion through illegal trading practices.

The TGG share price has plunged since, from VND15,300 on April 20 last year to VND3,340 on the session closing on February 28.

Foreign tourists to Việt Nam in Feb reaches 933,000

The number of foreign tourists arriving in Việt Nam in February hits 933,000, up 7.1 per cent compared to January, according to the latest report from the General Statistics Office.

The February figure represented a 31.6 times increase compared to the same period last year before the country completely reopened its borders and resumed all international tourism activities in mid-March.

All in all, there were 1.804 million foreign visitors arriving in Việt Nam in the first two months of 2023, 36.6 times higher than the first two months of 2022, but barely 60 per cent of the figure of 2019, before the COVID-19 pandemic started.

In the first two months, 90.7 per cent of the tourists came to Việt Nam by air (1.6 million), 8.6 per cent by road (154,900), and 0.7 per cent by sea (13,000).

Most of the visitors are from the Asia continent with 1.29 million, followed by European visitors (242,500), Americas (186,300), Oceania (77,300), and Africa (4,300).

Việt Nam aims to welcome eight million foreign tourists this year, a modest figure compared to the 19 million tourists the country received in 2019.

The goal was set at the beginning of 2023, before China, a major market that contributes nearly a third of the total of foreign visitors to Việt Nam in pre-pandemic years announced its reopening plan in February.

However, it should be noted that China has not included Việt Nam in the list of 20 countries to where travel companies can organise outbound tours with "flights+hotels" service (which include Thailand, New Zealand, Russia, Singapore, Cuba, South Africa, etc.) in its tourism resumption announcement on February 6.

The Ministry of Culture, Sports and Tourism has proposed China restart outbound travel tours to Việt Nam to improve and recover tourism between the two countries in a diplomatic note.

The Việt Nam Administration of Tourism said during March 7-9, Việt Nam will attend the 2023 ITB Berlin Fair, the world's largest annual tourism trade fair with 180,000 visitors expected this year.

Việt Nam will build a 450m2 pavilion under the theme of "Reconnecting" after COVID-19 disruptions. Việt Nam's tourism will prioritise 'reconnections' with markets, partners, tourists and the public in German and European nations.

Many travel agencies and tourism companies will also be present to introduce Việt Nam's travel policies, destinations, and their new tourism products - especially health-related and sustainable, responsible tourism.

New websites, video clips and publications for new promotional campaigns for Việt Nam's tourism will be unveiled at this event.

The two-month tourism revenue of 2023 is estimated at VNĐ4.7 trillion (about US$197 million), 2.2 times higher than the same period last year, as localities this year can resume spring festivals completely uninhabited by COVID-19 restrictions, drawing a large number of domestic travellers.

Vietnam to join world’s leading tourism fair in Berlin

Vietnam will attend the ITB 2023 (Internationale Tourismus-Börse Berlin), the world’s largest tourism trade fair, which will be held at Berlin ExpoCenter City in Germany, according to the Vietnam National Administration of Tourism (VNAT) under the Ministry of Culture, Sports and Tourism.

In addition to showcasing tourism products in a 450 sq.m booth at the fair, the Vietnamese delegation will host several events to promote the country’s tourism, including working sessions with international partners.

The delegation will organise a press conference to popularise destinations as well as new products and services.

According to VNAT, Vietnam’s participation in the fair aims to create opportunities for businesses to meet and reconnect with partners and attract German and European tourists to Vietnam. It is also a chance for the tourism industry to step up promotion activities, build an image of a safe and friendly country as well as introduce new tourism-related policies.

Taking place annually in March, the fair is expected to attract more than 10,000 exhibitors and 180,000 visitors.

Data from the General Statistics Office showed that the number of international tourists arriving in Vietnam in February increased 7.1% from the previous month to 933,000 visitors.

In the first two months of this year, Vietnam welcomed 1.8 million foreign arrivals, 36.6 times higher than the same period last year but around 60% of pre-pandemic levels. Revenue from tourism activities in the period was estimated at 4.7 trillion VND (197 million USD), 2.2 times higher than the same period last year.

Agro-forestry-aquatic product exports up 5.7% in February

Vietnam earned over 3.4 billion USD from agro-forestry-aquatic product exports in February, a year-on-year increase of 5.7%, the Ministry of Agriculture and Rural Development said.

The sector’s import-export value in the first two months of this year was estimated at 11.99 billion USD, down 16.8% from the same period last year. Its exports accounted for around 6.28 billion USD, a drop of 22.5%.

After falling to the second position among Vietnam’s importers, China returned to the top spot in the first two months of the year with 1.27 billion USD or 20.2% of the market share. It was followed by the US with some 1.19 billion USD; Japan, 563 million USD; and the Republic of Korea, 302 million USD.

Items that saw hikes in export revenues included tea, up 5.1%; fruits and vegetables, 17.8%; cassava and cassava products, 32.7%; milk and dairy products, 10.2%; and meat and by-products, 14.2%.

Meanwhile, such staples as coffee, rubber, rice, cashew nuts, pepper, tra fish (pangasius), shrimp, wood and wooded products, and rattan and bamboo products experienced decreases.

To promote the consumption of farm produce, the ministry said it will step up market development, remove barriers and facilitate domestic sales and exports, while utilising free trade agreements (FTAs), especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA).

The sector will also continue its coordination to support the protection of trademarks and geographical indications for Vietnam’s potential export items abroad. It proposed the government build a decree on the management of Vietnam's national agricultural product brands.

Representatives from the ministry will hold working sessions with China’s Nanning and Yunnan customs forces to seek ways to promote trade and remove obstacles to agro-forestry-aquatic product exports.

The ministry will also organise a forum on fruit and vegetable exports within the framework of Hortex Vietnam 2023, an International Exhibition & Conference for Horticultural and Floricultural Production and Processing Technology, slated for early March.

Gelex, Frasers Property Vietnam to develop high-end industrial zones

Gelex recently collaborated with Frasers Property Vietnam to develop high-quality industrial zones in north Vietnam with a total investment of 250 million USD (6 trillion VND).

The goal of bilateral corporation is to develop high-quality industrial zones, meeting the green construction standards in accordance with the extended needs of customers regarding the type of products, including Ready Built Factory (RBF), Ready Built Warehouse (RBW), and Built to Suit (BTS).

The cooperation marks an important milestone, creating opportunities for other plans of both companies in the future, especially the development of high-quality industrial zones. The upcoming projects aim at improving labour productivity, healthcare for workers and improving Vietnam’s position around the world.

“The collaboration with Frasers Property Vietnam obviously expresses our investment orientation in the real estate, industrial zones and logistics field, to provide stable and long-term cash flow for the businesses,” a Gelex representative said.

Frasers Property Vietnam is an experienced international company specialising in ownership, orientation, and development of diverse products and services in the real estate field. The company is listed on Singapore Stock Exchange and has total assets of 40.2 billion SGD as of September 30, 2022.

Gelex Group, founded in 1990, is well-known for two main business fields: industrial production and facility. It is also the owner of prestigious Vietnamese brands such as Viglacera, Cadivi, and Emic.

US introduces Alaskan seafood to Vietnamese market

A feast featuring delectable dishes created from Alaskan seafood has tickled the taste buds of more than 100 guests at an event held in Hanoi on February 27 night.

A collaboration between the US Department of Agriculture/Foreign Agricultural Service, the US Embassy in Vietnam, and the Alaska Seafood Marketing Institute (ASMI), the ‘Alaska Seafood Reception’ is part of ASMI’s Vietnam Trade Mission. Representatives of 14 ASMI member companies participated in the event, comprising fishing firms, seafood processors, seafood wholesalers, and distributors.

Speaking at the opening, USDA’s Under Secretary for Trade and Foreign Agricultural Affairs Alexis Taylor said the department chose Vietnam as a joint destination to showcase the importance of the bilateral agricultural trade between the two countries.

Answering media questions about the technical barriers to importing and exporting agricultural products between Vietnam and the US, USDA’s Under Secretary for Marketing and Regulatory Programs Jenny Mofitt, said that the US is always very much interested in making sure mutually both countries and the agriculture of each country is safe and protected.

She said: “As we foster safe trade, it's important that we really focus on the safety part. So we will make sure that we are exporting our animals and any products to Vietnam, we're not introducing new diseases that are here in Vietnam, and then the same as well for trade from Vietnam to the US. Any animal diseases or plant diseases might not be established in the United States or in Vietnam.”

Mofitt also said that the USDA has a very strong relationship with the Vietnamese Ministry of Agriculture, adding: “As we talk about this bilateral trade, address the technical issues that we do have with each other, and find solutions to be able to facilitate that safe trade, at the same time making sure that our industries and our natural resources in our respective countries are protected.”

Forum promotes digitalisation in traceability of farm produce

A forum on promoting digitalisation to support traceability of agricultural and food products was held in Hanoi on February 28, with the support of the Australian Centre for International Agricultural Research (ACIAR) in Vietnam.

Nguyen Quoc Toan, Director of the Centre for Digital Transformation and Agricultural Statistics under the Ministry of Agriculture and Rural Development, emphasized that traceability is one of the eight key issues in digital transformation of the sector. Digitisation in agricultural product traceability requires the engagement and coordination of all parties, from State management agencies to enterprises, cooperatives and farmers.

State management in this issue aims to meet requirements of international integration, improve transparency and accountability for the sector, and increase farmers’ interests.

According to Toan, Vietnam currently has around 19,000 cooperatives, 14,200 enterprises and 7,500 processing facilities in the agricultural sector, along with about 9,400 supermarkets and markets, which constitutes the Big Data part of the sector.

Therefore, traceability of agricultural products must be holistic and specific, he stressed.

Huynh Tan Dat, Deputy Director of the Plant Protection Department, said that the department has built a national database on planting area codes and export packing facilities.

Meanwhile, the Ministry of Agriculture and Rural Development has a product tracing system, which is connected with eight similar systems of eight cities and provinces, with the participation of 3,964 enterprises and 16,987 agricultural and food products.

Vietnam wants to promote transfer of energy transition technologies

Deputy Prime Minister Tran Hong Ha hosted the UK Ambassador to Vietnam, Iain Frew, in Hanoi on February 28.

The Deputy PM hailed the UK’s support for Vietnam in the process of joining the Just Energy Transition Partnership (JETP), and stressed that Vietnam’s participation in JETP could be seen as a model of cooperation between developing and developed countries.  

Noting the importance of mechanisms to realise ideas and commitments made under the JETP, Ha said Vietnam is very much in need of the UK’s assistance in technology transfer, technical consultation, financial mechanisms, and investor selection for specific projects in renewable energy (particularly offshore wind energy), forest plantation, carbon capture, green hydrogen production and research of new technology.

He said specific mechanisms and “formulas” are needed to attract investment into renewable energy while ensuring affordable costs with the engagement of governments, financial organisations and corporations with experience and know-how.

The Deputy PM was of the view that similarly to the vaccine sharing mechanism during the COVID-19 pandemic, developing countries can only carry out just energy transition and realise net zero emission when developed countries actively transfer related technologies at reasonable costs.  

Ambassador Frew said the UK wishes to discuss further with Vietnam’s relevant agencies possibilities in assistance to Vietnam in renewable energy, net zero emissions, and climate change response, thus contributing to further promoting bilateral cooperation on the occasion of the 50th anniversary of the two countries’ diplomatic relationship.  

*Earlier the same day, Deputy PM Ha held a reception for the President for Regions and Corporate Affairs of Bechtel Corporation, Stuart E. Jones.

Ha stressed the need for global cooperation on energy and shared with the guest Vietnam’s orientation in developing offshore wind power centres and building smart grids for renewable energy. He said Vietnam has the potential to become a production, storage and transport hub for renewable energy, green hydrogen and green ammonia, provided that there are feasible technological solutions.

In addition, Vietnam also has a need for investment in modern land and railway transport networks, underground transport works, multi-purpose infrastructure and energy transition, he said, asking Bechtel to share its experience in creating opportunities and seeking capital sources and investors in those fields.   

E Jones said the corporation is willing to transfer technologies in green hydrogen and carbon capture, as well as to promote inter-regional cooperation in energy transition and transmission of renewable energy in the time ahead.

Vietnam to remain important link in global supply chains: economist

Vietnam will remain an important link in global supply chains and a destination favoured by many businesses, said Tim Leelahaphan, Standard Chartered's economist for Thailand and Vietnam, on February 28.

Speaking at the seminar titled “Global Economic and Financial Outlook Update: Implications for Vietnam” held by the Ministry of Foreign Affairs and the British bank, he said that Vietnam’s GDP growth rate may hit 7.2% this year and 6.7% in 2024.

The country's economy still faces some macro risks such as inflation, public debt, and confidence recovery in the first half of 2023, but the recovery outlook is positive in the second half, he predicted.

Michele Wee, Chief Executive Officer at Standard Chartered Bank Vietnam Ltd., said that Vietnam has medium- and long-term development outlooks, which helps increase growth potential and attract investment.

Vietnam is playing an increasingly important role in international trade activities and global supply chains, she affirmed, adding that Standard Chartered always strives to support Vietnam's recovery and sustainable growth in 2023 and the coming years.

Ambassador Giorgio Aliberti, Head of the European Union Delegation to Vietnam, and many economists attending the seminar agreed that Vietnam should promote green trade and provide comprehensive support for sustainability goals in the context that accelerating the implementation of commitments to digital transformation and green transformation associated with environmental criteria is a mandatory trend for almost all countries.

They proposed Vietnamese enterprises take appropriate preparations to catch up with this inevitable trend by innovating the way of thinking, changing governance methods, and building a green export strategy.

Speaking at the event, Assistant to Foreign Minister Nguyen Minh Hang stressed that the promotion of international cooperation to take advantage of the collaboration and support of international partners for socio-economic recovery measures, and for boosting new growth drivers such as green growth and digital transformation is very important to Vietnam.

Cashew industry moves to boost green production, consumption

Although the cashew nut processing and exporting industry was warned of many difficulties in 2023, Vietnamese exporters still have many opportunities to boost exports if both businesses and farmers turn to green production, insiders have said.

Marc Rosenblatt, a representative of The Richard Franco Agency of the US, said that American and European consumers have paid great attention to food safety, hygiene and production environment safety when deciding to choose a product.

Consumers in these markets also like to use cashew nuts because of their nutritional content, he added.

Cashew nuts are increasingly accounting for a high proportion in the consumption structure of nuts of global consumers. Therefore, clean cashew nuts will always be a priority for young people in Europe and Asia.

Experts said global consumers are increasingly interested in green production and consumption, especially in the context that the world economy is falling into recession, and consumers are tightening their spending. Consumers prioritise choosing products that protect the living and production environment.

According to Vice President of the Vietnam Cashew Association (VCA) Tran Van Hiep, Vietnam's cashew industry will continue to face difficulties in 2023 as consumers' demand is decreasing and prices are difficult to rise.

Exchange rate fluctuations are also one of the factors that push up production costs for the cashew industry, Hiep said.

Vietnam’s cashew industry has set a target of 3.1 billion USD from exports in 2023. Although this figure is lower than in 2022, it is also a big challenge for the whole industry.

As the leading cashew producer in the country, the southern province of Binh Phuoc is home to 3,200 ha of organic cashew, which is certified by the US and the Fairtrade Standard of Europe.

Vu Thai Son, Director of Long Son JSC - one of the largest raw cashew processing and exporting firms of Vietnam, said to create an advantage for the cashew industry in 2023, businesses must cooperate with farmers to build clean raw material areas and enhance deep processing, thus benefiting both sides.

World Logistics Passport inaugurates its Hanoi Hub

World Logistics Passport (WLP), a global effort founded in Dubai that aims to facilitate global commerce, has added Vietnam to its increasing list of hubs and allies.

The unveiling of the brand-new Vietnam hub took place on the morning of February 28 in Hanoi in the presence of Dr. Bader Abdullah Al Matrooshi, the United Arab Emirates' Ambassador, Tran Hong Hai, deputy director general of Vietnam's Foreign Trade Agency, the WLP delegation, and Vietnamese representatives. The event coincides with Vietnam and the UAE celebrating 30 years of diplomatic relations.

According to Hai, the trade sector and the national logistics network have long prioritised facilitating trade and enhancing national competitiveness. With the announcement of the WLP programme's launch in Vietnam, he anticipates that the logistics sector will produce significant results, and that the WLP's network will improve Vietnam's logistics connection with the rest of the world.

The UAE is Vietnam's largest trade partner in the Middle East, with approximately $8 billion in bilateral trade last year, according to Alsuwaidi. Thanks to additional projects, such as the WLP, he said that we should see larger trade quantities by improving financial and trade perks to the signing partners, and thus, he anticipates more partners to join.

Opportunities to boost export of processed foodstuff to Asia -Pacific, African markets

The Ministry of Industry and Trade (MoIT) hosted a conference with Vietnamese trade representative offices abroad on February 28 to discuss opportunities to promote the export of processed foodstuff to in Asia-Pacific and African markets.

In his opening speech, Director of the MoIT’s Vietnam Trade Promotion Agency (Vietrade) Vu Ba Phu said the conference, which was organised in both online and face-to-face formats, focused on solutions to remove obstacles facing Vietnam’s import-export activities, towards developing the sustainable import-export of processed food products.

In the first session, representatives of the Vietnam Trade Offices in Australia, Algeria, India, Malaysia, Indonesia and Thailand briefed on the latest developments in these markets as well as recent changes in policies and regulations for processed foodstuff products.

In the second session, representatives of the Vietnam Pepper Association (VPA) and Association of Food Transparency (AFT), and the Department of Industry and Trade of Phu Tho province discussed difficulties and advantages, and proposed initiatives to enhance trade promotion of processed foodstuff to foreign markets.

The event heard that there is huge room for Vietnam to boost the export of farm produce and processed foodstuff to foreign markets in the time to come thanks to abundant raw materials. Vietnam's agricultural and processed foodstuff products are being sold in over 180 countries and territories worldwide. The export of many products has contributed billions of US dollars to the country’s annual export turnover.

The world's leading import and consumption markets such as the US, the EU, and China have increased requirements of sustainability for products including social, environmental and economic aspects in the entire supply chain.

Phu said the Vietnamese trade offices abroad should continue to better support stakeholders to develop production and brands, diversify markets, supply chains and export products.

The departments of industry and trade should make recommendations to the MoIT and Vietnamese trade offices abroad to support enterprises and localities in implementing import-export activities effectively, contributing to the increasingly strong development of the country’s trade sector, Phu added.

Nguyen Phu Hoa, Vietnamese Trade Counsellor in Australia, proposed allocating funds for trade promotion activities, thus helping Vietnamese export enterprises directly join in trade promotion activities in the Australian market, and closely coordinate with the Vietnam Trade Office in implementing trade promotion activities in this market.

Hoa also advised businesses to regularly update regulations of Australia, and keep a close watch on and consult importers and law consulting units, and the Vietnam Trade Office in Australia to avoid problems arising in export activities to the market.

Vietnamese enterprises and localities should consider joining  food fairs in Australia such as Foodservice (April 20 - May 2) in Melbourne, Fine Food (September 11-14) in Sydney, he said, adding that these are effective activities to introduce products and businesses, and seek potential partners in this market.

According to Le Phu Cuong, Trade Counsellor of Vietnam in Malaysia, the eastern state of Sabah wants to invite Vietnamese businesses to participate in Sabah International Expo (SIE) from September 22-24 in Kota Kinabalu.

Representatives of the AFT in Hanoi proposed the MoIT to provide trade promotion funding, thus facilitating its members’ attendance in more international exhibitions and fairs, to meet more partners.

Free coffee to be provided at Buon Ma Thuot Coffee Festival

During the 8th Buon Ma Thuot Coffee Festival 2023, which is scheduled to take place from March 10-14, more than 300 cafes in the area have registered to serve free coffee for residents and visitors to the festival, according to the People's Committee of Buon Ma Thuot city, in the Central Highlands province of Dak Lak.

On this occasion, Buon Ma Thuot city will also feature a street to enjoy free coffee on the Phan Dinh Giot route, located in the city centre, where there are very beautiful ancient tamarind trees.

The free coffee street will be open for 5 days, from March 10-14, 2023. This activity is accompanied by 3 major coffee brands in the area. Local people and tourists will have a chance to enjoy coffee and experience many cultural and artistic activities related to coffee.

The 8th Buon Ma Thuot Coffee Festival in 2023, themed "Buon Ma Thuot - Destination of the world coffee", aims to promote the Buon Ma Thuot coffee brand and develop Vietnam’s speciality coffee, towards gradually turning Buon Ma Thuot into a global coffee centre.

With a scale larger than that of the previous editions, this year’s festival will feature 18 official activities and some response activities of localities.

There will be some new activities such as a video-making contest to popularise Buon Ma Thuot coffee, a musical performance, a festival of light, photo exhibitions, and a contest to make fine art products from coffee trees.

Dong Nai province to export over 500,000 tonnes of fresh bananas in 2023

The southern province of Dong Nai has planned to export 500,000 tonnes of fresh bananas to overseas markets this year.

Dong Nai shipped its first batch of fresh bananas to China on February 22 at a ceremony held by the provincial People’s Committee and the provincial Department of Agricultural and Rural Development (DARD)

Banana is one of the main crops of the province. Banana trees are cultivated throughout the province but are concentrated mainly in Trang Bom, Thong Nhat, and Dinh Quan districts. The average yield is 40-50 tonnes of bananas per hectare and the output of 450,000 tonnes per year. Up to 80% of banana production is for export.

According to DARD, Dong Nai’s fresh bananas have been exported to a number of countries, including China, the Republic of Korea, Japan, and Malaysia.

Last year, the province shipped over 400,000 tonnes of fresh bananas.

Nguyen Thi Hoang, Vice Chairwoman of the provincial People’s Committee, said Dong Nai has the largest banana cultivation area in the country with an area of more than 13,100 hectares, accounting for 70% of the total banana-growing area of the Southeastern region.

It is also the leading region in the country with 30 banana growing area codes covering nearly 5,700 hectares, she said.

Hoang asked the Department of Agriculture and Rural Development, the Department of Industry and Trade and localities to support and remove difficulties for enterprises and farmers so that Dong Nai's agricultural products meet the requirement of importing countries.

Addressing the ceremony, Consulate General of China in Ho Chi Minh City Wei Huaxiang said his country wants to enhance cooperation to increase China's import of fresh bananas.

The diplomat pledged to support the promotion of Vietnam's fresh bananas to the Chinese market. However, he suggested the Vietnamese side to further improve the packaging and the preservation process to ensure the best quality of the fruit.

Air passengers soar over 90% in Jan-Feb

Vietnam’s aviation sector has recovered robustly, achieving a high growth rate compared to the pre-pandemic year of 2019.

In a report the Civil Aviation Authority of Vietnam (CAAV) sent to the Ministry of Transport on air transportation so far this year, the number of flights and air passengers has surged sharply.

According to the report, CAAV has estimated the number of flights at 78,800 this year to date, rising 62% over the same period of last year, excluding the number of connecting flights at 35,400, up 80% year-on-year.

Some 19.7 million passengers have traveled through local airports, jumping 91.5% over the year-ago period. The number of international guests has risen 1.95% to 4.7 million, and domestic guests 14.8 million, increasing 48% over the same period in 2022.

Vietnam’s air carriers have transported 9.8 million guests in the year to date, including 7.4 million locals and 2.4 million foreigners, soaring 92% year-on-year.

Novaland proposes extending bond maturity

Major Vietnamese real estate developer Novaland has proposed extending the maturity of the bonds it issued to a later date due to its tight budget.

According to the official dispatch Novaland sent to the Hanoi Stock Exchange, the HCMC-based property firm has not been able to settle coupons of two bond lots valued over VND1.5 trillion, namely NVLH2224005 and NVLH2123009.

One of the two lots is valued at VND500 billion, issued in February 2022, and has a term of 24 months, while the other is VND1 trillion, issued in August last year, and has a tenor of 18 months.

They have a fixed coupon rate of 10.5% per annum and are secured by the firm’s NVL shares owned by a third party, with the coupons being paid every six months.

Novaland said it had been doing its best to service the NVLH2123009 bonds, suggesting bondholders extend the maturity date or swap the bonds with its real estate products.

Novaland’s affiliated companies also announced the late payment of bond coupons for the same reason.

They comprise Gia Phu Real Estate Company, Nova Final Solution JSC, and Fuji Nutri Food JSC.

Speaking at a hybrid conference on policies and solutions for the frozen real estate sector held on February 17, Novaland’s board chairman said his company would be able to take out over VND10 trillion of its VND25 trillion frozen at banks if paperwork hindrances are removed and credit is eased for the sector.

With this, the firm could settle its debts and return to normal operations, he added.

Vinaconex divests capital at Vinaconex Electromechanical     
Viet Nam Construction and Import-Export Joint Stock Corporation (Vinaconex or VCG) announced it had completed the divestment of shares in its affiliate, Vinaconex Electromechanical Joint Stock Company (Vinaconex M&E), reducing its ownership to 500,000 shares.

This share amount is equivalent to 5 per cent of the charter capital of Vinaconex M&E.

According to VCG's Q4 financial statements, Vinaconex's ownership rate in Vinaconex M&E as of December 31, 2022, was 100 per cent. Vinaconex M&E is headquartered at 34 Lang Ha, Dong Da District, Ha Noi, operating mainly in the field of electrical and water system installation.

Vinaconex M&E was established in 2019 with a charter capital of VND100 billion. Vinaconex holds 65 per cent of the capital, and organisations and individuals with suitable capacity would own the rest.

In the second phase, the company will increase its charter capital to VND200 billion when there is a need, according to the plan of the General Director of VCG.

In the fourth quarter of 2022, the company recorded a decrease in net revenue of more than VND200 billion to VND1.93 trillion. However, due to decreased cost of goods sold (COGS) faster than revenue, VCG's gross profit increased by nearly 55 per cent over the same period to VND375.5 billion.

During the period, financial income decreased by 64.6 per cent to VND78 billion while expenses remained high, causing profit after tax to decrease from VND173.74 billion to VND80.16 billion.

In 2022, Vinaconex's consolidated revenue increased by 50 per cent compared to the implementation of 2021 to reach VND8.6 trillion, while profit after tax reached VND1.05 trillion, a double over the same period of 2021. 

SeABank increases charter capital

Southeast Asia Commercial Joint Stock Bank, or SeABank, which trades its SSB shares on the Hochiminh Stock Exchange, raised its charter capital from VND19.8 trillion to over VND20.4 trillion after a share issue under the 2022 employee stock ownership plan.

VND594 billion worth of shares were issued to nearly 2,500 SeABank employees at VND15,000 per share, the local media reported.

Last year the bank posted VND5.07 trillion in pre-tax profit and its total asset reached VND231.4 trillion, up 9.3% against 2021. Its bad debt ratio ebbed to 1.6%.

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