Lobster exports reeled in nearly 30 million USD in January and February, an over 18-fold increase compared to the same period last year, the Vietnam Association of Seafood Exporters and Producers (VASEP) has reported.

China remained the largest importer of the product with a value of nearly 29 million USD, 27 times higher against 2023.

Since October 2023, China has ceased importing Vietnamese ornate spiny lobsters due to regulations related to its wild animal protection law. On January 20 this year, a delegation from the Ministry of Agriculture and Rural Development led by Deputy Minister Tran Thanh Nam worked with the authorities of China’s Guangdong province on agricultural trade development cooperation. Both sides agreed to coordinate in resolving issues related to the trade of sturgeons and spiny lobsters under special mechanisms.

Apart from China, Vietnam also exports lobsters to Thailand, Malaysia, Singapore, and the US.

According to VASEP, seafood exports also rose by 13% annually in the period, primarily driven by a remarkable 64% surge in January.

Several key products saw positive growth in the two months, with the export turnover of whiteleg shrimp increasing by 18%, tuna 21%, tra fish 6.5%, and giant tiger prawn 9%./.

Vietshrimp 2024: Measures sought to recover shrimp industry

The VietShrimp Aquaculture International Fair 2024, themed “In company with shrimp farmers” opened in the southernmost province of Ca Mau on March 20.

The event, co-hosted by the Vietnam Directorate of Fisheries, the Vietnam Fisheries Society (VINAFIS), the Vietnam Fisheries magazine, and Ca Mau province’s Department of Agriculture and Rural Development, features about 200 booths of 150 domestic and international exhibitors.

The two-day fair also includes four seminars about technology transfer to promote circular economy in the Vietnamese shrimp value chain, low-emission and sustainable shrimp industry through circular economy, quality improvement and value enhancement for Vietnam’s shrimp industry, and discussion on how shrimp farming to achieve the highest efficiency.

VINAFIS Chairman Nguyen Viet Thang said that for many years, shrimp has been a key product of Vietnam, bringing home nearly 4 billion USD from export each year, accounting for about 45 - 50% of the total aquatic export value.

Currently, Vietnam is one of the largest shrimp-producing countries in the world and is in the top four in the world in terms of exports together with Ecuador, India and Indonesia.

However, because of difficulties both inside and outside the country, Vietnam’s shrimp export turnover in 2023 declined to only 3.45 billion USD, down 19.8% compared to 2022.

The industry is forecast to continue to face many challenges this year including abnormal weather conditions, high input material prices, high risk of diseases, high inflation in many countries and high logistics costs.

The organiser of VietShrimp 2024 hopes the fair will provide a venue for the State, scientists, businesses and farmers to sit down together to seek effective solutions to bring the shrimp industry back to the growth trajectory and realise the goal of sustainable development, he said. 

Speaking at the opening ceremony, Deputy Minister of Agriculture and Rural Development Phung Duc Tien said that Vietnamese seafood products have entered nearly 170 countries and territories, and Vietnamese shrimp products are now sold in more than 100 markets.

He said that Vietshrimp 2024 – the fifth of its kind held annually in Vietnam – is designed to promote and introduce the potential, strengths, image and brand of Vietnamese shrimp. It also creates an opportunity for authorities, experts, scientists, businesses, cooperatives and shrimp farmers to keep updated on the situation and new scientific and technical advances and discuss measures to overcome limitations and shortcomings of the shrimp industry.

Le Van Su, Vice Chairman of the Ca Mau provincial People's Committee said shrimp has played a key role in Ca Mau's agricultural industry.

In 2023, the province had about 278,000 ha of shrimp farming area, producing 231,000 tonnes, and earning over 1 billion USD from shrimp export, accounting for 40% of the total shrimp farming area in Vietnam, 22% of the country’s output and nearly 30% of the country's shrimp export value.

Su acknowledged the difficulties and limitations that the province’s shrimp industry is facing, noting that the Vietshrimp 2024 will bring opportunities for local authorities and farmers to learn and improve shrimp production, processing and exports in the coming time./.

Vietnam, Czech Republic eye to expand agricultural cooperation

A forum on agricultural cooperation between Vietnam and the Czech Republic was held in Hanoi on March 20 on the occasion of Czech Minister of Agriculture Marek Vyborny’s visit to Vietnam from March 18 – 20.

Vietnamese Deputy Minister of Agriculture and Rural Development Nguyen Quoc Tri emphasised that the relations between the two countries have been continuously strengthened and developed over the past seven decades, and positive progress have been recorded in agricultural cooperation.

He expressed the hope that the Czech Republic will support Vietnam in implementing the Voluntary Partnership Agreement (VPA) on Forest Law Enforcement, Governance, and Trade (FLEGT) between Vietnam and the European Union (EU), and strengthen cooperation with the Southeast Asian nation in managing sustainable forest resources, implementing the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES), and promoting legal trade of timber and forest products.

“We hope that the Czech Republic will recognise Vietnam's efforts in fighting illegal, unreported and unregulated fishing (IUU), and lend its support to urge the European Commission (EC) to lift its “yellow card” warning against Vietnamese seafood exports,” Tri said.

Vyborny said he welcomes the enhanced cooperation in agriculture, food industry, and water resource management between Vietnam and the Czech Republic, saying that his country aims to promote education and training in the agriculture sector.

During this visit, representatives from the Czech University of Life Sciences Prague may connect with educational and training institutions in Vietnam regarding agriculture, forestry, and sustainable use of agricultural products in Vietnam, he said.

According to Vyborny, Vietnamese partners are eager to penetrate the Czech market and demonstrate their interest in traditional sectors of the European nation such as beer, meat, spirit, and confectionery production, agricultural technology, food industry, animal husbandry technology, and veterinary products.

Vietnam's export turnover to the Czech Republic is about 10 times higher than the latter's exports to the Southeast Asian nation. Therefore, in the coming time, Vietnam may support the Czech Republic in exporting meat products, and the two sides can soon reach consensus on veterinary requirements and food safety standards for products from the Czech Republic, the minister said.

He suggested the Ministry of Agriculture and Rural Development of Vietnam send a working delegation to the Czech Republic as soon as possible to assess livestock production and epidemiology.

The Czech Republic is keen on expanding cooperation with Vietnam in farming because it has one of the world's most reputable companies in exporting seeds of grass and vegetables, and new plant varieties, which bring high profits to growers, he added./.

Vietnam, Singapore deepen economic, energy cooperation

Vietnamese Minister of Industry and Trade Nguyen Hong Dien held talks with Singaporean Second Minister for Trade and Industry Tan See Leng in Hanoi on March 20, during which they discussed ways to strengthen economic and trade ties between the two nations.

Both ministers hailed the existing economic partnership as a model for successful bilateral cooperation in Southeast Asia. They acknowledged a shared interest in expanding collaboration beyond traditional sectors to embrace emerging trends like energy transition, digital economy, digital transformation and green economy.

Energy emerged as the focus of the discussion, with both sides commending ongoing joint projects, particularly those involving clean energy. They emphasised the mutual benefits that could be reaped from ramping up cooperation in this sector.

As there remains numerous potential and existing cooperation opportunities that need to be explored, Tan proposed joint research and implementation with Vietnam, potentially involving other partners, with a special focus on wind and clean energy.

Dien expected that Singapore would share its experience in building relevant policy mechanisms to support robust energy and clean energy cooperation with Singapore and other countries.

He proposed that the working group of the two ministries share technical expertise to translate potential into concrete action.

The Vietnamese minister further suggested fostering human resource development in the energy sector through enhanced collaboration between universities and research institutions. He also sought Singapore's assistance to the Vietnamese ministry's units in building development strategies for industries, energy, trade, digital transformation and green transition.

Singapore is now Vietnam's fourth largest trading partner in the Association of Southeast Asian Nations (ASEAN) and second largest foreign investor.

The two-way trade value hit 9.1 billion USD in 2023 and the figure in the first two months of 2024 already reached 1.5 billion USD.

Last year, Vietnam and Singapore signed the upgraded connectivity framework agreement, under which energy cooperation has become one of the five core pillars./.

Chinese enterprises explore investment opportunities in Soc Trang

The People’s Committee of Soc Trang province coordinated with Chinese Consulate General in Ho Chi Minh City to organise a meeting between enterprises of China and local businesses on March 20.

Speaking at the event, Tran Van Lau, Chairman of the provincial People’s Committee, presented local economic strengths, saying the Mekong Delta province boasts significant potential in agriculture, with an annual rice output exceeding two million tonnes and aquatic products totaling over 375,000 tonnes. The province's export turnover surpassed 1.5 billion USD last year with rice alone constituting nearly one-third of the export value, amounting to 450 million USD.

He highlighted key projects that are expected to create a driving force for Soc Trang’s development in the future, including Tran De seaport projects, the Chau Doc-Can Tho-Tran De expressway and the Dai Ngai bridge over the Hau River, which connects Soc Trang with Tra Vinh and further to Ho Chi Minh City.

Lau said Soc Trang prioritises attracting investment in high-tech and organic agriculture, agricultural production associating with processing, supply chain and consumption of farm products.

The locality is calling on businesses to invest in expanding high-quality service and trade industries in combination with tourism projects, aiming to develop synchronously tourism, resort, and entertainment services, he added.

During the meeting, representatives of major Chinese economic groups and businesses of Soc Trang province discussed issues related to production and business activities, and their strengths as well as exchanged development orientations in the future and industries that attract investment in the locality.

Chinese Consul General to Ho Chi Minh City Wei Huaxiang praised the province's agricultural prowess, particularly highlighting the globally acclaimed ST25 rice, alongside its fruits and seafood products.

Soc Trang province has a lot of potential for economic development, so many Chinese businesses are interested in looking for cooperation and investment opportunities in the province, he said.

The provincial leader said he anticipated that through the meeting, Chinese businesses will discover  opportunities for cooperation with local enterprises, thus contributing to speed up the friendly relationship between Vietnam and China./.

Italian products promoted in Ho Chi Minh City

Italian firms are scheduled to partake in events in Ho Chi Minh City promoting Italian food and beverage products to local consumers, said the Italian Trade Agency (ITA).

Ongoing is an Italian space run as part of the 12th International Food & Drink, Hotel, Restaurant, Bakery and Food Service Equipment, Supplies (Food & Hotel Vietnam 2024) held in the southern metropolis from March 19 to 21. Within the space, about 20 enterprises in the food industry are showcasing their pasta, cheese, dairy specialties, cakes, wine, and edible oils, among other products.

According to Fabio De Cillis, the Director of ITA in Vietnam, participating in Food & Hotel Vietnam 2024 is one of the first promotional activities of the agency this year, aimed at boosting trade relations between Vietnam and Italy. Many Italian companies are eager to introduce high-quality products at reasonable prices to Vietnamese distributors, retailers, and consumers. 

Following the expo, ITA will sponsor local importers and distributors to join Vinitaly – a wine exhibition held in Verona, Italy, from April 14-17.

In June, the agency plans the organisation of a wine-fest called "Borsa Vini Vietnam" in Hanoi and Ho Chi Minh City, which will bring together around 25 Italian producers, distributors, and suppliers in the field.

With a population of over 100 million people, coupled with growing income and consumer demand, Vietnam is considered an attractive market for Italian food and beverage exporters. The Southeast Asian nation is currently the largest trading partner of Italy within ASEAN, while the latter is the fourth largest trading partner of the former within the EU./.

Deputy PM lauds Airbus’ cooperation with Vietnamese partners

Deputy Prime Minister Tran Hong Ha highly valued Airbus’s aviation cooperation with Vietnamese partners while receiving Olivier Michalon, Executive Vice President Global Business for Airbus Helicopters – a subsidiary of Airbus, in Hanoi on March 20.

Ha said the results of Airbus’ cooperation with the Vietnamese side in the aviation industry, especially in terms of technology, management experience, technique, and products, are also the criteria basing on which local partners decide to set up and expand long-term ties with Airbus.

The Deputy PM held that Airbus can assist Vietnam in building strategies and plans on the aerospace industry development and in training human resources. He called on the European group to transfer component and equipment production technology to Vietnam under its global value chain, and expand partnerships to new areas like aerospace/satellite, helicopter, military technology, search and rescue, security, and defence.

The host official suggested Airbus Helicopters take the next study and investment steps based on the development strategy and potential of the Vietnamese market.

For his part, Michalon noted Vietnam is a key market for civil and specialised helicopters of Airbus.

The firm will invest in the development and transfer of technology, the training of pilots and engineers, and the operation and maintenance of new-generation helicopters in the country, he went on.

The executive affirmed that Vietnam will be a leading priority and long-term partner of Airbus Helicopters in the time ahead./.

About 10,000 cheap air tickets to be offered at VITM 2024

About 10,000 cheap air tickets are expected to be offered at the Vietnam International Travel Mart (VITM) 2024 which is slated to take place from April 11-14 in Hanoi, according to the Vietnam Tourism Association (VTA).

At a press conference to announce the event on March 20, the association said that VITM 2024 themed “Vietnam Tourism – Green Transition for Sustainable Development” is hoped to attract over 450 booths and about 80,000 visitors. About 3,500 Vietnamese and international enterprises are expected to take part in the event.

VTA Chairman Vu The Binh said that VITM 2024 aims to jointly promote a new tourism trend – a combination of responsible tourism and environmental protection for development.

Tourism businesses, local authorities and tourists are called on to pay more attention to environmental protection through specific activities. The fair focuses on activities to contribute to turning tourism into a green economic sector, based on building green destinations, and green products, and developing tourism human resources with proper knowledge of green tourism. The moves aim to enhance the image of Vietnamese tourism in the international arena.

Binh said that the fair will create opportunities for Vietnamese and international tourism businesses to promote their brands, introduce products, develop business relations, and promote growth in all three types - outbound, inbound and domestic tourism.

Visitors to the event can enjoy interesting experiences with promotional tours, discounted air tickets, cheap hotel rooms and One Commune - One Product (OCOP) products from localities across Vietnam.

Within the framework of VITM 2024, a forum entitled "Vietnam Tourism - Green Transition for Sustainable Development" will be held on April 12, seeking green transformation solutions for Vietnamese tourism.

Localities, destinations, and businesses in the province of Kien Giang, Thai Nguyen, Ninh Binh, Thanh Hoa, Nghe An, and Ha Tinh also planned to organise tourism promotion conferences at VITM 2024./.

VietJet Air tops list of delayed flights in first two months

Low-cost airline VietJet recorded the highest rate of flight delays compared to other domestic airlines in the first two months of this year, according to data announced by the Civil Aviation Authority of Vietnam.

According to the figures, in February locally-owned airlines handled more than 24,711 flights. Of these, Vietnam Airlines accounted for the highest number of flights during the period.

VietJet tops list of delayed flights with a delay rate of 45.6%, followed by Pacific Airlines with 41%, and Bamboo Airways with 31.5%.

Meanwhile, VASCO was the most on-time airline with a rate of 89.1%, followed by Vietnam Airlines with 80% and Vietravel with 76.4%.

During the first two months of the year domestic airlines made 46,125 flights, of which 73.7% took off on time, a 10.7% decrease compared to the same period from last year.

In general, during this period the Vietnamese aviation industry witnessed a significant decrease in terms of the total number of operated flights and on-time flights for passengers.

Mekong Delta localities ensure traceability for export agricultural products

Mekong Delta localities are promoting agricultural product traceability in order to incorporate them into supply chains, ensure safe processing and export, and build consumer trust in Vietnamese agricultural products.

The Mekong Delta is a major hub for rice, aquatic products, and key fruits for export so effective management of the traceability of agricultural products is necessary.

According to the Ministry of Agriculture and Rural Development, the country has issued 6,883 export farming area codes for 25 products to 11 markets.

The Mekong Delta has the largest number of farming area codes with 3,975 codes in operation. 

Nguyễn Văn Mẫn, director of the Department of Agriculture and Rural Development of Tiền Giang Province, said that 528 farming area codes and packaging facility codes of the province are implemented in accordance with current regulations.

Over 180 farming area codes are issued to Chinese markets from seven types of crops such as jackfruit, dragon fruit, mango, watermelon, rambutan, longan, and durian. 

The provincial department has established inter-disciplinary inspection teams to inspect compliance with regulations on the use and maintenance of farming area codes and packaging facility codes.

Tiền Giang Province is also implementing a pilot program to develop database management software for durian farming areas. 

This software will display information about durian farming areas on maps, serving as a basis for expanding mapping to cover all durian and key crop farming areas in the province.

Bến Tre Province currently has 41 farming areas issued with 84 codes. Some agricultural products with issued farming area codes, such as coconut, green skin grapefruit, rambutan, mango, and durian, have been exported to Europe, the United States, New Zealand, Australia, Japan, South Korea, Thailand, and China.

Võ Văn Nam, head of the province’s Plant Protection and Cultivation Sub-department of Bến Tre Province, said that farming area codes and packaging facility codes will guarantee the traceability of export agricultural products. 

The Department of Agriculture and Rural Development of Bến Tre Province is promoting localities to monitor the production and manage farming area codes.

At present, consumers are increasingly concerned about traceability and food safety, as the prevailing trend prioritises health, disease prevention, and the urgent need for a healthier living environment.

According to a representative of the Food and Agriculture Organisation (FAO), product transparency will be a factor in the purchase of agricultural products. 

When consumers want to know about the products, they can trace the final product to its original production location, and review each stage in processing and distribution using a traceability code printed on the packaging. 

Consumers can enter the traceability code on the product's website to find information, or use a smartphone with traceability software installed to scan the traceability code. 

Đỗ Thanh Hiệp, director of Hòa Lệ Clean Dragon Fruit Cooperative in Hàm Thuận Bắc District, Bình Thuận Province, said that when buying a dragon fruit from Hoà Lệ Cooperative, consumers can trace information such as production batch, producing unit, types of fertilisers and pesticides applied, types of certificates and transaction information about harvest dates, production, packaging, expiry dates. 

A representative of the Department of Agriculture and Rural Development of Bình Thuận Province said that there are many enterprises and cooperatives with reputable brands in the province.

These include the Hoà Lệ Dragon Fruit Cooperative, Hải Nam Limited Liability Company, and Phan Thiết fish sauce, all of which apply traceability labels to their products.

Products with traceability labels increase competitiveness, stimulate consumer purchasing, and maximise investment cost savings.

Banks basically disclose lending rate information on websites

Commercial banks have basically published information on lending interest rates on their websites, according to the direction of the Prime Minister, the State Bank of Vietnam (SBV) said.

In addition to the lending interest rates, the banks have also disclosed the interest rate gap of deposits and loans, as well as the lending interest rates for preferential credit packages.

As one of the first banks to publicly disclose lending interest rates on its website, BIDV, currently the bank with the leading lending market share in the banking system with VNĐ1.74 quadrillion, currently lists the average lending interest rate in March 2024 at 6.49 per cent per year.

The gap between BIDV's average lending interest rate and its average capital mobilisation interest rate is 3.12 per cent per year.

Similarly, TPBank announced an average lending interest rate of 7.76 per cent per year, of which the average lending interest rate for individual customers and corporate customers is 8.85 per cent and 7.34 per cent, respectively.

The average interest rate difference between deposits and loans at TPBank is 3.75 per cent.

A number of other banks have also publicly announced the average lending interest rates and loan package information such as VIB, Sacombank, ACB, ABBank, LPBank and BacABank.

The SBV required commercial banks to disclose information about lending interest rates before April 1 this year, given the banking system's declining credit. According to the SBV, the banking system's credit as of February 16 this year decreased by 1 percent compared to the end of last year.

Experts are concerned about the credit decrease in the first two months of 2024 because this year's conditions are different from the previous years, as the SBV assigned the year’s entire credit growth quota of 15 per cent for commercial banks right in the first month of this year, instead of only allocating a part of the quota at the beginning of the year as previously.

Early this month the SBV also sent an official dispatch to credit institutions stating that despite the application of supporting policies to boost credit from the beginning of the year, credit growth this year is still quite low compared to recent years.

To boost credit growth, the SBV requested credit institutions to firmly implement effective credit growth solutions right from the beginning of the year. Credit must focus on production, business and the Government’s priority sectors, as those are the country’s economic growth drivers. Banks also need to strictly control credit for potentially risky sectors to ensure safe and effective operations. 

Businessman who embezzled from Trương Mỹ Lan may face 10 years in prison

A businessman was found guilty of embezzling VNĐ1 trillion (US$40.3 million) from Trương Mỹ Lan, chairwoman of Vạn Thịnh Phát property developer, and faces a possible 10-year prison sentence recommended by the HCM City People’s Procuracy.

On Wednesday, Nguyễn Cao Trí, 54, chairman of Capella Group, was found guilty of embezzling the funds to buy stakes in various companies.

However, he has returned over VNĐ700 billion after being arrested in October 2022 and has promised to return the rest as soon as possible, according to the Procuracy.

The Procuracy considered the fact that the businessman had returned the money as well as other assets, so it reduced the recommended sentence for Trí, who is the only defendant in the case charged with “abuse of trust.”

Other defendants, including numerous SCB executives and government officials, face sentences ranging from 19 years to life imprisonment.

They have been charged with embezzlement, bribery, abuse of power, lack of responsibility, and violating bank regulations.

The Procuracy has recommended the death penalty for Trương Mỹ Lan if she is found guilty of multiple financial crimes, including misappropriating VNĐ304 trillion from Saigon Commercial Joint Stock Bank (SCB), Việt Nam’s largest private bank by assets.

Despite offering to sell off personal assets to cover the damages, the “most severe penalty” was recommended for Lan due to the seriousness of the crimes, according to the Procuracy.

While all other defendants have admitted to the charges brought against them, the 68-year-old chairwoman has maintained her innocence.

Lan has also rejected the prosecution’s accusation that she manipulated the lender’s operations, saying she only owned a 5 per cent stake in the bank.

She explained that the remaining stakes were held by her two daughters (5 per cent each) and friends in Việt Nam (30 per cent) and overseas (30 per cent).

The police have seized millions of US dollars in cash and frozen assets linked to Lan. The funds are intended to compensate for the damages at SCB and repay bond victims.

Due to the complexity of the case and the large number of defendants involved, the trial is expected to last until the end of next month.

According to the Procuracy, the trial will be conducted in “a fair and transparent manner, without any restrictions or privileges,” to uphold the public’s trust in the Party and the State.\

Italian products promoted in Ho Chi Minh City

Italian firms are scheduled to partake in events in Ho Chi Minh City promoting Italian food and beverage products to local consumers, said the Italian Trade Agency (ITA).

Ongoing is an Italian space run as part of the 12th International Food & Drink, Hotel, Restaurant, Bakery and Food Service Equipment, Supplies (Food & Hotel Vietnam 2024) held in the southern metropolis from March 19 to 21. Within the space, about 20 enterprises in the food industry are showcasing their pasta, cheese, dairy specialties, cakes, wine, and edible oils, among other products.

According to Fabio De Cillis, director of ITA in Vietnam, participating in Food & Hotel Vietnam 2024 is one of the first promotional activities of the agency this year, aimed at boosting trade relations between Vietnam and Italy. Many Italian companies are eager to introduce high-quality products at reasonable prices to Vietnamese distributors, retailers, and consumers. 

Following the expo, ITA will sponsor local importers and distributors to join Vinitaly – a wine exhibition held in Verona, Italy, from April 14-17.

In June, the agency plans the organisation of a wine-fest called "Borsa Vini Vietnam" in Hanoi and Ho Chi Minh City, which will bring together around 25 Italian producers, distributors, and suppliers in the field.

With a population of over 100 million people, coupled with growing income and consumer demand, Vietnam is considered an attractive market for Italian food and beverage exporters. The Southeast Asian nation is currently the largest trading partner of Italy within ASEAN, while the latter is the fourth largest trading partner of the former within the EU.

OV praises revised Land Law’s openness, inclusivity

An overseas Vietnamese (OV) has lauded the revised Land Law which was passed by the Vietnamese National Assembly in January, highlighting its focus on attracting foreign capital and fostering connections between OVs and their homeland.

Ann Huynh, who is an employee of a real estate company in Virginia of the US told the Vietnam News Agency's resident reporter on March 19 that it is a step in the right direction. Many OVs want to support their families in the homeland and contribute to Vietnam's development through remittances and reinvestment. Real estate offers a particularly attractive avenue for them to do this.

Ann Huynh praised the amended law for its inclusivity and clarity, saying that the new provisions provide greater assurance for OVs and foreign investors by explicitly guaranteeing their rights.

She noted that the land law now clearly outlines the bidding process for land parcels for projects. Additionally, it prioritises land ownership for ethnic minorities and households who previously held land but lacked formal documents.

These features showcase the Vietnamese Government's commitment to diversity and inclusivity in the distribution of land rights, she said.

To address the issue of unsold properties in Vietnam, Ann Huynh proposed leveraging the new policy to attract a broader pool of buyers, including OVs. Projects with a more diverse customer base will benefit from increased liquidity, thus generating cash flows and providing investors with resources necessary to complete unfinished projects, launch new projects, and better satisfy the market's demand.

However, Ann Huynh underlined the need for protective measures to ensure social balance in the future. It is important to ensure Vietnamese citizens have access to home ownership opportunities, she said.

The Government also needs to consider the situation of foreign buyers who might not reside in Vietnam for a long time due to their jobs abroad, she said, proposing that specific projects should allow OVs to hold full ownership rights./.

Banks aspire to join billion-dollar profit club

With profits exceeding 20 trillion VND (833 billion USD) in 2023, many banks are eyeing to join the billion-dollar profit club this year.

Several major banks have cautiously set profit targets, albeit still in the billion-dollar range, while others aim to nearly double their growth pending approval at annual shareholder meetings.

Vietcombank has revealed a targeted increase of at least 10% in pre-tax profit, while MB Bank - the third-highest profit earner in the industry - is working toward a 10% profit growth to reach 28 trillion VND.

Luu Hoai Son, the head of the planning and marketing department at MB Bank, stated that the bank expects a higher credit growth rate than the 16% set by the State Bank of Vietnam (SBV). Based on this, the pre-tax profit is projected to rise by 10% compared to the previous year.

Meanwhile, ACB and HDBank anticipate their pre-tax profits to be 10% and more than 20% higher, respectively.

Although BIDV and VietinBank have yet to announce their targets, it is unlikely the figures will be lower than those achieved last year.

The ACB Board of Directors said it believes that with the government's solutions to help ease difficulties in the real estate and corporate bond markets, the economy may recover this year. However, the toughest challenge is still the non-performing loans./.

Obstructions bemoaned in treating industrial waste

Manufacturers in industrial parks are facing obstructions in collectively treating and exchanging industrial waste, especially when it comes to tax.

Chu Duc Tam, vice president of the board at SM Tech Vina Engineering in Trang Due Industrial Park (IP), has faced difficulties in treating industrial waste. This is creating barriers to establishing cooperative relationships for the company, based in the northern city of Haiphong.

“During the production process, the company needs to discharge a large volume of wasted lubricant oil and then has to hire the environment treatment company to collect and treat this product. However, we know that many manufacturers need this wasted lubricants, but SM Tech Vina can’t sell this product to them. Under the existing regulation, we have to pay VAT for this business activity and the transport fee is costly,” Tam said.

The total fee for tax and transport is much more expensive than the fee to hire the third party to deal the wasted lubricants, Tam added.

“This wastes the material, which could be reused to save costs for tenants in IPs. In addition, it is also a hurdle to creating an industrial symbiotic relationship between tenants to develop eco-IPs,” Tam said.

Many manufacturers in IPs said they are facing obstructions in reselling unused scrap. For example, if the enterprise imports one million scrap products, but due to the change of market demand, they must change its production plan, and then have to resell or re-export the remaining scrap.

“It is very complicated to resell unused products in the Vietnamese market because you must pay import-export tax and VAT before reselling the unused products,” said Bui Van Thanh, director of New Sun Law Group.

Tam pointed out that such measures are supposed to be productive.

“The model of reselling and exchanging waste in IPs is considered industrial symbiosis, contributing to cost savings and reduced resource use by jointly maximising the output that can be produced, thereby providing economic and environmental benefits,” Tam said. “Industrial symbiosis helps increase profits and competitiveness, creating opportunities for companies at present - both private and public. It follows that it brings significant benefits to the environment by reducing the need for materials and waste.”

There are several types of industrial symbiosis, including sharing infrastructure facilities (energy and water); providing coworking locations; exchange of waste and by-products; sharing services and activities between businesses; and forming connections, utilising, and sharing resources and infrastructure of an IP with neighbouring residents, thereby creating jobs and opportunities for cooperation.

Explaining the reasons for tightening the exchange of waste water, a representative from the United Nations Industrial Development Organization (UNIDO) said there is a sufficient basis to implement solid waste management in IPs, but several issues get in the way.

“Small- and medium-sized enterprises (SMEs), especially domestic ones, often violate regulations on waste classification and the storage and treatment of hazardous wastes,” the representative said.

According to him, SMEs also frequently bypass controls at the final disposal, delegating control entirely to the waste collection unit, and keeping inaccurate records of waste statistics. IPs, meanwhile, fail to acknowledge the waste content of enterprises and often lack internal waste treatment companies.

“These issues are a major barrier to promoting recycling and reuse in enterprises, and industrial symbiosis in IPs,” the representative said.

UNIDO currently supports some IP developers and tenants to implement pilot industrial symbiosis. At the DEEP C IP in Haiphong, for instance, steel scrap is collected from companies in the park, and waste plastic is also collected and provided to a plastics factory.

DEEP C has also developed a shared web platform, and provides focused training for businesses in the park, including on legal regulations and the environment. The park also tries to develop shared services, such as laundry, maintenance, meals, security, and fire prevention.

Only modern machinery can regenerate life cycle for milk cartons, businesses say

There is a need for greater effort from businesses in collecting and creating a new lifecycle for milk cartons, one of the most challenging packaging materials to recycle.

TH Group and its partners have decided to extend the duration of their milk carton collection, with the aim of fostering positive actions in community-wide packaging collection and recycling, making it a daily habit. This will contribute to the sustainable development of environmental protection solutions, waste reduction, and the promotion of a green lifestyle.

The collection and recycling of product packaging have been regularly and consistently carried out by TH Group, the owner of the TH true MILK brand, for many years, even prior to the official implementation of extended producer responsibility (EPR) regulations.

According to a representative, TH Group has collaborated with Tetra Pak and Lagom to organise campaigns for the collection and recycling of packaging. One notable campaign is the “Collecting cans - spread green living” initiative, which focuses on collecting milk cartons at TH stores. This is also the first circular model of collecting and recycling milk cartons in Vietnam that involves cooperation between the manufacturer, brand, consumers, and collection units. “The crucial challenge for any packaging collection and recycling model lies in the awareness and behaviour of consumers towards waste collection,” said the representative.

In 2022, a two-month pilot campaign attracted the participation of 15,000 customers and collected over 1.1 tonnes of milk cartons. Last year, the programme expanded its scale with a six-month duration at 20 TH true MART stores in Hanoi and Ho Chi Minh City, resulting in a 72 per cent increase in collection compared to the previous year.

“In addition to persistently communicating and updating customers with knowledge and skills on cleaning and collecting cartons, we also implement gift programmes to encourage consumer engagement and participation alongside the manufacturer,” the representative added.

TH Group applies advanced technologies such as removing plastic shrink wrap from bottle caps, reducing the weight of plastic bottles, and reducing the thickness of plastic labels. These initiatives have helped to reduce thousands of tonnes of plastic waste each year.

Many other foreign dairy companies in Vietnam are also making efforts to fulfil their producer responsibilities in accordance with the environment. Do Quoc Thinh, sustainability leader of Elovi Vietnam, a subsidiary of Morinaga Milk Industry from Japan, stated that the company has collaborated with several Japanese companies such as Corelex and BIOPA to collect and recycle packaging waste from production activities into raw materials for the production of other products such as bags and paper rolls.

“Recyclable waste will be handed over to competent units as regulated by Vietnam. Statistics from 2023 showed that the overall recycling rate of solid waste at Elovi reached nearly 67 per cent,” Thinh said.

In 2024, Elovi has set a target to increase the amount of waste milk cartons generated from production and hand them over to Corelex or an equivalent unit to 85 per cent. Additionally, other solid waste generated from production activities will be collected and sorted entirely.

To promote future EPR implementation, the company is committed to controlling the use of plastic packaging from the beginning to reduce plastic waste management issues. They prioritise the use of multi-layer paper packaging instead of plastic packaging and utilise biodegradable plastic caps with a composition of 42 per cent sugarcane residue, which is easily decomposable.

FrieslandCampina, behind brands such as Dutch Lady, Friso, and Yomost, also prioritises sustainable packaging. By 2030, the company aims to collect and recycle all the packaging it uses and produces.

Le Thi Thuy Hao, director of Ha Nam factory and responsible for implementing FrieslandCampina Vietnam’s EPR regulations, stated that the company is currently sorting and recycling all of the internal packaging within the factory. “For external market packaging, we are carrying out recycling to ensure compliance with the EPR regulations and follow the designated timeline,” Hao said. “We are still working with partners for the next phases of the programme. However, like other businesses, we still have some tasks to accomplish with these partners as there are still some uncertainties on the side of the managing unit.”

EPR regulations, which came into effect in January, require manufacturers to take responsibility for recycling products and packaging once discarded by consumers. Alternatively, they can contribute to an environmental protection fund to receive recycling support. Recycling is carried out on a voluntary basis, in which businesses can do it themselves or hire a reputable recycling unit.

Packaging manufacturers are among the first entities to be impacted by these policies, with a mandatory minimum recycling rate ranging from 10-12 per cent. For dairy businesses specifically, collecting and recycling the packaging materials they bring to the market poses a challenge.

Nguyen Van Khien, technical manager of Lagom, a waste collection and recycling company established in 2019, stated that the recycling process for milk cartons requires advanced technology.

“After undergoing multiple stages of strict control, the paper, plastic, aluminium, and other compounds in milk carton packaging are separated to be recycled into different materials. If the polymer film is not properly treated, there is a risk of it becoming fragmented and dispersing into the environment, soil, water, and human bodies, causing unforeseen health risks,” Khiem shared.

According to data from the Ministry of Natural Resources and Environment, there are approximately 15 billion used milk cartons each year, equivalent to 150,000 tonnes of waste, generated into the environment. In Hanoi alone, at least one million milk cartons are discarded, resulting in 10 tonnes of waste. However, the recycling rate for milk cartons is still less than 5 per cent, primarily due to the low value.

Hoang Trung Son, CEO of Dong Tien Paper and Packaging, said, “To meet the recycling requirements, milk cartons need to undergo preliminary processing to avoid contamination with organic waste and excessive moisture. The lack of synchronisation in waste sorting at the source is a significant barrier to implementing EPR.”

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