Morocco announced that it has initiated an anti-dumping investigation into bike and motorcycle tires originated or imported from Vietnam, the Vietnamese Ministry of Industry and Trade (MoIT) said.

This is the first trade remedy investigation into Vietnamese products launched by the African nation, with the investigated products classified under HS codes 4013.20.00.00; 4013.90.00.10 and 4013.90.00.20.

ITC's Trade Map, an online database on international trade statistics, shows that the Vietnam’s export value to Morocco generated by the products reached 150,000 USD in 2019, halving to 74,000 USD in 2020 and surging to 636,000 USD last year.

According to the World Trade Organisation (WTO), as of the end of 2021, Morocco conducted 17 anti-dumping investigations and 12 trade defence cases globally against imports into the country.

Apart from the announcement, the Moroccan Ministry of Industry and Trade sent a questionnaire to Vietnamese producers and exporters. Their answers should be completed and submitted by November 22, 2022, and translated into French and Arabic.

The MoIT asked domestic producers and exporters concerned to consider settlement plans, prepare resources, coordinate with investigation agencies during the process, send the answers on time with adequate and accurate information, and maintain regular contacts with the ministry to stay updated on the case and receive timely support. 

Rubber export to face difficulties toward year-end

Difficulties for Vietnam's rubber export remain in the fourth quarter as the US dollar has entered a bullish cycle as a haven against inflation, said the Ministry of Industry and Trade’s Department of Import-Export Management.

According to experts, latex prices tend to go down when the US dollar is appreciating. Moreover, prolonged heavy rains in the peak harvest time this year also impacted latex output.

The department quoted data from the General Departments of Customs as saying that Vietnam exported 609,170 tonnes of rubber worth 930.86 million USD in the third quarter, up 6% in volume but down 1.8% in value on an annual basis due to falling prices.

China remained the biggest importer of Vietnamese rubber with 453,060 tonnes valued at 669.14 million USD, up 10.4% in volume and 0.5% in value year-on-year. It accounted for 70.2% of Vietnam’s total rubber export value.

India came second with 42,040 tonnes worth 69.64 million USD, marking an annual increase of 25.1% in volume and 18.3% in value.

Vietnam business delegation seeks investment, trade opportunities in Israel

A Vietnamese business delegation made a trip to Israel on November 3-4 during which they attended a Vietnam-Israel conference on production and trade cooperation in Tel Aviv.

Deputy Director of the Vietnamese Ministry of Industry and Trade’s Trade Promotion Agency Le Hoang Tai said Vietnam and Israel are negotiating a free trade agreement with 11 rounds of talks held since March 2016. When it is signed, more bilateral trade and investment opportunities will be opened up.

Israel is now the fifth largest trade partner of Vietnam in West Asia. In the first nine months of this year, two-way trade between the two countries surpassed 1.6 billion USD.

Trade Counsellor at the Vietnamese Embassy Le Thai Hoa described Israel as a promising market for Vietnamese exports, especially processed products with high added value like food and consumer goods. Vietnam mainly exports mobile phones and spare parts, aquatic products, cashew nuts, coffee, footwear, pepper and apparel to Israel while importing computers, circuit boards and electronic components, machinery and fertilizers.

Over 50 Israeli firms later joined a B2B matching event with Vietnamese partners on the occasion.

During the trip, the Vietnamese delegation visited and held a working session with Green2000, a leading hi-tech agriculture company in Israel, to explore cooperation opportunities.

Vietnam’s meat import not expected to surge later this year

Vietnam’s import of meat and meat products is not expected to increase dramatically later this year thanks to abundant supply at home that basically meets demand, according to experts from the Ministry of Industry and Trade’s Department of Import-Export Management.

Data from the General Department of Vietnam Customs showed that Vietnam imported 191,580 tonnes of meat and meat products worth 417.75 million USD in the third quarter this year, up 4.4% in volume and 24.4% in value from the same period last year.

India, the US, Brazil, the Republic of Korea and Russia were the biggest exporters of meat and meat products to Vietnam in the period. India took the lead with 37,350 tonnes valued at 125.84 million USD, up 164.9% in volume and 180.7% in value year-on-year.

In particular, import of pork continued with the downward trend due to slow demand recovery while that of beef, poultry and buffalo meat was on the rise. 

In the third quarter, Vietnam spent 67.07 million USD on importing 31,760 tonnes of pork, down 24.4% in volume and 30.6% in value on an annualised basis.

Brazil, Russia, Germany, Canada and Poland were the biggest suppliers of pork to Vietnam. Brazil topped the list with 11,790 tonnes worth 25.6 million USD, up 8% in volume and down 2.2% in value.

Ingredients groups seize market share

Food ingredient production in Vietnam could have the potential to develop along with the food and beverage manufacturing and processing businesses servicing local and international markets.

According to statistics released by the General Statistics Office (GSO) at the end of September, Vietnam’s food sector has a robust growth rate of over 10 per cent annually, delivering more competitive goods, dominating the home market, and expanding exports.

Vietnam’s food production and processing sector accounts for 19.1 per cent of the value of its processing and manufacturing industries. This is the industry that accounts for the largest part of the processing and manufacturing sectors, satisfying both domestic and international food demands.

Alongside this expansion is the section that provides food ingredients to manufacturing companies, including instant noodles, milk, juices, quick meals, candies, and beer. According to the Vietnam Trade Promotion Agency of the Ministry of Industry and Trade, the food ingredient sector has enormous development potential.

According to a forecast published in August by Mordor Intelligence, Vietnam’s food and beverage business could increase by up to 8.65 per cent annually. This is a good prognosis for the growth of the food business between 2021 and 2026, even though it will continue to be impacted by the pandemic and the rising cost of inputs.

A plentiful supply of raw materials, including rice, coffee, pepper, cashews, aquatic goods, and vegetables, is also conducive to the growth of the food processing sector in Vietnam. Vietnam exports about $1 billion worth of tapioca products annually. According to the GSO, exports of tapioca starch in the first nine months of 2022 totalled 1.55 million tonnes worth $769 million, an increase of 21.1 per cent in volume and 29 per cent in value over the same period in 2021.

According to Agrotrade Vietnam of the Ministry of Agriculture and Rural Development, Vietnam may export $4 billion worth of fruits annually, of which about 70 per cent is fresh fruit (dragon fruit, passion fruit, and mango) used as juice ingredients. The density of trees In addition, coffee exports roughly $4 billion per year and cashews around $3.6 billion per year.

SBV moves in line with global money-tightening tendency

To stabilise the currency rate in the face of fluctuations in the international market, the State Bank of Vietnam (SBV) early last week raised the operating interest rate for the second time in a month.

The current interest rates are equal to before the COVID-19 pandemic began, making it difficult for businesses that depend on banks for capital.

After the SBV move, BAC A BANK updated its new savings interest rate table with the highest rate of up to 8.6 per cent per year for loyal customers. Specifically, with $40,000 in 24-month savings, the interest rate is 8.4 per cent per year plus 0.2 per cent exclusively for women.

On October 26, online deposit interests for all terms under six months at SCB were increased from 5 per cent per year to the latest SBV ceiling of 6 per cent per year.

Nguyen Minh Cuong, principal country economist of the Asian Development Bank (ADB), said that the biggest risks for Vietnam were external rather than internal problems. These factors are increasingly affecting the Vietnamese economy, even at a slow pace.

The SBV’s two interest rate hikes in the past month are considered reasonable and in line with regional and global trends, he added, and is also a measure to limit inflation in Vietnam.

According to Stephanie Betant, national director of Corporate Banking Services at HSBC Vietnam, looking back at the long-term situation in Vietnam shows that interest costs and exchange rates have increased while inflation is on an uptrend. “Enterprises need to plan for funding while considering long-term factors, diversifying different sources of capital, and focusing on the exchange rates and solutions to hedge against exchange rate risks,” she said.

Alain Cany, chairman of the European Chamber of Commerce in Vietnam, said that Vietnamese enterprises would face more difficulties than foreign-invested ones. Foreign businesses can just borrow money in Europe at an even lower price because the euro is weakening. For them, the SBV’s interest rate hike does not cause much damage.

Vietnam’s economy rebounds strongly

Vietnam’s economy has seen strong recovery this year, according to data from the General Statistics Office of Vietnam.

The vibrant post-pandemic economic growth of Vietnam has been facilitated by controlled inflation and macroeconomic stability.

Between January and October, foreign trade totaled US$616.2 billion, soaring by 14.1% year-on-year, with a trade surplus of US$9.4 billion.

While the agro-forestry-fishery sector enjoyed stable growth, the country’s industrial production index in October increased by 6.3% compared to the same period last year.

From January to October, total retail sales and services revenue picked up 20.2% year-on-year at VND4,700 trillion.

The country’s foreign direct investment disbursement reached some US$17.5 billion in total as of October this year, increasing 15.2% versus the same period in 2021.

Standard Chartered upped its outlook of Vietnam’s gross domestic product (GDP) growth rate this year from 6.7% to 7.5% and from 7.0% to 7.2% for 2023.

United Overseas Bank raised its forecast for Vietnam’s GDP in 2022 from 7.0% to 8.2%, stating that the considerable improvement of the economy in the third quarter laid a solid groundwork for a promising result by the end of the year.

According to the World Bank, the Government should retain flexible fiscal policy to sustain economic growth amid a global economic slump and monetary tightening.

Investors cut deals to develop ready-built factories, logistics infrastructure

BW Industrial Development Joint Stock Company (BW) and SEA Logistics Partners have signed an agreement with the Saigon Telecom Technology Joint Stock Company (SaigonTel) to develop ready-built factories and logistics infrastructure in Thai Nguyen Province.

On November 2, SaigonTel began work on Tan Phu 1 and Tan Phu 2 industrial clusters in Pho Yen City and the Luong Son Cluster in Song Cong City, Thai Nguyen.

On the occasion, SEA Logistics Partners (SLP) clinched a deal with SaigonTel to lease land in Tan Phu 1 and Tan Phu 2 for the development of ready-built factories, and a system of smart warehouses and logistics, which will cover over 20 hectares.

Meanwhile, BW signed a memorandum of understanding (MOU) with SaigonTel to lease land to study and develop projects in a 20-hectare area.

In recent years, BW and SLP have clinched deals for leases and acquisitions of land for industrial production from local firms and industrial zones to develop warehouses, logistics and modern factories for lease.

Tan Phu 1 and Tan Phu 2 industrial clusters cover a total of 75 hectares in the wards of Dong Cao and Tan Phu, Pho Yen City.

T&T Group, Orsted sign MOU on cooperation with National Innovation Center

A consortium of T&T Group and Danish-based Orsted has signed a memorandum of understanding on wind power development with the Vietnam National Innovation Center.

The project, to be implemented in the 2023-2028 period, will be divided into two phases.

As planned, stakeholders will assist local businesses and manufacturers in the wind power sector, helping improve the nation’s competitiveness in global supply chains to satisfy domestic and international demands.

To boost the local wind power sector, the T&T Group-Orsted consortium plans to construct a Research and Development Center in Vietnam. The project is the country’s first technology development and transfer facility in association with a foreign counterpart.

The collaboration promotes green growth and sustainability, paving the way for Vietnam to achieve its objective of zero emissions by 2050.

The Vietnam National Innovation Center, under the Ministry of Planning and Investment, supports the country’s startup ecosystem and encourages innovation-based growth.

HCMC tax agency told to provide information about over 700 businesses

The HCMC Tax Department has been told to provide the Ministry of Public Security (MPS) with information about over 700 companies active in the southern city to help with an ongoing investigation.

The required information includes tax codes, financial reports, tax returns and business operations, a representative of the department told Phap Luat Online yesterday, November 2.

The department was also asked to provide MPS with information about these businesses’ tax declarations and obligations, with most of them being joint stock and construction companies.

As the number of businesses in question is huge and they are located citywide, the HCMC Tax Department will assign its local offices to collect the information.

172 firms win National Brands 2022

The National Brands 2022 have gone to 172 enterprises with 325 high-quality and prestigious products.

This is a trade promotion program initiated by the Government to build and develop national brands for local products.

Speaking at the ceremony, Prime Minister Pham Minh Chinh highlighted the importance of the national brand building program.

The Government will continue to support enterprises by removing hurdles and creating the most favorable conditions for the development of enterprises.

The Prime Minister also expressed his hope that more enterprises will satisfy the program’s criteria in the coming years, with 1,000 products to be recognized as National Brands in 2030.

The 172 enterprises have total revenue of VND1,570 trillion, contribute VND129,000 billion to the State budget and employ nearly 600,000 people.

According to the Brand Finance Organization, Vietnam’s national brand value saw an 11% increase, from US$388 billion in 2021 to US$431 billion in 2022. Vietnam continues to be a bright spot in the picture of building and developing national brands worldwide and a country with the world’s fastest growth in values for the period 2019-2022.

HCMC proposes establishing fuel market monitoring team

The HCMC Department of Industry and Trade has written to the city government proposing setting up a team in charge of tackling issues with fuel supply in the city.

The team will be responsible for monitoring the fuel market, proposing solutions to tackle shortcomings in the fuel supply chain and speeding up the handling of fuel trading bottlenecks.

According to the proposal, a vice chairman of the city would lead the team while the director or deputy director of the Department of Industry and Trade will be the deputy team leader.

Members of the team include representatives of the Departments of Tax, Customs, Public Security, Market Surveillance, Transport, Finance, and Natural Resources and Environment and the HCMC branch of the State Bank of Vietnam.

Vietnam has one more digital transformation center

ITG Technology JSC has launched a digital transformation center to support businesses with digital transformation.

The ITG DX Digital Transformation Center will provide firms with knowledge about basic digital transformation and experience from many leading experts.

ITG’s experts will help enterprises create the vision for digital transformation and build a strategic roadmap to speed up their digital transformation.

As such, the center will help enterprises access knowledge and information about digital transformation, easily change their manufacturing models and tap the fourth industrial revolution.

Binh Dinh to host conference on promoting investment from Germany

The south-central province of Binh Dinh will hold the “Hybrid Conference on Promoting Investment From German Enterprises” on November 21.

The conference is expected to attract 100-120 representatives from German businesses and organizations, as well as 50 firms operating in Binh Dinh.

Binh Dinh will introduce its potential for economic development, its key projects and some incentives for enterprises to attract investments from Germany, according to the Binh Dinh Investment Promotion Center.

At the event, multiple activities will be held, including an exhibition to introduce the industrial products of German firms in the province, logistics services, carrying capacity, Becamex VSIP Binh Dinh, and commercial banks in Quy Nhon City.

Wood industry diversifies products to adapt to rising inflation

From July until now, exports of Vietnam's wooden furniture have bumped into difficulties in many import markets when the number of orders dropped sharply because of increased inflation. 

According to Mr. Bui Chinh Nghia, Deputy Director of the Vietnam Administration of Forestry, the wood export market began to face difficulties when the inflation has been rising in many countries making consumers tighten their spending; consequently, the number of orders for imports to Vietnam’s major markets reduced.

For instance, the US is a market that consumes more than 55 percent of Vietnamese imports, but according to the General Department of Customs’ figure, the export turnover of wooden furniture to this market has faced continuous difficulties from about February until now. 

Furthermore, in October as well as this fourth quarter, many businesses said that imports have declined significantly as their orders are only 30 percent-40 percent; worse, no partners have placed orders for next year.

According to experts, the solution to assist wood exporters currently is to expand consumption markets, and diversify export products. Plus, enterprises should temporarily make products that other countries will need for the coming winter.

Gas stations in Hanoi are functioning as normal
 
Out of the total 493 gas stations in the city, only 20 have been permitted to temporarily close for reparation.

Hanoi currently has six major oil suppliers and 20 distributors for 493 filling stations.

In recent months, a shortage in petrol supplies in several provinces/cities prompted businesses and people to rush to Hanoi to purchase the commodity.

“This has put a huge pressure on the local gas network,” Lan said, noting the average petrol consumption demand in Hanoi has increased from 146,000 cubic meters per month to 170,000 in the past two months, or an increase of 20%.

"In the case of several small gas stations, a sudden increase in demand in a given period led to a shortage, and owners were forced to limit the amount sold to customers," Lan said.

The Department representative added that, of the total 493 gas stations in the city, only 20 had been allowed to be temporarily closed for repair. At the same time, 73% of those under the management of the leading suppliers continue to operate normally without any limitations.

To prevent the shortage of petrol supplies in the coming time, major suppliers and distributors in Hanoi called for the local authorities to allow petrol trucks to enter the city at any time and support businesses to access preferential loans from Hanoi’s Development Funds for sufficient working capital.

Vietnamese rice contest names winners

Thai Binh Seed Corporation’s TBR39 fragrant rice has won the first prize in Vietnam's best rice contest 2022 and will represent the country’s at the 2022 World's Best Rice competition.

The second and third places went to ST24 rice of Ho Quang Tri private company, and Loc Troi 28 of Loc Troi group.

Thai Binh Seed’s A Sao rice also won the top place in the competition’s sticky rice category. The second and third prizes were presented to OM38 and RBR78 products of Cuu Long Delta Rice Research Institute and Thai Binh Seed, respectively.
 
It saw the competition of 12 fragrant rice and sticky rice products from 12 renowned players in the sector such as the Loc Troi Group, Thai Binh Seed, the HK Trading Co. Ltd., and the Cuu Long Delta Rice Research Institute.

Work starts on three industrial clusters in Thai Nguyen

Saigon Telecom Technology Joint Stock Company (SAIGONTEL) on November 2 began construction of three industrial clusters in the northern province of Thai Nguyen. 

Covering nearly 75ha in Pho Yen city's Dong Cao and Tan Phu communes, the Tan Phu 1 and Tan Phu 2 industrial parks have a combined investment capital of 486 billion VND (21 million USD) while the Luong Son industrial cluster which spans 35ha in Song Cong city will cost more than 300 billion VND. 

HCM City to build transshipment port in Can Gio district

Ho Chi Minh City is coordinating with investors and the Ministry of Transport to build a 6 billion USD international transshipment port in its coastal Can Gio district, Chairman of the municipal People's Committee Phan Van Mai said at a recent conference.

The city plans to carry out the project’s construction together with the Vietnam Maritime Corporation (VIMC) and Mediterranean Shipping Company (MSC) - the world's second-largest container shipping company.

VIMC and its subsidiary, Saigon Port, have joined with foreign partners to flesh out the details of cooperation, investment and operation.

Saigon Port and MSC have studied the proposed site of around 570 hectares with a main wharf of 7.2km and capacity to berth ships of up to 250,000 tonnes.

The project has a designed capacity of 15 million TEUs. The two sides are working hard with foreign partners to finalise plans for investment and operations.

By taking advantage of the deep water channel at the Can Gio estuary, construction of the port is expected to maximise the role of seaport group No. 4 comprising five ports in HCM City and the southern provinces of Dong Nai, Ba Ria - Vung Tau, Binh Duong and Long An.

Vietnam, Laos eye great logistics connectivity potential: experts

An international conference on the strengthening of regional connectivity and development of the East-West logistics corridors was held in Vientiane on November 4, drawing representatives from a number of ministries and agencies of Vietnam and Laos as well as logistics associations, experts and more than 80 enterprises from different countries.

According to the organising committee, located in the centre of the route connecting China, Vietnam, Cambodia, Thailand and Myanmar, Laos has great potential to become a transport hub of the region.

The Kunming-Vientiane railway route, the waterway transport connections on the Mekong Delta River, as well as roads and borders with Vietnam and Thailand are also among good conditions for Laos to develop the East-West logistic corridor, experts held.

Somvixay Vongthirath, Vice Director of the Trade Promotion Department under the Ministry of Industry and Trade of Laos, highlighted the importance of logistics in promoting trade and import-export activities of Laos.

A landlocked country, yet Laos has received support from Vietnam in maritime transport, he said, adding that in the future, Laos will continue to strengthen border trade cooperation and logistics connections with Vietnam.

Bui Van Quy, Deputy General Director of Saigon Newport Corporation, expressed his hope that through the conference, logistics firms of Laos will recognise the great potential of the regional market and their advantages to expand operations to nearby countries, affirming the role Laos plays in the common development of the ASEAN Community.

He underscored the huge opportunities for Vietnam and Laos to beef up logistics cooperation through the East-West logistics corridors, underlining that his firm hopes to make contributions to the development of Laos’ transport sector by developing solutions to connect it with the ecosystem of seaports and inland container depots, warehouse and logistics services of Saigon Newport Corporation.

Budget collection from import-export up 14.6%

Budget collection from import-export activities topped 362.4 trillion VND (14.57 billion USD) in the first 10 months of this year, equivalent to 86.3% of the set target and up 14.6% year-on-year, according to the General Department of Customs.

The total import-export value in the period under review reached an estimated 616.2 billion USD, up 14.1% from the same period last year, the department reported.

Of the figure, the export and import turnovers totaled 312.8 billion USD and over 303.4 billion USD, representing year-on-year rises of 15.9% and 12.2%, respectively, leading to a trade surplus of 9.4 billion USD for Vietnam in the period.

Interest rates of auctioned Government bonds continue to rise

The Hanoi Stock Exchange (HNX) held 30 auctions of Government bonds (G-bonds) in October, with 55.66% of the total G-bonds on offer, worth 31.45 trillion VND (1.26 billion USD) sold.

With the latest G-bonds auctions, the amount of capital raised via this channel in the January-October period by the State Treasury came to 139.432 trillion VND, while the Vietnam Bank for Social Policies (VBSP) mobilised 12.3 trillion VND.   

Compared to the end of September, annual interest rates for 10-year and 15-year bonds issued by the State Treasury increased to 4% and 4.1%. 

Three-year and five-year bonds issued by the VBSP have annual interest rates of 4.7 and 4.8%, respectively.

On the secondary market, trading value of G-bonds during the month dropped by 40.4%, with an average trading value of 3.84 trillion VND per session, down 11.1 percent on-month.

The total volume traded via repos decreased by 57.68% while Outright transaction value reduced by 16.49%.

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