Thua Thien-Hue earns 474.7 million USD in export revenue

Droughts, coupled with salt intrusion, have also had and continue to take their toll on agriculture. There was a healthy and important debate at the conference on the wisdom of agriculture becoming overly dependent on Chinese imports. Duong Phuong Thao, deputy director of the Import-Export Department under the Ministry of Industry and Trade (MIT), said customs figures reveal exports to China account for up to 30% of total ag related revenue. China’s academic and governmental policy structure as to the future direction of agricultural production is one of self-sufficiency and reduction of imports, said Mr Thao, noting that Vietnam is currently putting its economic security at risk by selling too much product to them. China is also enhancing its national output through allowing small farmers to rent their small patches to larger farms, freeing up labour for manufacturing and adopting new farming technology to boost production. He said, the Chinese movement towards self-reliance suggests that the Vietnam government should tighten its export polices, hold the mark on more exports to the northern neighbour and find a new pathway forward. Rice struggling Rice is one of the nation’s major commodities that has experienced a significant decline not only in exports but global market share throughout the first seven months of the year leading up to August. MARD statistics show that in the first seven months of 2016, the bottom fell out of the market with rice exports plummeting year-on-year 18% by volume and 14% by weight to 2.93 million metric tons…... [read more]

IP rights must be ensured: official Protection of intellectual property will be an essential factor to further innovation and economic growth of the country, an official with the Ministry of Science and Technology has said. Speaking at the International Innovation Business Forum held in HCM City yesterday, deputy minister Tran Viet Thanh said that intellectual property (IP) was an unlimited resource and the result of people's innovation, unlike limited resources such as labour, capital and land. Protection and trading of IP rights would bring great benefits not only to businesses but to the entire economy, he said. The role of IP is critical as Viet Nam integrates more deeply in the global economy. Thanh said that IP would be a decisive factor in strengthening the competitive capacity of enterprises as well as the entire economy. Around 1,500 patents, 15,000 industrial designs and 160,000 trademarks of businesses in Viet Nam are protected currently. By trading their own intellectual property, businesses could recoup their expenses for creating, developing and protecting IP, and, at the same time, increase IP value, Thanh said. He noted that foreign organisations had recognised the value of several Vietnamese companies' intangible assets. For example, the Vinamilk brand last year was valued at US$1.1 billion, accounting for 22 per cent of the company's wealth. The Viettel brand was valued at $580 million and Vinhomes at $343 million. A recent survey by the ministry showed that in the 2000-14 period there was an increase in the number of intellectual asset…... [read more]

Hanoi (VNA) – The country’s “one-billion USD” club, which comprises exports with turnover of more than 1 billion USD, has been expanded after admitting an additional 12 exports as its members in the first five months of the year. Mobile phones and spare parts took the lead in export revenue with 14.44 billion USD, which made up 21.3 percent of the nation’s export turnover during the period. Last year, they became the first commodity to surpass export revenue of 30 billion USD. Meanwhile, it is likely for the country to rake in more than 36 billion USD from shipping mobile phones and spare parts abroad in 2016. Regarding its consumption markets, the United Arab Emirate (UAE) was the largest purchaser with 1.5 trillion USD, followed by the US (1.47 trillion USD), the Republic of Korea (810 million USD) and the UK (637 million USD). Garment and textile products were also listed in the club with 8.6 billion USD in export revenue. The export revenue in the five month period in 2016 recorded a year-on-year increase of 6.1 percent and is expected to exceed 24.5 billion USD for the whole year. Major export markets of this commodity were the US, Japan, the RoK and Spain. Other member of the club was computers and spare parts, which had an export revenue of 6.34 billion USD in the first five months of this year, an increase of 5.4 percent compared to the same period in 2015. Export revenue reaching over 100 million USD…... [read more]

Thailand’s Siam Cement Group (SCG) is on a shopping spree hoping to wrap up its takeover of the Vietnam plastics industry by 2020, said speakers at a recent seminar in Saigon. At the conference, held as part of the 2016 Plastics and Rubber exhibition at the Saigon Exhibition and Convention Centre on March 1-3, speakers said SCG has budgeted up to US$6 billion for mergers and acquisitions to close the deals. "Given the proximity of Vietnam to Thailand, along with the formation of the ASEAN Economic Community (AEC) earlier this year, it just makes good sense for SCG to expand in Vietnams plastics market," said the speakers. The plastics industry in Vietnam is doing well right now and has been growing at a very rapid rate averaging 20-25% per annum over recent years, which growth has been largely driven by foreign invested companies. There are roughly 2,000 Vietnamese plastics companies in the industry, 90% of which are small to medium size, but none, not even the larger companies, are capable of competing head-to-head with foreign rivals. They simply don’t have the money, technology, quality or business know-how at this juncture in time to compete with the savvier more advanced larger transnational companies. The speakers also said the Trans Pacific Partnership (TPP) that was signed in New Zealand last month, should it be ratified and come into effect a few years down the road, would just be icing on the cake for SCG. The acquisition last July of an 80% controlling…... [read more]

Businesses have begun purchasing one million tons of winter spring rice in the Mekong Delta on March 1 when the Prime Minister's rice stockpiling decision took effect. The Government has assisted businesses with 100 percent of bank loan interest rate in four months to buy rice under the program from March 1 until April 15. Rice prices were in down trend near the lunar New Year Festival but have a bit increased recently owning to the program. Specifically, a kilogram of fresh rice fetches VND4,200-4,600 a kilogram, up VND200-300 over it before Tet. Traders have boosted purchase in Can Tho, Hau Giang, Dong Thap, and Vinh Long for the last few days. Farmer Ngo Van Kha from Vi Thanh District, Hau Giang province said that the new prices are acceptable. The busiest purchase is along the 40 kilometer road linking Can Tho and Vi Thanh, where nearly 100 combined harvesters have continuously operated in fields. Leaders from Can Tho, Dong Thap, An Giang, Tien Giang, Long An and Can Tho say that this year the rice stockpiling program has been launched timely as farmers are entering peak harvest season. Vietnam Food Association (VFA) has allocated rice volume for businesses to buy in each province. The largest purchase will be 250,000 tons in An Giang, followed by Can Tho with 175,000 tons and Bac Lieu with 8,000 tons. The lowest volume is in Ca Mau with 2,400 tons. 2015 is the sixth year in a row VFA carries out the rice…... [read more]

Saigon Jewelry Co employees stamp gold bullion. The State Bank of Viet Nam expected to sell a record 52,000 gold taels at yesterday's auction. But one-quarter remained unsold. — VNA/VNS Photo Hoang Hai HA NOI (VNS) — After four successful gold bar auctions in a row, the State Bank of Viet Nam expected to sell a record 52,000 gold taels (approximately two tonnes) at yesterday's auction. But one-quarter remained unsold.   SBV announced that 40,000 gold taels were sold yesterday to 13 out of 22 participants for VND42.98 million per tael at the highest price and VND42.97 million per tael at the lowest price. Most buyers purchased gold at the floor price of VND42.97 million. The largest purchase was 10,000 taels while the smallest was 1,000 taels. Each bidder was allowed to bid for at least 10 lots and at most 100 lots (one lot included 100 taels of SJC gold). There was a significantly higher volume of gold offered yesterday than at previous auctions. In the first four auctions, the central bank only aimed to sell 26,000 taels, while the volume sold at the fifth auction was 40,000 taels. A SBV representative said that the central bank increased the volume of gold on offer in order to meet expected demand. In Wednesday's auction, demand was roughly 700 taels higher than supply. Yesterday's auction was not as successful as expected because the floor price - only about VND30,000 lower than the market price -was not attractive enough, said a participant…... [read more]

Japan is expected on Friday to propose abandoning nuclear power by the 2030s, a major shift from policy goals set before last year's Fukushima disaster that aimed to increase the share of atomic energy to more than half of electricity supply. But Prime Minister Yoshihiko Noda's unpopular government, which could face an election this year, also looks set to call in the meantime for the restart of reactors idled after the 2011 disaster if they are deemed safe by a new atomic regulator. Japan's growing anti-nuclear movement, which wants an immediate end to atomic power, is certain to oppose any such proposal to secure electricity supplies. A shift from nuclear means Japan should seal its position as the world's biggest importer of liquefied natural gas (LNG) and third-largest purchaser of oil to feed its power stations. The government estimated last week it will need to spend about 3.1 trillion yen more on fuel imports a year if it abandons nuclear power immediately. Japan's hunger for energy has helped sustain an investment boom in gas projects from Australia to new export terminals in the United States, where a shale gas revolution is in full swing. LNG prices also soared earlier this year as Japan scoured the world for supplies. Japanese ministers were due to meet on Friday afternoon and media said a decision was expected then with the cabinet likely to sign off on the new energy policy as early as next week. A new policy would comes 18 months after…... [read more]

Japan's government said it intends to stop using nuclear power by the 2030s, marking a major shift from policy goals set before last year's Fukushima disaster that sought to increase the share of atomic energy to more than half of electricity supply. Photo: Reuters Japan joins countries such as Germany and Switzerland in turning away from nuclear power after last year's earthquake unleashed a tsunami that swamped the Fukushima Daiichi plant, causing the worst nuclear crisis since Chernobyl in 1986. Japan was the third-biggest user of atomic energy before the disaster. In abandoning atomic power, Japan aims to raise the share of renewable power to 30 percent of its energy mix but will remain a top importer of oil, coal and gas for the foreseeable future. Prime Minister Yoshihiko Noda's unpopular government, which could face an election this year, had faced intense lobbying from Japan's main business federation to maintain atomic energy and also concerns from its major ally, the United States, which supplied it with nuclear technology in the 1950s. The government announced the policy after a meeting of key ministers finalized the decision. All but two of Japan's nuclear 50 reactors are idled for safety checks and the government plans to allow restarts of units taken off line after the disaster if they are deemed safe by a new atomic regulator. Japan's growing anti-nuclear movement, which wants an immediate end to the use of atomic power, is certain to oppose any such proposal to secure electricity supplies by…... [read more]

Big emerging markets led by China are increasing protectionist measures in the tech sector, hurting one of the most dynamic parts of the global economy, a US industry study said Wednesday. Photo: AFP The Business Software Alliance (BSA) report said the new trade barriers which discriminate against foreign information technology products and services are often disguised as measures to spur local innovation or to protect security. The alliance said the trend is troubling because the developing markets are seeing the fastest growth in the IT sector but are shutting out a lot of goods and services from the US and Europe. "These barriers -- in China, India, Brazil, and elsewhere -- are having a contagion effect, emboldening other emerging markets to impose protectionist measures of their own," the report said. "The global scope of the problem poses immediate and long-term threats to the IT industry and the broader global economy. These threats cannot be overstated or ignored." The report noted that new personal computer sales in China already outstrip those of the United States, and Brazil recently became the third-largest market for PCs, overtaking Japan. Robert Holleyman, chief executive of the alliance, told AFP these measure often show up in government procurement, which is the largest source of IT spending. "Governments are the single largest purchasers of IT products in the world, and we are concerned when we see some governments stacking the deck," he said. The impetus for some moves has been China's so-called domestic innovation policy, which favors…... [read more]

Viet Nam News spoke with the French Ambassador, Jean-François Girault, to mark his country's National Day today, July 14. Your embassy has been active in helping Vietnamese and French companies boost bilateral trade in the last year. What are your future plans in this area? Ambassador Jean-François Girault As you point out, France worked very hard in 2010 to boost its economic and trade relations with Viet Nam. Now things are on a sound basis and we are in it for the long haul. France currently has nearly 300 companies set up in Viet Nam. It ranks as one of Europe's leading investors, with foreign direct investment (FDI) reaching nearly US$3 billion in 2010. France is first in Europe for funding in the form of official development assistance. The first meeting of the High Level Council for developing trade relations between France and Viet Nam (Haut Conseil pour le developpement de la coperation economique), coupled with the French Week held in late 2010 on the sidelines of the 1,000-year celebrations, well illustrate the strength of the bonds between our two countries. At the time, a business forum and multi-sector exhibition were opened by Pierre Lellouche, secretary of state in charge of foreign trade, and Cao Viet Sinh, standing deputy minister of planning and investment (MPI). This line-up brought some 160 French businesses together with Vietnamese entrepreneurs with the aim of forging partnerships. About 4,000 visitors showed up to meet the French exhibitors or to attend the seminar on the city…... [read more]

Links Topics :