Minister optimistic about achieving economic growth target

Prime Minister Nguyen Xuan Phuc ​speaks at the Government meeting on August 30 (Photo: VNA) Hanoi (VNA) – If development tasks are not implemented in a drastic manner in September and the fourth quarter of 2017, they might not be achieved, Prime Minister Nguyen Xuan Phuc said at the Government’s August regular meeting on August 30. Cabinet members discussed solutions to fulfil socio-economic targets for this year and gave opinions on the implementation of the State budget plan for 2017 and estimates for 2018, the allocation of the central budget in 2018, and other hot issues emerging in August. Concluding the meeting, PM Phuc applauded tireless efforts by ministries, sectors, localities, organisations, individuals and businesses in carrying out 13 socio-economic targets set for this year, with eight of them expected to surpass the plans. The Cabinet chief ordered them not to be subjective while continuing to review each target and exert all-out efforts to realise the targets. He requested the Ministry of Finance to review budget collection and expenditure targets to ensure national financial security and major financial balances. He urged actions to prevent tax fraud, debt and over-collection and to promote tax revenues. It is also necessary to strongly reform the budget, increase expenditure on development investment and debt repayment, and sharply decrease frequent spending, the Government leader said. To facilitate the capital flow for production and business activities, the PM asked the State Bank of Vietnam to cut down lending interest…... [read more]

Minister optimistic about achieving economic growth target

NDO – GDP growth has been the focus of much public opinion in recent months. It is only possible to achieve the 6.7% growth rate target for 2017 if the government controls macroeconomic risks in the context of high credit growth. Second quarter witnessing a sudden growth Normally, Vietnam's GDP has a low growth rate in the first quarter, before accelerating gradually in the following quarters. However, the growth rate in the second quarter of this year is higher than that of the previous year, at more than 1 percentage point and can be considered as a sudden increase. Since 2001, this situation has only happened once, coming in the second quarter of 2009. If this special case is excluded, the quarterly increase of 1 percentage point has only occurred six times from 2001 to 2016, all falling in the third quarter. Whilst the agricultural sector contributed just 0.43 percentage points and the industrial and construction sector 2 percentage points, the service sector contributed 2.59 percentage points. It is thanks to the service sector’s growth of 6.85% in the first six months of the year. Compared to the past few years, this growth rate tends to return to the 2006-2008 period, in which Vietnam experienced the highest growth rate in almost two decades. The basis for a “sprint” With GDP growing dependent on the service sector, as in the first six months of 2017, the outlook for economy growth in the second half of the year is relatively bright. Statistics…... [read more]

Vietfish 2017 will take place from August 29 to 31 in HCM City. — Photo vasep.com.vn Vietfish 2017, Viet Nam’s largest annual fisheries exhibition, kicked off on Tuesday in HCM City. This industry event has attracted some 200 seafood exporters and processors from Việt Nam and 15 other countries and territories, such as Malaysia, Thailand, China and Japan, as well as Singapore, Indonesia, the Philippines and Germany, along with Poland and the United States. The exhibition, organised by the Viet Nam Association of Seafood Exporters and Processors (VASEP), aims at connecting domestic and foreign seafood companies. In addition, the fair will provide participants with business opportunities, chances to boost trade, get new partners and sign contracts, besides promoting Vietnamese aqua-products in international markets. Under the theme “Asia’s Home of Seafood,” the exhibition this year has 350 booths set up by domestic and foreign companies. Within the framework of the fair, many activities will take place, such as cooking demonstration, tasting Vietnamese seafood products, launching new products and organising specialised workshops on seafood. Speaking at the opening ceremony, Deputy Minister of Agriculture and Rural Development Vu Van Tam highlighted the significance of Vietfish during the past 18 years. This is a traditional event of Viet Nam’s seafood industry, attracting most of the domestic and international seafood enterprises, leading to the expectation of VASEP and the Ministry of Agriculture Rural Development that Vietfish will become the market to effectively promote the great…... [read more]

On June 9, 2015, the Government issued Decree 55/2015/ND-CP on credit policies for agricultural and rural development in replacement of Decree 41/2010/ND-CP. Over the past two years, the banking sector of Soc Trang province has achieved positive results, speeding up agricultural restructuring and helping sustain agricultural development and realise the National Target Programme for New Rural Area Construction. Benefits for agriculture, farmers Over the past two years of executing Decree 55, outstanding loans for agriculture have been on the rise. As of March 31, 2017, outstanding loans for agriculture and rural development in Soc Trang province reached VND13,551 billion, 0.24 per cent higher than that at the end of 2016 and equivalent to 53 per cent of total outstanding loans. Two years with Decree 55, the credit balance for agriculture and rural development areas in Soc Trang province more than doubled. While pushing up credit growth, credit quality in the province is under control. The rate of bad debts to agricultural and rural loans according to Decree 55 is on the fall. Mr Pham Kim Hung, Deputy Director of the State Bank of Vietnam (SBV) - Soc Trang Branch, said, Decree 55 created new breakthrough steps for agricultural and rural development thanks to a lot of changes from the replaced Decree 41 and strong support from farmers. Remarkable new changes include a wider scope of borrowers and higher limits for unsecured loans, thus facilitating customers in agriculture and rural areas to access more bank credit. This was also…... [read more]

Currently, the shrimp-rice farming rotation model is considered a sustainable shrimp farming processes, brings high economic value and helps improve the ecological environment. Soc Trang is known for being a typical shrimp-rice farming zone in the region. Soc Trang is one of five largest shrimp-rice rotation farming regions in the country, mainly concentrated in Tran De, My Xuyen and Long Phu districts. In the past years, the rice - shrimp model has brought in high economic efficiency and contributed to improving living quality for coastal people. A representative from the Soc Trang Department of Agriculture and Rural Development said, the shrimp-rice model is highly sustainable due to less use of fertilisers and chemicals harmful natural environment and fitting to GAP standards. This model also helps diversify products such as brackish shrimp farming and prawn farming with rice and cash crops, helping increase production efficiency, farmers’ income and employment in Soc Trang province. On the other hand, the shrimp-rice farming rotation model is a closed, mutually supportive model suitable in the current climate change conditions. It helps improve the fish farming environment as rice absorbs nutrients from mud, surplus feed and waste from shrimps. It also restricts shrimp disease outbreaks and balances animal and plant ecosystems. It also reduces production costs (especially rice cultivation) and adds incomes for farmers. In fact, rice-shrimp farming model is proven sustainable and almost riskless. Soil becomes more fertile when it raises shrimps. It grows faster while it…... [read more]

Rice production assembly at the Kien Giang Import and Export JSC’s factory in the southern province of Kien Giang (Photo: VNA) Hanoi (VNA) - Vietnam will reform rice production to gain sustainable development in the production and export of rice, according to Vietnam’s Rice Market Development Strategy from 2017 to 2020. According to the strategy for developing the country’s rice export market in the 2017–20 period with a vision to 2030, one of the goals is to gradually reduce the rice export volume but increase the value of exported rice. Specifically, the annual rice export volume is expected to reach about 4.5-5 million tonnes in 2020, earning an average of about 2.2-2.3 billion USD per year. From 2021 to 2030, the nation’s annual rice export volume is expected to reach about 4 million tonnes, earning 2.3 to 2.5 billion USD per year. At the same time, it would restructure rice export products. Exports of fragrant rice, specialty rice and Japonica rice will account for the largest proportion of the total volume of exported rice at 40 percent, followed by glutinous rice and white rice exports at 25 percent each. Meanwhile, the proportion of high quality, high-value, organic, highly-nutritious rice and products made from rice will be about 10 percent. Tran Cong Thang, deputy director of the Institute of Policy and Strategy for Agriculture and Rural Development under the Ministry of Agriculture and Rural Development, said that at present Vietnam does not have a national plan for the development of export rice but provinces have developed areas of producing high-quality…... [read more]

Bac Lieu strives to become centre of shrimp industry (Illustrative image. Source: VNA) Bac Lieu (VNA) – The establishment of a hi-tech shrimp farming zone in the Mekong Delta province of Bac Lieu approved by the Prime Minister is expected to create a momentum for the locality to build itself into a centre of shrimp industry in Vietnam. Director of the provincial Department of Agriculture and Rural Development Luong Ngoc Lan said the zone will support the seafood sector in the Ca Mau peninsula in general and Bac Lieu in particular. [Bac Lieu sets up hi-tech shrimp farming area] It is estimated that close to 500,000-600,000 hectares of shrimp farming in the peninsula will benefit from the project which encourages the application of the latest science and technology. According to Chairman of the provincial People’s Committee Duong Thanh Trung, 270 out of the total 420 hectares of the zone will be for super-intensive farming, which is able to produce 100-300 tonnes of shrimps per hectare. The application of this model will have strong impacts on the restructuring process of the local agricultural sector towards increasing added value and sustainability. The Ca Mau peninsula boasts the largest farming area of shrimp in the Mekong Delta with nearly 552,000 hectares in 2015, accounting for 88.8 percent of the region’s total area. Though Bac Lieu ranked second in the area of shrimp farming area (124,000 hectares, after Ca Mau over 280,000 hectares), its output…... [read more]

Rice production assembly at the Kien Giang Import and Export Joint Stock Company’s factory in the southern province of Kien Giang. — VNA/VNS Photo Trong Dat Viet Nam will reform rice production to gain sustainable development in the production and export of rice, according to Viet Nam’s Rice Market Development Strategy from 2017 to 2020. According to the strategy for developing the country’s rice export market in the 2017–20 period with a vision to 2030, one of the goals is to gradually reduce the rice export volume but increase the value of exported rice. Specifically, the annual rice export volume is expected to reach about 4.5-5 million tonnes in 2020, earning an average of about US$2.2-2.3 billion per year. From 2021 to 2030, the nation’s annual rice export volume is expected to reach about 4 million tonnes, earning $2.3 to 2.5 billion per year. At the same time, it would restructure rice export products. Exports of fragrant rice, specialty rice and Japonica rice will account for the largest proportion of the total volume of exported rice at 40 per cent, followed by glutinous rice and white rice exports at 25 per cent each. Meanwhile, the proportion of high quality, high-value, organic, highly-nutritious rice and products made from rice will be about 10 per cent. Tran Cong Thang, deputy director of the Institute of Policy and Strategy for Agriculture and Rural Development under the Ministry of Agriculture and Rural Development, said…... [read more]

At the exhibition (Photo: VNA) Can Tho (VNA) - Six APEC member economies are displaying agricultural products and advanced agri-production technologies required to address food security and sustainably develop agriculture at an exhibition that opened in Can Tho city on August 21. Besides Vietnam, the other economies joining the exhibition are Japan, Australia, the US, China and Taiwan. Speaking at the event, Vietnamese Deputy Minister of Agriculture and Rural Development Le Quoc Doanh said the exhibition showcases technologies for sustainably increasing agricultural productivity and incomes, adapt to climate change and reduce emissions of greenhouse gases. [APEC 2017: workshop talks sustainable food system] It also focuses on the relationship between food security and climate change, sustainable natural resources management, sustainable rural–urban development, facilitation of investment in agriculture and food, and harmonisation of food safety standards and food-loss control, he said. Vietnam has set up 8 of the 18 booths at the event to exhibit drought- and salinity-resistant rice and other crop strains besides other agricultural products from the Mekong Delta. Dao Anh Dung, Vice Chairman of the Can Tho city People’s Committee, said the exhibition is an opportunity for APEC economies to discuss and seek solutions for sustainable agricultural development. Koichi Yamada, a visitor from Japan, praised the quality of the organic products and model shrimp farms initiated by Can Tho University in the delta. Nancy Sun, an exhibitor from China, said that 95 companies worldwide had purchased her soy food products,…... [read more]

Thanh Thanh Cong Tay Ninh Joint Stock Company (TTCS) will fully acquire Bien Hoa Sugar Joint Stock Company (JSC), becoming in the process the biggest sugar producer in Viet Nam. Thanh Thanh Cong Tay Ninh Joint Stock Company (TTCS) will fully acquire Bien Hoa Sugar Joint Stock Company (JSC), becoming in the process the biggest sugar producer in Viet Nam. - Photo nhadautu.vn TTCS will issue nearly 304 million shares in a stock swap to acquire all outstanding shares of Bien Hoa Sugar at a ratio of 1:1.02. The conversion ratio was calculated by a third-party company that valued the shares of TTCS and Bien Hoa Sugar at VND20,944 ($0.92) and VND21,356 ($0.94), respectively. The deal will be carried out within 90 days. After the merger is completed, the chartered capital of TTCS will increase by VND3.04 trillion ($133.75 million) to VND5.57 trillion ($245.07 million). The new company will be renamed Thanh Thanh Cong Bien Hoa-Dong Nai Sugar Co., Ltd. The combined turnover of the companies last year was VND8 trillion ($353.42 million) with its capital of VND10 trillion (US$$440.53 million) Thanh Thanh Cong is one of several major companies to invest in the agricultural sector through mergers and acquisitions (M&A). In recent years, though M&A activities in agriculture have admittedly not been as frequent as in other sectors, the agricultural sector too has seen a significant increase in the number…... [read more]




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