Into 25 major projects alone VND 27 trillion (over USD 1.2 billion) has been invested. Ba Huan JSC has invested over VND 1 trillion in its dairy egg production chain, and its profits have been growing by 15-20 percent annually in recent years. According to Pham Thi Huan, Chairwoman of the company, Ba Huan plans to further develop its food processing chains and completed the formalities for exporting eggs to ASEAN member countries and other Asian markets. Through its Vietnam Opportunity Fund, VinaCapital has become a strategic shareholder in Ba Huan after investing USD 32.5 million in it. Ba Huan’s 18ha hi-tech poultry egg farm in Binh Phuoc Ba Huan plans to use this money for restructuring and enhancing its major production lines, according to VinaCapital. Minh Hung Group, one of the 500 biggest companies in Vietnam, has announced plans to build a HPP (high pressure processing) plant at a cost of VND 500 billion in Long An province. It is scheduled to start … [Read more...] about Big investments in agriculture lift competition
Agriculture
Agriculture sector targets 40 billion USD in export turnover
Of the figure, over 21 billion USD will be from cultivated products, around 9 billion USD from aquatic products, more than 8.5 billion USD from forestry products, and 1.5 billion USD from others. The rate of new-style rural communes is set at 37 percent and 52 districts will achieve the status. These are targets set in a resolution issued by the ministry’s Civil Affairs Committee in order to implement the Government’s Resolution No.01/NQ-CP dated January 1, 2018. Photo for illustration In order to achieve the above targets, the ministry will continue refining mechanisms to develop socialism-oriented market economy in agriculture, submit a draft Law on Cultivation, a draft Law on Animal Husbandry, amendments and supplements to several articles of the Law on Natural Disaster Prevention and Control, raising public awareness of Law on Irrigation, Law on Forestry, and revised Law on Fisheries and relevant laws, ordinances and resolutions. It will also continue … [Read more...] about Agriculture sector targets 40 billion USD in export turnover
Low VAT rates in Vietnam benefit the rich more than the poor: WB
Moving forward with tax reforms is important for Vietnam to ensure sustainable growth and macroeconomic stability. Vietnam’s tax-to-GDP ratio has fallen over recent years, from 23.5% of GDP in 2010 to 19.1% of GDP in 2015. This is mainly because of three factors. First, oil related revenue has declined. Second, trade related revenue has declined because of commitment to lower import tariffs under various trade agreements. And finally, the corporate income tax (CIT) rate was cut successively from 32 to now 20%. These changes have stimulated investment, growth and job creation, but they have also contributed to a growing fiscal deficit and public debt. Reducing the fiscal deficit will require a comprehensive and balanced mix of policies focusing both on making spending more efficient and on mobilizing adequate revenue. There is room for cutting wasteful … [Read more...] about Low VAT rates in Vietnam benefit the rich more than the poor: WB
Vietnam encourages organic fertiliser use
Speaking at a national conference on development strategies for the organic fertiliser industry and organic agriculture in Ho Chi Minh City, Nguyen Hac Thuy, general secretary of the association, said: "Consumers around the world pay increasing attention to food safety and farm produce quality, while importing countries scrupulously check imported agricultural produce, especially for residues of plant protection chemicals, antibiotics, and heavy metal content. … [Read more...] about Vietnam encourages organic fertiliser use
The first-ever Tra fish fair will be held in Hanoi
Alongside the booths established to introduce Vietnam’s tra fish products, value added products and supporting products in service of tra fish production, many of the pavilions at the fair also introduce Vietnam’s advantageous and key seafood products.According to Tran Dinh Luan, Deputy Director of the Directorate of Fisheries, stated that together with maintaining the traditional tra fish export markets, such as the United States and the European Union, this year, the MARD will give priority to the domestic market, particularly the northern market, and the Chinese market, as a focus of its tra fish market development strategy.There will be no difference in terms of the quality of tra fish between products for exports and those for domestic consumption, he said, adding that at the upcoming fair, tra fish products on display will be fully labelled with origin traceability, aiming to make it more convenient for consumers.The Directorate of Fisheries will strengthen … [Read more...] about The first-ever Tra fish fair will be held in Hanoi