Vietnam accelerates fruit, veggie imports from ThailandThuy Dung A customer buys veggies at a Co.opmart supermarket in HCMC. Vietnam's fruit and vegetable imports from Thailand in the first seven months of 2017 grew 3.2 times compared to the same period last year - PHOTO: THANH HOA HANOI – Vietnam’s fruit and vegetable imports from Thailand in the first seven months of 2017 picked up 3.2 times compared to the same period last year, shows Ministry of Agriculture and Rural Development data. In explaining the sudden upsurge, Hoang Trung, head of the Plant Protection Department under the ministry, said Vietnamese firms bought fruits and vegetables from Thailand to ship them on to China. Thailand remains Vietnam’s largest exporter of fruits and vegetables and accounts for 61.8% of the country’s total fruit and vegetable purchases from abroad, followed by China with 16%. Besides Thailand, India and New Zealand were … [Read more...]

Low global demand drives down rice priceThuy Dung Farmers load paddy (unhusked rice) onto a wooden barge in the Mekong Delta. Low global demand has sent the rice price in Vietnam declining - PHOTO: TRUNG CHANH HANOI - Low global demand has sent the rice price in Vietnam declining as the summer-fall rice crop has ended, said rice traders. The free-on-board (FOB) export price of 5% broken rice fell slightly from US$385-395 to US$385-390 a ton last week. According to a Ministry of Agriculture and Rural Development report on farm exports, Vietnam exported 3.96 million tons of rice worth US$1.75 billion in the first eight months of 2017, up 20% in volume and 17.5% in value year-on-year. However, the average rice export price decreased 2% to US$440 a ton in January-July. China remained the largest rice buyer which accounted for 40% of Vietnam’s total export volume. The same situation was also seen in other leading rice exporting countries in … [Read more...]

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...]

The five BRICS nations hold their annual summit in China under the shadow of a Sino-Indian border spat and growing questions about the grouping's relevance. BRICS -- Brazil, Russia, India, China and South Africa -- was formed to allow the biggest emerging economies representing more than 40 percent of humanity to form a united front in a world whose trade and finance rules were written by the West. But the bloc seems no closer to that goal as President Xi Jinping convenes its ninth summit in the southeastern Chinese city of Xiamen. Lumping together far-flung and vastly different political and economic systems, BRICS has long been viewed by many as contrived, its members' priorities diverging while its list of significant achievements remains modest. "It's really tough to see how BRICS is any type of coherent anything. What do they have in common?" said Christopher Balding, a Peking University economics professor. "Economically, trade-wise, financially, they all do … [Read more...]

Ministry says will relax rice export regulationsLan Nhi Numerous unreasonable regulations on rice storage and export contract registration will be abolished - PHOTO: TL HANOI – The Ministry of Industry and Trade is seeking to abolish many regulations on rice export activities to make rice trade easier for exporters. At the same time, the ministry will narrow down the exclusive right of the Vietnam Food Association (VFA). The ministry has completed collecting opinions of relevant agencies about a draft Government decree which will replace Decree 109/2010/ND-CP of the Government on rice export business. Accordingly, most barriers in the rice trade will be removed, especially those excluding small traders from the competitionThese include quantitative restrictions such as a regulation that a rice trader must have at least a warehouse able to store at least 5,000 tons of rice, and at least a rice mill with a capacity of at least 10 tons of rice … [Read more...]

Tensions are high on the East Sea, the Vietnamese reference for the South China Sea, as Hanoi faces off against Beijing over their overlapping maritime claims. But for the boatmen on the junks cruising the calm expanse of Vietnam's Ha Long Bay, another growing Chinese presence in the region is very welcome indeed. "More than half our tourists are Chinese now," said Nguyen Van Phu, 33, who has spent six years working on the boats that chug between the bay’s spectacular stone towers. "If they stopped coming it would be a big problem, if not a disaster." The number of Chinese tourists in Vietnam has surged this year, just one sign of the growing economic ties between two countries. Chinese investment in Vietnam is also increasing rapidly, as is bilateral trade. But while tourists, trade and investment are being welcomed, they also present a challenge for a fiercely independent country like Vietnam, which has been wary of China’s growing influence in the … [Read more...]

2017 is considered a 4G LTE boom in Vietnam as three big operators, VNPT, Mobifone and Viettel, got licensed by the Ministry of Information and Communications to establish public telecommunication networks and provide 4G telecommunication services. The 4G race has officially exploded this year, promising a strong rivalry among operators to bring consumers high-speed, best quality 4G LTE experiences to customers. This information was released at the 4G LTE International Symposium and Exhibition on “4G LTE service diversification towards enhancing efficiency of consumer satisfaction” jointly held by the Ministry of Information and Communications, the Vietnam Internet Association and International Data Group (IDG). Speaking at the event, Deputy Minister of Information and Communications Pham Hong Hai said that 2017 is a good time to vigorously deploy 4G networks in Vietnam, … [Read more...]

Trade tensions between the United States and China heated up on Tuesday as Beijing warned that it "will not sit idle" if a US probe into its intellectual property practices leads to sanctions. President Donald Trump's decision to order the investigation comes on top of strains between the two nations over how to handle Beijing's ally North Korea. Trump on Monday signed a memorandum directing US Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies -- with retaliatory measures a possible outcome. "We will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access. We will combat the counterfeiting and piracy that destroys American jobs," Trump said. "Washington will turn a blind eye no longer," Trump said, vowing to safeguard copyrights, patents and other intellectual property that are "vital to our security and to our … [Read more...]

Philippine rice tender win buoys local priceTrung Chanh Farmers load just-harvested paddy (unhusked rice) onto a boat in the Mekong Delta - PHOTO: TRUNG CHANH CAN THO – That Vietnamese rice firms won in a Philippine tender last month to supply 175,000 tons of 25% broken rice has led to a steady price increase of IR 50404 rice in the Mekong Delta. The Vietnamese winners of the tender which the Philippines held under a government-to-private importation to replenish its dwindling buffer stocks are Vietnam Southern Food Corp, Gia International Corp, Tan Long Group JSC and Hiep Loi Food JSC. Nguyen Thanh Tho, a rice trader at Ba Dac wholesale market in Tien Giang Province, told the Daily on August 8 that IR 50404 material rice sells for VND7,300-7,400 a kilo, up VND100-150 compared to July 25, while its finished rice fetches VND8,400-8,500 a kilo, up VND100-200. Local traders purchase IR 50404 fresh rice at VND5,000-5,100 a kilo on … [Read more...]

Origin of much pork untraceableVan Nam Pork is on sale at Binh Dien market in HCMC - PHOTO: HOANG TRIEU HCMC – The origin of four-fifths of pork at HCMC’s Binh Dien wholesale market, which consumes a majority of pork from other provinces, is still unknown despite the city authority is pushing for pork traceability. The ratio of pork with traceability tags which is imported into HCMC from other provinces has shown signs of standing still. It is as low as 21% at Binh Dien wholesale market, according to the HCMC Department of Industry and Trade. A report by the department says, “Wholesalers at Binh Dien market still take delivery of pork from (neighboring) Long An Province even though it wears no traceability tags.” The department has proposed the city government order the Food Safety Management Board to conduct quick tests of pork samples to find whether they contain microorganisms and banned substances. Vendors should be … [Read more...]