Trade

(VEN) - The US has imposed strict regulations on imported shrimp, which are expected to affect Vietnamese exporters.  Regulation of the Seafood Import Monitoring Program (SIMP) impose certain reporting and record keeping requirements to prevent illegal, unreported and unregulated (IUU) seafood from entering the US. This is a risk-based electronic traceability program, requiring the importer of record to provide and report key data from the point of harvest to the point of entry into the US, on a list of fish and fish products identified as particularly vulnerable to IUU fishing and/or seafood fraud. In April 2018, the National Oceanic and Atmospheric Administration (NOAA) added shrimp to the list. Under the regulations, importers must be US citizens; they must obtain an International Fisheries Trade Permit from NOAA and declare necessary data to ensure legal imports. Such data must be kept for at least two years. SIMP requires additional data to be reported at the … [Read more...] about New US regulations expected to hurt Vietnamese shrimp exports

Fuel imports rise in January-June periodBy Tam An Vietnam imported more than 7 million tons of fuel in the January-June period - PHOTO: TAM AN HCMC – Vietnam spent more than US$4.66 billion importing over 7.07 million tons of fuel products in the first six months of the year, up by 40.4% in value and 11.5% in volume year-on-year, according to the General Department of Vietnam Customs. The fuel import volume has reached a record high over the last few years, while products of Nghi Son Refinery and Petrochemicals (NSRP) that were turned out during trial operation have been stored in warehouses in the central region. In related news, at a meeting between the Government and localities on July 2, Nguyen Dinh Xung, chairman of Thanh Hoa Province, proposed the Government and the Ministry of Industry and Trade issue policies to reduce fuel imports to help consume fuel products processed at NSRP, according to the news website VnExpress. NSRP will soon start official production. … [Read more...] about Fuel imports rise in January-June period

(VEN) - Output of the agro-forestry and fishery sector in the first quarter of 2018 grew by 4.05 percent, the fastest pace in the last 13 years. The sector will strive to reach export turnover of US$40-40.5 billion for the whole year. Bumper crops The Mekong Delta region has finished rice harvesting with productivity of 69.2 quintals per hectare and output of nearly 10.9 million tonnes, an increase of 6.3 quintals per hectare in productivity and 1.06 million tonnes in output compared to the previous winter-spring crop. In addition to an increase in volume, rice prices continued to increase in the first five months of the year. As a result, rice exports reached 2.66 million tonnes for a value of US$1.45 billion, an increase of 13.9 percent in volume and 40 percent in value compared to a year ago. The export growth was attributed to two factors - growing demand for rice imports in some markets, and a shift to high-quality rice that now comprises up to 80 percent of rice export volume. … [Read more...] about Agriculture output grows at fastest rate in 13 years

Litchi sales generate high revenue in 2018By Vu Yen Litchis being sold at Pham Van Hai Market, Tan Binh District in HCMC - PHOTO: VU YEN HCMC – The 2018 litchi crop in the northern provinces of Hai Duong and Bac Giang ended on July 12, with both output and revenue higher than last year, according to the two provinces’ departments of Industry and Trade and Agriculture and Rural Development. Tran Quang Tan, director of the Bac Giang Department of Industry and Trade, praised the high yield, with total consumption amounting to some 216,000 tons valued at nearly VND5.8 trillion. Of this, litchi sales in the province generated revenue of VND3.45 trillion, while the revenue from supporting services reached more than VND2.3 trillion. The litchi output of Bac Giang Province thus rose by 124,300 tons worth VND448 billion compared with the 2017 figures. Litchi prices averaged VND16,000 per kilogram, Tan added. He stressed that litchi exports to more than 30 countries, … [Read more...] about Litchi sales generate high revenue in 2018

(VEN) - The value of Vietnam’s exports grew significantly in the first half of 2018 despite adverse conditions, contributing significantly to the country’s economic growth. Export of seafood with known origin needs to be promoted Trade barriers The Ministry of Agriculture and Rural Development said produce, forest product and seafood exports hit an estimated US$3.45 billion in June, taking the total to US$19.4 billion in the first half of 2018, up 12 percent from the same period of last year. This, despite new trade barriers by importer countries. China has tightened control over agro-forestry-fishery imports. In addition, the European Union gave Vietnam a yellow card warning last October over unreported and unregulated fishing. Rice exports increased sharply to reach an estimated 604,000 tonnes worth US$317 million in June 2018 and 3.56 million tonnes worth US$1.81 billion in the first half of this year, up 25 percent in volume and 42 percent in value from … [Read more...] about Major exports surge in first half