Trade

Rapid growth In 2017, Vietnam’s export value reached a record US$214 billion, a 21.2 percent increase compared with 2016. The export structure has shown positive changes, with industrial products accounting for a large percentage of goods and export markets diversified. The number of export businesses has also increased, with some gaining regional and global reputations. The Vietnam Dairy Products Joint Stock Company (Vinamilk), for example, has become one of the top 300 businesses in Asia, having invested in 10 farms with 25,000 dairy cows, producing milk products meeting Global GAP standards. Vinamilk also creates organic products for domestic sale and export to discerning markets, such as the US and Japan. Value chain participation According to economist Pham Chi Lan, however, businesses like Vinamilk account for a small percentage of total Vietnamese firms. A 2017 World Bank (WB) report entitled “Vietnam at a crossroads: Engaging in the next generation of global value … [Read more...] about The imperative of joining global supply chains

FMCG in key cities slows down in first halfBy Thanh Thom Customers inspect dairy products at a Co.op mart store in HCMC – PHOTO: THANH HOA HCMC – The fast moving consumer goods (FMCG) sector slowed down in four key cities – Hanoi, Danang, HCMC and Can Tho – in the first half of this year, yet there were signs of a recovery in July, according to the latest report from market research firm Kantar Worldpanel. The firm noted in the report that Vietnam’s economy looked bright in the first seven months of this year, posting a gross domestic product growth of 7.08% (as of end-June), with positive economic indicators. Therefore, the country is growing more attractive to foreign investors while the local consumer demand continues to reflect robust growth, especially in fresh foods, home appliances and vehicles. The firm ascribed the slowdown of the FMCG market to the reduced consumption of dairy and packaged foods, driven by the major must-have … [Read more...] about FMCG in key cities slows down in first half

U.S. food safety agency asserts Vietnamese tra fish quality compatibilityBy Trung Chanh Workers check the weight of tra fish fillets at a Vietnamese seafood producer – PHOTO: TRUNG CHANH CAN THO – The Food Safety and Inspection Service (FSIS) under the United States Department of Agriculture has proposed the Office of the Federal Register amend the Siluriformes fish inspection regulations to list Vietnam as a country eligible to export Siluriformes fish and fish products to the United States. Vietnamese catfish, under the Siluriformes order, mainly tra fish (Pangasius), will be qualified to be shipped to the United States if the proposal is approved. The Vietnam Association of Seafood Exporters and Producers told The Saigon Times today, September 17, that after receiving the proposal from the FSIS, the Federal Register posted a draft, seeking feedback for the request. The FSIS proposed this action because the agency had reviewed Vietnam’s laws, regulations … [Read more...] about U.S. food safety agency asserts Vietnamese tra fish quality compatibility

Computers and electronic products are among five commodities with export values exceeding US$1 billion in August - Photo: VNA The five commodities included phones and components, garment and textile and computers and electronic products. Their corresponding export values in August were US$4.4 billion, US$2.9 billion and US$2.5 billion, respectively. The figures were up 13.9 percent, 1 percent and 0.2 percent month-on-month. The two other commodities were named as machinery, equipment and spare parts and footwear, with export values of US$1.35 billion and US$1.4 billion, up 3.6 percent and down 2.5 percent against last month, respectively. Export values of the above five commodities totalled US$12.55 billion, contributing up to 60 percent of the country’s total export value in August. Over the month, Vietnam’s total export and import turnover was estimated at US$41.9 billion, up 1.5 percent over the previous month. In particular, exports were estimated at US$20.9 billion, … [Read more...] about Five commodities see exports over US$1 billion

E5 biofuel consumption hits 1.78m cubic metersThe Saigon Times Daily A staff of a gas station refills a motorcycle. To date, the biofuel has been used by 60 countries around the world, according to the Ministry of Industry and Trade - PHOTO: THANH HOA HCMC – Vietnam saw domestic fuel consumption total 4.43 million cubic meters in the first half of 2018, of which E5 biofuel amounted to 1.78 million cubic meters, representing a staggering 40.2% of the total, reported news website VietnamPlus. The consumption of E5 biofuel rose by 31.2% in the first half of the year compared with 2017. Some fuel-trading enterprises consumed a large volume of E5 biofuel, such as Military Petroleum Corporation, reporting sales of 62.53%; PetroVietnam Oil Corporation (50.15%); and Vietnam National Petroleum Group (47.7%). The figures indicated the continuing popularity of E5 biofuel throughout the country. Speaking at the Promotion and Development of Biofuel Conference held by the Ministry of … [Read more...] about E5 biofuel consumption hits 1.78m cubic meters