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Illustrative photo (Source: VNA) Hanoi (VNA) - Fishery exports reeled in 10.14 billion USD as of November this year, up 27% annually, said the Ministry of Agriculture and Rural Development. Of the sum, Tra fish and shrimps contributed 2.2 billion USD and 4.1 USD, up nearly 62% and 14.6% year-on-year, respectively. Tra fish’s sharp increase was thanks to the strongest annual surge in the product’s average price, at 50%. Exporters have also seized an opportunity to increase their market share created by the Russia-Ukraine conflict which limits the supply of white fish. Overall, shrimp export turnover has retained good growth so far thanks to strong rises recorded in the first half of the year. In the last half, the value declined due to a decrease in market demand and a short supply of raw materials. The product’s average export price did not increase as strongly as Tra fish, as it faced significant competitive pressure from those of Ecuador and India. Illustrative … [Read more...] about Fishery exports exceed 10 billion USD in 11 months

An advertisement for corporate bonds. (Photo: baodautu.vn) Hanoi (VNA) - After strong growth in the previous quarter, Vietnam’s currency bond market contracted 0.2% due to a decline in the Government bond market and slower growth in corporate bonds. On an annual basis, the market increased 21.1% to 97.4 billion USD. The information was released in a recent report by the Asian Development Bank (ADB). The country's Government bonds contracted 2% as the outstanding stock of central bank bills fell 70.3% from the previous quarter. Outstanding government bonds reached 67.3 billion USD. Expansion of corporate bonds moderated to 4.1% from the previous quarter, putting the segment at 30.1 billion USD. The report said that aggressive monetary tightening in advanced economies has pushed up bond yields and worsened the downturn of financial conditions in emerging East Asia. Regional currencies fell against the US dollar, equities dropped, and risk premiums widened between … [Read more...] about Vietnam’s bond market contracts amid monetary tightening

In the first 10 months, the textile and garment industry recorded about 38 billion USD in export value, up 17.2 per cent year-on-year. (Photo: moit.gov.vn) Hanoi (VNS/VNA) - The Vietnam Textile and Apparel Association (VITAS) has set a goal of helping Vietnam's textile and garment industry be more environmentally friendly by 2030. By 2023, the industry plans to reduce energy consumption by 15% and water consumption by 20%. Green growth is an important part of sustainable development. In recent years, enterprises in the textile - garment - footwear industries have paid special attention to this issue. According to Truong Van Cam, VITA's general secretary, a greener textile and garment industry not only contributes to implementing the national strategy on green growth but also fulfils the requirements of large textile and garment import markets in the world, such as the European Union (EU). Vietnamese textile-garment and leather-footwear firms need to improve the … [Read more...] about Vietnam to reduce environmental impact of textile-garment industry by 2030

In an interview granted to Vietnam News Agency correspondents in Hong Kong, Mr To cited a forecast from the International Monetary Fund that Vietnam’s GDP growth is likely to come in at 7-7.5% this year, leading the five emerging economies in ASEAN, which include Indonesia, Malaysia, the Philippines, Thailand, and Vietnam . With its young population, rapid urbanisation, and abundant workforce, Vietnam is an attractive consumer market. It is also one of the fastest growing e-commerce markets in Southeast Asia. According to Bain & Company, Vietnam’s e-commerce sector has increased significantly in recent years, from 8 billion USD in 2020 to 13 billion USD in 2021 and is expected to hit 39 billion USD by 2025. The ASEAN-Hong Kong Free Trade Agreement, which officially took effect in June 2019, has played a huge role in promoting trade relations between Vietnam and Hong Kong. Localities in Vietnam and Hong Kong have witnessed close economic and trade cooperation over … [Read more...] about Plenty of space for growth in Vietnam’s consumer market

Illustrative image (Photo: VNA) Hanoi (VNA) – An estimated 445.9 trillion VND (over 18.18 billion USD) of investment capital sourced from the State budget was disbursed in the first 11 months of 2022, equivalent to 74.9% of this year’s target and rising19.9% year-on-year, according to the General Statistics Office (GSO). In November alone, the figure reached about 58.5 trillion VND, up 19.7% compared to the same period last year, the office reported. Statistics from the Ministry of Finance show that 16 ministries and central agencies, and 29 localities have reported disbursement rates of over 60%. However, 27 ministries, agencies and 18 localities have recorded their disbursement rates below 50%. Besides causes affecting the disbursement such as the increasing prices of material, unfavourable weather conditions, and problems in land clearance, other difficulties include those related to feasibility study reports, basic designs and total investment of projects. Prime … [Read more...] about 11-month public investment disbursement up nearly 20%

The Vietnam Rubber Association (VRA) last month proposed to the Ministry of Finance (MoF) to consider applying a VAT policy on preliminarily processed rubber and latex, similar to other agricultural products. The VRA also urges for the application of preferential corporate tax for income from the harvest of liquidated rubber trees, like other crop products, and a land rent exemption policy for replanted rubber areas during the construction period. The goal is to remove difficulties for the entire value chain, from rubber growers to exporters. Rubber producers continue to brood over tough prices and tax complexities, photo Le Toan In Ho Chi Minh City, Hoa Thuan Trading Co., Ltd. is still waiting for a tax refund of $2 million for rubber exports. Representative Tran Le Thu said, “When completing tax refund procedures in Ho Chi Minh City, the company have to wait for the agency to verify invoices for purchasing raw materials in the provinces.” Thu also pointed towards “a … [Read more...] about Rubber producers continue to brood over tough prices and tax complexities