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Viet Nam’s exports to the US expected to rise sharply

April 18, 2021 by bizhub.vn

Lychee being canned for export to the US. Viet Nam’s exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports. VNA/VNS Photo Vu Sinh

Exports for the year as of March 15 were worth US$62.01 billion, a year-on-year increase of 22.7 per cent, according to the General Department of Viet Nam Customs.

Exports to the US in the first two months of the year accounted for $13.83 billion or 28.4 per cent of total exports.

In recent years the US has become Viet Nam’s biggest market. Last year, for instance, at $76.4 billion it accounted for 27 per cent of the latter’s total exports.

Than Duc Viet, general director of Garment 10 Joint Stock Company, said there were several factors behind Viet Nam’s rapid growth in exports including to the US.

Primarily, he said, the COVID-19 pandemic has gradually been controlled around the world, especially after several countries started vaccinating their populations, enabling many of them to reopen their borders and trade to resume.

Businesses in the country, hit badly for the last year or so by the pandemic, are making strenuous efforts to bounce back, he pointed out.

Many countries around the world have rolled out large stimulus packages to spend their way out of the economic slump, and this has revived trade, he added.

Many analysts concurred with these views, saying the US recently launched a $1.9 trillion package to make direct payments of $1,400 to individuals earning up to $75,000 a year starting in April.

This is the third and largest stimulus since the COVID-19 pandemic broke out.

Viet Nam, one of the US’s major exporters, supplying essential items like fisheries products and garments and electronics, is expected to benefit from this relief package.

Viet of Garment 10 told Dau Tu Chung Khoan magazine that Vietnamese exporters hope to get orders from the US.

Americans are known as big spenders, and if they get the money from the Government consumption would surely rise, he said.

His own company’s exports to the US saw relatively high growth in the first quarter and are expected to grow further due to the huge new stimulus package.

Bui Viet Quang, general director of Red River Garment Joint Stock Company, said his company had enough export orders for until August this year, 80 per cent from the US.

“The US’s $1.9 trillion stimulus package will surely affect enterprises that export to the market. We expect to see robust growth [in US export orders] in the fourth quarter.”

Analysts said a recovery in the US economy would help Vietnamese exporters, especially those in the textile and garment industry.

However, analysts also sounded a warning saying while the US stimulus packages would benefit Viet Nam’s exporters in the short term, loose monetary policies could cause high inflation, which would increase their costs whereas they would not be able to increase prices immediately, affecting their margins.

Besides, the inflation would also hurt demand, they added.

Why property companies want to own banks

Nguyen Tuan Anh, director of the State Bank of Viet Nam’s department of credit for economic sectors, said growth in bank lending to the property sector in 2020 was 9.97 per cent, lower than the overall credit growth rate of 12.13 per cent.

This is becoming an emerging trend.

Enterprises in the sector have found it difficult to borrow from banks after the central bank issued a circular in 2019 prescribing limits and prudential ratios for banks.

It reduced the use of short-term deposits for medium- and long-term loans from 40 per cent to 37 per cent from October 2021 and to 30 per cent from October 2022.

This was aimed at controlling credit to high-risk sectors like real estate.

In the event, the only option real estate companies have is to themselves acquire stakes in banks.

They also target owning a piece of securities firms since that would enable them to mobilise capital from the market by issuing stocks and bonds.

Thus, Tran Thi Thu Hang, the CEO of Sunshine group, became vice chairwoman of the Kien Long Joint Stock Commercial Bank in 2018 and chairwoman of KS Joint Stock Company (KS Securities) around the same time, indicating that Sunshine or related parties had become major shareholders in the two.

Analysts said the finance and property sectors always have a symbiotic relationship since the latter is highly capital intensive with slow returns.

Thus, Vingroup has tied up with Techcombank, MIKGroup with VPBank, Dat Xanh Group with Viet A Bank, and TNR Holdings Viet Nam with MSB.

While the Government’s efforts to control lending to the property sector have had some effect, banks remain an important source of funding for real estate development projects.

This trend is expected continue in future, analysts said. VNS

Filed Under: Business Beat Viet Nam’s exports, COVID-19 pandemic, BUSINESS BEAT, ..., viet nam airlines, viet nam news, an ninh viet nam, sapa viet nam, hanoi viet nam, viet nam travel, le viet nam, viet nam nam, Viet Nam Viet Nam, expected rise in 7th pay commission, Viet Nam Export, Viet Viet Nam

Quang Nam seeks approval stamp for ‘vaccine passport’ arrivals

April 18, 2021 by e.vnexpress.net

Le Tri Thanh, Quang Nam chairman, said Sunday that the central province has sent a draft plan to the Ministry of Culture, Sports and Tourism on welcoming international tourists.

If approved, Quang Nam will become the first province in the country to accept visitors with the so-called Covid-19 vaccine passports.

The plan will have visitors entering Vietnam on tours organized by international travel agencies. Each visitor should have a vaccine passport (documented proof of vaccination) and a certificate from medical agencies showing negative Covid-19 test results.

“We plan to welcome South Korean visitors in the first phase. We will learn from the experience, and in the second phase, we can open to more markets,” Thanh said.

The group of tourists will go on a charter flight to the Chu Lai Airport and be taken straight to resorts in Duy Xuyen District or Nui Thanh District for 5-10 days, not to quarantine facilities.

Chu Lai is slated to become an international airport and be eligible to add necessary equipment to receive charter flights.

Nguyen Thanh Hong, Director of the Quang Nam Department of Culture, Sports and Tourism, said the two resorts were isolated and quite far from residential areas. The staff at these two resorts will be Covid-19 vaccinated and would follow and apply all pandemic prevention measures, he/she said.

Nguyen Van, deputy director of the provincial health department, said the plan to welcome international visitors has been carefully prepared.

“Throughout the transportation process, the visitors will be required to stay in the car with no stops on the way. The pandemic prevention measures at the accommodations will be applied just like a quarantine center.”

On April 15, Minister of Culture, Sports and Tourism Nguyen Van Hung had said that the ministry plans to reopen international tourism under a roadmap in which the pilot phase from July 2021 to September 2021 will focus on beach tourism and golf tourism in Quang Nam for visitors from the South Korean market.

The ministry’s studies have found that the south of Hoi An area and Chu Lai Airport in Quang Nam Province meet the requirements of safety, transport infrastructure and tourism services as an area for the pilot phase.

The ministry has said that in order to forward the proposal to the prime minister, the Quang Nam administration must review facilities, equipment, human resources and safety requirements; and prepare an official document confirming the province’s readiness to coordinate with the ministry in implementing the plan.

Due to the closure of the borders as a pandemic safety measure, the number of international visitors to Vietnam was just 3.7 million in 2020, down 80 over 2019.

Vietnam stopped all international commercial flights in March 2020. International visitors coming into the country since are mainly experts, high-tech workers, investors and foreigners working on projects in Vietnam.

“We are researching and preparing step by step the pilot selection of a number of markets to apply vaccine passports, welcoming visitors while ensuring safety amid the pandemic,” Hung said.

He also said that his ministry wants the government to apply the vaccine passport policy soon, because it would be key to opening the door for international visitors.

Filed Under: Uncategorized Quang Nam Province, vaccine passport, Hoi An, international tourists, Quang Nam seeks approval stamp for ‘vaccine passport’ arrivals - VnExpress International, tinh uy quang nam, fc quang nam, introduce quang nam province, sentosa quang nam, da nang v quang nam, hai phong v quang nam, hai phong vs quang nam, tran quang nam, where is quang nam vietnam, where is quang nam province vietnam, where is quang nam, bds quang nam

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