Domestic market

Illustrative image (Source: VNA) Hanoi (VNA) - Vietnam ’s aviation industry needs to improve to keep up with the global market as flights resume following the pandemic, Deputy Minister of Transport Le Anh Tuan said on May 24. He made the remark at an international seminar titled “Vietnam aviation in a post-pandemic world” organised by Tap chi Cong San (Communist Review) and the Ministry of Transport. There were 42 million international visitors out of 116 million air passengers in Vietnam in 2019, before the pandemic broke out. About half of them came to Vietnam to invest and seek business opportunities. The volume of goods shipped by air reached 1.5 million tonnes in 2019, which was rather low compared to other modes of transport but accounted for 25 percent of the value of exported goods. With a growth rate of over 15 percent per year in the 2010-2019 period, Vietnam's aviation market is considered to be the fifth fastest-growing market in the world and the … [Read more...] about Solutions sought to help Vietnam’s aviation industry take off

An aircraft of Vietnam Airlines at Buôn Ma Thuột Airport in Đắk Lắk Province.— VNS Photo Thanh Hải Viet Nam needs policies to support and remove difficulties for domestic airlines to regain their growth momentum in the post-COVID recovery period, transport experts said yesterday. At the seminar "Restoring and developing Viet Nam's aviation industry in a new context" organised by Communist Review, in collaboration with the Ministry of Transport (MoT), experts said the air transport industry has been seriously affected and they urge the government to create the market and the development corridor as a key to return to the growth trajectory of the aviation industry. Dinh Viet Thang, director of the Civil Aviation Authority of Viet Nam (CAAV) said: “The COVID-19 pandemic has delayed the development of the aviation industry and caused negative consequences for units in the air transport chain, especially the national airline Vietnam Airlines.” He added Viet Nam's aviation market … [Read more...] about Aviation industry needs more financial help to recover

The government has also asked exporters to seek its permission for any overseas shipments between June 1 and Oct. 31, the order said. India is the world's biggest sugar producer and the second biggest exporter behind Brazil. Reuters in March reported that India was planning to curb sugar exports to keep a lid on local prices and ensure steady supplies in the domestic market. Benchmark white sugar prices in London jumped more than 1 percent after India's decision. "The government is worried about food inflation, and that's why it is trying to ensure that enough sugar remains in the country to cater to the festival season," said a Mumbai-based dealer with a global trading firm. Exporters also said the decision to allow mills to export 10 million tonnes would help India sell a reasonably big quantity of sugar on the world market. Initially, India planned to cap sugar exports at 8 million tonnes, but the government later decided to allow mills to sell some more sugar on … [Read more...] about India restricts sugar exports at 10 million tonnes

As Việt Nam’s growth momentum faces headwinds, with global recovery slowed by the impacts of the pandemic, inflation pressure and a surge in oil prices, National Assembly Deputy Trần Hoàng Ngân talks to Tuổi Trẻ (Youth) newspaper about the need to have appropriate measures to put inflation under control before it’s too late. You have previously proposed using environmental protection and special consumption taxes to control the increase in gasoline prices, why do you persist with this view? Experiences from economic development in Việt Nam and around the world show that high inflation is very dangerous. Therefore, it is necessary to closely monitor the situation and come up with timely solutions. When high inflation occurs, to control it, banks often raise interest rates, which will turn everything upside down and is a very dangerous move for the economy. Therefore, it is necessary to persist in preventing the problem as soon as symptoms of high inflation show. One of … [Read more...] about Expert gives warnings about high inflation, saying immediate solutions needed

Steel wire coil stored at a steel mill in the northern province of Hung Yen. — VNA/VNS Photo Duc Dung Steel prices have been steadily on the decline in the last few weeks as prices for raw materials dropped on the global market, according to the Vietnam Steel Association (VSA). VSA reported prices for iron ore have gone down to US$139 per tonne, a $16 decrease from prices at the beginning of April, and a $71-73 decrease from the record-breaking prices reported in May 2021 at $210-212 per tonne. Meanwhile, prices for steel scrap have also seen a significant drop to $530 per tonne, a $94 decrease from early April. Hot-rolled coil has fallen to $797 per tonne, an $81 decrease. Since the beginning of the year, demand for steel in the domestic market has been high as economic recovery was in full swing. Steelmakers, taking full advantage of robust demand, also raised their prices on the pretext of higher input costs of imported raw materials. However, a sharp fall in demand in … [Read more...] about Steel prices cool down as input costs drop

Indonesia is the world's biggest palm oil producer. (Photo: AFP/VNA) Hanoi (VNA) – Indonesia has resumed its palm oil exports from May 23 after a three-week ban. However, shipments are not likely to restart until details emerge on how much of the edible oil must be held back for domestic use, industry players said. Indonesia, the world's biggest palm oil producer, halted exports of crude palm oil and some derivative products on April 28, in an attempt to bring down soaring local prices of cooking oil. The ban rattled global edible oil markets at a time of supply shortages due to the war in Ukraine. Indonesia n President Joko Widodo expressed confidence that bulk cooking oil was generally heading towards the target price of 14,000 rupiah (0.95 USD) per litre. Indonesia's Trade Ministry has issued rules stating that companies must obtain an export permit that would be granted only to those able to meet a so-called Domestic Market Obligation (DMO). Indonesia … [Read more...] about Indonesia resumes palm oil exports