Farm produce

Le An Hai, Deputy Director of the Ministry of Industry and Trade’s Department for Asian – African Markets, speaks at the workshop. (Photo: VNA) HCM City (VNA) – The full introduction of the Republic of Korea (RoK)’s positive list system (PLS) for agricultural chemical residues in foods is not only a challenge for Vietnam’s farm produce but also an opportunity for the country to improve its product quality to access tougher markets. Le An Hai, Deputy Director of the Ministry of Industry and Trade (MoIT)’s Department for Asian – African Markets, told a workshop held by the MoIT and the Korean Ministry of Food and Drug Safety (MFDS) in Ho Chi Minh City on June 21 to update Vietnamese businesses operating in agricultural production and export on the PLS. The RoK introduced the PLS for imported nuts and tropical fruits in December, 2016, and the country plans to implement the PLS for all agricultural products starting from January 1, 2019, said … [Read more...] about New RoK rules bring challenge, opportunity to Vietnam’s farm produce

At a branch of the Bank for Social Policies in Quang Binh district. (http://baohagiang.vn) By the end of last year, more than 1,000 local households had applied for loans totaling more than US$3.7 million. Nguyen Van Son’s family in Mac Ha hamlet is a case in point. He spent US$95,000 in March on a farm where he raises a herd of breeding pigs and pigs for market. Now he has expanded the farm to include 5,000 fowl and has hired 2 employees for more than US$200 a month. Vang Sao Thanh of Yen Thanh hamlet borrowed US$4,300 to raise cattle and poultry. Thanh says in one year the model has helped his family stabilize their life. “The government’s loan that is interest-free for 3 years has enabled us to raise breeding buffalos. In 3 years, we will be able to repay the loan. Until we have to repay the government, we can buy additional buffalos to increase our capital,” Thanh said. A resident in Ban Ria hamlet, Ha Giang province uses the Government's soft … [Read more...] about Government’s preferential credit aids agricultural development in Ha Giang

London stocks and the British pound jumped Friday after an election triumph for Conservative Prime Minister Boris Johnson that analysts said will bring clarity to Brexit proceedings and unlock stronger economic growth. Other European stock markets -- although lagging buoyant London, which rose over two percent at one point -- also powered ahead, supported by confirmation of a partial trade deal between the United States and China. However, Wall Street's rally petered out, with American equities finishing little changed on the day both Beijing and Washington finally said they were on the same page. Stocks had rallied Thursday in anticipation of the trade deal with China, but then declined when the pact was announced. "You got a pretty good example of 'buy the rumors and sell the news,'" Art Hogan of National Holdings told AFP, referencing the saying indicating equities rise more in anticipation of an event than after the event itself. "But it's certainly great news on Brexit … [Read more...] about European stocks surge on Johnson election triumph, US trade deal

A recent report by financial data provider Fiin Group shows that foreign-invested firms account for almost all the increase in exports to the U.S. as its trade spat with China intensifies. In the garments sector, for example, Vietnamese companies only accounted for 16 percent of the export value from June 2018-2019, with FDI firms making up the remaining 84 percent. South Korean garment manufacturers in Vietnam have been the biggest winners from the trade war, with 143 South Korean companies accounting for almost half of Vietnam’s garment export value in the period, the report said. It said South Korean corporations were better placed to reap the gains because they have been in Vietnam since early 2000s and have well established supply chains in the country. "The majority of Vietnamese companies are still small-sized and do not meet foreign buyers’ requirements on quality, quantity and cost."  A similar situation could be seen in the export of phones and parts. South … [Read more...] about US-China trade war spoils go to FDI firms

The Ministry of Industry and Trade (MoIT) is drafting a circular providing guidance for the application of safeguard measures for textile and apparel products under the CPTPP. Workers iron clothes at Garment 10 Corporation. The MoIT is drafting a circular on safeguard measures for textile and apparel products under CPTPP. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the first “new-generation” free trade agreement (FTA) that Viet Nam has signed. It officially took effect on January 14 this year. With 11 member countries and high tariff reduction commitments, the use of legal tools to protect the domestic industry is likely to occur. Therefore, the ministry said it was essential to issue guidelines for measures to safeguard against the risk of increasing imports. They include transitional and emergency action measures. The transition period for Viet Nam’s textile and apparel products is up to five years. During this period, … [Read more...] about Vietnam considers safeguard measures for apparel sector under CPTPP