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Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

Kim Højlund Christensen, Danish Ambassador to Vietnam With the return of tourism and trade activities, can you see any movement from business and investment promotion delegations that are going to visit Vietnam? The Vietnamese government’s recent decision to lift entry restrictions and especially to resume the visa-exemption travel programme for countries, including Denmark, is great news and positively welcomed by the Danish business community. Many Danish companies are already planning their visits to Vietnam this month and early next month to meet with their local business partners in person. At present, there are over 130 Danish companies represented in Vietnam. Therefore, there will be a large number of business visitors and delegations from headquarters in Denmark or other locations in the region coming here in the near future to visit their production facilities or to find new investment opportunities. Besides that, we also expect to have trade delegations visit our … [Read more...] about Danish investors pinpointing rising potential of Vietnam’s green energy

The city has supported localities in building large-scale rice farming and encouraged businesses to expand distribution networks in the domestic market and exports. Hanoi is promoting sustainable rice production as a key solution to meet the growing demand for domestic consumption and exports. A delegate of the Hanoi's Department of Agricultural and Rural Development inspects organic farming production at Thach That District. Photo: Anh Ngoc Organic rice farming in Dong Phu Commune, Chuong My District, is considered one of the examples of rice production under the value chain. The Director of the Dong Phu Organic Agricultural Cooperative Trinh Thi Nguyet said from the original area of five hectares, the cooperative has now expanded its production area to 40 hectares. “The entire crop harvested would be later processed and distributed to other provinces/cities, as well as for exports,” Nguyet told The Hanoi Times . According to Nguyet, prices of … [Read more...] about Hanoi promotes sustainable rice production

Tam Nong Market in Tram Chim Town, Dong Thap Province used to be a hotbed of wildlife trafficking in southern Vietnam. Nowadays, however, the flood of endangered wildlife flowing into local markets from nearby Tram Chim National Park and Cambodia seems to have slowed, but across the region traffickers still breed and butcher rare animals. Any animal in demand Though the wildlife trade in Dong Thap is not what it once was, some vendors at Tam Nong Market still deal in rare animals. Tam is one of these vendors. Keeping a watchful eye of the turtles for sale at her stall, she agreed to deliver a large shipment of endangered turtles to an undercover reporter, provided that they would be set free at pagodas. Tai, a vendor at the market who primarily deals in both live and frozen copperheads and banded kraits, claims himself as the biggest wildlife seller in Tam Nong. Turtles up for sale at the Thanh Hoa bird market in Long An Province, southern Vietnam. Photo: … [Read more...] about Wildlife trafficking rife in southern Vietnam

The pandemic has pushed forward the trends of e-commerce in Vietnam 2-3 years earlier than forecast with the sector growing in size four times over last year, according to a 2021 Lazada report. “Some of the e-commerce trends we expected would happen in 2025, such as in edutech and fintech, have already happened in 2022,” noted Nguyen Huy Hoang, chief business officer at OnPoint E-commerce. “Hence, all e-commerce platform companies are investing hugely in Vietnam.” However, as shopping centres and small brick-and-mortar stores are now reopened, many investors are concerned that the boom in e-commerce was just a short-term fad and the majority of consumers could quickly shift back to offline shopping. On May 12 at the Vietnam Online Business Forum, the general consensus amongst experts was that e-commerce will continue to boost the economy after the pandemic. Specifically, in the first quarter of 2022, the industry saw more than 8 million new online consumers. A survey … [Read more...] about All to play for in e-commerce rise

Spokesperson for the Ministry of Foreign Affairs Lê Thị Thu Hằng at Thursday's press briefing in Hà Nội. — VNA/VNS Photo Phạm Kiên HÀ NỘI — Whether any country, including Việt Nam, will officially accede to the Indo-Pacific Economic Framework for Prosperity (IPEF) unveiled by US President Joe Biden earlier this week, depends on the outcomes of the discussions, foreign ministry spokesperson Lê Thị Thu Hằng said on Thursday. On May 23, the US White House announced the launch of the much-awaited economic initiative, with the claimed dozen of initial partners – Australia, Brunei, India, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, and Việt Nam – which together cover 40 per cent of the global GDP. Vietnamese Prime Minister Phạm Minh Chính attended the kickstarting ceremony for the discussions for the framework, Hằng noted, in response to queries on clarification of the first group of participating countries during the press … [Read more...] about Discussion outcomes will determine Việt Nam’s accession to Indo-Pacific economic initiative: foreign ministry