The Vietnam Food Association (VFA) works as a goods management agency primarily based on administrative measures. This sometimes distorts the rice market. VietNamNet continues its talk with Dr. Nguyen Do Anh Tuan, Director of the Institute for Policy and Strategy for Agriculture and Rural Development (IPSARD). Q: Many suggested that the Vietnam Food Association is an obstacle to a healthy, competitive rice market. What is your opinion about this? Vietnam rice loses to Thailand and Cambodia VFA is an association organized in the form of cross-linking model, gathering rice processing and exporting businesses. VFA has great power and influence on rice trading and exporting businesses while rice is considered the top export item of Vietnam. Up to 98% of the total export value of rice is contributed by members of VFA. This association is directly assigned by the Government to implement the national policy to ensure food security. The VFA is granted a lot of power in management of rice … [Read more...] about How should rice production be reformed?
Rice toppings business
Pham Van Bay, deputy chairman of the Vietnam Food Association, has rejected as false a report stating that Indonesia had signed more rice export contracts with Vietnam. Bay said on October 6 that Indonesia has bought 1.75 million tons of rice from Vietnam this year, of which Vietnam has already transferred 1.23 million tons to Indonesia. The country still needs to export 520,000 tons of rice to Indonesia, which remaining balance is expected to be transferred by end of this year. With the current price fluctuation in the market, false information can result in speculation and lead to a negative impact on domestic rice prices, said Bay. Vietnam Food Association has asked its members to subsidise domestic rice prices. Businesses must sell 10-15 percent lower than the market rice price to curb soaring prices. Earlier, Thailand's rice export prices had shot up and the Thai government introduced a program to buy local rice at higher prices, which turned global importers to switch to … [Read more...] about VFA rejects report of Indonesia buying more rice from Vietnam
Realty market witnesses many projects change handsThe property market witnesses many projects changing hands this January as companies are restructuring their investment portfolios. VinaLand, a real estate fund managed by VinaCapital, announced it had sold its stake in an office building project at 30 Nguyen Du Street in Hanoi after four years of investment. The entire stake of 65% that Vinaland held in this project was sold at US$3.3 million. The project was originally a three-star hotel, but then it was turned into a grade-C office building with some 2,240 square meters of floor space for rent. Also in the northern region, Thu Duc Housing Development Corp. (Thuduc House) has pulled out of the Dong Mai-Ha Dong project in Hanoi's Ha Dong District after selling its stake in the project at VND80 billion. Similarly, the Malaysian-invested Perdana Parkcity has bought a 25% stake from its local partner to wholly own the Parkcity Hanoi project in Ha Dong District. With total investment cost … [Read more...] about BUSINESS IN BRIEF 28/1
Finance approved to build power plants Â The Electricity of Viet Nam (EVN) yesterday signed a credit contract worth VND2.5 trillion (US$119.05 million) with the Viet Nam Development Bank (VDB) to develop the Vinh Tan 2 and Duyen Hai 1 thermo-electric plants. The amount will be financed by the State Bank of Viet Nam. The two factories have a combined capacity of 2,400MW and a total investment capital of over VND52.7 trillion ($2.5 billion). EVN board chairman Hoang Quoc Vuong said the conclusion of the contract was very important for power supply development in the context of economic difficulties. The projects are being developed in order for the plants to contribute further to the electricity systems of the southern region and the country as part of a national master plan to develop power sources up until 2015. The electricity company began construction of Vinh Tan 2 in the south-central province of Binh Thuan in August 2010, and started construction of Duyen Hai 1 in partnership … [Read more...] about BUSINESS IN BRIEF 9/1
HCM City earmarks VND5.6 trillion for market stabilisation Local businesses have spent nearly VND5.6 trillion stockpiling goods to meet consumer demand during the upcoming lunar New Year festival (Tet). The Municipal Department of Industry and Trade on December 10 reported that businesses have made plans since April 2011 to ensure a sufficient supply of diverse and high quality essentials, including food and foodstuffs, at reasonable prices. Suppliers are those taking part in the city's ongoing programme to stabilize market prices, said a department official. The city will monitor price listings at more than 2,500 kiosks to keep market prices in check and nip in the bud any market manipulation. We will collaborate with market management forces in districts to intensify inspection at kiosks and spring trade fairs, said Le Ngoc Dao, deputy director of the department. The Saigon Co-op chain and convenience stores will provide services in the evening later than usual and … [Read more...] about BUSINESS IN BRIEF 15/12