Economy

The Hanoitimes - Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, behind China, Indonesia, Japan and India. Vietnam's instant noodle consumption showed sign of recovery after two years in decline, reaching 5.06 billion instant noodle packets in 2017, up 3% year-on-year and 5.4% against 2015, according to the World Instant Noodle Association (WINA).    Illustrative photo. Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, behind China, Indonesia, Japan and India.  According to WINA, around 100 billion instant noodle packets are sold annually worldwide. Sales of instant noodles all over the world saw a growth rate of 40% from US$44 billion in 2013 to US$61 billion in 2017, revealed in Euromonitor's statistics.  In Vietnam, an increase in the volume of instant noodle consumption was thanks to a wide range of products available to customers, as well as growing number of enterprises … [Read more...] about Vietnam’s 2017 instant noodle consumption rebounds

The Hanoitimes - Despite accounting for some 65 percent of Vietnam’s market share, foreign animal feed producers are continuously expanding production to further dominate the country’s fertile market. Vietnam’s animal feed market has attracted many foreign feed companies, such as Thailand’s C.P, the US’s Cargill, South Korea’s CJ, Holland’s De Heus, Singapore’s Haid and Malaysia’s Emivest, thanks to its two-digit growth in the past two decades. Vietnam consumes some 16 million tons of animal feed yearly The Vietnamese livestock industry currently needs about 16 million tons of animal feed worth some US$6 billion yearly. By 2020, the demand will increase to 25 million tons, valued at US$10.5 billion. Despite the rising domestic production, Vietnam still has to spend US$3 billion for importing animal feed and raw materials for production yearly. With an annual growth rate of 10-15 percent, the feed industry remains attractive … [Read more...] about Foreign players dominate Vietnam’s animal feed market

The Hanoitimes - In the first seven months of 2018, a total of 7.8 million tons of petroleum products worth US$5.2 billion were imported, up 3.9% in volume and 31.6% in value year-on-year. Vietnam imported 820,000 tons of petroleum products in July worth US$558 million, down 41.8% in value and 41.7% in volume month-on-month, according to the General Department of Vietnam Customs (GDVC).    Illustrative photo. In the first seven months of 2018, a total of 7.8 million tons of petroleum products were imported with US$5.2 billion, up 31.6% in value and 3.9% in volume year-on-year.  According to the GDVC, Vietnam mainly imported petroleum products during this period from Malaysia with 2.2 million tons, up 50.5% year-on-year, followed by South Korea with 1.97 million tons, up 11.6% year-on-year.  Notably, imported petroleum products from Singapore in the January - July period saw a sharp decline with 1.81 million tons, down 40.5% year-on-year.  In 2017, … [Read more...] about Vietnam sees sharp decline in petroleum imports in July

The Hanoitimes - Of the total number, cars with less than nine seats make up the largest proportion with 15,348 units worth US$324 million. As of August 15, Vietnam imported 24,451 cars worth US$592 million, according to the General Department of Vietnam Customs (GDVC).   Illustrative photo. Of the total number, cars with less than nine seats make up the largest proportion with 15,348 units worth US$324 million. The second place belongs to truck with 7,754 units at US$171 million.  Last week, Vietnam imported 3,723 units worth US$89 million, while that of the previous week reached 1,287 unit totaling US$31.3 million.  From August 10 to 16, the majority of imported cars were from Thailand with 2,965 units, followed by Indonesia with 497 units. Overall, cars from these two countries accounted for 93% of total imported cars to Vietnam during this period. Imported cars with less than nine seats amounted to 1,858 units for US$39.5 million between August 10 and 16, … [Read more...] about Vietnam spends US$592 million on car import in 8 months

The Hanoitimes - Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, behind China, Indonesia, Japan and India. Vietnam's instant noodle consumption showed sign of recovery after two years in decline, reaching 5.06 billion instant noodle packets in 2017, up 3% year-on-year and 5.4% against 2015, according to the World Instant Noodle Association (WINA).    Illustrative photo. Vietnam is currently ranked fifth in the world in terms of instant noodle consumption, behind China, Indonesia, Japan and India.  According to WINA, around 100 billion instant noodle packets are sold annually worldwide. Sales of instant noodles all over the world saw a growth rate of 40% from US$44 billion in 2013 to US$61 billion in 2017, revealed in Euromonitor's statistics.  In Vietnam, an increase in the volume of instant noodle consumption was thanks to a wide range of products available to customers, as well as growing number of enterprises … [Read more...] about Vietnam’s 2017 instant noodle comsumption rebounds