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He attributed the obstacles to global fluctuations over armed conflicts, climate change, tightening food safety requirements by importing countries, and high inflation in the US. Data from the Vietnam Directorate of Fisheries under the Ministry of Agriculture and Rural Development (MARD) showed the total brackish water shrimp farming area was 747,000 hectares last year, with total output exceeding 1 million tons, up 8.5% year-on-year. Currently, the country houses 2,294 hectares of shrimp breeding area, which turned out 159.5 billion shrimplets in 2022, an annual increase of 10%. This year, Vietnam aims to expand its shrimp farming area to 750,000 hectares for more than 1 million tonnes in output and 4.3 billion USD in export revenue. Trinh Trung Phi, a technical director at the Vietnamese shrimp company Viet Uc, highlighted the importance of sustainable technological solutions in the growth of the sector. MARD Deputy Minister Phung Duc Tien said that in order to reach the … [Read more...] about Significant efforts needed to realize 4.3-billion-USD shrimp exports

Foreign visitors at Hanoi 's Van Mieu-Quoc Tu Giam (Temple of Literature Complex) (Photo: VNA) Hanoi (VNA) – Some 978,700 foreigners landed in Hanoi in the first three months, 5.9 times higher than the same period last year, said the municipal Department of Tourism . The number was part of the 5.9 million visitors coming to the capital city between January and March, a two-fold increase year-on-year. Hanoi now houses 3,756 lodging facilities totaling 70,218 rooms. The average occupancy rate of the local 1-5 star hotels was estimated at 56.5% in the three months, up 37.2% year-on-year. A group of foreigners tours Hanoi's Old Quarter. (Photo: VNA) The city has 29 food and beverage, 35 shopping, six entertainment, and one healthcare businesses meeting the standards to serve tourists. Its tourism sector is making efforts to develop travelling routes, including those connecting the downtown area with the Bat Trang pottery craft village and the Huong pagoda in My Duc … [Read more...] about Capital hosts nearly 1 million foreigners in three months

In his remarks, Chairman of the People’s Committee Phan Van Mai highlighted the increasingly close ties between the two countries, saying over the past 50 years, the bilateral relationship has grown actively across spheres, both bilaterally and multilaterally. The good traditional friendship has also been consolidated and enhanced, the official added. Notably, during the COVID-19 pandemic, Vietnam presented Italy with more than 300,000 masks, while Italy donated 2.8 million doses of vaccines to the Southeast Asian nation. This vividly demonstrates the intensive and effective strategic partnership and friendship between the two countries, he said. Ho Chi Minh City, for its part, has actively worked to promote cooperation with Italy, Mai noted, adding that the relations between Ho Chi Minh City and Italy have reaped achievements in trade, investment, education and training, culture, and tourism. According to the official, the two-way trade reached 591 million USD last year. For … [Read more...] about 50th anniversary of Vietnam-Italy diplomatic ties celebrated in Ho Chi Minh City

Illustrative image (Photo: vov.vn) Hanoi (VNA) - The export value of Vietnamese tea to China in the first two months of this year quadrupled from the same period last year, according to the General Department of Vietnam Customs . China imported 426 tonnes of tea from Vietnam in the two months, representing rises of 121% in volume and 411.2% in value. The average tea export price in February alone surged by over 10% to more than 1,641 USD per tonne. China’s reopening of its border after the COVID-19 pandemic is the main factor behind the strong growth of tea exports to this huge market, reported the Ministry of Industry and Trade. Tea exports to Pakistan also enjoyed an upward trend, reaching 5,300 tonnes worth 9.4 million USD, up 5.8% in volume year on year. Although Taiwan (China) is Vietnam’s second largest tea consumer, tea exports to this market declined slightly over the two-month period. Statistics show Vietnam shipped 1,500 tonnes worth 2.4 million USD to … [Read more...] about Tea export value to China skyrockets

People shop at a supermarket in Hanoi. (Photo: VNA) Hanoi (VNS/VNA) - Vietnam is becoming an attractive retail market for companies all over the world with many regional and global FDI investors recently announcing plans to increase capital and expand distribution networks here. According to the Ministry of Industry and Trade, the Vietnamese retail market is worth 142 billion USD and is expected to increase nearly 2.5 times to 350 billion USD by 2025. In January, total retail sales of consumer goods and services decreased by 6% on-month to more than 481.8 trillion VND (20.4 billion USD) due to weaker demand as many commodities were purchased ahead of the Lunar New Year. People spent more on festival activities post Tet, said the General Statistics Office. However, it still rose 13% year-on-year. For the first two months of the year, the country’s total retail sales of consumer goods and services advanced 13% over the same period of 2022 to over 994.1 trillion VND. … [Read more...] about Vietnam’s retail market proves attractive for foreign investors

Illustrative image (Photo: VNA) HCM City (VNA) – Domestic tuna exporters are targeting promising small markets to get out of current difficulties amid economic fluctuations in big importing countries. Data from the General Department of Vietnam Customs showed tuna export revenue dropped 13% in February with no signs of improvement in March. Total tuna export value in the first three months of this year is estimated at 160 million USD. According to the Vietnam Seafood Producers and Exporters (VASEP), the price of Vietnamese tuna is higher than that of other suppliers in major markets such as European countries and the US, but the increasing prices of material tuna are slowing down the flow of orders from importers, affecting Vietnam’s tuna exports to these markets. Nguyen Ha, an expert from VASEP, forecast that Vietnam will continue to see a sharp drop in tuna export in the coming months. Among the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Tuna exporters aiming for smaller markets

The International Friendship Exchange – Spring 2023 held in Lao Cai. (Photo: VNA) Lao Cai (VNA) – The Vietnam Union of Friendship Organisations (VUFO), in collaboration with Lao Cai province, held the International Friendship Exchange – Spring 2023 in the northern mountainous province on March 26-27. The event attracted the participation of 150 delegates from foreign embassies, and international organisations, and foreign non-governmental organisations (NGOs) in Vietnam. This is an annual activity held by VUFO to create a chance for international friends to visit historical and cultural relic sites and landscapes, and exchange with local authorities and people to learn more about the land, people and culture of Vietnam as well as cooperation opportunities with its localities. Within the framework of this year’s event, delegates climbed up to the top of Mount Fansipan, the highest peak in Indochina. VUFO President Ambassador Nguyen Phuong Nga, said that the union … [Read more...] about International Friendship Exchange – Spring 2023 held in Lao Cai

The event attracted the participation of 150 delegates from foreign embassies, and international organizations, and foreign non-governmental organizations (NGOs) in Vietnam. This is an annual activity held by VUFO to create a chance for international friends to visit historical and cultural relic sites and landscapes, and exchange with local authorities and people to learn more about the land, people and culture of Vietnam as well as cooperation opportunities with its localities. Within the framework of this year’s event, delegates climbed up to the top of Mount Fansipan, the highest peak in Indochina. VUFO President Ambassador Nguyen Phuong Nga, said that the union has been providing support for around 400 foreign NGOs which are operating in Vietnam to carry out programs and projects for humanitarian and development purposes, with the aid budget disbursed in recent years reaching 220-280 million USD per year. In Lao Cai, there are currently 34 organizations which are … [Read more...] about International Friendship Exchange – Spring 2023 held in Lao Cai

Many Australian firms have tapped into the Vietnamese market due to Vietnam’s strengthened political security, apart from an efficient anti-corruption crackdown, heard a seminar on Vietnam-Australia education, culture, and cuisine promotion in Hanoi on Monday. The Australian side strongly believes that Vietnam will further improve transparency and the investment climate. The event, jointly organized by the Australian Trade and Investment Commission (Austrade), Hanoi authorities, and many enterprises, acted as a start for a series of similar seminars to be held in five cities and provinces this year, which marks the 50th anniversary of diplomatic ties between Vietnam and Australia. An Austrade representative delivers a presentation on the performance of the Vietnam-Australia partnership in 2022. Photo: Duy Linh / Tuoi Tre Australia picks Vietnam as an investment destination thanks to political security Eliza Chui, a representative of Austrade, said that many … [Read more...] about Vietnam’s political security makes the country more attractive to Australian investors

Illustrative image (Photo source: vneconomy.vn) Hanoi - Vietnam is studying and adjusting its investment policies to adapt to the global minimum corporate income tax which is scheduled to be applied from 2024, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. The global minimum corporate income tax is part of the Action Plan on Base Erosion and Profit Shifting (BEPS), which involves the participation of 141 member countries. Accordingly, large companies with annual global consolidated revenue of at least 750 million EUR (806 million USD) over at least 2 years of the preceding 4-year period will be subject to a minimum tax rate of 15 per cent. If they are currently paying a tax rate lower than 15 per cent in the country where they are investing, they will have to pay the remaining "shortfall" at a tax rate of 15 per cent to the country where they have their headquarters. According to economists, investment exporting countries’ application of the global … [Read more...] about Vietnam adjusting policies to adapt to global minimum corporate income tax: Official