Agro forestry fishery

Shrimp products export value over 2 billion USD in seven months. (Photo: Danh Lam/VNA) According to the Ministry of Agriculture and Rural Development, the total export turnover of agro-forestry-fishery products in the first seven months of 2022 reached 32.3 billion USD, a year-on-year increase of 12.2 percent. The import turnover is estimated at over 26 billion USD. Therefore, the export surplus of these products in January-July was 6.3 billion USD, up nearly two times over the same period last year. The United States continued to be the largest importer of Vietnamese agro-forestry-fishery products for the seven-month period, accounting for 26.8 percent to reach almost 8.7 billion USD. China came second with a total export value of over 5.7 billion USD, accounting for 17.8 percent of the market share. Japan came third with over 2.3 billion USD, accounting for 7.2 percent, followed by the Republic of Korea with over 1.5 billion USD, accounting for 4.7 percent. By region, … [Read more...] about Agro-forestry-fishery products record export surplus of 6.28 billion USD in seven months

Sorting Tra fish fillet products at Navico company's factory. (Photo: VNA) Hanoi (VNA) – The import-export revenue of agro-forestry-fisheries products in the first quarter of this year was estimated at 20.63 billion USD, down 11.2% year on year, according to the Ministry of Agriculture and Rural Development (MARD). Of the total, export value reached about 11.19 billion USD, down 14.4%. Imports were 9.44 billion USD, a fall of 7.2% year on year, resulting in a trade surplus of 1.76 billion USD, a drop of 39.6% year on year. An upturn was recorded in the revenue of agricultural products (3.8%), and livestock (46.5%), while a downturn was seen in the export of forestry products (28.3%), and fisheries products (29.0%). The fall was mostly due to the decrease in product price. Products that enjoyed strong growth in exports include rice (30.2%), fruits and vegetable (14.2%), and milk and dairy products (22.2%). In the period, major export markets of Vietnamese … [Read more...] about Q1 trade of agro-forestry-fisheries products exceeds 20 billion USD

In the opening two months of 2023, the agro-forestry-fishery sector posted a year-on-year decline of 16.8 percent. It therefore needs to embrace digital transformation to build databases and manage growing area codes and product traceability. This is an inexorable trend in renewing traditional cultivation , improving productivity, and cutting production costs, so that Vietnamese agro products can reach out to the world. Digital transformation is an urgent need for export activities, as it adds value to production. Many businesses and localities are using e-commerce to sell products. According to experts, digital transformation will help cut costs in many stages, from production to promotions and market access. This will open up new horizons for agro exports, they added. Applying digital transformation to trace the origin of farm produce and food is key to increasing the presence of Vietnamese products in global markets. Experts suggest cooperatives and … [Read more...] about Digital transformation paves way for agro exports

The Vietnamese economy expanded about 3.32% in Q1 of 2023 compared to the same period last year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product ( GDP ) has grown about 3.32% year on year in the first quarter of 2023, according to the General Statistics Office (GSO). The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011 - 2023 period, the GSO told a press conference on March 29. In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 6.79% to contribute to 95.91% of the overall expansion. In the agro-forestry-fishery sector , agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fisheries 2.68%. The GSO press conference on March 29 (Photo: VNA) The added value of construction dropped 0.82% in Q1, the sharpest … [Read more...] about Vietnam posts 3.32% GDP growth in Q1

The meeting was co-chaired by Foreign Minister Bui Thanh Son and Cambodian Deputy Prime Minister and Minister of Foreign Affairs and International Cooperation Prak Sokhonn in the framework of the latter's ongoing official visit to Vietnam. In his remarks at the meeting, FM Son expressed his delight at the fruitful development of the traditional friendship and comprehensive cooperation between Vietnam and Cambodia, saying that stakeholders in the two countries have coordinated to successfully organize important events and commemorative activities in the Vietnam - Cambodia Friendship Year 2022. The events have contributed to further tightening the bilateral relations, and raising awareness of people of the traditional friendship between the two countries, he said. For his part, Prak Sokhonn said bilateral cooperation mechanisms and cooperation between ministries, sectors and localities of the two countries have been strengthened and proven effective. He added that the meeting … [Read more...] about Vietnam, Cambodia to maintain high-level consultations, bilateral mechanisms

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

Vietnam has reported an on-year gross domestic product (GDP) growth of about 3.32 percent in the first quarter of this year, the growth nears the 13-year lowest level, according to the General Statistics Office (GSO). Illustrative photo The level was higher only than the growth rate of 3.21% recorded in the first quarter of 2020 in the 2011 to 2023 period. According to a GSO's report released at a press conference on Wednesday morning, the service sector grew 6.79 percent and contributed the lion’s share of 95.91 percent to the overall GDP growth, followed by the agro-forestry-fishery sector which expanded 2.52 percent and contributed 8.85 percent. Industry and construction contracted 0.40 percent, representing a 4.76 percent fall. Speaking at the conference, GSO General Director Nguyen Thi Huong explained that the robust growth of the service sector had clearly shown recovery thanks to the government's policies, the post-Covid-19 economic reopening, and … [Read more...] about Vietnam posts 3.32 percent GDP growth in Q1, lowest level in 13 years

Roughly 60,000 Vietnamese enterprises closed their doors in the first three months of this year, representing an on-year increase of 17.4 percent. The figure was nearly double that of the 2018-2022 period. According to the General Statistics Office, between January and March, the total number of newly-established enterprises and those resuming their operations reached 57,000, down 5.4 percent on-year. In the first quarter, up to 25,400 businesses in the service sector were set up, up 1.5 percent on-year. Meanwhile, most other sectors saw a fall in the number of newly-opened enterprises. For instance, in the agro-forestry-fisheries sector, only 330 new companies were established, down 36.4 percent on-year. A survey on businesses in the processing and manufacturing sector showed that 44.1 percent of them believed that their business activities would be better in the second quarter this year. Meanwhile, 35.3 percent expected that their operation would remain stable. … [Read more...] about Around 60,000 firms close in first quarter

The diplomat also paid courtesy calls to five Vanuatuan ministers overseeing foreign affairs, tourism and trade, agriculture, health, and infrastructure - transport. At these meetings, leaders of Vanuatu highly value the role and position of Vietnam regionally and globally. They suggested the countries’ foreign ministries to preside over the review of the implementation of a bilateral memorandum of understanding on technical cooperation and development signed in 2014 to further promote their strengths, governmental relations, and people-to-people exchanges. In addition to the traditional fields of cooperation in agro-forestry-fishery, trade - investment, tourism, and human resources development, Vanuatu wished to team up with Vietnam in new areas, especially climate change response and health. Vanuatuan Foreign Minister Jotham Napat expressed his wish to visit Vietnam soon to inaugurate the Southwest Pacific nation’s Consulate General office in Ho Chi Minh City. Meanwhile, the … [Read more...] about Vanuatu values Vietnam’s global role, position

Vietnam's economic growth continues to be affected by the challenging global economic environment. Vietnam's GDP growth is estimated to expand by 3.32% year-on-year in the first quarter of 2023, the second lowest economic expansion rate during the 2011-2023 period. Dinh Vu Port, Haiphong. Photo: Chien Cong/The Hanoi Times Director of the General Statistics Office Nguyen Thi Huong announced the figure at a press conference today [March 29]. According to Huong, Vietnam's economic performance in 1Q2023 was affected by ongoing complex and volatile changes in the global economy, including persistently high global inflation, slow recovery, and reduced consumption demand from major trading partners. "Of particular concern was the instability of some banks in the U.S. and Europe, which negatively impacted market confidence in the banking system. In addition, central banks continued to raise interest rates and tighten monetary policies, further complicating the … [Read more...] about Vietnam’s GDP growth expands by 3.32% in Q1