Rice export volume up but value falls The ministry said the total rice export volume and value in the first nine months of this year reached 5.2 million tonnes and $2.24 billion, respectively. The figures represented a rise of 5.9 per cent in volume and a drop of 9.8 per cent in value compared to the same period in 2018. Of which, Viet Nam shipped abroad 586,000 tonnes of rice in September for $251 million. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth $720 million, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 per cent), Ivory Coast (nearly 35 per cent) and Hong Kong (nearly 35 per cent). The average rice price in the first eight months fell 13.8 per cent year on year to $435 per tonne. White rice led the way in the period, accounting for 47 per cent of total revenue, followed by Jasmine rice … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 14
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RoK airline to launch route to Nha Trang in December An aircraft of Air Seoul (Photo: Yonhap news agency) Air Seoul is wholly owned by the Republic of Korea (RoK)’s Asiana Airlines Inc. Starting December 18, Air Seoul plans to offer seven flights a week to Nha Trang as it strives to strengthen services on routes to Southeast Asia to offset declining demand on Japanese routes, the company said in a statement. Since early July, RoK airlines have halted or reduced services on their Japanese routes, while expanding flights on non-Japanese ones after the neighbouring country implemented export restrictions of key materials to the RoK./. Banks forecast strong performance despite credit slowdown Most domestic credit institutions and foreign banks’ branches in Vietnam expect their business performance in 2019 to be better than last year despite the predicted slowdown in credit growth, according to the State Bank of Vietnam's latest survey released late last week. In the … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 15
The EU-ASEAN Business Council today launched a new publication: 'Growing a Stronger Digital Future in Southeast Asia'.The paper focuses on the policies needed to bring the full benefits of the Fourth Industrial Revolution to Southeast Asia, as a follow-up to the first paper 'Ensuring Success for the Digital Economy in ASEAN' which was published in 2018.The EU-ABC recommends ASEAN Member States allow for freest possible flow of data, faster development of digital infrastructure and opening to increased foreign investment, common standards and approaches to e-Commerce, and enhancements in education to equip the people of Southeast Asia to meet the increasing demands of the digital age.The EU-ABC continues to encourage ASEAN Member States to adopt proposals advocated by ASEAN and international business groups to facilitate faster and simplified customs clearances for low value shipments which would help MSMEs and boost e-commerce in ASEAN.The EU-ABC also calls for greater collaboration … [Read more...] about EU-ASEAN Business Council Launches Second Position Paper on The Digital Economy in ASEAN: Calls for Comprehensive Regional Approach to Ensure Maximum Benefits of Digital Economy Are Achieved
Following six years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) has entered its final stage of talks, with the agreement expected to be signed in 2020. The RCEP comprises of a total of 16 nations, including all 10 ASEAN member states and their six partners (Australia, China, India, Japan, the Republic of Korea, and New Zealand). The RCEP is regarded as the world’s largest regional trade agreement as it covers a market of 47.4 per cent of the world’s population, accounts for 30 per cent of global gross domestic product, 29.1 per cent of global trade, and 32.5 per cent of global investment flows. According to Minister of Industry and Trade Tran Tuan Anh, the RCEP is expected to create the world’s largest free trade area with the development of regional and global value chains that will contribute to spurring the economic growth of all RCEP members, including Vietnam. RCEP signatories have pledged to open their doors to goods, services, and … [Read more...] about Businesses set to capitalise on RCEP opportunities to bolster exports
Since the enactment of the Law on Foreign Investment in December 1987, one of the first achievements of ‘Doi Moi’, Vietnam has attracted FDI to its economy for over 30 years. Hence, FDI is becoming an important economic sector of Vietnam. A long road To date, more than $182 billion in FDI has been invested in almost all industries and sectors of the economy, significantly contributing to the development and restructuring of the economy. The FDI sector accounts for about 25% of total investment nationwide, and generates over 70% of total export turnover of the country. However, many experts believe that FDI is dominating too many fields and occupations, taking opportunity away from home-grown businesses, and above all, making the economy dependent on foreign investment. To adequately analyse the effect of FDI, Dr. Nguyen Dinh Cung, Director of the Central Institute for Economic Management, explains that one cannot only focus on FDI enterprises alone, but must make a … [Read more...] about Will FDI adversely affect Vietnamese businesses?