Vietnam Rubber Group to raise natural rubber output under its own brand A worker collects latex from a rubber tree (Illustrative photo: VNA) The rate is expected to hit 92 percent by 2022. The VRG has built a set of standards and introduced VRG-branded rubber products since 2018, bolstering consumption of its products along with Vietnam’s rubber brand in the international market. VRG-branded products reached 255,407 tonnes last year, accounting for 68 percent of the group's total output, from just 20,790 tonnes recorded in 2018. The VRG reported 21.17 trillion VND in revenue and 5.23 trillion VND in post-tax profit in 2020, year-on-year increases of 6.9 percent and 36.4 percent, respectively./. CPI in February highest in 8 years Vietnam’s consumer price index (CPI) in February was up 1.52 percent over the previous month and 0.7 percent year on year, according to the General Statistics Office (GSO). This is the highest February CPI growth recorded in the last eight years. However, the index in the first two months decreased 0.14 percent year-on-year. Compared to the previous month, an upturn was seen in the prices of ten out of 11 main groups of goods and services, with housing and construction materials taking the lead (4 percent). It was followed by food and catering services (1.61 percent); transport (1.55 percent); drinking and tobacco (0.9 percent); garment and textile, headwear and footwear (0.25 percent). The price of education services remained stable compared to the previous month. The GSO’s Price Statistics Department explained that the CPI in February saw a strong rise due to the higher demand for food and foodstuffs for the Lunar New Year (Tet) festival. The prices of medicine and medical supplies in January-February increased by 0.88 percent compared to the same period last year, the price of gas in the month climbed 3.05 percent year-on-year. There were a number of reasons for the decrease in CPI in the last …
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FDI businesses focus on Vietnam retail sector
Big C is one of the FDI corporations gaining foothold in the Vietnam market (Photo: Vietnam+) Hanoi (VNA) - The retail market in Vietnam in recent years continues to be active with many mergers and acquisitions as well as strong growth in the size of domestic and foreign enterprises. Statistics released by the General Statistics Office show that retail sales in 2018 were estimated at 3.3 million billion VND, an increase of 12.4 percent compared to 2017. Notably, according to Le Viet Nga, Deputy Director of the Domestic Market Department (Ministry of Industry and Trade), many large foreign enterprises still consider Vietnam's retail industry to be an attractive investment destination and they are mulling over expanding their investment scale and market share. Vietnamplus has an interview with Ms. Le Viet Nga to provide a better understanding of the retail sector and orientations from the state agencies to create a level playing field, helping businesses grow together. - What have been outstanding features in the Vietnamese retail market recently? Ms. Le Viet Nga: Vietnam's retail market has a great potential for growth due to its large population which reaches approximately 100 million. Notably, 60% of the population are aged 18-50, the shopping age. Additionally, household spending is forecast to increase by 10.5 percent/year on average and will reach 714 USD / month by 2020, in which the coverage of Vietnam’s modern retail system remains lower as compared to other countries in the region but shows its rapid growth. Recently, it can be seen that the retail market has had a strong development due to the economic recovery and it is on track to regain a high growth rate. The number of enterprises is increased. Production was recovered so the products supplying for retail were also on the rise. The results of improving the business investment environment as well as increasing foreign investment in the retail sector are increasing. It can be seen …
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Vietnam needs 128.3 billion USD to develop electricity industry
A wind farm of Trung Nam Group in Ninh Thuan province in the central region of Vietnam (Photo courtesy of the Group) Hanoi (VNS/VNA) - Vietnam needs about 128.3 billion USD of investment capital to develop its electricity industry in 2021-2030, according to draft electricity planning released by the Ministry of Industry and Trade (MoIT). On February 9, the MoIT issued a draft national electricity development planning project for 2021-2030, with a vision to 2045 or the power master plan VIII and asked other ministries and agencies to contribute their ideas. With forecasts that Vietnam's GDP growth will reach an average of 6.6 percent per year in 2031-2045 and 5.7 percent per year in 2031-2045, the MoIT forecast the supply of commercial electricity to reach 491 billion kWh by 2030, and 877 billion kWh by 2045. The draft expected by 2030, the total installed capacity of electricity sources in the country would reach 137.2 GW including 27 percent from coal-fired thermal power, 21 percent from gas thermal power, 18 percent from hydroelectricity, 29 percent from wind power, solar and renewable energy and 4 percent from the imported sources and 1 percent from other types of energy from storage devices. The MoIT’s draft said by 2045, the total installed capacity will reach nearly 276.7 GW including 18 percent from coal-fired thermal power, 24 percent from gas thermal power, 9 percent from hydroelectricity, 44 percent from wind power, solar and renewable energy and 2 percent from the imported sources and 3 percent from other types of energy from storage devices. The power master plan VIII encourages the development of renewable energy and discourages hydroelectricity. Renewables made up 13 percent of power in 2020 and are aimed to make up 30 percent by 2030 and 44 percent by 2045. Regarding the power grid development programme, the plan proposes to continue building the 500kV power transmission system to transmit electricity from major power …
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