With export turnover of $2.04 billion, the US surpassed China to become the largest consumer of Vietnamese agricultural products in the first two months of 2021. The latest report of the Ministry of Agriculture and Rural Development shows that the total import and export turnover of agricultural, forestry and fishery products in the first two months of this year is estimated at nearly $11 billion, of which exports are estimated at $6.17 billion, an increase of 16.6% year on year. Imports are estimated at $4.8 billion, up 13.6%. The trade surplus is about $1.37 billion, up 28.4% over the same period of 2020. Export turnover of many key export agricultural products grew strongly during this time. For example, rubber export value reached about $516 million (up 9.9%); tea $29 million (up 11.1%); cashew nuts $442 million (up 21.5%), vegetables $610 million (up 14.6%); wood and wood products about $2.44 billion (up 51.0%); and rattan and bamboo products $128 million (up 43.0%). Notably, with export turnover of about $2.04 billion, an increase of 57.3% over the same period and accounting for more than 33% of market share, the US became the largest customer of Vietnamese agricultural products during this time. Following the US was China, with export revenue of $1.88 billion, up 57.9% over the same period last year and accounting for 30.53% market share. ASEAN ranked third with export turnover of $606 million, up 25.2%, accounting for 9.82%. In the coming time, the Ministry of Agriculture and Rural Development will focus on trade promotion activities. Regarding export markets, it will focus on issues related to market regulations and technical barriers in free trade areas (FTAs) consistent with the development of the Covid-19 epidemic. The Ministry will also strive to increase exports of dragon fruit and passion fruit. In the domestic market, the Ministry will continue to monitor, collect and summarize information and data on prices, …
Grow a passion fruit vine
Vietnam forecast to see growing number of ultra-high-net-worth individuals by 2025
Vietnam will see more and more ultra-high-net-worrth individuals by 2025 By 2025, Vietnam will have 50 ultra-high-net-worth individuals (UHNWI) with a net worth of at least $30 million each and 25,812 high-net-worth individuals (HNWI) with assets of at least $1 million, says The Wealth Report 2021 put out by Knight Frank. The report pointed out that Vietnam’s number of ultra-wealthy people declined slightly due to the impact of the pandemic, dropping from 405 people in 2019 to 390 people in 2020. Globally, China saw the fastest growth in UHNWI population with a 15.8 per cent growth rate, followed by Sweden and Singapore. Knight Frank's current report said that the number of HNWI decreased by 6 per cent globally last year, from 20,645 to 19,149. To join the wealthiest 1 per cent in Vietnam, an UHNWI needs to have a net wealth of $160,000. Singapore is Asia’s highest entry, marginally ahead of Hong Kong, with the level of wealth required being $2.9 million and $2.8 million, respectively. South Korea and the Chinese mainland set the barrier at $1.2 million and $850,000, respectively. With lower interest rates and more fiscal stimulus, asset prices have surged, driving the world’s UHNWI population 2.4 per cent higher over the past 12 months to more than 520,000. The process was seen across North America and Europe, but it was Asia with its 12 per cent growth that saw the real upswing. The expansion in wealth was not universal, with a fall in the number of UHNWIs in Latin America, Russia, and the Middle East as currency shifts and the pandemic undermined local economies. The US is, and will remain, the world’s dominant wealth hub over the forecast period, but Asia will see the fastest growth in UHNWIs over the next five years, at 39 per cent compared with the 27 per cent global average. By 2025, Asia will host 24 per cent of all UHNWIs, up from 17 per cent a decade earlier. The region is already home to more billionaires than any other (36 per cent of …
Efficient resource utilization may help Vietnam GDP grow 9 – 10%
The Hanoitimes - The public capital must be allocated based on market principles, said an expert. More efficient utilization of resources would help Vietnam achieve annual GDP growth of 9 – 10%, equivalent to that of Japan and South Korea during their economic booming periods, according to Nguyen Dinh Cung, former director of the Central Institute for Economic Management (CIEM). Illustrative photo. Efficient allocation and utilization of resources should be the core issue during Vietnam’s economic restructuring, said Cung in an interview with the governmental portal. Cung added the incremental capital-output ratio (ICOR) showed signs of improvements, but remained at modest level of 6, while that of South Korea and Japan at their similar phases of development was only at 4 and 3, respectively. ICOR explains the relationship between the level of investment made in the economy and the consequent increase in GDP. The higher the ICOR, the lower the productivity of capital or the marginal efficiency of capital. Cung referred to a recent article written by Prime Minister Nguyen Xuan Phuc that stressed the government must give priority to the development of market for the sale and rental of land-use rights for farmland. Cung said it is essential for Vietnam to have a legal framework for the operation of land-use rights market, instead of focusing on the real estate market. “Vietnam has to make laws to capitalize land-use rights of farmers, taking them into the market, not just issuing land acquisition orders or administrative measures.” Cung stated a well-developed land-use rights market is the best instrument to protect farmers’ benefits, particularly at a time of rampant bureaucracy in the country. Failure to comply with market principles would be a major barrier to the land grouping policy, Cung continued. Cung also said state-owned enterprises (SOEs) are holding huge state capital under disposal, adding market-based motivation …
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