High price agricultural products

Hanoi (VNS/VNA) - In recent years, Hanoi’s agriculture sector has created favourable conditions for organisations and individuals to develop the farm economy. This model has contributed to the restructuring of the rural economy and helped farmers to utilise capital more efficiently, as well as apply scientific and technical advances to production for economic efficiency. “Hanoi currently has 1,759 farms, including 37 plantations, 1,410 livestock farms, 191 aquaculture farms, one forestry farm and 120 general farms," said Nguyen Van Chi, Director of the Hanoi Sub-department of Rural Development. "The farm economy in the city is concentrated, large-scale and sustainable. It also effectively promoted land resources, and investment capital and created many jobs for people in rural Hanoi." The microbiological broiler farm of Nguyen Thi Thoan's family in Soc Son district, despite being greatly affected by the COVID-19 epidemic , is still developing. On average, Thoan's … [Read more...] about Hanoi’s farm economy yields high economic value

Le Thanh Tam, Director of the municipal Department of Planning and Investment, said the growth rate is the second highest among the five centrally-run cities in the country. Specifically, the agro-forestry-fishery sector expanded by 3.28%, industry-construction 11.8% and services 7.62%, contributing 0.4%, 3.56% and 3.95% to the overall growth rate, respectively. The Index of Industrial Production picked up 12.86% year-on-year, while the export turnover of goods and services top 1.1 billion USD, up 15.16%. Total revenues from retails and services were estimated at 55.5 trillion VND (2.39 billion USD), an increase of 21.09%. However, the low disbursement of public investment has affected the growth of some sectors, such as construction with a growth rate of 4.88%. The director said the planning and investment sector will work closely with other sectors to implement tasks to promote economic recovery and development in the remaining months of the year. He said if set plans and … [Read more...] about Can Tho posts three-year high economic growth

Peter Bernhardt, team leader of the ARISE+ Vietnam project Since coming into force in August 2021, the EU - Vietnam Free Trade Agreement (EVFTA) has become an effective tool for boosting trade ties between the EU and Vietnam. What should Vietnam pay attention to in order to benefit more from this deal? I agree that the overall picture of EVFTA performance in this starting period, where exporters and government authorities from both sides have to adapt to the new situation, looks definitely promising. The EVFTA is the most ambitious FTA that the EU has ever signed with a developing country. The deal will mutually lift about 99 per cent of the tariffs within 10 years. Duty was lifted from 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU, immediately after the EVFTA came into effect. As most Vietnamese exporting products are consumer products, the real challenge Vietnam exporters will face to comply with EU consumer protection regulations is … [Read more...] about EU supporting comprehensive implementation of the EVFTA

Tan Phu Plastic Company produces safe products to serve the local market. The Zero COVID policy in China means many Vietnamese producers lack input materials. — Photo courtesy of the firrm While many exporters and producers had orders for 2022, they are worried about a possible shortage of production materials because of supply disruptions from China. The worst sufferers were the electronics, wood, textiles, and footwear industries. According to the Ministry of Industry and Trade (MoIT), China was an important market for the export and import activities of Viet Nam as it provides the majority of input materials for Viet Nam's production, especially electronic components, machinery parts, fabrics and chemicals. MoIT said from 50 to 55 per cent of raw materials and accessories for the textile, garment, and footwear industries originated from China. The country was currently implementing the "Zero COVID" strategy, which forced many factories there temporarily stop production to … [Read more...] about Local enterprises lack materials due to China’s ‘Zero COVID’ policy

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

Three bright points The first bright point in the five-month FDI picture is the disbursement of US$7.71 billion, a year-on-year increase of 7.8 percent. The Foreign Investment Agency of the Ministry of Planning and Investment attributed this positive result to the continuous and effective support of the government and relevant state authorities, the business community’s efforts, and the recovery of the Vietnamese economy. Binh Duong Province hands over investment certificates to businesses Although the amount of FDI capital attracted in the first five months was 16.3 percent lower than that in the same period last year, the increased disbursement reflected Vietnam’s attractiveness to foreign investors. The second bright point is the strong increase in the number of projects and the amount of registered capital. Specifically, 395 projects registered capital increases totaling more than US$5.61 billion, up 15.5 percent in the number of projects and 45.4 percent in … [Read more...] about Five-month foreign investment highlights

Headquarters of the Hung Yen Department of Agriculture and Rural Development The department’s remit includes agriculture, forestry, fisheries, irrigation and rural development, flood and storm control, agro-forestry-fishery product safety management, and public services in the field of agriculture and rural development. For over 72 years, under the leadership of the provincial communist party committee and people’s committee, the provincial agriculture and rural development sector has contributed significantly to Hung Yen Province’s socioeconomic development. In recent years, the sector has achieved significant results in agricultural restructuring for higher added value and sustainable development, helping improve livelihoods and the rural face of Hung Yen Province. In 2022, the sector continues accelerating agricultural restructuring along with building new rural areas to contribute to local economic growth, increase incomes, ensure social security, national defense and … [Read more...] about Offering valuable advice

Students do research in a lab at the Việt Nam National University in HCM City. — Photo courtesy of the university HCM CITY — HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said. Education is among 10 key sectors on which the city has focused to develop its digital economy, in addition to healthcare, transportation, finance-banking, tourism, agriculture, logistics, environment, energy, and human resources. The city has assigned its Department of Education and Training to implement a project to develop human resources for AI through education and training, focusing on research and development of technologies using AI. The project will also enhance academic links with foreign AI professionals. The city hosts a number of universities and science research institutes, especially the Việt Nam National University, which focus on training and research in AI to build an … [Read more...] about HCM City to promote AI in education sector

Hanoi, (VNA) - The following is a list of selected news summaries last weekend by Vietnam News Agency. -National Assembly Chairman Vuong Dinh Hue and a high-level delegation of the Vietnamese legislature arrived at Liszt Ferenc airport in Budapest, the capital of Hungary, in the afternoon June 25 (local time), beginning an official visit at the invitation of the Speaker of the National Assembly of Hungary, László Kövér. Read full story The NA Chairman then visited Albertirsa city, where he was welcomed by Deputy Speaker of the Hungarian parliament István Jakab and city officials. At Hue’s meeting with the deputy speaker of the Hungarian parliament, the two parliament leaders agreed that the two sides should focus on cooperation in agriculture, especially when Hungary has strengths in supply chains from cultivation, processing to marketing and distribution. Read full story -National Assembly Chairman Vuong Dinh Hue will lead a high-ranking delegation of the National … [Read more...] about ☀️ Morning digest on June 27

Part of Van Don district in Quang Ninh province (Photo: VNA) Quang Ninh (VNA) – The northern province of Quang Ninh posted an estimated growth rate of 10.66% in Gross Regional Domestic Product (GRDP) in the first six months of this year, which is 2.64 percentage points higher than the rate in the same period of 2021. In the period, the province has effectively implemented its overall strategy on containing COVID-19 and safely and flexibly adapting to the pandemic, thus facilitating development in the new normal situation. Quang Ninh collected over 27.18 trillion VND (1.17 billion USD at current exchange rate) for the State budget , an increase of 18% year-on-year. Total social investment in the period is estimated at 42.3 trillion VND, up 10.9% from the same period last year. The tourism industry of Quang Ninh has also enjoyed a stable recovery, serving 5.5 million visitors in the six-month period, a 2.2-fold rise year-on-year. The figure also showed a 19.57% increase … [Read more...] about Quang Ninh posts 10.66% economic growth for first half