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There has been increasing pressure on refineries to increase production as petrol prices continued to spike in recent months, according to Bùi Ngọc Dương, director-general of Bình Sơn Refining and Petrochemical JSC (BSR), which runs one of the country's largest refineries, the Dung Quất Refinery. The Dung Quat Refinery in central Quảng Ngãi Province. VNA/VNS Photo Đăng Lâm The refinery accounted for over 30 per cent of Vietnam's petrol demand since the beginning of the year. Dương said the refinery had been running at 109-112 per cent capacity during April and May to meet market demand. It's very unlikely that the refinery can ramp up production capacity any further from now until the end of the year due to safety concerns. According to the Ministry of Industry and Trade, the country's demand for petrol products in the second quarter of 2022 was estimated at 5.2 million cubic metres and 20.6 million cubic metres for the entire year. Rising … [Read more...] about Policy changes needed for refineries to keep high capacity

HCMC resident Hanh was trying to book round-trip tickets to Phu Quoc a month earlier, but the travel agent quoted new prices every time she called. She said airfares for three people and one child rise from VND11 million ($473) to VND12 million in 10 minutes, and to VND13 million a few hours later. Hoa of Da Nang City said the cost of a round-trip to HCMC tripled to VND2.3 trillion within two months. She said that the longer she waited for the price to drop, it did the opposite. The most expensive domestic route, Hanoi-Phu Quoc, has seen round-trip ticket prices rise 20-30 percent to VND5-7.5 million from last month. Airfares from Hanoi and HCMC to Da Nang, Nha Trang and Quy Nhon have risen by over 25 percent in the last several months. International airfares have also risen by 25-30 percent, with the HCMC-South Korea and HCMC-San Francisco route recording prices of VND10-13 million and VND41-45 million, respectively. Vietnam Airlines head of communications Dang Anh Tuan … [Read more...] about Hourly rise in airfares as summer demand surges

Shark catfish exports to China in particular increased by 124 percent, accounting for 26.5 percent of shark catfish export trade turnover, according to data by the Ministry of Agriculture and Rural Development. It is followed by exports to the U.S. with a 131 percent, EU with a 89 percent, Thailand with a 85 percent, and Brazil with a 51 percent increase. At the end of April, the price of exported frozen shark catfish to the U.S. reached a new peak at $5 per kilogram, around $2 higher than the same period last year. In China, the price of filleted shark catfish was around $3.15-3.25 per kilogram, around $0.5 per kilogram higher than the same period last year. Shark catfish trade is expected to flourish this year, BIDV Securities Company anticipated. It said demand in the U.S., China and EU would be high following long periods of Covid-19 restrictions. In the U.S., importers have taken in more shark catfish as its stock inventory had run low following two years of Covid-19. The … [Read more...] about Shark catfish exports reach record high

Approximately 100 tonnes of Vietnam’s ST25 rice has hit the shelves of Japanese supermarket chain in order to serve both Japanese consumers and Vietnamese nationals residing and studying in the Far East country. Vietnamese Ambassador to Japan Vu Hong Nam (left) and President of Tokyo Financial Group at the event to promote Vietnam's ST25 rice The presence of ST25 rice in the Japanese market is part of trade promotion activities aimed at boosting the export of high-quality Vietnamese rice to demanding markets throughout the world. Vietnamese Ambassador to Japan Vu Hong Nam pointed out that, despite the nation being the world’s largest rice producer, Vietnamese rice exporters are required to meet the 600 stringent technical standards to penetrate the Japanese market. The Vietnamese diplomat assessed that the introduction of Vietnamese rice in the fasdious market has been a great success for both local manufacturers and businesses. Watanabe Hisanobu, … [Read more...] about High-quality Vietnamese rice ST25 goes on sale in Japanese market

Illustration. (Photo: VNA) Hanoi – Deputy Minister of Transport Le Anh Tuan has asked the Civil Aviation Authority of Vietnam (CAAV) to promptly tackle flight delays and cancellations after latest data shows that up to 5,602 flights by domestic carriers were delayed in June (May 19 – Jun 18), accounting for 18.2per cent. The figure was 15.9 percentage points higher than the same period last year and 9.4 percentage points higher than may, according to the report by CAAV. The report indicates that six domestic airlines – Vietnam Airlines, Vietjet Air, Pacific Airlines, Vasco, Bamboo Airways, and Vietravel Airlines – operated total of 30,808 flights in June, up 528.7per cent compared to the same period last year and 18per cent against the previous month. National flag carrier Vietnam Airlines and low-cost airline Vietjet Air outperformed the others, running 11,106 and 12,008 flights, respectively. It showed that Vietjet Air was the least punctual with 2,885 flights delayed, … [Read more...] about CAAV asked to tackle high rates in flight delays, cancellations

Matthew Powell, director of Savills Hanoi How does Savills assess the trends and demand for office real estate going forward? Matthew Powell: It's really positive that the demand has been so strong post-pandemic. For the most part, many companies have survived well and on return to the office, everything has gone smoothly – especially in sectors such as technologies, IT, insurance, and manufacturing. Foreign direct investment has been a big demand driver for office space, so we've been very pleasantly surprised to see that. All the new office space we're working on has been expanding into nicer offices or been from new companies opening for the first time in Vietnam. Vietnamese corporates are expanding, so on the demand side, it's been very encouraging. For example, we're expanding our office this year and moving to a hybrid working style as well, so there has been a change in the way offices are used. How do you see the movement of office real estate and its … [Read more...] about Rising demand for green-certified office spaces and hybrid working: Expert perspectives

High prices High prices are making Vietnamese seafood products uncompetitive in the 15 member states of the Regional Comprehensive Economic Partnership Agreement (RCEP), which came into effect this year. Tran Le Dung, First Secretary in charge of the Vietnam Trade Office in Malaysia, said that in Malaysia, Vietnamese seafood products are sold at prices higher than those of Chinese and Thai products of the same kind. The Vietnam Trade Office connected Vietnamese sellers of dried fish and tuna with Malaysian importers of these products but transactions between them failed due to price disagreement, Dung said. The trade office representative said that although it has a small population, Malaysia has a high demand for seafood, and is not only a member of the RCEP but also participates in many free trade agreements (FTAs). These factors mean that successful penetration of this market will enable Vietnamese seafood businesses to access many other markets in the bloc. Price has become … [Read more...] about High price hampers Vietnam’s seafood exports to Asia-Pacific markets

The dispatch noted that Chaba, the first tropical storm to hit the East Sea (internationally South China Sea) this year, is predicted to gain more strength and cause torrential rains in the northern region between July 2-7. Coastal areas of the provinces from Quang Ninh to Ninh Binh are likely to have high waves combined with high tides, affecting the sea dyke system and causing flooding in low-lying areas. To cope with this storm, the PM asked ministries, sectors, and related localities to continue calling on vessels at sea to move out of dangerous areas and take shelter while ensuring safety for people and vehicles involved in aquaculture, fishing, and other activities at sea. Localities must have plans to evacuate people living in high-risk areas of flash floods and landslides, he said. They are ordered to ensure the safety of reservoirs, especially small hydroelectric reservoirs, key irrigation reservoirs for flood discharge, and arrange forces for emergencies, he added. … [Read more...] about PM demands urgent actions in response to powerful storm Chaba

Noi Bai International Airport records congestion due to a huge number of private vehicles. According to Noi Bai International Airport, the number of passengers traveling at the airport set new records. On June 24 and June 25, there were 102,000 and 104,000 turns of passengers at the airport, respectively, including nearly 93,000 domestic customers. It is expected that the figure could surge to 110,000, increasing over 40 percent compared with the pre-Covid-19 pandemic period. The T1 passenger terminal which has been operated since 2001 was upgraded from 400 to 555 parking lots but it did not meet the high demand for personal vehicles. Congestion at area of  Noi Bai International Airport During the passing time, the Noi Bai International Airport recorded a huge number of private vehicles picking up passengers with a triple volume over the pre-Covid-19 pandemic period causing high pressure on connectivity to parking lots. On the other hand, the rate of passengers using … [Read more...] about Noi Bai Airport gets congested due to high volume of private vehicles

Nam Hai Port in the northeastern city Hai Phong. — VNA/VNS Photo An Dang The Vietnamese economy expanded at 7.72 per cent in the second quarter of this year, the highest rate in the same quarters in the last 10 years, the General Statistics Office (GSO) reported at a press conference on Wednesday. The figures for the same quarters in the last three years of 2019, 2020 and 2021 were 7.1 per cent, 0.52 per cent and 6.73 per cent, respectively. In Q2 this year, the agriculture-forestry-fishery sector increased 3.02 per cent, contributing 4.56 per cent to the overall growth of the economy. The industry and construction sector was up 8.87 per cent, making up 46.85 per cent, while the service sector rose by 8.56 per cent, contributing 48.59 per cent to the general GDP growth, Huong said. Regarding GDP use, final consumption expenditure increased by 7.32 per cent over the same period last year; accumulated assets rose by 4.57 per cent; exports of goods and services surged 12.33 … [Read more...] about Viet Nam’s GDP hits 10-year high of 7.72% in Q2