Ministry of industry and trade

Last year 440,000 cars were manufactured in Vietnam and 176,590 were imported. But imports from the Association of Southeast Asian Nations member countries, mainly Thailand and Indonesia, doubling the period before 2018. According to data from the General Department of Vietnam Customs, last year the two countries accounted for 144,703 cars, or 83% of imports, that cost US$2.5 billion. Foreign carmakers with factories in Vietnam import 80-90% of their cars sold in the market. Imports of cars and car parts are expected to skyrocket in the next 10 years when the import tax is gradually reduced to 0% under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. "In the context of integration, if the Government and ministries do not quickly have appropriate policies and solutions to encourage and support the development of the domestic auto industry, Vietnam will become a market for foreign firms, and … [Read more...] about Vietnam at risk of becoming captive market for imported cars: industry ministry

Viet Nam’s trade with 11 other major Asian markets could rise from US$326 billion to $465 billion by 2030. — Photo courtesy of UPS Viet Nam’s trade with 11 other major Asian markets could rise significantly in value by 2030, according to an industry study released by UPS. "Clearing the Runway for Intra-Asia Trade" sheds light on trade growth drivers, potential headwinds, and multi-stakeholder action required to unlock the 2030 opportunity. Trade in just 12 key markets (Australia, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Viet Nam), known as the Asia 12, accounts for 88 per cent of intra-Asia trade today and could more than double in value from US$6.4 trillion in 2020 to $13.5 trillion in 2030. Viet Nam has rapidly grown into an important regional manufacturing hub. The country is expected to leverage this position further in the coming decade and trade value with the rest of the Asia 12 is forecast to rise … [Read more...] about Viet Nam’s trade with top 11 Asian markets is set to grow significantly

Illustrative image (Photo: kpl.gov.la) Vientiane (VNA) – Laos’ total trade value in February was estimated at 962 million USD (excluding electricity export), according to Lao Ministry of Industry and Commerce. Of this, its export value stood at 505 million USD, mean a trade surplus of 48 million USD to the country. Laos’ key exports included cassava (85 million USD), mixed gold and gold bars (46 million USD), copper ores (35 million USD), and paper and related products (28 million USD). The country’s main imports consisted of diesel (83 million USD), mechanical equipment (31 million USD), vehicles (27 million USD), and steel and steel products (18 million USD). Vietnam ranked third among the Laos ’ export markets in the month with a total value amounting to 106 million USD. China remained the top export destination for the country and was followed by Thailand, with 173 million USD and 116 million USD, respectively. Vietnam was also the third among the … [Read more...] about Laos’ trade value reached 962 million USD in February

As part of the draft national Power Development Plan VIII (PDP8), Vietnam plans to generate 7GW offshore wind capacity by 2030, but the lack of an official strategy is hindering progress. At a conference organised by the Central Economic Committee last week, Mark Hutchinson, chairman of the Southeast Asia Task Force, said, “7GW of offshore wind is crucial for Vietnam for its net-zero goal and for the country’s long-term energy security. Our message has been the same for years – a clearly defined route to the market is needed.” He said that offshore wind deployment was in its early stages and the deployment of the country’s 4GW of offshore wind was not driven by a direct auction mechanism but instead arranged at a time when clear policy measures were not in place. Thus, he called for accelerating a large-scale pilot or mechanism that covers a certain volume of the target, to bypass obstacles and fast track wind power. “There are now two main options: an accelerating mechanism such … [Read more...] about No time to waste in building the offshore wind industry

At a Thursday meeting on the impacts of sweetened drinks on health, Tran Thi Trang, deputy head of the legislation department under the Ministry of Health, said the ministry is proposing to apply excise tax based on the amount of sugar contained within 100 ml of the drinks. The proposal was made as the Ministry of Finance was building a draft law on excise tax for sweetened drinks. Trang said there should be sugar thresholds to determine the amount of taxes to be applied, with a higher level of sugar resulting in more taxes. Drinks with a sugar level below a certain threshold would not need to be imposed such a tax, she suggested. However, the health ministry has yet to provide exact sugar level thresholds for this policy. The ministry said certain food products with low levels of sugar, such as milk and dairy products, would not be applied excise tax. In accordance with WHO definitions, sweetened drinks are those that contain added sugar, such as sweetened soda water, … [Read more...] about Health ministry proposes excise tax on sweetened drinks

Movements of raw sugar futures in the last five years. Source: tradingeconomics.com Businesses in the sugar industry will rebound, buoyed by higher sugar prices and anti-dumping measures on some sugar cane products originating from Thailand. In February, raw sugar futures hovered at the 6-year high of roughly US 22 cents a pound set on February 27. Specifically, February's average raw sugar price was US 20.23 cents a pound, compared to US 18.87 cents per pound in January and US 18.93 cents in December 2022. According to the Food and Agriculture Organisation of the United Nations, the average sugar price was US 18.5 cents per pound during the first ten months of 2022. The Rome-based agency forecast that by 2029, the average sugar price will reach US 21.3 cents but the fact is that the price exceeded the figure in January. In the international market, raw sugar futures tracked by tradingecnomics.com were traded at US 21.14 cents per pound on Thursday, continuing the rally … [Read more...] about Sugar industry to recover this year

Malaysian Deputy Prime Minister Ahmad Zahid Hamidi (Source: malaysia kini.com) Jakarta (VNA) – Malaysia launched its Halal Industry Master Plan 2030 (HIMP 2030) on March 23, aiming to become a key player in the global halal market. Speaking at the launch, Malaysian Deputy Prime Minister Ahmad Zahid Hamidi , who is also Chairman of the Malaysian Halal Development Council, said the plan’s theme of “Prominent, Visible and Globalised Halal Malaysia” represents the country’s target of promoting comprehensive growth and developing a robust halal industry ecosystem with more products and services to support future growth. He said one of the priorities for 2023 of the Ministry of International Trade and Industry (MITI), the strategic driver for the HIMP 2030, is to expand trade for which halal goods and services could play a more prominent role. The official noted via the HIMP 2030, Malaysia expects its halal industry will reach 113.2 billion USD by 2030 and contribute … [Read more...] about Malaysia launches Halal Industry Master Plan 2030

A view of Viet Nam-Singapore Industrial Park in Binh Duong Province. — Photo VNA The southern province of Binh Duong should shift its development model to industry-urban-smart services to help investors quickly deploy the smart factory model and smart production in the locality. Deputy Prime Minister Le Minh Khai delivered this statement during the "Start-up-Connection-New Development" conference held in the province on Saturday. In the long run, the province's development model should be associated with science-technology and innovation to facilitate the establishment of a new ecosystem by the requirements of new investors and employees, contribute to increasing the provincial labour productivity and helping it participate deeply in the industrial value chain, Khai said. He also asked Binh Duong to ensure its rapid, comprehensive, and sustainable development with top priority to ensure synchronous development of social, healthcare and educational infrastructure, … [Read more...] about Binh Duong urged to shift its development model to industry-urban-smart services

"Clearing the Runway for Intra-Asia Trade" sheds light on trade growth drivers, potential headwinds, and multi-stakeholder action required to unlock the 2030 opportunity. Trade in just 12 key markets, known as the Asia 12, accounts for 88% of intra-Asia trade today and could more than double in value from USD 6.4 trillion in 2020 to USD 13.5 trillion in 2030. Vietnam has rapidly grown into an important regional manufacturing hub. The country is expected to leverage this position further in the coming decade and trade value with the rest of the Asia 12 is forecast to rise from USD 326 billion to USD 465 billion by 2030. “Intra-Asia trade holds incredible potential over the coming decade, built off the immense economic success that key regional economies have accomplished in recent years,” said Michelle Ho, President for UPS Asia Pacific, Middle East and Africa. According to the study, four segments have driven the surge in trade among the Asia 12: retail, industrial … [Read more...] about Vietnam’s trade with top 11 Asian markets is set to grow significantly

The sales of goods, especially agricultural products in the harvest season, were facilitated, along with the establishment of a linkage between supply and demand in the online environment, based on new platforms. — VNA/VNS Photo Measures have been taken to effectively exploit the domestic market with a population of nearly 100 million to fulfil the goal of an increase of 8-9 per cent in retail sales of goods and services, according to the Ministry of Industry and Trade (MoIT). Since the beginning of this year, the ministry has strived to enhance connectivity and ensured a balance between the supply and demand of essential goods, contributing to keeping inflation under 4.5 per cent. The sales of goods, especially agricultural products in the harvest season, were facilitated, along with the establishment of a linkage between supply and demand in the online environment, based on new platforms. The MoIT will continue to accelerate the amendment and completion of a number of legal … [Read more...] about Ministry carries out solutions to effectively exploit domestic market