Asia’s top coffee exporters saw sluggish trade this week, with the bean market in Vietnam slowing on falling prices while Indonesia’s main harvest ended and stocks receded, traders said on Thursday. Farmers in the Central Highlands, Vietnam’s largest coffee-growing area, sold coffee at 32,300-32,500 dong ($1.39-$1.40) per kg on Thursday, down from 33,000 dong last week. Domestic prices fell further this week following a decrease in global prices, traders said. January robusta coffee settled down $42, or 2.97%, at $1,370 per tonne on Wednesday. “Sales are slowing as farmers are complaining that prices are too low now,” said a trader based in the Central Highlands. “They are refraining from selling beans as current prices are just slightly higher than the production cost,” he added. Vietnam’s coffee exports in the first 11 months of 2019 fell 14.6%, from a year earlier, to about 1.47 million tonnes, official data shows. Traders in Vietnam … [Read more...] about Asia Coffee-Sluggish trade in Vietnam on low prices, Indonesia quiet
According to forecasts of BMI Research, Vietnam’s food industry is expected to achieve annual growth of 10.9% in 2015-2020. Vietnam’s food industry is expected to achieve annual growth of 10.9% until 2020. Numerous international players, especially those from countries that Vietnam signed free trade agreements with, have been seizing the opportunity to enter the Vietnamese food market to take advantage of the deals. Keith Colwell, Canadian Nova Scotia’s Minister of Agriculture and Minister of Fisheries and Aquaculture, said that Canadian food businesses have shifted their focus to Vietnam after developments in the Chinese market and thanks to tariff reductions under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These companies want to bring high-end Canadian products like seafood, agricultural products and beverages to new markets like Vietnam, Colwell said, explaining that tariff reductions under the CPTPP have … [Read more...] about Trade deals trigger foreign investments in Vietnam’s food sector
Asia News China maintains tariffs must be reduced for phase one trade deal with U.S. Thursday, Dec 5, 2019,16:47 (GMT+7) China maintains tariffs must be reduced for phase one trade deal with U.S. U.S. President Donald Trump meets with China's President Xi Jinping at the start of their bilateral meeting at the G20 leaders summit in Osaka, Japan, June 29, 2019 – PHOTO: REUTERS BEIJING (REUTERS) - Tariffs must be cut if China and the United States are to reach an interim agreement on trade, the Asian nation's commerce ministry said on Thursday, sticking to its stance that some U.S. tariffs must be rolled back for a phase one deal. "The Chinese side believes that if the two sides reach a phase one deal, tariffs should be lowered accordingly," ministry spokesman Gao Feng told reporters, adding that both sides were maintaining close communication. On a telephone call last week, China's lead trade negotiator Vice … [Read more...] about China maintains tariffs must be reduced for phase one trade deal with U.S.
The forecast was made by the Institute of Chartered Accountants in England and Wales (ICAEW), who organised a seminar on economic insight for Southeast Asia in Hanoi on June 6. Growth in the region is forecast to come in at 4.9 per cent from 5.3 per cent last year, as a result of moderate export growth across the region from the sharp acceleration last year. Unlike the US and Europe, Asia had a promising start this year, with Southeast Asia economies expanding 5.2 per cent year-on-year, slightly softer than the 5.3 per cent in the previous quarter. In Việt Nam, economic growth eased back in the first quarter, to 7.4 per cent year-on-year, following a stellar end to last year. However, the quarterly result was still the strongest Q1 outcome in a decade driven by ongoing strength in the manufacturing sector, solid service sector activity and improving agriculture output. Mark Billington, ICAEW regional director for Southeast Asian, said: “Although for Việt Nam external … [Read more...] about Vietnam GDP to grow by 6.6% in 2018: ICAEW
An overview of the event (Photo: VNA) Ottawa (VNA) – The Canadian government and businesses should place the Vietnamese market in a prioritised position in its partnership development, stated Douglas Kennedy, the Royal Bank of Canada’s Managing Director at the Center for Global Enterprises. Kennedy was addressing a forum on December 4 to connect trade representatives from member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with Canadian firms and agencies. He said the Vietnamese economy is experiencing strong and sustainable development, which may bring the Southeast Asian country into the top 20 economies in the world by 2050 from the current 32nd position. Vietnam and Canada can supplement each other, he said, noting that Canada, a member of the G7, has signed trade agreements with all the other G7 countries and could help Vietnam penetrate into their markets. Meanwhile, Vietnam could serve as a gateway for Canada to … [Read more...] about Canada should consider Vietnam a prioritised partner: expert