Where are labor shortages

Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

What are the concerns surrounding the Uyghur Forced Labor Prevention Act (UFLPA) implementation among Vietnamese garment exporters to the US? Association chairman Vu Duc Giang Some of the concerns are real. Since the UFLPA became effective in June, Vietnam has witnessed certain impacts on its garment exports to the US. Vietnam has maintained its position as the world’s third-largest cotton importer with a volume of 1.5 million tonnes per year. This includes 800,000 tonnes of cotton imported from the US, accounting for 60 per cent of the total imports. In January 2021, US Customs and Border Protection announced a ban on raw fibres, apparel, and textiles made from Xinjiang-grown cotton, which also covers cotton products made in third countries. Customs will detain imported merchandise unless the importer can prove by clear and convincing evidence that the goods were not from Xinjiang. What is the status of the recommendations from the US on Chinese cotton? Vietnam … [Read more...] about Facilitating recovery of Vietnam’s yarn sector in midst of US policy enforcement

During the visit, General Giang directly inspected the construction progress of the project and listened to reports delivered by the investor and the contractors about the results of the first phase of the project. Speaking at the working session with the investors and contractors, General Giang praised the collaboration among relevant agencies and functional organs of the defense ministry to ensure the project’s progress. He underlined that the project is significantly meaningful in terms of history and culture; therefore, he urged the investors to continue disseminating the importance of the project to relevant units and agencies, implementing the work in close line with legal regulations on managing construction investment and bidding, and avoiding wastefulness. Also, the defense minister required the contractors to ensure regulations of occupational safety and the construction’s quality as required. * The same day, General Giang worked with Army Corps 12 (Truong Son … [Read more...] about Defense minister inspects Vietnam Military History Museum’s project and Army Corps 2

Although all the micro-economic and macro-economic advantages are available, it seems that there is no key catalyst for trending towards a new growth level at the stock market. Profits vary Initial statistics show that around 600 corporations have made public their financial statements in the second quarter of 2022. The number could be a bit higher if all the estimated figures were actively made public. Figures will continually be updated over the next few days, but the sales and profits of listed corporations will rise positively. For instance, as estimated by Vndirect Securities Corporation, considering 590 corporations listed by 26 July the total sales and profits in the second quarter increased by 25.3% and 17.9% respectively, over the same period last year. Stocks with high capitalization of more than VND 10,000 bln have recorded an average of 34.3% increase in sales and 24.9% in net profits. It is certainly normal for the stock trading market to have dark and bright … [Read more...] about Stock market showing no indication of growth

According to a forecast from the Ministry of Industry and Trade (MoIT), thermal power plants across the country will need 35 million tonnes of coal to serve power production this year, the major part of which needs to be imported. The figure is expected to increase to 46.5 million tonnes in 2025 and 123.7 million tonnes in 2045. The soaring increase in foreign currency used to import coal stems from the rising demand around the globe, causing a cost escalation and a shortage of supply. At its peak, the selling price on the global market was pushed up to $450-490 per tonne. The MoIT is increasing coal imports from Australia and South Africa to ease the recent shortages that resulted in power losses at manufacturing facilities and to ensure national energy security. Along with this, thermal power plants are also working with partners to diversify the fuel supply sources for their facilities. A representative of the Nghi Son thermal power plant in the central province … [Read more...] about Vietnam spends $5 billion on coal imports

Large pumps sucked water from a flooded coal mine in Mexico on Saturday as authorities weighed whether to send divers to try to save 10 miners who have been trapped underground for more than three days. The miners became trapped at a mine in the northern border state of Coahuila on Wednesday afternoon when their excavation work caused a tunnel wall to collapse, triggering flooding in three wells. President Andres Manuel Lopez Obrador said Saturday would be "decisive" in determining whether divers could safely enter the mine. But by afternoon, Coahuila Governor Miguel Riquelme said water levels were still too high. "Time is against us," he told families at the site, Mexican media reported. Mexico's President Andres Manuel Lopez Obrador visits a coal mine that collapsed leaving miners trapped in Sabinas, Coahuila state, Mexico August 7, 2022. Photo: Mexico Presidency/Handout via Reuters Relatives keeping vigil outside said they were pinning their hopes on the … [Read more...] about ‘Time against us’ in bid to rescue 10 Mexican miners after 3 days underground