Why export subsidy increase domestic price

Steel roll production lines at Hoa Phat Steel Sheet Co., Ltd, located in the Pho Nui A Industrial Park in the northern province of Hung Yen. Steel is one of key export products from Viet Nam to Thailand, Laos and Cambodia. — VNA/VNS Photo Vu Sinh Vietnamese businesses have many opportunities to increase export goods to Thailand, Laos and Cambodia, according to the Trade Promotion Department of the Ministry of Industry and Trade. Nguyen Thi Thu Thuy, deputy director of the Export Support Center, said that Viet Nam had many favourable conditions for exporting goods to Thailand and Laos because the three countries were close geographically, and members of various free trade agreements. To meet the demand of customers in Thailand and Laos, domestic enterprises are recommended to export goods reaching technical standards and to have import certificates from authorities. They also need to apply advanced technology in processing and preserving products to ensure the quality of … [Read more...] about VN Trade Promotion Department lauds ASEAN export opportunites

People shop at a supermarket in An Phu ward, Thu Duc municipal city of HCM City (Photo: VNA) Hanoi (VNS/VNA) - Supply of goods and services for the domestic market during the first half of the year has been ample with a slight uptick observed for a number of commodities, said the Ministry of Industry and Trade (MoIT) during a conference in Hanoi on June 28. Disruptions caused by the pandemic have been mostly resolved, especially in regard to essential goods including foodstuff, livestock feed and fertiliser even during high-demand seasons. Demand for goods and services has been steadily on the rise, particularly in the travel and hospitality market. Meanwhile, fuel prices have seen sharp spikes due to geopolitical events around the world and will likely stay volatile for the foreseeable future. Domestic retail of goods and services in June reached 472 trillion VND (20.3 billion), a 1.4% increase month-on-month, bringing the total figure for the first six … [Read more...] about Supply stays ample, fuel prices likely rise in 2nd half of 2022

Vietnam exports nearly 2.77 million tonnes of milled rice in the first five months of 2022. (Photo: VNA) Hanoi (VNA) – As many countries in the world have limited food exports to guarantee domestic food security , rice – a staple in most of Asia – is forecast to witness surging prices in the time ahead, which is said to be a chance for Vietnam – one of the world’s largest rice exporters. Vu Thi Hue, head of the export - import division of the Dai Duong Xanh Export - Import Co. Ltd, said while lower wheat output and higher production costs have forced many countries to seek alternatives, rice is a suitable choice with good prices. So a bright prospect could be seen for both export volume and prices in the time ahead. In the first five months of 2022, nearly 2.77 million tonnes of milled rice worth over 1.35 billion USD were shipped abroad, rising 6.6% in volume but declining 4% in value year on year, according to preliminary data from the General Department of Vietnam … [Read more...] about Bright outlook predicted for rice exports

The Ministry of Agriculture and Rural Development (MARD) has proposed helping fishermen amid increasing petroleum prices. Many fishing boats in Vietnam are staying ahosre due to high petroleum prices MARD reported that petroleum prices have kept rising since December last year, which left up to 55 percent of fishing boats in Vietnam staying ashore. This has affected the seafood supply for the domestic and export markets. The country has 91,716 fishing vessels that consume an average of about 330 million litres of fuel per month. Diesel 0.05S, the main fuel for fishing vessels, has surged in price by 65 percent compared to late December last year. This means that fuel costs for fishing activities have increased by roughly VND3.77 (USD162.5 million) trillion each month. Fuel costs usually account for 45-60 percent of input costs for fishing vessels, which means an overall increase in operational costs of 35-48 percent. MARD has recommended assistance for … [Read more...] about Support proposed for fishermen struggling with petrol price hike

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

Workers process tra fish at Sao Mai Corp's factory in An Giang Province. Tra fish export to the UK increased six-fold. — VNA/VNS Photo Vu Sinh Viet Nam’s tra fish export increased by 83.2 per cent in the first half of this year, the highest growth rate among fishery products, the latest data by the Vietnam Association of Seafood Exporters and Producers (VASEP) showed. Seafood exports were expected to rake in nearly US$5.8 billion for Viet Nam in the first six months, up almost 40 per cent year-on-year. Most seafood products witnessed high export growth rates in the first half, of which tra (pangasius) fish led the group with an estimated value of $1.43 billion, up 83.2 per cent, accounting for one-fourth of total seafood export value. Tuna and crustaceans followed with export value at $553.5 million and $110 million, or increases of 55.7 per cent and 54.5 per cent on-year, respectively. Shrimp export, the biggest seafood product export, which brought in $2.3 billion, grew … [Read more...] about Tra fish exports to UK soar six-fold

Inflation in Vietnam currently does not warranty an increase in interest rates or tightening of currency. At present, Vietnam is in a more favorable position than many other countries in the world. No undue pressure In a conversation with Saigon Investment, Dr. Ho Quoc Tuan from the University of Bristol, commented that when talking about global inflation, the first factor that comes up is the increase in the price of energy and raw materials across the world which have been greatly affected by the Russia-Ukraine war. Among the factors that are affecting the most are energy prices of crude oil and gas. Analysts in this field have said that even with the US President visiting Saudi Arabia, the ability to deal with energy supply is still very difficult. Currently, the US Congress is trying to come up with policies to encourage domestic production of shale oil, but they are also not too optimistic. Dr. Ho Quoc Tuan said that this means that the supply cannot be resolved this year … [Read more...] about Inflation not a domestic problem in Vietnam

Cashew exports reduced both in volume and value in the first five months of the year. — Photo congthuong.vn Viet Nam’s cashew exports reduced significantly in both volume and value in the first months of the year, exports for the entire year are forecast to be lower than last year, according to the Viet Nam Cashew Association (Vinacas). Speaking at a meeting to review the industry’s performance in the first half of the year and set plans for the latter half, Tran Van Hiep, Vinacas’ deputy chairman, said cashew exports in the first five months fell by 7.81 per cent in volume and 6.81 per cent in value to 206,111 tonnes and US$1.19 billion, respectively. The average export price was about $5,792 per tonne, up 1.45 per cent over the same period in 2021. Enterprises imported about 968,000 tonnes of raw cashew nuts from abroad worth nearly $1.4 billion, down 35.24 per cent in volume and 37.84 per cent in value in the first five months. But the price of raw cashews imported from … [Read more...] about Cashew exports to slow in 2022 amid global inflation, Russia sanctions

Dragon fruit being harvested and transported by rope conveyors at an orchard belonging to the Thiên Phúc Co-operative in Tiền Giang Province’s Chợ Gạo District. – VNA/VNS Photo Nguyễn Hữu Chí TIỀN GIANG – The Cửu Long (Mekong) Delta province of Tiền Giang has zoned nearly 9,400ha of dragon fruit growing areas exclusively for exports and targets annual output of 236,000 tonnes of the fruit. They are mainly in Chợ Gạo, Tân Phước, Gò Công Tây, and Gò Công Đông districts, with the last-mentioned accounting for nearly 7,500ha. Chợ Gạo dragon fruit has been granted a collective brand name by the National Office of Intellectual Property. Tiền Giang, the country’s largest fruit producer, has identified dragon fruit as one of its speciality fruits for its competitive advantages and high export value. It has taken a number of measures to improve the competitiveness of speciality fruits and ensure they have steady outlets. These have helped sustainably develop specialised dragon … [Read more...] about Tiền Giang develops specialised dragon fruit growing areas for export

At the meeting According to general statistics from the General Department of Vietnam Customs, in the first five months of 2022, approximately 206,110 tons of cashew kernels of all kinds were exported earning over US$1.19 billion in export turnover, down 7.81 percent in volume and 6.81 percent in value. However, the average export price was about $5,792 a ton, up 1.45 percent from the same period last year. Regarding imports in the first five months, enterprises imported about 968,000 tons of raw cashew nuts from abroad with a value of nearly $1.4 billion, down 35.24 percent in volume and down 37.84 percent in value over the same period in 2021. However, prices of imports from Africa increased by 15 percent-20 percent since the beginning of the season. More importantly, importers are tending to be slow to purchase raw materials due to many reasons but the most common is the price difference between imported raw cashew nuts and export kernel prices. The price of raw cashew … [Read more...] about Cashew exports down due to rising oil prices, epidemics, Russia Ukraine conflict