Why steel prices are increasing

Customers shop at Xom Moi Market in HCM City's Go Vap District. The price rises have been blamed on high transportation and feed costs. — VNA/VNS Photo Fruit, vegetable and meat prices increased sharply in HCM City last week amid the prolonged heavy rain in the south and rising gasoline prices. The price of pork has increased by VND15,000-30,000 per kilogramme since early this month to VND120,000-180,000 (US$5.1-7.7), and that of chicken by VND10,000-15,000 to around VND60,000. A kilogramme of pork rib at Ong Dia Market in Tan Binh District costs VND180,000, while bacon is VND160,000 and cutlets, VND140,000. The price of piglets is up 20 per cent from two months ago. The rises have been blamed on high transportation and feed costs. Egg prices have also increased sharply, and they retail at VND4,000-4,300 per chicken egg and VND4,300 in the case of duck eggs. But farmers, however, are still suffering losses because of the high prices of packaging, fuel and other inputs. … [Read more...] about Meat, vegetable prices shoot up in HCM City

Livestock farmers feeding their pigs. — Photo tuoitrethudo.com.vn Livestock feed prices have increased five consecutive times since early 2022 and the six is to come in July. Koji Inoue, general director of the Kyodo Sojitz Animal Feed LTD has informed his agents about imminent price adjustments. Specifically, the company planned to raise prices of its feed for piglets by VND400 per kilo and feed for other livestock by VND300 per kilo from July 1. It underscored volatile input costs as the main reason behind the decision. CJ Vina Agri LTD followed suit with identical adjustments. CJ Vina Agri said it had to raise feed prices to offset higher input costs since input materials have been fluctuating widely price-wise. Other feed producers also got in on the act by adjusting up their product prices by around VND300-400 per kilo. An agent in Tra Vinh Province estimated that feed for piglets would reach VND510,000-530,000 per bag, feed for pigs VND375,000-415,000 per bag and … [Read more...] about Feed prices to increase in July

"If we do not operate regularly, we will lose our slots at bus stations, but the more we operate, the more we lose because of surging costs," Do Van Bang, CEO of Sao Viet’s parent company, Minh Thanh Phat, said. Sao Viet has reducing the number of trips to cut costs. Bang said the only way to break even is to increase fares by 15-20 percent, but with competition being intense, the time is not right for it. But the company would not be able to absorb the losses for long, he added. The company is one of many to lose due to the 39 percent rise in fuel prices since the beginning of this year. Nguyen Manh Hung, CEO of transport firm International Logistics, said fuel accounts for 40 percent of costs, and so the increases in their prices has affected the company. It is not easy to negotiate price hikes with customers, he said. "We are trying to cut all other expenses to survive the fuel price surge." Half of all fishing vessels in Vietnam have stopped going out to sea … [Read more...] about Industries hit hard by rising fuel prices

Illustrative image (Photo: VNA) Hanoi – Vietnamese airlines are suffering losses amounting to hundreds of billions of VND each month due to a surge in fuel prices, according to director of the Civil Aviation Authority of Vietnam (CAAV) Dinh Viet Thang. At a conference of the Transport Ministry reviewing its work in the first half of the year on June 28, Thang said as fuel costs account for 40-50% of operation costs, revenues increases are not sufficient to compensate for high fuel prices. He said domestic aviation transport has fully recovered with higher growth than in the pre-pandemic period. However, Vietnamese carriers have not fully escaped difficulties due to the slow recovery of the international market. It was reported at the conference that in the first half of the year, the number of international air passengers has increased monthly, from 103,500 in January to 127,000 in February, 224,600 in March, 445,700 in April, 650,000 in May and an estimated 826,000 in June. … [Read more...] about Domestic air transport sees fast recovery, airlines suffer loss due to rising fuel prices

VASEP proposed practical solutions to decrease logistics cost in the near future Chairman of Vietnam Tourism Association Vu The Binh stated that to promote the recovery of this industry in the near future, there must be new interesting tour packages to attract international tourists, along with favorable conditions to welcome them to Vietnam. He proposed a working session between the tourism and aviation industries to introduce the most reasonable prices for these new packages. Deputy General Secretary of Vietnam Association of Seafood Exporters and Producers Nguyen Hoai Nam shared that the high fuel prices have created pressure on many businesses, and many fishermen have stopped their work. He suggested some solutions to reduce logistics cost, including digital transformation among member businesses, which was wholeheartedly welcomed by Minister Dung with the promise to support any needy enterprises in order to increase their competitiveness. Vice Chairwoman of Vietnam … [Read more...] about Vietnam collecting feasible solutions to boost production, trading, investment

Hanoi (VNA) - The following is a list of selected news summaries last night by the Vietnam News Agency . - General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyen Phu Trong on June 27 held phone talks with President of the Cambodian People’s Party (CPP) and Prime Minister Samdech Techo Hun Sen. Read full story An overview of the talks between NA Chairman Vuong Dinh Hue and Speaker of the Hungarian NA László Kövér  (Photo: VNA) Welcoming the Vietnamese top legislator and the high-ranking Vietnamese delegation to Hungary, Kövér affirmed that Hungary considers Vietnam an important partner in Southeast Asia. He highlighted that the friendship and cooperation between the two countries have been tested in difficult times during COVID-19 period. He thanked the Vietnamese NA for giving Australia sincere support in the first days of COVID-19 outbreak. Read full story Read full story Vietjet and Da Nang exchange their MoU and annouce the … [Read more...] about ☀️ Morning digest on June 28

Inside a wood production line of Truong Thanh Furniture Corporation. — Photo truongthanh.com As wood export turnover is rebounding with rising demand in the domestic market, the revenues of wood enterprises are expected to advance. However, skyrocketing prices of raw materials and logistics costs will weigh on these companies’ gross profit margin in 2022. VNDIRECT Securities Corporation (VNDIRECT) estimated that the total revenue of listed wood and wood products companies in the first quarter (Q1) of 2022 rose by 10.2 per cent year-on-year thanks to the recovery of wood producers in the south. After the social distancing order was lifted, most wood companies in the southern region resumed operations at 90 per cent capacity in the first quarter of 2022, while in the second half of 2021 it was only 60-65 per cent. The export wood enterprises achieved better business results in Q1 of 2022. Specifically, Truong Thanh Furniture Corporation (HoSE: TTF) and Phu Tai JSC (HoSE: PTB) … [Read more...] about Rising costs cast doubt on wood companies growth prospects

"After the price rise, I went to convenience stores instead, where I thought the prices were reasonable while food also tasted good," the 62-year-old said. "So now I go there two to three times a week." Global food prices surged 23 percent last month from a year before, according to an agricultural arm of the United Nations. The war in Ukraine has impacted supplies of grains from there and Russia, and caused energy and fertiliser prices to soar. Offering cheap instant noodles, sandwiches and "gimbap" (rice rolls) for under $5, convenience stores are gaining in popularity as salaried workers like Park seek ways to cut costs. South Korean convenience shop chain GS25 posted more than 30 percent increases in sales of instant meals in January-May versus a year ago. Seeing increasing demand, GS25 has also launched a new meal subscription service for office workers, which comes with price discounts and deliveries directly to offices. Peers including CU and 7-Eleven have seen similar … [Read more...] about S.Korean office workers hit convenience stores as ‘lunch-flation’ bites

Ha Nam Textile Company in Phu Ly, Ha Nam. Enterprises are encountering a number of difficulties after the COVID-19 pandemic and needed support to promote business and production recovery. — VNA/VNS Photo Tran Viet The Ministry of Planning and Investment will propose policies to remove obstacles for enterprises and enable them to seize opportunities to accelerate production and business, Minister Nguyen Chi Dung said. Dung promised at a meeting on Monday to listen to the difficulties of enterprises and raise solutions for the second half of this year, saying it was important to identify advantages and opportunities, as well as challenges, to raise policies to support enterprises and enable them to participate and not miss any chances. Enterprises are encountering a number of difficulties after the COVID-19 pandemic which has heavily socio-economic activities hard during the past two years. Labour shortages are one of the most common challenges facing industries. According to … [Read more...] about Ministry listens to firms’ difficulties, pledges to raise support

Tan Phu Plastic Company produces safe products to serve the local market. The "Zero Covid" policy of China means many Vietnamese producers lack input materials. (Photo courtesy of the firm) The worst sufferers were the electronics, wood, textiles, and footwear industries. According to the Ministry of Industry and Trade (MoIT), China was an important market for the export and import activities of Vietnam as it provides the majority of input materials for Vietnam's production, especially electronic components, machinery parts, fabrics and chemicals. MoIT said from 50 to 55 percent of raw materials and accessories for the textile, garment, and footwear industries originated from China. The country was currently implementing the "Zero Covid" strategy, which forced many factories there temporarily stop production to fight the pandemic. The import-export activities in the neighboring country were affected a lot by the shortage of containers at ports. Phan Thi Thanh Xuan, Vice … [Read more...] about Local enterprises lack materials due to China’s ‘Zero Covid’ policy