Exports expected to continue expanding in 2021 EC allows Vietnamese exporters to extend deadline of REX applications In particular, the first month of 2021 reported export revenue of US$27.7 billion, up 0.2% compared to December 2020 and up 50.5% compared to the same month in 2020. Important markets such as the US, China, the EU, and Japan all maintained growth in their demand of between 15 to 111%, compared to the same period in 2020. Deputy Director of the Import and Export Agency under the Ministry of Industry and Trade Tran Thanh Hai said that the lessons learnt from dealing with adverse situations in 2020 will continue to be applied this year. The disruption of the global supply chain due to the COVID-19 pandemic has motivated Vietnamese enterprises to develop solutions to help them survive including enhancing online trading or shifting to the production of goods designed for pandemic prevention and control. The business community has also made efforts to maintain competitiveness, improve product quality, and seek export orders, particularly for key commodities such as phones and components, electronics, computers, footwear, textiles, mechanics, and rice. Rice export, which was a bright spot in agricultural exports in 2020, is facing an opportunity to increase export turnover thanks to high demand around the world and improvements to the quality of Vietnamese rice. Economist Pham Tat Thang commented that enterprises are taking advantage of traditional markets combined with rapid penetration into new markets through free trade agreements in order to take advantage of the new tax incentives therein. With the efforts of authorities and enterprises, total export turnover in 2021 is expected to increase by 4-5% compared to 2020. PV Power to divest subsidiaries and streamline operations PetroVietnam Power (PV Power) has confirmed plans to divest from some of its subsidiaries. PetroVietnam Power Corporation JSC (PV Power, HSX: …
Wind power law
VIETNAM BUSINESS NEWS FEB. 25
HCM City eyes 10 percent growth in export in 2021 Shrimps processed for export Ho Chi Minh City’s Department of Industry and Trade has set the target to export 48.19 billion USD worth of products in 2021, a year-on-year surge of 10 percent. Under its development plan for 2021 recently submitted to the municipal People’s Committee, the sector said import revenue is estimated at 56.47 billion USD for the whole year, up 11 percent against the previous year. Besides, it eyed to reel in more than 835.68 trillion VND (36.29 billion USD) from retail sales and services revenues in the year, up 10 percent year-on-year. The department said it will carry out necessary measures in a comprehensive fashion to branch out industry and trade, contributing to promoting economic recovery of the southern hub. Earlier, HCM City set a goal of boosting the export of its key products this year and beyond via trade promotion activities and assistance to enterprises. Head of the statistics office Huynh Van Hung said COVID-19 has been largely brought under control around Vietnam, resulting in the production sector exhibiting signs of recovery. Local enterprises, however, continue to face difficulties as many major trading nations are yet to open their markets. He noted that enterprises are in need of diverse and long-term support relating to information on importers of materials and fuel, new markets and partners, and domestic consumption stimulus measures. According to Nguyen Phuong Dong, Director of the municipal Department of Industry and Trade, despite facing myriad challenges, last year the city still saw five goods post export turnover in excess of 1 billion USD: computers-electronic products and components, with 17.8 billion USD; garment-textile 4.3 billion USD; footwear 2.2 billion USD; machinery-equipment-spare parts 2.2 billion USD; and other goods 6.9 billion USD. Together their export value accounted for 83.5 percent of the city’s total. Key export …
Vietnam aims to regulate up to 90% of industrial waste by 2025
The goal is part of the industrial environmental protection plan for the next five years which was recently approved by Deputy PM Trinh Dinh Dung. The plan is designed to control sources of waste, minimise environmental incidents, recognise environmental issues in the coming period, and promote sustainable production and consumption. Under the plan, 80% of ash, slag and gypsum from power stations, chemical and fertiliser plants will be recycled and processed into manufacturing and construction materials. Measures will be taken to promote the use of environmentally friendly bags at supermarkets and shopping centres with the ultimate goal of replacing non-biodegradable plastic bags. Under the plan, risks will be identified towards introducing environmental protection policies for energy projects such as waste to energy, wind power and solar power, as well as for some other sectors. Over the next five years, all enterprises in industry and trade will be educated on the laws and regulations on environmental protection. …
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