No door for return of RON92 petrol
After RON92 petrol was replaced by E5 bio-fuel for about three months, several enterprises said that the consumption of E5 was lower than that of RON92 and petitioned the authorities to resume the use of RON92. However, experts and businesses have asserted that the use RON92 petrol should not be resumed.
Recently, Ho Chi Minh City One Member Limited Liability Oil and Gas Company (Saigon Petro) sent an official document to the Ministry of Industry and Trade and Ministry of Finance, saying that the consumption of E5 bio-fuel in the first two months of 2018 accounted for a very low proportion of the total petrol consumption of Saigon Petro, at over 30% of total petrol consumption, while the consumption of RON92 made up 65% of the total consumption.
In addition, the company said that many vehicles that require the petrol standards of E5 or RON92 have to switch to using RON95, with a higher price, which is a waste.
The company also recommended the reduction of the environmental protection tax on E5, as a basis for enterprises to lower E5 selling prices, thus stimulating the consumption of the product and avoiding the waste of social resources.
According to Saigon Petro, the consumption of E5 will remain low in the future despite the application of the aforementioned measures. Thus, the firm suggested the resumption of the use of RON92.
Economist Nguyen Tien Thoa, vice chairman and general secretary of the Vietnam Valuation Association, said that the government’s policy on the use of types of petrol with less impact on the environment is the correct direction towards contributing to protecting the environment. Therefore, RON92 petrol should not be put into use again.
Agreeing with Thoa, Nguyen Hong Minh, General Secretary of the Hanoi Transport Association and General Director of Nguyen Minh Taxi Company, said that Vietnam has deeply integrated into the world and must comply with international regulations. The general trend in the world is to use environmentally friendly fuels. Thus, RON92 should not be used anymore as it contains a large percentage of lead, creating negative effects on the environment.
Experts said that more comprehensive measures are needed to boost the consumption of E5 bio-fuel.
Thoa noted that tax reduction is one of the solutions to create a price gap between the two types of petrol, thereby motivating consumers to use E5. However, stimulating the use of E5 should not be based on tax reductions but must come from the supply of ethanol as the raw material for bio-fuel blending as there is only one ethanol producer supplying the raw material for the domestic market.
In addition, the government should develop appropriate policies to create the price gap between E5 and RON92 in the first phase of the E5 launch to promote the consumption of E5, Thoa suggested.
In particular, it must be proven in practice that the use of E5 is safe with engines and reduces greenhouse gas as a large number of consumers remain confused about the quality and safety of E5.
Minh said that the top priority should be given to ensuring the quality of E5 if the authorities wish consumers to choose E5. “If E5 bio-fuel has good quality while protecting the environment, consumers will not refuse to use E5. Otherwise, if the quality is not guaranteed, lowered prices will not stimulate consumers to use the product,” Minh said.
At the regular Government meeting in February 2018, Deputy Minister of Industry and Trade Do Thang Hai said that E5 bio-fuel, which replaced RON92 petrol, has been sold nationwide from January 1 this year according to the roadmap approved by the Prime Minister. According to reports by petrol wholesalers and Departments of Industry and Trade across the country, the amount of E5 consumption has increased quickly.
The Hanoi Department of Industry and Trade reported that the total petrol consumption in Hanoi was about 110,000 m3 by the end of January 2018, including 53% of E5 and 47% of RON95 petrol. According to reports of petrol wholesalers and distributers in the city, after a month of switching from RON92 to E5 bio-fuel, consumers have gradually accepted the use of E5 and made a good evaluation of the product.
Regarding businesses who want to stop selling E5, Deputy Minister Do Thang Hai affirmed that the right to do business is the right of the enterprises themselves. Meanwhile, the Ministry of Industry and Trade will coordinate with the Departments of Industry and Trade across the country to solve any difficulties for enterprises and facilitate them in the trading of petrol, Hai noted.
More optimistic outlook for Vietnamese economy in 2018
On the basis of the economic growth trend in 2017, almost all experts expressed their positive viewpoints on an advantageous year for the business circle at the end of Q1.
According to the Viet Nam Economic Seminar which was held on March 19 in HCMC, Viet Nam was forecast to benefit from positive influences from the outside world.
In Asia, Japan is one of the leading economies that rebounded in the two consecutive years after nearly two decades of recession. The concern over “hard landing” in China has yet caused much trouble.
The EU has escaped from the ‘hardest’ period of time. Similarly, the U.S. economy witnessed a series of policy amendments which encourage and support the business community.
Meanwhile, labor costs in emerging economies including Viet Nam remain low.
The aforesaid factors were projected to influence other economies especially Viet Nam which has deeply integrated into the global economy.
Dr. Vu Vien Ngoan, Head of the PM’s Economic Advisory Group was quoted as saying that in Viet Nam, business confidence has been improved. Macro-balances were forecast at stable level in 2018. However, inflation would surge but within control.
Experts discuss ways to promote herbal medicine
Experts and scientists discussed ways to promote the herbal medicine industry in Việt Nam as at a workshop on March 28 in Hà Nội.
Prof. Trần Văn Ơn, head of the phytological speciality of the Hà Nội University of Pharmacy, said that local herbal materials haven’t met the expected potential; it could not even compete with imported materials and products right in the market of Việt Nam.
“We now see the source of herbal material as a mine and we will continue digging until it is exhausted. That is the current situation of the pharmaceutical material industry in Việt Nam,” Prof. Ơn said.
He added that the pharmaceutical material source has been exploited rampantly for export in many provinces and regions. This situation will lead to the exhaustion of natural sources in Việt Nam.
“We have only seen herbal plants as drug materials. It means that we have already missed a lot of chances to diversify many products that can be developed from our herbal plants, especially a chance to connect the development of herbal materials with tourism. From that we could participate in a huge market of no-smoke industry worth billions of US dollars,” Ơn said.
“It’s time to revise the way we see the local pharmaceutical materials,” Ơn stressed.
The director of the Quảng Ninh Health Department, Vũ Tuấn Cường, said that herbal medicines and health care products manufactured from herbs have gained a lot of competitive advantages in the current context of globalisation, global integration and severe competition due to Việt Nam’s favourable natural conditions and biodiversity.
“The herbal medicine sector should choose three to five local herbal plants as key products in order to promote the development of medicine and international integration. South Korea, for example, has focused on two plants, Ginseng and Lingzhi, which can bring billions of dollars in export yearly,” Cường said.
Therefore, we need to promote the value of good plants such as Ngọc Linh ginseng, Ba Kích (Morinda officinalis How) and apply advanced technologies for the development of herbal medicines from the selection of seedling to product underwriting and distribution following value chain.
Nguyễn Huy Văn, deputy general director of Traphaco JSC, said that Việt Nam has around 4,000 herbal remedies, so it is necessary to focus on exploiting those sources of knowledge.
In the current trend, traditional medicine is not only limited to traditional methods of herbal medicine production but also the application of advanced science and technology from product development and plant care to harvest, processing and packaging, according to Văn.
Prof. Ơn said that a herb development system in the community of the university’s Department of Plant, in collaboration with the DK Pharma JSC, has formed a good business model and efficient value chain over the past 15 years.
That is a model of medicinal garden combined with tourism development. Two medicinal gardens were established in Yên Tử (Quảng Ninh Province) and Bái Đính (Ninh Binh Province). A medicinal garden was proposed to be built in Quản Bạ District, Hà Giang Province.
Standard Chartered credit card named “Best Affluent Program in Vietnam”
Standard Chartered Bank Vietnam’s WorldMiles Credit Card has recently been named “Best Affluent Program in Vietnam” by MasterCard, recognizing the exclusive benefits and privileges cardholders enjoy across lifestyle categories.
“We always strive to ensure that our credit cardholders enjoy exclusive and bespoke benefits when they spend and travel,” said Mr. Harmander Mahal, Head of Retail Banking at Standard Chartered Bank Vietnam. “Clients sit at the heart of what we do, and we are constantly innovating to deliver a richer and differentiated banking experience.”
Launched in Vietnam in 2016 and targeting affluent frequent travelers, the WorldMiles Credit Card offers a host of superior travel and lifestyle benefits. The card is the first in Vietnam to offer total travel care worth up to $965,000 and the first to allow cardholders access to over 800 airport lounges worldwide using the Dragon pass app on their smartphone, without needing to present a physical lounge card.
Cardholders are also entitled to enjoy complimentary green fees at the top six golf clubs in Vietnam, with the option of booking tee-off times using the bank’s mobile app “The Good Life” under the Concierge function. They can also use The Good Life to find the nearest offers among 3,500 outlets when they travel around Asia, with discounts of up to 50 per cent. For every $1.1 spent on the credit card, holders will receive up to 3 travel points, which can be redeemed for dining, hotels and resorts, airport services, and luxury experiences.
Standard Chartered Bank Vietnam was named ‘Best Foreign Bank in Vietnam” for three consecutive years, by the Global Banking & Finance Review in 2014 and 2015 and by Global Business Outlook in 2016.
CBRE appointed manager of VTC Building
CBRE Vietnam has been selected by VTC Television to be the exclusive property management consulting agent for its VTC Building.
Located at 23 Lac Trung in Hanoi’s Hai Ba Trung district, the office tower has 19 floors and sits on an area of 6,786 sq m and a total construction area of 40,727 sq m.
The developer has demonstrated its trust in CBRE and its professional, experienced and capable property management team. CBRE commits to delivering its quality management services to all users of the building.
“CBRE has been in Vietnam for 15 years and property management has always been a core part of our business in Hanoi,” said Mr. Richard Colville, Director of CBRE Asset Services. “We are excited to win the opportunity to work on new projects, so when I visited the VTC Building recently I was immediately impressed by the energy and dynamism of the client.”
“When the client informed me that they had selected us to manage their property, I promised that we would do our best onsite to deliver a smooth and efficient operation that supports the needs of VTC as well as using our hospitality experience to implement a responsive and helpful customer service standard onsite. I look forward to seeing it enter full operations with CBRE.”
With a location near Hanoi’s main arteries and facilities such as banks, hospitals, food courts, and shopping malls, the VTC Building will provide a pleasant environment for tenants to work and develop their business.
eFounders Initiative for Asian entrepreneurs kicks off
The United Nations Conference on Trade and Development (UNCTAD) and the Alibaba Business School enrolled the first class of 37 Asian entrepreneurs for the eFounders Initiative at an opening ceremony on March 26 at the Alibaba campus in Hangzhou, China.
The eleven-day course is part of a commitment by Jack Ma, Alibaba Group’s founder and Executive Chairman and UNCTAD Special Adviser, to empower 1,000 entrepreneurs from developing countries over five years.
The launch of the first program for Asian entrepreneurs comes after the success of the inaugural class for 24 African participants last November.
Following a rigorous selection process, the final candidates from Cambodia, Indonesia, Malaysia, Pakistan, the Philippines, Thailand and Vietnam will embark on an eleven-day intensive course providing first-hand exposure to e-commerce innovations from China and around the world and will become eFounders Fellows.
Eventually these young entrepreneurs will become catalysts in their home country and spur digital transformation in their economies.
“We want to reach out to youth and include them in the work we do for inclusive and sustainable economic growth,” said Arlette Verploegh, Coordinator for the eFounders Initiative at UNCTAD. “The initiative is about bridging the digital divide for young entrepreneurs and unlocking their potential. It is part of a set of smart partnerships UNCTAD is creating to reach the sustainable development goals.”
All participants are founders of their respective startups, in e-commerce, big data, logistics, fintech, payments, and tourism.
“We are excited to extend this fellowship to entrepreneurs from Asia for the very first time as part of our commitment to empowering digital champions and communities around the world,” said Brian A. Wong, Vice President of Alibaba Group, who heads the Global Initiatives program.
“Our goal is to inspire entrepreneurs to serve as pioneers in building a more inclusive development model that is not just good for their business but also good for society, by creating platforms that all can participate in and benefit from.”
Under the auspices of the 2030 Agenda for Sustainable Development, the initiative is aligned with the wider call to action to ensure that no one is left behind in the digital economy and to help bridge the digital divide faced by businesses in emerging markets.
Jointly organized by UNCTAD and the Alibaba Business School, the eFounders Initiative also supports Alibaba’s mission to help small businesses succeed in their home markets and beyond. It was first announced in 2017 by Jack Ma in his capacity as the UNCTAD Special Adviser for Young Entrepreneurs and Small Business when he, together with Dr. Mukhisa Kituyi, Secretary-General of UNCTAD, visited Africa.
Participants in the eFounders Initiative will learn first-hand the transformative impact e-commerce and technology have on society in China and participate in lectures and discussions with local practitioners and executives to identify the lessons that can be applied to their own markets. Topics covered will include e-commerce, payment, logistics, big data and tourism from the Alibaba Group and other successful companies in the e-commerce value chain, with sessions touching on digital finance, smart logistics, and rural e-commerce development, among others.
Upon graduation, participants will officially become Fellows of the eFounders Initiative and make formal commitments on how they will apply the learning from this program. As part of the wider eFounders Initiative community of promising young entrepreneurs around the world, UNCTAD and the Alibaba Group will also continue to advise on and provide support for the creation of e-commerce ecosystems with other stakeholders.
The first class of eFounders Fellows – 24 entrepreneurs from Africa – completed the program in November 2017 after a similar two-week intensive workshop in Hangzhou.
To continue the impact of the initiative, UNCTAD and Alibaba have already completed a full round of follow-up meetings with the fellows, each of whom are actively applying what they learned in their own enterprises as well as sharing insights with their home communities. They are working towards achieving their commitments and will continue to check in with UNCTAD and Alibaba every three months.
Vinamilk opens high-tech dairy farm in Thanh Hoa
The Vietnam Dairy Products Joint Stock Company (Vinamilk) inaugurated a high-tech dairy farm in Thanh Hoa province on March 28.
Covering a total area of 40 hectares in Thong Nhat town, Yen Dinh district, the facility was built with an investment of VND700 billion (US$30.5 million).
With a designed milking cow population of 4,000, the farm was granted a GLOBAL G.A.P. (Good Agricultural Practice) Certification in recognition of its farm management, raw milk quality, and application of state-of-the-art technology.
The farm is the first of its kind to be built in the Vinamilk Thanh Hoa dairy farm complex, which is designed to have four high-tech farms with a combined milk supply of 110 million litres per annum by 2020.
Speaking at the event, Vinamilk CEO Mai Kieu Lien said that the inauguration of the farm aimed to help Vinamilk to achieve its business goals, while contributing to boosting the development of the dairy industry in Thanh Hoa and Vietnam in general.
On the occasion, Vinamilk presented milk packs worth VND400 million (US$ 17,400) to poor children in Thanh Hoa province, with the aim of improving physical development and healthy growth in local children.
Vietnamese farmers offered financial support to expand sustainable production
Vietnamese smallholder farmers will be provided with financial support from a new US$163 million deal, recently signed between the Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA).
With the aim of improving inclusive and sustainable agricultural value chains, the deal was reached by ADB and JICA on March 28 to provide loans for Olam International Limited (OIL) – an agribusiness operating across the value chain, and Café Outspan Vietnam Limited (COVL), a subsidiary of OIL.
OIL and COVL will directly offer support to 20,000 Vietnamese farmers, as well as those from Indonesia, Papua New Guinea and Timor-Leste, in expanding their production and improving livelihoods by promoting inclusive and sustainable development.
Accordingly, the Agricultural Value Chain Development Project will support OIL’s US$211 million investment plan until 2019 by financing an expansion in the firm’s processing of midstream products, while providing permanent working capital investments for smallholder farmers, particularly in coffee, cashew nut, cocoa and pepper cultivation in the aforementioned countries.
The assistance will also help OIL to develop processing plants to create a more seamless integration of farmers, markets, and customers, adding more value in local markets and improving agricultural value chains.
The project, which is ADB’s first non-sovereign assistance directly co-financed by JICA, includes US$3 million in technical assistance, partially financed by the Canadian Climate Fund for the Private Sector in Asia, to provide capacity building training to smallholder coffee farmers across the project countries. The technical assistance includes training in avoiding deforestation and increasing productivity through climate-smart agriculture practices, including water harvesting and soil management.
This loan agreement underpins the mutual aims of Olam, ADB, and JICA to support the economic prosperity of farmers, as well as helping them to become stewards of the environment, which is essential for the future of agricultural production, said Prakash Jhanwer, Regional Head for South East Asia at Olam International.
Private investors encouraged to join TSN airport expansion project
Private investors can participate in the Tan Son Nhat International Airport expansion project, the Government Office said in a statement making clear Deputy Prime Minister Trinh Dinh Dung’s view on the matter.
Due to different views on passenger and cargo transport growth, the capacity of the airport, the traffic system inside the airport, the connection to facilities outside the airport, and the feasibility and socio-economic effectiveness of the expansion project, Deputy PM Dung assigned ADP-I consulting firm to continue studying ways to expand the airport as per the Prime Minister’s direction.
ADP-I should consider inputs from relevant ministries and agencies, the HCMC government and Airport Design and Construction Consultancy One Member Limited Company (ADCC).
Deputy PM Dung also asked the consultant to make clear the basis for its estimates of air passengers and cargo.
The consultant will also have to come up with solutions to use Can Tho Airport in easing overload at Tan Son Nhat International Airport, meeting the demand for transporting passengers and cargo in HCMC and southern provinces.
Costs for the construction of items serving the airport expansion should be clarified as well.
The Government assigned the Ministry of Transport to coordinate with the Ministry of National Defense and relevant agencies to determine the land required to be taken back for the airport expansion project, of which land managed by the Ministry of National Defense can be used for air traffic development, and propose implementing the project in phases.
The Ministry of Transport needs to specify the investment for each phase and items which will be built in both the north and the south of the airport such as taxiways, aircraft parking slots and passenger and cargo terminals.
The ministry will propose investment models for each item, encourage the use of private resources for the project, promptly complete a plan for expanding the airport and submit it to the Prime Minister and the Government for approval this month.
Tan Son Nhat International Airport expansion solutions have caused numerous controversies among experts. There are still mixed views over whether to expand the airport towards the north or south wing.
Property startups lead in new capital pledges in first quarter
Real estate startups make up the largest proportion of newly registered capital, according to the Business Registration Agency under the Ministry of Planning and Investment.
These startups pledge around VND79.1 trillion (US$3.4 billion), accounting for 28.4% of the total in the first quarter of this year.
A report by the agency shows Vietnam has had more than 8,000 new market entrants with total registered capital of VND81.1 trillion this month. As such, the country has had over 26,700 startups capitalized at VND278.5 trillion in the first quarter, up 1.2% and 2.7% respectively compared with the same period last year.
Each new company has average capital of VND10.4 billion, up a slight 1.5% against the year-ago period. The number of their registered employees is down 22.7% year-on-year to around 225,400 people.
Startups in wholesale/retail, and repairs of automobiles and motorcycles account for 34.4% of the total in quarter one. The construction sector comes second with 13.4%, followed by the manufacturing and processing sector with 12.2%.
Notably, startups in the real estate sector make up the largest registered capital of about VND79.1 trillion (US$3.4 billion), 28.4% of the total.
New companies in the construction sector take second place with VND42.1 trillion (15.1%), followed by those in the sector of wholesale and retail, and repairs of automobiles and motorcycles with VND38.5 trillion (13.8%), and those in the manufacturing and processing sector with over VND28.9 trillion (10.4%).
More than 8,400 enterprises have returned to business in the first quarter after a period of interruption, an 8.9% decline against the year-ago period. This brings the total number of businesses that have been newly established and resumed business operations to over 35,200.
In the same period, over 12,200 companies have registered to suspend operations, a year-on-year rise of 22.9%.
Of these, the companies in the sector of wholesale and retail, and repairs of automobiles and motorcycles represent 38.7%, followed by the construction sector with 15.2%, the manufacturing and processing sector with 12.8%, and the transport and warehousing sector with 5.9%.
Wood exports seen growing but risks loom
Exports of wood and wooden products are projected to post strong growth and reach US$9 billion in all of 2018, but risks in key markets loom, heard a seminar of the wood industry in Hanoi on March 27.
Speaking at the seminar, To Xuan Phuc, senior policy analyst at Forest Trends, said last year’s wood and wooden products exports grew 12.6% against the previous year to nearly US$7.7 billion.
This was an impressive result, especially at a time when protectionism was emerging in some major markets, Phuc added.
In addition, the quality of export products improved. Exports of furniture under the HS 94 heading, the group with high added value, accounted for some 70% of the total export turnover last year, up from 63.5% in 2015 and 2016.
Last year also witnessed strong export growth in main markets, particularly the U.S., China, Japan and South Korea. The four markets made up 76% of Vietnam’s total export turnover, with the U.S. alone accounting for 40.2%. Growth of the U.S. market was recorded at 13.6%, contributing greatly to boosting the industry’s 2017 export performance.
According to participants at the seminar, though wood and wooden goods exports are faring well in terms of volume and quality, the industry may experience difficulties given possible policy changes in vital export markets, especially the Big Four.
Phuc said a global trade war had been looming since U.S. President Donald Trump announced to impose US$60 billion in new tariffs on Chinese imports. Which products are subject to the new tariffs of the U.S. are unknown for now.
However, if they include wooden products, Chinese wood processors might flock to Vietnam to set up shop, causing Vietnam’s exports to the U.S. to spike.
There are signs of Chinese investments in Vietnam’s wood industry increasing. Chinese companies will pay lower U.S. duties when they export their products from Vietnam.
The U.S. makes up around 20% of all goods exports of Vietnam. The country’s wood processing sector has a trade surplus of over US$2 billion with America. If Chinese investment in the local wood processing industry is not well managed, Vietnam might face U.S. anti-dumping probes.
“This requires the industry and authorities to make necessary preparations,” Phuc noted.
There are also risks in the Chinese, South Korean and Japanese markets.
The Chinese market is open to Vietnam’s wooden products, bringing the sector an annual trade surplus of US$600 million. China is considering a stepwise approach to controlling the legality of wood used in its land.
As for Japan, this country started to implement the Clean Wood Act last May and is issuing documents guiding the implementation the act. Meanwhile, the South Korean government has the Act on the Sustainable Use of Timbers.
The enforcement of those acts may entail measures to tighten timber imports of such markets, affecting Vietnam’s exports in the coming time.
Foreign investment in Vietnam plunges in Q1
New foreign investment approvals in Vietnam have reached US$5.8 billion in the first quarter of the year, down 24.8% year-on-year, according to the latest report by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.
As of March 20, 618 foreign direct investment (FDI) projects had got investment certificates with total registered capital of US$2.12 billion, down 27.3% over the year-ago period. Besides, FDI investors had registered an additional US$1.79 billion for 200 operational projects in Vietnam, falling 54.6% against the same period last year.
In addition, foreign investors have acquired local company shares worth US$1.89 billion in nearly 1,300 transactions, surging 121.6% year-on-year. Of which, there have been 732 transactions valued at US$1.34 billion that raise local companies’ chartered capital and 553 others with a total investment of US$547.8 million that keep domestic firms’ chartered capital unchanged.
However, the higher number of projects whose shares have been bought by foreign investors has not led to an increase in committed foreign investments in Vietnam.
According to FIA, companies from 76 countries and territories have invested in the country in the first quarter of the year. South Korea takes the lead with US$1.84 billion, accounting for 31.6% of the total, followed by Hong Kong with some US$689 million and Singapore with US$649 million, making up 11.9% and 11.2% respectively.
Japanese investors, who used to inject a huge amount of capital in Vietnam, have not been listed in the top three countries with the most investment in Vietnam in January-March.
International firms have invested in 17 sectors and the processing and manufacturing sector has attracted the largest investment of US$3.44 billion, representing 59.4% of the total. The wholesale and retail sector comes second with US$531 million and the real estate sector third with US$486 million, accounting for a mere 9.2% and 8.4% respectively.
FIA estimated that US$3.88 billion has been disbursed for FDI projects, growing 7.2% versus the same period last year.
As for locations of FDI projects, foreign investors have registered to implement projects in 49 cities and provinces nationwide in the first three months of this year. HCMC has attracted a combined US$1.7 billion, making up 29.3% of the total, followed by Haiphong City with US$925 million and Binh Duong Province with US$565 million, representing around 16% and 9.7% respectively.
VNDirect to launch covered warrants
VNDirect Securities Corporation and some other securities firms plan to launch covered warrants (CWs) on the domestic stock market this quarter, having secured permission from the State Securities Commission of Vietnam.
VNDirect’s customers and investors can learn about CWs and seek opportunities to invest in CWs together with blue chips at seminars to be held by VNDirect in Hanoi and HCMC this Saturday.
VNDirect securities experts will analyze opportunities to invest in CWs of Hoa Phat Group and FPT Group.
VNDirect had earlier proposed the State Securities Commission approve its plan to launch CWs. According to stock exchanges, investors have great expectations of CWs with great advantages and risk management capability at a time of stock market volatility.
CW is expected to prevent risks for investors and diversify securities options with lower investment than traditional securities.
Vnese vegetables & fruits to China to be traced origin from April 1
The Ministry of Industry and Trade of Vietnam and the Asia-Africa Market Department yesterday sent information to exporters of vegetables, fruits and agricultural products of Vietnam to China relating to comply with the labeling regulations on product origin.
The Asia-Africa Market Department and the Ministry of Industry and Trade of Vietnam received information from Chinese fruit importers from Vietnam, on traceability requirements of the Guangxi management agency for fruit export from Vietnam to China through the import borders of fruits in Guangxi.
Accordingly, Chinese enterprises importing fruits from Vietnam need to provide pictures and product quality traceability information from April 1 when they apply the procedures for imported animal and plant quarantine permits at the inspecting and quarantining importing agency in Guangxi.
The product information includes name of fruit products, the origin, name or packing code in Chinese or English.
Businesses can add labels to supplement the information mentioned above and add the bar code, QR code or anti-counterfeit stamps.
Domestic cement consumption down, export market bright
Domestic cement consumption fell in March, while cement exports had growth against the same period last year, according to the Ministry of Construction.
Total cement consumption at home and abroad reached 7.96 million tonnes in March, a month-on-month increase of 340,000 tonnes but the same volume year-on-year, according to the ministry’s building material department.
In March, cement consumption in the domestic market stood at 5.56 million tonnes, a reduction of 11 per cent year-on-year. Meanwhile, the export volume was 2.4 million tonnes, marking a growth of 30 per cent year-on-year.
Experts attributed the difference in consumption between the two markets to lower domestic demand after Tet (Vietnamese Lunar New Year) and higher demand in China, where cement production has temporarily stopped.
The department said in the first quarter of this year, total cement consumption at home and abroad was expected to reach 20.97 million tonnes, 15 percent higher than the same period last year. Of this, export volume in the first quarter stood at 7.51 million tonnes, a year-on-year surge of 28 percent.
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