Trade

(VEN) - The number of trade defense lawsuits against Vietnamese exports has increased dramatically in recent years, especially in 2018. The Ministry of Industry and Trade’s Trade Defense Department forecast this trend would continue given the unpredictable developments in foreign markets. Vietnamese exports facing trade defense investigations include steel, aluminum, farm produce, shrimp, Tra fish, and fibers Trade defense booming The Trade Defense Department’s statistics show that as of November 2018, there were 141 trade defense investigations related to Vietnam’s exports (mostly steel, aluminum, farm produce, shrimp, Tra fish, and fibers), including 81 anti-dumping cases, 14 anti-subsidy cases, 27 self-defense cases and 19 anti-dumping tax evasion and anti-subsidy cases. The US has taken the lead with 27 cases, followed by Turkey with 20 cases, India with 17 cases, the EU - 14 cases, Canada - 11 cases, Australia - nine cases, and ASEAN … [Read more...] about Exporters face dramatic rise in trade defense lawsuits

(VEN) - Coffee exports are expected to reach US$3.5 billion in 2018, Luong Van Tu, Chairman of the Vietnam Coffee - Cocoa Association (VICOFA) recently told Vietnam Economic News’ Phuong Lan. VICOFA Chairman Luong Van Tu Why is the coffee exports’ value growth lower than quantity growth? Arabica and Robusta coffee prices have reached their lowest levels of the past 12 and five years, respectively. As a result, despite a quantity increase of over 20 percent, Vietnam’s coffee export value in the first 10 months of 2018 grew at the same pace as in the same period last year. However, Vietnam has increased exports of ground roasted and instant coffee according to its processed coffee export promotion policy. Processed coffee has high added value with prices of VND70-100 million per tonne compared to VND32-36 million per tonne in coffee beans. China is emerging as one of the biggest importers of Vietnamese coffee beans and instant coffee. Increasing coffee … [Read more...] about Instant coffee, instant results

(VEN) - Vietnam achieved record export results in 2018 despite the threats to the global economy, largely due to market diversification, doubling its trade surplus compared to 2017. “Having diversified export markets helped Vietnam to sustain export gains and to mitigate economic risks from external economic fluctuations,” according to a recently issued report by the World Bank.   Diversified export markets In 2017, Vietnam’s export-import reached a record US$425.12 billion, including US$214.02 billion in exports and US$211.1 billion in imports, putting the trade surplus at nearly US$3 billion. At the beginning of 2018, Prime Minister Nguyen Xuan Phuc asked the Ministry of Industry and Trade to target a 10-percent export increase, higher than the goal of 7-8 percent set by the National Assembly. The task was particularly challenging given the escalating US-China trade war, and challenges posed by non-tariff barriers for imported goods. To carry out its … [Read more...] about Vietnam’s exports, trade surplus hit new records

(VEN) - Vietnam has achieved impressive rice export results this year. Domestic companies have won bids to export rice to various markets. The number of government rice trade contracts has decreased while more commercial contracts have been signed. Rice exporters have gradually shifted the focus of their attention from quantity to quality. Changes in the structure of export products have increased the value of Vietnamese rice in the global market Increased value Ministry of Industry and Trade (MoIT) data show that Vietnam exported 5.7 million tonnes of rice worth US$2.86 billion in the first 11 months of 2018, up 16.8 percent in value compared with the same period last year. These results put rice on top of the list of agro-forestry-fishery products in terms of export value growth. In the first 10 months of 2018, Vietnamese rice was exported at prices averaging US$504 per tonne, up 12.3 percent compared with the same period last year. The structure of export rice … [Read more...] about Good signals for Vietnamese rice exports

(VEN) - Despite big trade promotion efforts, Vietnamese tea exports to Russia have declined in both volume and value. Decrease in volume and value According to the Ministry of Agriculture and Rural Development, in the first 11 months of 2018, Vietnamese enterprises exported 117,000 tonnes of tea products worth US$199 million, down 8.7 percent in volume and 4.2 percent in value compared to the same time in 2017, despite a 4.7 percent price increase during the same period. In the first 10 months of 2018, tea exports to Pakistan, Chinese Taipei, Russia, China and Indonesia represented 72.6 percent of the country’s total, up 9.7 percent from 62.9 percent in the same period of 2017. However, while tea exports Pakistan and Chinese Taipei increased in both volume and value, those to Russia, the third largest importer of Vietnamese tea in 2018, declined sharply in both volume and value. According to statistics of the General Department of Vietnam Customs, tea exports to Russia … [Read more...] about Vietnamese exports, not everyone’s cup of tea

(VEN) - Having put its fourth food platform into operation in Vietnam recently, MM Mega Market (MM) is fast-tracking production links to promote exports of Vietnamese agricultural products. Vietnam Economic News’ Huynh Pham spoke with Phidsanu Pongwatana, Managing Director of MM Mega Market Vietnam, about the company’s strategy to develop an agricultural model. We learned that MM Mega Market Vietnam just set in motion its first fruit platform in Vietnam. Can you share something about MM’s underlying strategy of the Ben Tre Fruit platform? As part of our strategy to push for strong growth of safe food supply chains for Vietnam, the Ben Tre fruit platform began operation in late October as a source of safe quality fruit products for our 19 stores across the country. More importantly, this depot will also be an export base for Vietnamese fruit exports to China, Thailand and other Southeast Asian countries. In the 2018 Phase I, Ben Tre Fruit Platform is projected to … [Read more...] about MM Mega Market promotes Vietnamese agriproducts

(VEN) - Domestic wood companies will say “no” to illegal timber when the Voluntary Partnership Agreement (VPA) between Vietnam and the EU on Forest Law Enforcement, Governance and Trade (FLEGT) takes effect. Nguyen Ton Quyen, Secretary General of the Vietnam Timber and Forest Product Association (VIFORES), spoke about the agreement with Vietnam Economic News’ Hanh Nguyen. Minimizing risks from timber imports is crucial Could you share the implementation roadmap for the VPA/FLEGT between Vietnam and the EU? Following the signing of the agreement on October 19, 2018, 28 EU member states will submit it to their national parliaments for ratification. For Vietnam’s part, after the government ratifies the VPA, the Ministry of Agriculture and Rural Development (MARD) will coordinate with other ministries and sectors to compile a draft degree guiding its implementation. The agreement is expected to take effect in 2021. Timber supplies from Africa … [Read more...] about Wood business says no to illegal timber

(VEN) - At a recent meeting of the Ministry of Industry and Trade (MoIT), Phan Van Chinh, Director of the Foreign Trade Agency, said the 2018 import and export value is expected to exceed forecasts and the targets set by the National Assembly. Institutional improvements have been promoted to create a favorable legal corridor for import, export activities Satisfactory results Phan Van Chinh said that in the first 11 months of 2018, Vietnam exported more than US$223.6 billion worth of goods, 14 percent more than during the same period last year, and the export value is expected to reach US$245 billion by year’s end, up 15.4 percent compared with 2017. This export value is expected to yield a trade surplus of about US$5.9 billion. Earlier this year, the National Assembly and the government assigned the industry and trade sector to increase the annual export value by 7-8 percent and curb the trade deficit to below three percent of the export value. According to … [Read more...] about Foreign trade results to exceed forecasts

(VEN) - The 16th Vietnam International Trade Fair (Vietnam Expo 2018) took place in Ho Chi Minh City from December 5-8, with 800 pavilions and the participation of 750 companies from 20 countries and territories.  The attraction of an annual fair Vietnam Expo has been held annually for the past 15 years, enabling participating companies to introduce new products and seek opportunities to expand their sales networks, as well as offering visitors a chance to access new technologies. Vietnam Expo has introduced a wide range of products in fields such as electronics, electricity, spare parts, industrial machinery, indoor and outdoor furniture, financial services, telecommunications and e-commerce. Five forums and workshops were held within the framework of Vietnam Expo 2018, according to its organizer, the Vietnam National Trade Fair and Advertising Company (VINEXAD). These included a Vietnam-China economic and trade cooperation forum; an international workshop on global trends … [Read more...] about Vietnam Expo 2018, a chance to meet and greet

(VEN) - Secretary of Argentina’s Embassy in Vietnam, Carmen Rivero tells Vietnam Economic News’ Hoa Quynh that local business needs to pay greater attention to consumer cultures and demands in order to access the Argentine market. What are your assessments of Vietnamese-Argentine trade? Bilateral trade has been growing well in recent years to reach more than US$3 billion in 2017. Argentina has become Vietnam’s second largest Latin American trade partner. Bilateral trade has not only grown in value and quantity but also diversified in terms of goods categories. Argentina exported electronics, cotton, animal feed, wine and beef, while Vietnam exported textiles, garments, footwear, electronics, wood, rubber, coffee and animal feed. Data show that bilateral trade reached almost US$2.8 billion in the first 10 months of 2018. While it is a positive achievement, this year the two countries set a target of diversifying traded goods and increasing trade value. Actually, … [Read more...] about Studying local tastes to access Argentine market