Trade

(VEN) - Vietnamese cement manufacturers have had to export their products at lower prices than their domestic ones in order to reduce inventories. Vietnam Economic News’ Nguyen Hanh spoke about this with Associate Professor Dr. Dinh Trong Thinh from the Academy of Finance. Cement exports continue to grow What do you think about cement being exported at a price lower than its domestic price? It is important to acknowledge that the cement industry has a major negative impact on the environment. However, the industry’s development for the domestic market is necessary. When supply exceeds demand in the domestic market, it is necessary for businesses to export product even at a price lower than the domestic price to avoid amassing inventories and earn foreign currency revenues. However, in the long run, exporting cement at such a low price is not sustainable given production costs and the price of similar products in other countries. The low export price … [Read more...] about The cost of Vietnam’s cement export growth

(VEN) - The Ministry of Industry and Trade is increasingly focused on promoting connectivity between producers and distributors in order to accelerate product and market growth and improve the competitiveness of Vietnamese goods and services. To that end, the ministry recently launched the “Vietnamese Goods Identification - Proud of Vietnamese Goods” program 2018 and the Vietnamese Goods Development Partners Conference in Ho Chi Minh City. Deputy Minister of Industry and Trade Do Thang Hai said the “Vietnamese Goods Identification - Proud of Vietnamese Goods” program 2018has entered a new period of development, with a focus on producer-distributor links. The Buy Vietnamese Goods campaign has been implemented for nine years to increase the presence of Vietnamese goods in more than 9,000 points of sales nationwide. From 65-95 percent of all goods distributed domestically are Vietnamese goods, with the rate in such leading distribution channels as Co.opmart, … [Read more...] about Push underway to connect producers and distributors

Saigon Times to hold conference on Japanese marketThe Saigon Times Daily Food made of rice flour such as rice vermicelli and pho (Vietnamese dried noodles) are favorite items of Japanese consumers. The upcoming conference held by the Saigon Times Group will help local firms gain insights on the Japanese market - PHOTO: TAM AN HCMC – Local firms will have the opportunity to gain insights on the Japanese market in preparation for deeper penetration into the eastern Asian country by attending a conference on ways to expand their businesses into Japan, which is slated to take place on November 29 at the headquarters of the Saigon Times Group in HCMC. The event, titled, “Expand Business into Japan,” will be organized by the Saigon Times Startup Supporting Group, under the Saigon Times Group, in collaboration with ChatWork company. Participants of the event will be informed of the current demands of the Japanese market, particularly the Japanese people and … [Read more...] about Saigon Times to hold conference on Japanese market

The 2018 Vietnam Craft Village Trade Fair officially commenced at the Trade Promotion Center for Agriculture in Hanoi on November 17. Delegates cut the ribbon to open the 2018 Vietnam Craft Village Trade Fair The five-day event features more than 150 pavilions from provincial-level People’s Committees, Departments of Agriculture and Rural Development, trade promotion centers, agricultural encouragement centers, craft villages, craftsmen, households, and cooperatives nationwide. The exhibits include unique and refined handicraft products, agro-forestry and fishery products, food and beverages, souvenirs, and specialties of localities across the country. In his opening remarks, Deputy Minister of Agriculture and Rural Development, Hoang Van Thang, the trade fair aims to promote the value of Vietnamese craft villages and address the limitations in developing the market and connecting stages in the craft village value chain. The fair is an important trade promotion event … [Read more...] about Vietnam Craft Village Trade Fair features over 150 pavilions

Enterprises should prepare for stricter EU chemical regulationsBy Thuy Dung Employees are working at a garment company for exports in this file photo. Local exporters were advised to stay updated on the latest regulations on chemicals and make thorough preparations when exporting products to Europe - PHOTO: VGP HANOI – Vietnamese exporters were advised to stay updated on the latest regulations on chemicals and make thorough preparations when exporting products to Europe, as the European Union (EU) has recently enacted stricter REACH Regulations. REACH is the European Regulation on Registration, Evaluation, Authorisation and Restriction of Chemicals, which came into force in 2007. It is considered the most stringent set of international regulations on the use of chemicals in manufacturing. In particular, businesses that export an annual volume of at least one ton of chemicals to the EU have to register. This new regulation took effect in May this year, with an aim to … [Read more...] about Enterprises should prepare for stricter EU chemical regulations

(VEN) - Following the success of the opening of national pavilions at international trade fairs, the Italian Trade Agency (ITA) organized the Italian Pavilions at FoodExpo 2018 at Saigon Exhibition and Convention Center (SECC). This is the third time that Vietnam FoodExpo welcomes the participation of Italian businesses from all parts of Italy in the event to introduce their leading products and brands. They are COOPERATIVA PRODUTTORI SUINI PROSUS S.C.A. that specializes in processing and supplying pork products; DIVELLA F. S.P.A. that is proud of its pasta, tinned and bottled tomatoes, biscuits, pure olive oil, balsamic vinegar, tinned beans, rice, etc.; FITNESS COFFEE GVM that produces and exports coffee, tea and barley; PASTIFICIO F.LLI CELLINO S.R.L. that produces pasta; WORLD OF ITALY SRL that specializes in canned foods like peeled tomatoes, chopped tomatoes, pizza sauce, tomato paste, vegetables, beans, pasta sauces, red and green pesto, olive oil and balsamic vinegar. … [Read more...] about A taste of Italian delights served at FoodExpo 2018

Vietnam gains record trade surplusThe Saigon Times Daily A container vessel is loaded with cargo at Cai Mep Port in the southern province of Ba Ria-Vung Tau Province – PHOTO: LE ANH HCMC – Vietnam’s trade surplus in January-October reached an all-time high of US$7.2 billion, well above the full-year figure of US$2.1 billion for 2017, backed by the foreign direct investment (FDI) sector, according to the General Department of Vietnam Customs. Customs data shows that the total value of imports and exports as of late October amounted to roughly US$397 billion, of which the country exported goods worth more than US$202 billion, a 15.2% rise over the year-ago period. The FDI sector gained a staggering US$142.8 billion in export revenue, rising by 15% from a year earlier and accounting for nearly 71% of the country’s export value. In terms of markets, Vietnam gained a trade surplus with countries from the Americas and Europe while the country suffered a … [Read more...] about Vietnam gains record trade surplus

DATC to trade debts with FDI firmsThe Saigon Times Daily Vietnam Debt and Asset Trading Company will expand its debt trading activities to all enterprises in the economy, including foreign-invested firms - PHOTO: VGP HCMC - Vietnam Debt and Asset Trading Company (DATC) under the Ministry of Finance will expand its debt trading activities to all enterprises in the economy, including foreign-invested firms, aside from doing so with State-owned enterprises (SOEs) as usual, news website VnEconomy reported. Pham Manh Thuong, deputy general director of DATC, announced the business expansion plan at a press conference held by the ministry on November 13. The DATC leader said the expansion was expected to have a positive impact on enterprises as well as on the local economy in the years to come. DATC was founded following Decision No.109/2003/QD-TTg, dated June 5, 2003, by the prime minister giving his approval. Its main functions are buying and selling debts of enterprises by tapping … [Read more...] about DATC to trade debts with FDI firms

Automobile consumption surpasses year-ago figuresBy Hung Le Models pose for photos with autos on display at Vietnam Motor Show 2018 - PHOTO: HUNG LE HCMC – The surge in automobile consumption in October took the total number of autos sold in the market over the January-October period to 223,326, showing a 1% year-on-year increase after nine consecutive months of decline. The Vietnam Automobile Manufacturers Association’s latest report indicates that the country saw automobile consumption soaring by 21% in October against September to 28,899 units sold and rising by 18% year-on-year. Of the figure, consumption of passenger and specialized autos amounted to 21,288 units and 515 units, up 25% and 31%, respectively, while sales of commercial vehicles reached 7,096 units, edging down 7%. The automobile market saw the sale of locally assembled vehicles inching up a mere 2% in October to 17,599 units, while some 11,300 completely-built-up autos were imported into Vietnam, … [Read more...] about Automobile consumption surpasses year-ago figures

Vietnam retains antidumping taxes on Chinese H-shaped steelThe Saigon Times Daily HCMC – The Ministry of Industry and Trade has issued two decisions on maintaining anti-dumping measures against some galvanized steel and H-shaped steel products from China and South Korea, Thanh Nien newspaper reported. Antidumping duties on H-shaped steel imports from China remain unchanged. Another decision on retaining the antidumping tariffs on galvanized steel items imported from China and South Korea into Vietnam was also launched. In the last 60 days of a year starting from the issuance of the decisions, the relevant sides may submit a request for a review. Earlier, on August 21, 2017, the ministry decided to slap antidumping duties on Chinese H-shaped steel imports classified under Harmonization System Codes 7216.33.00, 7228.70.10 and 7228.70.90. Four steel manufacturers and 10 commercial enterprises that participated in the antidumping investigation were subject to the antidumping … [Read more...] about Vietnam retains antidumping taxes on Chinese H-shaped steel