Agro-forestry-fishery exports generate 25.7 billion USD in 8 months The agro-forestry-fishery sector raked in 3.13 billion USD from exports in August, raising the total value in the first eight months of this year to 25.7 billion USD, up 7.3 percent year-on-year. According to the Ministry of Agriculture and Rural Development, the best performers in the period included rice, fruit and vegetables, key forestry products and seafood. Exports to major markets like the Association of Southeast Asian Nations (ASEAN), the Republic of Korea (RoK), China, the US and Japan increased significantly over the past eight months. The country exported about 4.4 million tonnes of rice worth 2.2 million USD between January-August, up 6.8 percent in volume and 22.1 percent in value from the same period last year. In August alone, 441,000 tonnes valued at 209 million USD was shipped abroad. China remained Vietnam’s largest rice importer, making up 24.7 percent of the market … [Read more...] about BUSINESS NEWS IN BRIEF 2/9
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BUSINESS IN BRIEF 19/6
Nawaplastic still hungry for Binh Minh Plastic shares Owning a dominant stake in Binh Minh Plastic (BMP) did not quench Nawaplastic Industry Co., Ltd. (Nawaplastic)’s thirst for BMP shares. Most recently, Nawaplastic registered to buy an additional 1.17 million BMP shares to increase its holding to 44.525 million shares, equalling 54.39 per cent of the charter capital. The transaction is expected to occur between June18 and July16. The registered share volume is the remaining part of the 2.86 million shares that Nawaplastic failed to buy during previous transactions. Notably, Nawaplastic registered to buy 2.86 million BMP shares during transactions on May 14-June 12, however, the Thai investor ended up buying 1.69 million of the registered shares as BMP did not match Nawaplastic’s target price. BMP manufactures and trades civil and industrial products made of plastic and rubber. The company also designs, manufactures, and trades in plastic moulds for the casting industry; … [Read more...] about BUSINESS IN BRIEF 19/6
BUSINESS IN BRIEF 13/6
Da Nang sets economic goals towards 2030 The central city of Da Nang aims to have the GRDP growth of 9 – 11 percent and GRDP per capita ranging between 7,000 USD and 9,000 USD for 2018 – 2030. The goals were mentioned at a workshop held by the municipal People’s Committee on June 11 to discuss the city’s development by 2030 with a vision towards 2045. The workshop gathered urban planners, economists and policy makers both at home and abroad. These experts shared hands-on experience from a number of local and foreign cities to give leaders of Da Nang a broader view of the city’s advantages, competitiveness, capacity to expand urban spaces in tandem with development of public transport, and how to build policies and raise capital for infrastructure development and develop the city sustainably. To meet the achievements, Da Nang plans to achieve strong economic growth with breakthroughs by promoting Industry 4.0 and international integration; develop a … [Read more...] about BUSINESS IN BRIEF 13/6
BUSINESS IN BRIEF 6/6
VN garment sector to boost export growth The domestic textile and garment industry is expected to sustain growth in exports in the coming months, according to the Viet Nam Textile and Apparel Association (VITAS). Truong Van Cam, VITAS vice chairman and general secretary, said many textile and garment companies had signed contracts to produce export products in the third quarter of this year. Many Vietnamese garment firms had also sustained high growth this year in traditional markets such as the United States, the Republic of Korea, the European Union, and member-states of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Cam said a series of recently-signed free trade agreements (FTAs) was expected to boost the sector. Since 2001, Viet Nam had signed bilateral trade agreements with the US, Japan, China, and the Republic of Korea, as well as Australia, New Zealand, and India, and joined the World Trade Organisation. However, global demand for textiles … [Read more...] about BUSINESS IN BRIEF 6/6
BUSINESS IN BRIEF 26/4
TTC Sugar purchasing treasury shares The Thanh Thanh Cong - Bien Hoa JSC (TTC Sugar, stock code: SBT) began to purchase shares on April 18 to increase its treasury share (TS) holding and capital surplus, via order matching at market prices. It expects to continue to do so until May 17.Sao Do breaks through with brand powerVND20 trillion in credits for HCMC’s 2018 market stabilizationTaxi operators want ride-hailing cabs to change number plate colorHCMC taxman asks Grab to pay Uber transfer taxMinistry explains delay in announcing RON 95 petrol base price Da Lat flower growers need help: experts Around 300 million flowers from Da Lat are exported to markets such as Japan, South Korea and China every year, but experts say that more active networks among growers and buyers could help the industry reach its full potential. Da Lat has 9,000 hectares devoted to growing flowers, with many farmers using glasshouses which have increased output and profits, up to VND5 … [Read more...] about BUSINESS IN BRIEF 26/4
BUSINESS IN BRIEF 15/4
Saigon Co.op to open 50 more convenience stores Saigon Co.op, the country’s leading retailer, will open an extra 50 Cheers in convenience stores in HCMC in partnership with NTUC FairPrice of Singapore this year, said Nguyen Thanh Nhan, general director of Saigon Co.op. At a 2017 review meeting of Saigon Co.op last week, Nhan said Cheers stores would sell household and consumer goods and operate 24/7. In HCMC, there are already two Cheers stores. Besides Cheers, Nhan said this year Saigon Co.op would open 19 more Co.opmart supermarkets, two more Co.opXtra stores, 150 more Co.opSmile shops and at least one more Co.opmart hypermarket in a high-end residential area. To maintain its position as Vietnam’s leading retailer, Saigon Co.op must focus on expanding the retail network, diversifying products and developing logistics, said Nhan. Saigon Co.op is expected to achieve a 10% increase in total revenue. A report released at the meeting showed that in 2017 Saigon Co.op made some … [Read more...] about BUSINESS IN BRIEF 15/4
BUSINESS IN BRIEF 30/3
Vietnam Airlines marks new step in Russian market The first flight using Boeing 787-9 Dreamliner aircraft of national flag carrier Vietnam Airlines arrived at Domodedovo airport in Moscow, Russia, on March 27 (local time). Speaking at the welcome ceremony, Chief Representative of Vietnam Airlines in Russia Le Thanh Dung said the airline is striving to meet demand of passengers in Russia, adding that the airlines will operate new routes linking Vietnam and Russia in the future. Meanwhile, Vietnamese Ambassador to Russia Ngo Duc Manh congratulated Vietnam Airlines on using Boeing 787-9 Dreamliner for the Hanoi-Moscow air route, contributing to the enhancement of the partnership between Vietnam and Russia, especially in tourism and people-to-people exchanges. Boeing 787-9 Dreamliner can carry up to 311 passengers and saves 20 percent of fuel compared to previous generations of aircraft. Vietnam Airlines was recognised as a 4-star airline for two consecutive years in 2016 and 2017 by the … [Read more...] about BUSINESS IN BRIEF 30/3
India rice rates gain as Bangladesh keeps up purchases, Vietnam ends flat run
Rice prices gained this week in India as Bangladesh continued to lap up the staple grain from its neighbour, while prospects of deals with the Philippines saw rates climb for the first time in three weeks in a relatively quiet Vietnamese market. In Vietnam, benchmark 5 percent broken rice rose to $400 a ton, free-on-board (FOB) Saigon, ending a three-week flat trend within the $390-$395 range, and boosted by prospects of deals with the Philippines, traders said. “Prices edged up on market talk that the Philippines would invite tenders to buy 250,000 tonnes at the end of January,” a trader in Ho Chi Minh City said. However, trading remained thin due to depleted stocks in the world’s third-largest rice exporter, while Vietnam’s major winter-spring crop would be ready only by the end of February, traders said. Vietnam plans to sell close to a 23 percent stake in the country’s main rice exporter Vinafood II through an initial public offering. Top exporter … [Read more...] about India rice rates gain as Bangladesh keeps up purchases, Vietnam ends flat run
India rice rates gain as Bangladesh keeps up purchases; Vietnam ends flat run
Rice prices gained this week in India as Bangladesh continued to lap up the staple grain from its neighbour, while prospects of deals with the Philippines saw rates climb for the first time in three weeks in a relatively quiet Vietnamese market. Top exporter India’s 5 percent broken parboiled rice prices rose by about $2 per tonne this week to $423-$427. Traders from Bangladesh are aggressively buying new-season crop since prices in Bangladesh are still elevated, said an exporter based in Kakinada in the southern state of Andhra Pradesh. India’s rice exports likely jumped 22 percent in 2017 to a record 12.3 million tonnes as Bangladesh ramped up purchases after flooding damaged its crops. As of the end of December, farmers in India had cultivated winter-sown rice on 1.88 million hectares, 44 percent higher than a year earlier. Prices were also higher in another major Asian exporter, Thailand, with the country’s benchmark 5 percent broken rice gaining to $395-$410, … [Read more...] about India rice rates gain as Bangladesh keeps up purchases; Vietnam ends flat run
BUSINESS IN BRIEF 9/1
Vingroup, T&T to develop urban railway projects in HanoiThe government of Hanoi City has proposed the Prime Minister allow Vingroup and T&T Group to develop three urban railway projects which the city plans to complete by 2025, Tuoi Tre newspaper reports.The two domestic investors will use their capital to make pre-feasibility studies for these projects.When the projects were announced, many investors expressed interest in Hanoi. However, only Vingroup and T&T Group have registered to take part.Both of them proposed implementing the projects in the build-transfer (BT) format. Particularly, Vingroup registered to build the 38.4-kilometer metro line No. 5 which connects Van Cao and Hoa Lac and metro line No. 2 from Tran Hung Dao to Thuong Dinh with a length of 5.9 kilometers. Meanwhile, T&T Group is keen on metro line No. 4 connecting Me Linh, Sai Dong and Lien Ha, and measuring 54 kilometers in length.The two investors said they would use their own finances to study the … [Read more...] about BUSINESS IN BRIEF 9/1