Illustrative image (Photo: VNA) Hanoi (VNA) – The domestic agricultural sector is working to raise the quality and value of Vietnamese coffee given that coffee export turnover has yet to match the volume. Vietnam ships more than 1.5 million tonnes of coffee abroad each year, of which 90 percent is raw coffee which yields low value. Vietnamese coffee is exported to more than 80 countries and territories worldwide, with export revenue exceeding 3 billion USD, making up 14 percent of the market share and 10.4 percent of raw coffee export value globally, second after Brazil. Vietnam’s top coffee importers are Germany, the US, Italy, Spain, Japan, Belgium, Russia, Algeria, the Philippines and China, which, together, account for 80 percent of the country’s total coffee export turnover. However, during 2013-2017, the local coffee sector grew by only 6.57 percent annually mainly due to fluctuations on the global coffee market and the unbalanced domestic coffee … [Read more...] about Vietnam targets higher coffee quality, value
Global value chain analysis
BUSINESS IN BRIEF 13/9
The 7th international exhibition on technology, equipment and solutions for electricity transmission and distribution (Electric & Power Vietnam 2018) opened in Ho Chi Minh City on September 12. Especially, it is organised in parallel with an international exhibition on renewable energy called “Renewable Energy Vietnam 2018”, contributing to promoting the development trend of electricity in the world. The exhibitions attracted 180 entities from 22 countries and territories across the world, including six groups of international booths supported by international associations such as the Indian Electrical & Electronics Manufacturers’ Association, and Germany’s Federal Ministry for economic Affairs and Energy. The events see big brands in energy and technology industry such as the East Sea Energy Environment Group, the Song La Technical Equipment Co., Ltd, and the Solar Energy. According to BT Tee, General Director of UBM Vietnam, the … [Read more...] about BUSINESS IN BRIEF 13/9
FDI – a successful part in Vietnam’s economic development: WB economist
Lead Economist for World Bank in Vietnam Sebastian Eckardt (Photo: VNA) Hanoi (VNA) – Since the Law on Foreign Investment was passed in 1987, Vietnam has been successful in attracting FDI, and the investment inflows have contributed greatly to Vietnam’s economic development, according to the Lead Economist for World Bank in Vietnam Sebastian Eckardt. Question: Please kindly assess the general impacts of FDI inflows towards Vietnamese economy in the last 30 years. Answer: So Vietnam has been quite successful in attracting FDI ever since the country opened up to foreign investment and if we look at the impact, we can say that FDI has really contributed in various ways, including industrialization, where a lot of investment went into manufacturing sector, building capacity across a range of sectors including electronics but also more traditional industries such as garment and shoe factory, and so on, really fueling Vietnam strong export performance and … [Read more...] about FDI – a successful part in Vietnam’s economic development: WB economist
HCM City to determine key exports
Identifying HCM City’s typical export products should not be based simply on their export volume or value or subjective decisions, but on careful analysis, experts have said. The city Department of Industry and Trade held a seminar on August 29 to identify the city’s top export products and collect opinions from experts, business groups and enterprises for its Export Development Project in 2017-20 before submitting to the People’s Committee for approval. The project’s objectives are to forecast opportunities for and challenges to exports, identify the most competitive export sectors and products, and propose solutions and strategies for developing exports. Nguyen Ngoc Hoa, the department’s deputy director, said the department is working with the Institute of Public Policy - University of Economics HCM City and experts from Fulbright University to develop the project. The consulting team has used a variety of research methods to identify the city’s … [Read more...] about HCM City to determine key exports
Conference discusses global shrimp demand, Vietnam’s supply capacity
Shrimp for exports (Illustrative image. Source: VNA) HCM City (VNA) – There is room for the development of Vietnam’s shrimp sector thanks to favourable farming conditions and increasing global demand, heard a conference held in Ho Chi Minh City on August 23. At the event entitled “Global shrimp demand and Vietnam’s supply capacity to 2025”, experts stressed the industry still faces challenges. Ho Quang Luc, former Chairman of the Vietnam Association of Seafood Exporters and Producers (VASEP), noted that Vietnam has a large area of 700,000 hectares for shrimp farming. “Due to favourable weather, Vietnamese farmers can raise shrimp all year round,” he said, adding that local farmers’ skills exceed the global average. The country also has great processing potential, with nearly 100 shrimp processing factories, generating about 500,000 tonnes of products every year, he added. Despite its potential and support from the Government and … [Read more...] about Conference discusses global shrimp demand, Vietnam’s supply capacity
Experts discuss global shrimp demand, VN’s supply capacity
Viet Nam News HCM CITY – Việt Nam’s supply capacity to 2025 to fulfill global shrimp demand is sufficient but the industry still faces challenges, speakers said at a conference held on Thursday in HCM City. Former chairman of the Việt Nam Association of Seafood Exporters and Producers (VASEP) Hồ Quang Lục noted that Việt Nam has a large area of 700,000ha for shrimp farming. “Due to favourable weather, Vietnamese farmers can raise shrimp all year round,” he said, adding that local farmers’ skills exceed the global average. “Việt Nam also has great processing potential, with nearly 100 shrimp processing factories, generating about 500,000 tonnes of products every year,” he added. Despite its potential and support from the Government and Ministry of Agriculture and Rural Development (MARD), shrimp farmers still face poor infrastructure, low-quality shrimp breeders and high farming costs, among others. … [Read more...] about Experts discuss global shrimp demand, VN’s supply capacity
BUSINESS NEWS IN BRIEF 3/8
JLL reports on real estate M&A in first half Vietnam’s real estate market continued to exhibit irresistible appeal among foreign investors in the first half of 2018 and continued to witness high-value merger and acquisition (M&A) transactions in a variety of sectors such as residential, commercial, and industrial, according to Ms. Khanh Nguyen, Associate Director, Capital Markets, Vietnam, at JLL. Joint ventures have become popular among foreign developers who have strong financial capacity and track record, with them joining forces with local developers who own land and have strong connections with the local community. Foreign investors are from many different countries, such as Japan, South Korea, and Singapore, and with an increasing number of groups from Mainland China. JLL observes that there is an increasing number of local investors who are actively seeking real estate deals alongside foreign investors. 2018 started off with the acquisition of Sun Wah office tower … [Read more...] about BUSINESS NEWS IN BRIEF 3/8
Asia’s leading food fair to host largest contingent of global buyers
Participants visit a booth that will be part of the THAIFEX-World of Food Asia 2018 to be held in Bangkok from May 29 to June 2. — VNS Photo Bo Xuan Hiep Asia’s leading food and beverage trade show THAIFEX-World of Food Asia 2018 will return in its 15th edition as the largest satellite show of Anuga, the world’s foremost food and beverage (F&B) exhibition for the Asian market. The trade show, to be held from May 29 to June 2 in Bangkok, will feature an international line-up of exhibitors, including as many as 60 from Viet Nam. The gateway to ASEAN’s F&B industry, the trade show is strategically positioned to penetrate the ASEAN region, which is expected to grow 5.1 per cent this year and is projected to rank as the fourth largest economy by 2050, according to the show’s organisers. Speaking at a press conference held yesterday in Bangkok, Nuntawan Sakuntanaga, permanent secretary of the Thai Ministry of Commerce, said the food industry is one of … [Read more...] about Asia’s leading food fair to host largest contingent of global buyers
VN seeks to accelerate agricultural restructuring
Accelerating agricultural restructuring towards large-scale and high-tech production became critical for the sector involving 70 per cent of the country’s population but contributing just below 20 per cent of the country’s gross domestic product (GDP). At a recent working session with the Prime Minister’s economic consultants team, Minister of Agriculture and Rural Development Nguyen Xuan Cuong said the agricultural sector was facing growing competition and technical barriers. Cuong said the restructuring process helped improve the production capacity significantly with many products now in surplus. However, scattered production and low productivity were still problems that needed a resolution, Cuong said, adding Viet Nam had 8.6 million farmer households and 78 million fields. Cuong expected the PM’s team to study and propose policies to reduce the proportion of labour in agriculture, attract investments in infrastructure, especially in the irrigation system, … [Read more...] about VN seeks to accelerate agricultural restructuring
Việt Nam business eyes the world
HÀ NỘI — Deputy Prime Minister Vương Đình Huệ said that international economic integration would be the focus of economic restructuring in 2018, requiring breakthroughs in negotiation, signing of free trade deals and improving the legal framework. Huệ was speaking at the 2018 first meeting of the Inter-sectoral Steering Committee for International Economic Integration yesterday. “It is necessary to enhance free trade agreements (FTAs) and national competitiveness as well as competitiveness of different industries,” Huệ said. “Preparations must be taken to actively adapt to integration, especially in fields expected to be the most vulnerable, such as husbandry, cultivation and sugar industries.” He said that integration would bring benefits from tariff cuts and/or removal, but this would also mean a drop in budget revenue. “The adjustments of domestic taxes are needed, but must be implemented with … [Read more...] about Việt Nam business eyes the world