The facility, to enable Tan Long Group JSC (Tan Long Group)—a market leader in soft commodity trading—to diversify the procurement of agri-commodities, is part of IFC’s Global Warehouse Finance Programme (GWFP) that increases available financing to agricultural producers and traders in agricultural countries such as Vietnam. Underpinning the deal is a 50:50 risk-sharing partnership between IFC and VPBank, with each participating in risk for up to $25 million on an unfunded basis covering half of every eligible transaction under the facility. “Diversifying trade finance products will help realise VPBank’s strategy of becoming a leading SME bank over the next five years, with supporting local importers and exporters as a pillar,” said Dinh Van Nho, VPBank deputy chief executive officer cum head of Corporate Banking Division. This partnership is expected to have a significant development impact on the animal protein value chain in Vietnam—an … [Read more...] about Unlock further agri-financing opportunities for processing firms
Vietnam is the biggest exporter of cashew nuts in the world. (Illustrative image. Source: VNA) Hanoi (VNA) – The Ministry of Industry and Trade will send a delegation to Egypt to study investment in logistics and promote trade in the second biggest economy in Africa from December 1-6. Egypt is the largest economy in North Africa and the second in Africa, while Vietnam is the biggest exporter of black pepper and cashew nut in the world. The Southeast Asian country also ranks second globally in exporting rice and coffee. According to the Ministry of Industry and Trade, Egypt has been Vietnam’s second biggest export market in Africa, after South Africa, in recent years. The ministry plans to organise a workshop on logistics investment and trade promotion in Egypt’s Alexandria city, and hold working sessions with the Chamber of Commerce and Industry in Cairo as well as some major Egyptian businesses and associations. This will be a great opportunity for … [Read more...] about Vietnam to study logistics investment in Egypt
She returned to Vietnam in August after Chinese authorities raided and deported undocumented immigrants. More about how she returned later. Cut to the present. In a countryside garment factory in the northern Bac Giang Province, Bien sits beside a bunch of red cloth bags. Around her dozens of other workers are making bags on sewing machines, but not Bien: Her job is to affix the company label on the bags, and she gets less than VND100,000 ($4.32) a day for it. She was given that job after failing to learn sewing despite eight days of training at the factory. "It's too difficult, I can't sew," she says. Bien is one of many Vietnamese trafficking victims rescued from China who returned lost, damaged, with little assurance their life would ever go back to the normal old days. Before being trafficked to China, she had been quite resourceful, working her family's rice field in Dong Lo Commune in Bac Giang while also attending a babysitting class. On October 2, 1991, when she was 23, Bien … [Read more...] about The plight of human trafficking survivors: Back from hell but to what?
Minister of Industry and Trade Tran Tuan Anh (R) and Minister of Agriculture and Rural Development Nguyen Xuan Cuong (C) at the conference on the EVFTA held in Ho Chi Minh City on August 21 (Photo: VNA) HCM City (VNA) – Overcoming tariff barriers doesn’t mean Vietnamese good and services can easily enter the European Union (EU), but they still have to satisfy strict non-tariff requirements of what is one of the world’s most demanding markets, according to Minister of Industry and Trade Tran Tuan Anh. The EU-Vietnam Free Trade Agreement (EVFTA) was signed in Hanoi on June 30. Once taking effect, it will eliminate 99 percent of the import tariff lines between the two sides in 7-10 years. This is the highest commitment level Vietnam has received among the FTAs it has inked. Notably, many commodities will benefit from the zero-percent tariffs immediately after the deal becomes effective such as coffee, peppercorn, honey and aquatic products. At a conference … [Read more...] about Tariff removal doesn’t mean easy entrance into EU market: minister
The project is expected to unlock new market opportunities and increase income for the smallholder farmers, thus contributing to better food security, the IFC announced during an event to launch the project in Vietnam on June 22. The project, Farmer Advisory Component, is a component of IFC’s broader Vietnam Food Safety Programme, which was launched in July 2017 in partnership with the Slovak Republic, aiming to address food safety standards and practices in the country. The annual food consumption in the domestic market accounts for roughly 15 percent of Vietnam’s GDP, with an average annual growth rate of approximately 18 percent. But, inadequate safety standards can inhibit the sector’s growth potential, jeopardising consumer health and reducing market opportunities for local food producers in the modern food value chain. “Implementing internationally accepted food safety practices and systems is essential for the sustainable growth of … [Read more...] about Smallholder farmers to get support to improve food safety