Quad cities business news

Trade turnover touches US$100 billion in first quarter Vietnam’s total trade turnover amounted to US$100 billion between January and March 19, according to Vietnam Customs. Recently-released statistics from the General Department of Vietnam Customs show that the country raked in US$10.95 billion during the first half of March, with many export staples enjoying a sharp increase in value. The figure helped to lift the country’s total turnover of exports to US$47.05 billion by March 15, an on-year rise of 5.4 per cent. A number of exports recorded a strong rise in value across the reviewed period. They include telephones and components, garments and textiles, computers, electronic items and components, wood and wooden products, and means of transport and spare parts. Meanwhile, imports reached a total of US$21.3 billion during the first half of March, bringing the total import value to US$93.6 billion by March 15. The figure edged up to US$100 billion by March 19, a surge of … [Read more...] about BUSINESS NEWS IN BRIEF 25/3

M&A makes up majority of foreign capital inflows Some US$6 billion out of US$7.63 billion in foreign investment capital pledged to HCMC last year came from capital contributions, share acquisitions and purchases of stakes from domestic businesses. HCMC vice chairman Le Thanh Liem said at a conference in Binh Duong Province on February 14 that the pledged investment capital from foreign investors for HCMC last year picked up by 15.59% against the previous year. Of these, there were 1,060 new projects, with total registered capital of US$811.68 million, and 244 projects with additional capital of over US$835 million. Last year also saw 3,283 cases in which foreign investors received approval to contribute capital, buy shares and contribute capital to domestic firms, with registered capital totalling US$5.99 billion. With these results, HCMC received around 60% of foreign capital. According to Liem, the 2014 investment law has provided a favorable legal corridor for foreign investors … [Read more...] about BUSINESS NEWS IN BRIEF 19/2

Vietnam’s economy set to thrive with new dynamics Vietnam reaped notable achievements in 2018, with economic growth hitting a record high of 7.08%, putting Vietnam on the list of Asia’s fastest-growing economies. New economic dynamics are expected to drive Vietnam forward in 2019 and help it achieve its 5-year plan targets by 2020. Vietnam risks lagging behind in the next decade if it can’t maintain its annual growth of more than 7%. In the government’s recent meeting, Prime Minister Nguyen Xuan Phuc said Vietnam is determined to create more breakthroughs across all fields this year in order to fulfill the 5 year-plan and 10-year strategy. One of the government’s biggest challenges will be helping economic hubs like Ho Chi Minh City and Da Nang revive their growth. Associate Professor Dr. Nguyen Duy Khuong of Singapore’s Lee Kwan Yew School of Public Policy told VOV "It’s important for Vietnam to create a firmer foundation of international … [Read more...] about BUSINESS NEWS IN BRIEF 15/2

Rice exports set to pick up in Q1 2019 Rice exports are predicted to thrive during the first quarter of 2019 as regular importers are giving positive signs, according to a Ministry of Agriculture and Rural Development source. Rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. The Agro Processing and Market Development Authority made the prediction at a press conference on January 22. The conference briefed expectations of farm produce exports during 2019, reported the news outlet Vietnam Economic Times. The authority stated rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. As many as 166 Filipino companies have made plans to import 1 million tons of rice, of which many have been ordered from Vietnam. This move came after the Philippines lifted its import … [Read more...] about BUSINESS NEWS IN BRIEF 26/1

MoIT celebrates soaring export turnover in 2018 The $245 billion in total export turnover and 29 export categories exceeding the $1 billion threshold are touted as a major success for the Ministry of Industry and Trade (MoIT).     The rosy export picture was highlighted as one of the achievements of the MoIT in 2018 at the review meeting held on January 17. Notably, last year, Vietnam’s total export turnover reached $245 billion, up 13.8 per cent on-year and exceeding the target set by the National Assembly and the government. 29 goods categories reached $1 billion in turnover, with five categories hitting $5 billion and five others $10 billion. Vietnam’s export markets expanded and now Vietnamese goods are present in almost all markets of the world. Numerous goods categories have set a solid foothold in key markets, including Europe, the US, Japan, and Australia. Especially, Vietnam saw an increase in export turnover in markets it signed free trade … [Read more...] about BUSINESS NEWS IN BRIEF 23/1

EVFTA opens new era in Vietnam-EU trade ties: Italian experts The factory of the Far Eastern New Apparel Vietnam company in Bac Dong Phu Industrial Park, Binh Phuoc province  The EU-Vietnam Free Trade Agreement (EVFTA) is hoped to usher in a new period in promoting cooperation and mutual economic development between the two sides as it comes into effect in mid-2019, according to Italian experts.  In a recent interview granted to Vietnam News Agency’s correspondent in Italy, Vietnam’s Honorary Consul in Turin Sandra Scagliotti and Chairman of the Italy-Vietnam Chamber of Commerce Fulvio Albano stressed that the new-generation agreement may mark the beginning of a new era in trade relations between Vietnam and the EU. Negotiations and the legal review have been completed for both the free trade agreement and the one on investment protection. The EVFTA process is now awaiting the Council of Europe and the European Parliament to sign and ratify it. The agreement … [Read more...] about BUSINESS NEWS IN BRIEF 22/1

New trends in Vietnam’s rice exports 2018 is witnessing new trends in Vietnam’s rice export sector, notably the priority of exporting high-quality rice through international bidding as well as stricter and more diverse trade barriers from importing countries. Preliminary data by the General Department of Customs shows that Vietnam exported 264,500 tonnes of rice in October, generating a revenue of US$135.56 million, up 22.96% in volume and 31.8% in value, compared with the same month last year. The total volume of rice exports in the first ten months of 2018 was 5.15 million tonnes, worth US$2.6 billion, representing year-on-year increases of 6.62% and 21.49% in volume and revenue respectively. What is notable during the period is that the price of Vietnamese rice has now surpassed that of Thailand, averaging at more than US$500 a tonne, up about 15%. In 2016, Vietnam exported 4.8 million tonnes of rice, bringing in US$2.1 billion. The respective volume and revenue figures … [Read more...] about BUSINESS NEWS IN BRIEF 20/11