Month: February 2024

Hanoi: Vietnam earned some 9.84 billion USD from agro-forestry-fishery exports in the first two months of this year, representing a year-on-year rise of 50.3%, and a trade surplus of 2.68 billion USD, up nearly 2.9-fold, the Ministry of Agriculture and Rural Development reported.

In February alone, the revenue stood at 4.48 billion USD, up 21.8% year-on-year, but down 16.5% from January.

Of the two-month value, agriculture contributed 5.18 billion USD, up 55.7%; forestry products, 2.9 billion USD, up 59.7%; and aquatic products, 1.37 million USD, up 28.9%.

The ministry said key items like wood products, coffee, fruits and vegetables, rice, cashew nuts, and shrimp saw increases in export revenue, ranging from 20.5% to 85%. Tra fish (pangasius), however, dropped 0.7% to only 224 million USD.

In terms of markets, agro-forestry-fishery exports to Asia were valued at 4.55 billion USD, up 43%; America, 2.31 billion USD, up 74.2%; Europe, 1.28 billion USD, up 52.6%; Oceania, 135 million USD, up 48.8%; and Africa
, 129 million USD, up 60.4%.

The US, China and Japan remained the three biggest importers, accounting for 21.5%, 21%, and 7.2%, respectively.

The ministry said it will continue handling market-related issues to facilitate agro-fishery exports, and implement projects to boost exports to such markets as China, the US, Japan and the European Union (EU), while approaching new, promising ones in the Middle East and Africa.

It will also help businesses optimise free trade agreements, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), and sign new contracts./.

Source: Vietnam News Agency

Hanoi: Vietnam has recorded a trade surplus of 4.72 billion USD in the first two months of 2024, higher than the figure of 3.5 billion USD reported in the same period last year, according to the General Statistics Office (GSO).

In the period, the country’s total import-export turnover is estimated at 113.96 billion USD, up 18.6% year-on-year.

Specifically, exports are estimated at 24.8 billion USD in February, down 28.1% month-on-month, and 5% year-on-year; and at 59.34 billion USD in the first two months, up 19.2% year-on-year.

There are 11 commodities that recorded an export value of over 1 billion USD each, accounting for 75.1% of the total export revenue. Notably, four commodities see their export value surpassing 5 billion USD.

Meanwhile, imports are estimated at 23.72 billion USD in February, down 23.2% month-on-month, and at 54.62 billion USD in the first two months, up 18% year-on-year.

The US was Vietnam’s largest export market in the period, with an estimated turnover of 17.4 billion USD, up 33
.7% year-on-year, while China was the country’s biggest import market with an estimated turnover of 20.9 billion USD, up 49.7% year-on-year./.

Source: Vietnam News Agency

Hanoi: The ceiling retail petrol prices have been revised up by the Ministry of Industry and Trade and the Ministry of Finance.

Starting from 3:00pm on February 29, the ceiling price of E5RON92 went up 277 VND to 22,752 VND (0.92 USD) per litre, while that of RON95-III was raised 330 VND to 23,929 VND per litre.

The prices of diesel oil 0.05S and kerosene were capped at 20,773 VND and 20,785 VND per litre, down 137 VND and 136 VND, respectively.

At this price adjustment, the two ministries decided to take 300 VND for the petrol and oil price stabilisation fund for each kg of mazut./.

Source: Vietnam News Agency

Hanoi: Facing adverse impacts of the COVID-19 pandemic and the world’s economic and political issues, the Ministry of Finance (MoF) has suggested authorities promulgate and issued many unprecedented solutions in terms of taxes, fees, and charges to assist people and businesses, including those from the Republic of Korea (RoK), an official has said.

Deputy Minister of Finance Cao Anh Tuan made the remarks while addressing a dialogue on taxation and customs policies with Korean businesses in Hanoi on February 29.

He noted that each year, the MoF handles hundreds of petitions from Korean firms about problems during their operations in Vietnam. In response, it has sought consultancy and proposed policy amendments and supplements to maximise assistance for foreign direct investment (FDI) companies.

The issuance and implementation of tax, fee, and charge-related solutions have received support and high evaluation from businesses, including Koreans entities, he said, adding that such solutions have helped firms w
eather difficulties and stabilise production and business activities.

To respond to the implementation of Pillar 2 on global minimum tax of the Organisation for Economic Cooperation and Development (OECD)’s Base Erosion and Profit Shifting initiative. The MoF has worked with other ministries and sectors to consult with FDI companies, including Korean businesses, to propose the National Assembly issue a resolution on the imposition of top-up corporate income tax under the Global Anti-Base Erosion (GloBE) rules from January 1, 2024, the official added.

Tuan went on to say that the MoF will continue perfecting mechanisms and policies, step up administrative procedure reform, and boost comprehensive digitalisation in the fields of taxation and customs to create a more equal, transparent, and optimal environment for both domestic and FDI businesses to further develop, create jobs, and contribute to local socio-economic development.

He also expressed his hope that Korean businesses will also actively seize oppor
tunities to promote their competitiveness and grow while complying with taxation and customs regulations to help with Vietnam’s development.

At the event, representatives of the MoF, the General Department of Taxation, and the General Department of Customs presented recent taxation and customs results. They also fielded questions from Korean firms about related issues.

As of January 2024, there were 8,058 businesses with over 50% of their charter capital invested by the RoK, accounting for 28% of all FDI firms in Vietnam. This makes the East Asian nation the biggest among the 144 countries and territories investing in Vietnam at present, data from the Foreign Investment Agency under the Ministry of Planning and Investment showed.

Over the last five years, despite challenges caused by the COVID-19 pandemic and adverse impacts of the global economy, Korean businesses’ contributions to the state budget has continually increased, approximating 175 trillion VND (7 billion USD), according to the Deputy Minister.
/.

Source: Vietnam News Agency

HCM City: The packaging industry, which is projected to expand 15-20% in the next few years, is among sectors posting highest growth rate in the country, experts said at a press conference held in Ho Chi Minh City on February 29 to introduce the 17th International Processing and Packaging Exhibition and Conference for Vietnam (ProPak Vietnam 2024.)

Vietnam is now home to 900 packaging enterprises, with some 70% operating in the south, mostly in HCM City, Binh Duong and Dong Nai, they said, adding demand for carton packaging is rising on the back of e-commerce development.

More than half of the 96 million Vietnamese population will shop online by 2025 and in the digital technology world, packaging is also considered a foundation for interaction between consumers and brands, they elaborated, highlighting rapid growth of the retail market, cosmetics industry and exports of electronics products also contributes to the surge in demand for carton packaging.

Mordor Intelligence Inc revealed in its report that the
Vietnam’s paper packaging market size is estimated at 2.6 billion USD in 2024 and 4.14 billion USD in 2029, growing at a compound annual growth rate (CAGR) of 9.73% during the 2024-2029 period. Other market surveys estimated the metal packaging market in Vietnam at 2.11 billion USD in 2024 and 2.45 billion USD in 2029, growing at 3.07% in the period.

At the pre-show press conference, Jeffrey Au, Director of the Informa Markets Asia – the operator of the ProPak Vietnam 2024 said that since the ‘Race to Net Zero’ campaign was launched by the Vietnamese Government, the concept of the circular economy and sustainable requirements have critical impacts on packaging designs.

Recycling packaging has become important for the food and beverage sector, he said, adding the Vietnamese consumers are more conscious of their health and willing to spend more on products that are believed to have high quality and be manufactured in accordance with safety standards.

Against this backdrop, the food and beverage sector has pa
id due attention to developing automation process to standardise products’ quality, improve production efficiency and ensure sustainability in recent years, he said.

He added that there is an increasing number of businesses embracing the circular economy as they are shifting to circular production to provide the market with recyclable materials, designs and packaging.

ProPak Vietnam will make a comeback in HCM City on April 3-5, drawing the participation of more than 450 exhibitors across the globe. This annual event is dedicated to technology suppliers involving in the food, drink and pharmaceutical processing and packaging, plus the printing and labelling industries, bringing together thousands of industry leaders and professionals from all segments of the supply chain under one roof./.

Source: Vietnam News Agency

Binh Duong: The index of industrial production (IIP) of the southern industrial hub of Binh Duong in January rose by 27.77% against the same period last year and increased by 99.29% compared to that of the previous month.

Chief of Office of the provincial People’s Committee Vo Anh Tuan said that in the first two months of this year, the province’s industrial production and exports have created positive momentum for the province’s economy.

By the end of February, its export turnover reached more than 7.3 billion USD, an increase of 6.17% over the same period last year.

Since the beginning of this year, the province has attracted a total investment of nearly 11.32 trillion VND (459.2 million USD), an increase of 109.1% year on year, including over 5.28 trillion VND from 947 newly registered businesses, and nearly 6.9 trillion VND from 130 businesses that increased their capital. Meanwhile, 17 enterprises registered to reduce their capital investment of 274.3 billion VND.

To date, the province has attracted
66,947 domestic enterprises with a total registered capital of 738 trillion VND./.

Source: Vietnam News Agency

Binh Phuoc: Representatives of more than 100 enterprises from 27 European countries and the European Chamber of Commerce in Vietnam (EuroCham) will attend the ‘Business Connection Forum – Industry, Trade, and High-tech Agriculture EuroCham – Binh Phuoc province in 2024’ that is slated to take place in Dong Xoai city in the southern province on March 12.

Speaking at the press conference to announce the event on February 29, Vice Chairman of the provincial People’s Committee Huynh Anh Minh said that big European corporations such as Heineken, De Heus, Big Dutchman, Phileo by Lesaffre, Kilimo, Logwin Air, and Ocean, Stolz Asia, The Fruit Republic, Biodevas, Lallemand, Hung Nhon Aust Expor and businesses from EuroCham) will come to explore investment opportunities in the locality.

‘Binh Phuoc wishes to attract businesses and strategic investors with reputation and financial and technological strength to invest in the fields of industry, commerce, high-tech agriculture, and areas that are in line with the local
socio-economic development plan,’ he said.

Binh Phuoc has a strategic geographical location, plays an important role in Vietnam’s new economic corridor, and is the gateway for economic, cultural, and social exchanges between the Southeast region, the Mekong Delta and the Central Highlands as well as with Cambodia, Laos, and Thailand.

It has a large land fund and a good transportation infrastructure system that smoothly connects it with the Central Highlands, the Southeast, and the seaport and airport system.

Currently, Binh Phuoc has 13 industrial parks with a total area of more than 6,000 ha. The province is planning eight new industrial parks in Dong Phu district with a total area of 4,200 ha, bordering Binh Duong, Ho Chi Minh City, and Dong Nai.

Vu Manh Hung, deputy chairman of the Vietnam Digital Agriculture Association (VIDA) said that besides activities at the forum, participants can also have field trips to the province’s industrial zones/clusters, learn about local typical products and sign cooper
ation documents on digitalisation of hi-tech agricultural products between the provincial People’s Committee, VIDA and EuroCham./.

Source: Vietnam News Agency

HCM City: Ho Chi Minh City’s export furniture fair (HawaExpo 2024) will take place in the southern largest economic hub from March 6-9 with most of the exhibition space and trade promotion activities prioritised for domestic businesses, the organiser Viforest Fair has announced.

Speaking at a press briefing on February 29, Viforest Fair Chairman Nguyen Quoc Khanh said that the fair will be held at the Saigon Exhibition and Convention Centre in district 7 and the White Palace Convention Centre – Pham Van Dong in Thu Duc city.

The fair is expected to attract more than 500 exhibitors, 80% of whom are domestic producers while the remainders include prominent wooden furniture and handicraft manufacturers from ASEAN countries as well as local and foreign design units, raw material suppliers, and accessory providers.

The organiser also actively coordinates with businesses to select the most outstanding products and latest collections to promote besides products that Vietnamese businesses can make. The move is exp
ected to help show international buyers the capacity and potential of Vietnam’s wood, furniture, and handicraft industry.

After HawaExpo 2024, Viforest Fair will organise the international outdoor style fair (Q-Fair) 2024 from March 9 -12 in Quy Nhon city in the south-central province of Binh Dinh. The event is expected to have more than 1,000 booths from over 100 businesses./.

Source: Vietnam News Agency