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Business in brief
Date :  12/06/2018
(Sourced from various news agencies)
  • Vietnamese enterprises invested nearly 184.7 million USD in overseas projects in the first five months of this year, according to the General Statistics Office. Some 144.7 million USD was pumped into 48 new projects, while the rest was earmarked for 14 existing ones. During the period, finance and banking drew the greatest interest from the Vietnamese investors, accounting for over 57% of total investment capital, or 105.8 million USD. Major banks such as BIDV, Vietinbank, and Sacombank are seeking to make inroads in new foreign markets. The finance and banking sector was followed by the manufacturing and processing, ago-forestry and aquaculture sectors. From January to May, Vietnamese businesses invested in 24 countries and territories.  Among them, Laos lured the lion’s share of investments with 43.4% of total funds. Apart from traditional markets such as Laos, Cambodia and Myanmar, Vietnamese businesses are expanding to other markets like Australia, New Zealand, the US, Canada, Haiti and Cameroon. (VNA)
  • The Indonesian Anti-Dumping Committee (KADI) has announced the application of anti-dumping measures on colour-coated steel sheet imports from Vietnam and China. KADI determined that steel sheet imports from Vietnam dumped into the country stood between 12.01% and 28.49% of the Indonesian market and caused significant injury to the domestic steel industry. Based on this conclusion, the Indonesian Trade Security Committee (KPPI) proposed the application of anti-dumping measures on Vietnamese colour-coated steel products for a five-year period. KADI initiated the dumping investigation on December 23, 2016, following complaints by PT NS BlueScope Indonesia that repeated illegal trade practices devastated production and employment as well as caused damage to the Indonesian steel industry. The colour-coated steel imports that were investigated had the HS codes of 7210.70.70.00, 7212.40.10.00 and 7212.40.20.00. (VNS)
  • The import of vehicle surged in the first week of June and most of the imported cars were from Thailand, according to the General Department of Vietnam Customs. Of the imported vehicles, 647 were under nine-seat cars, accounting for 70.2% and costing nearly 13.8 million USD, with 546 coming from Thailand. Only 36 vehicles were shipped from China, and the rest were from Germany, Sweden, Japan, Canada and the US. Trucks of all kinds numbered 266 worth nearly 6.6 million USD, 246 of which were from Thailand and 20 from Russia. They were brought to Vietnam through Hai Phong and Ho Chi Minh City Ports. The department’s statistics showed 922 vehicles were imported during June 1-7, tripling the number in the previous week (May 25-31), with a total value of 21.5 million USD. The customs also reported that nearly 41.7 million USD were spent on spare part imports during the reviewed period, a slight rise over the previous week. The parts were bought mostly from Japan (9.9 million USD), China (8.8 million USD) and Thailand (8.1 million USD). (VNA)
  • Although it is now the beginning of the harvest of the summer-autumn crop, the sticky rice farmers are quite passive because they have few orders and few prospective buyers. The statistics of Vietnam Food Association (VFA) showed that, in 2017, Vietnam exported 1.4 million tonnes of sticky rice, mainly to China. Last year, as Vietnam was expanding sticky rice production, China also quickly increased sticky rice cultivation. The current inventory of Chinese enterprises is quite large; therefore, promoting the export of sticky rice to China’s market in the near future is impossible, a sticky rice exporter to China revealed. Due to the declining demand for sticky rice, its price declined sharply from US$530-540 per tonne in January-February to $460-470 at the moment. The domestic sticky rice price also fell sharply compared to other types of rice. (VNS)
  • Vietnamese goods are in the spotlight during a Vietnam – Hanoi Goods Week which is being held across 40 AEON shopping centres in Japan from June 7 to 10 as part of activities to mark the 45th year of Vietnam-Japan diplomatic ties. Fourteen Vietnamese companies took part in the event in Saitama, showcasing their goods, including processed food, rice, coffee, cocoa, herbal shampoo bars, and handcrafts. Director General of AEON Vietnam Yasuo Nishitoge underscored that meeting requirements on quality, production management and production machines are key to Vietnamese products hoping to enter Japan. He said as Japanese consumers have shown interest in Vietnamese goods, AEON is planning to import more products from the country. (VNA)
  • Russian auto manufacturer GAZ Group is planning to enter the Vietnamese market by setting up a joint venture for distribution and later by assembling autos in the country. The biggest manufacturer in Russia is, for the first time, taking part in the Vietnam International Exhibition on Automobile & Transportation and Supporting Industry (Vietnam AutoExpo 2018) in Hanoi. It is showcasing five new car models to study the market. They are the medium duty vans GaZelle NEXT and GAZelle Business 4x4, 19-seat bus GAZelle Next Citiline, and medium-duty trucks GAZon NEXT and Sadko 4x4. Christian Kremer, Gaz Group Senior Vice President for Sales and Marketing, affirmed GAZ considers Vietnam a potential market with high growth in the coming years, saying the company is studying the possibility of establishing a joint venture and beginning its sales in Vietnam. From this year, GAZ began implementing the intergovernmental protocol signed between Russia and Vietnam on supporting the production of motorised transportation vehicles in the Southeast Asian nation, he added. (VNA)
  • The northern province of Hai Duong has exported about 9,500 tonnes of litchi from the beginning of this year’s crop, according to the provincial Department of Industry and Trade. The department said they shipped about 9,340 tonnes of litchi to China, 120 tonnes to the Republic of Korea, and 40 tonnes to Australia, the UK and France. Besides, the province sold 18,500 tonnes of litchi the domestic market, including major cities like Hanoi and Ho Chi Minh City, Hai Phong city, wholesale markets, trade centres and supermarkets. According the provincial Department of Agriculture and Rural Development, in 2018, Hai Duong has about 10,500 ha of litchi, mostly in Thanh Ha district and Chi Linh town, which are expected to yield about 60,000 tonnes. Of the total amount, some 1,000 tonnes is qualified for export to the US, Australia and the EU, he said. Currently, 131.68 hectares of local litchi cultivation are qualified for exports to the US, EU and Australia. (VNA)
  • Nearly 123 trillion VND (5.4 billion USD) will be poured into 47 projects in the Mekong Delta province of Soc Trang, focusing on renewable energy, wind power, solar power, high-tech agriculture, and tourism services. In April, a lot of investors operating in the fields of wind power, solar power and agriculture came to the locality to seek investment opportunities. The Ministry of Industry and Trade approved 22 locations with potential for wind power development in the province. These locations cover a total area of 35,740 hectares with plants holding a combined designed capacity of 1,470MW. Investors have made fact-finding tours and mapped out projects at the planned locations. (VNA)
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