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Business in brief
Date :  12/07/2018
(Sourced from various news agencies)
  • Foreign exchange rates are likely to rise strongly due to concerns that the US-China trade war may be escalating, said Director of the Vietnam Institute for Economic and Policy Research (VEPR) Nguyen Duc Thanh. While the US is the largest importer of Vietnamese goods, accounting for nearly one-fifth of Vietnam’s total export revenue, Vietnam also imports the most goods from China with roughly a quarter of the total import value. Once the Chinese yuan loses value, Vietnam’s trade balance with China will be affected as low-cost Chinese goods will flood into the country. In the face of the US Federal Reserves (Fed)’ monetary tightening and Chinese yuan depreciation, Thanh suggested reducing the rate of the Vietnamese dong to the US dollar, which should be lower than the reduction in rates between Chinese yuan and US dollar. (VNA)
  • EuroCham in HCMC announced yesterday its Business Climate Index (BCI) that the BCI in the 1st quarter of 2018 reached 78 points, increasing one point compared to the 4th quarter of 2017. According to the EuroCham’s survey, European enterprises appreciated highly business environment in Vietnam as 90% of them continued maintaining or increasing their investment capital in Vietnam. EuroCham’s members in Vietnam showed their confidence of economic stability in Vietnam hoping that macro-economic environment continues being improved. Besides, 84% of enterprises believed that inflation would not effect to their business operation. (SGGP)
  • A draft strategy for sea farming development has set the target of making Vietnam a leading country in mariculture in Asia, and one of the world’s top five farmed seafood producers and exporters by 2050. In the draft strategy for 2030 with a vision towards 2050, sea farming will be developed into a concentrated, large-scale, and sustainable production sector, creating high-quality goods for the domestic market and exports. By 2020, policies encouraging industrial offshore aquaculture will be piloted, while the number of enterprises involved in industrial mariculture will be increased in potential localities such as Hai Phong city and the provinces of Quang Ninh, Phu Yen, Khanh Hoa, and Kien Giang. Mariculture is expected to cover 300,000ha of the water surface, producing 1.75 million tonnes of seafood and earning 5-8 billion USD from exports each year by that year. (VNA)
  • The price of material shrimps is forecast to recover in August and September after suffering drops over the past months, especially in the second quarter of 2018, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). The VASEP explained that shrimp crops in major suppliers like India, Bangladesh and Thailand have finished, causing a decline in supply sources, while many Vietnamese firms have received big orders for year-end events. Experts advised that farmers should not hastily sell their immature shrimps, but grow big shrimps for better profit as the shrimp price. At the same time, shrimp growers should use new technology, while focusing on fostering cooperation towards value chains to improve product quality and reduce costs. Meanwhile, businesses should concentrate on developing products with higher added value and higher quality to penetrate high-end markets. (VNA)
  • Vietnam’s policy on tightening control over import and decreased domestic consumption as well as exports in South Korea have prompted South Korean investors to set their car part production bases in Vietnam. While Hyundai is still considering where to set up its automobile factory, Vietnam or Indonesia, Pyeong Hwa Automotive has spent $16.7 million on the project an area of 7 hectares in DEEP C 2A IZ in Hai Phong City. Frank Wouters, CEO of Hai Phong IZ JSC, said there are many reasons for DEEP C to give special support to Pyeong Hwa. This is the biggest client in DEEP C II, and the first client in the automobile industry. Explaining the decision to choose Vietnam for its production base after a year of surveying seven South East Asian countries, Lee Jae Seung, president of Pyeong Hwa Automotive, mentioned the geographical position and young labor force. It is expected that after becoming operational in September 2019, the factory will provide 7.5 million products a year to the market. (Vietnamnet)
  • The number of cars imported last month marked a 45.6% increase over May this year, according to the General Department of Vietnam Customs. Thai autos dominated a big surge in June imports, accounting for 87% or 2,917 of 3,356 completely-built-up car units (CBU) that arrived at Vietnamese ports, it said. The average price of Thai vehicles was around VND430 million, as against the overall average of VND562 million for all the cars imported in June, carrying a total value of US$82 million. The surge followed the Ministry of Transport approving certification of environment and emission tests done in Thailand as meeting Vietnamese standards. Vietnam is one of the car markets in the world with great growth potential, experts have said. Car ownership in Vietnam is low at 23 vehicles per 1,000 people, while in Thailand, it is 204 vehicles per 1,000 people and the minimum rate in developed nations is 400 vehicles per 1,000 people. (Vnexpress)
  • Vietnam is expected to export around 1.5 million tons of coffee with an estimated value of US$3 billion from the 2017-2018 crop, up 0.8% in volume but down 10.5% in value, according to the Vietnam Coffee and Cocoa Association (VICOFA). In recent years, processing capacity has increased sharply from 53,565 tons in 2014 to 72,293 tons in 2015 and further, to 91,036 tons in 2016, with respective values of US$273.86 million, US$305.78 million and US$339.26 million. VICOFA forecast that the processing volume will reach 200,000 tons in the next five years, double the current volume. The amount for domestic consumption will rise by 15%, while exports of coffee beans will drop to 1-1.2 million tons annually. The total area of coffee plantations in Central Highlands by the end of 2017 was 98,210 hectares. (VOV)
  • Vietnam is one of only two Asian economies set to show fourth quarter improvement in the consumer electronics sector. A study of 14 regional economies, done by BMI Research, a unit of Fitch Group BMI, foresees fourth quarter “movement” in just four economies, with improvements in Vietnam and South Korea, and drops in Malaysia and the Philippines. Overall, the study “sees stronger sales and improving demographics in Vietnam as well as improving macroeconomic conditions in South Korea” balancing “bleaker macroeconomic outlooks in Malaysia and the Philippines.” Vietnam’s Industry Rewards score is predicted to rise by 1.7 points as BMI revised its medium-term audio-visual and handset sales forecasts owing to stronger than expected sales. It notes that “rapid and aggressive 4G roll-outs by operators in Vietnam and the local adoption of smartphones supporting the new technology will be a boost to handset sales.” (Vnexpress)
  • The Vietnam Association of Motorcycle Manufacturers (VAMM) has reported that its members sold 783,940 motorbikes of all kinds in the second quarter of 2018, up 6.1% against the same period last year. Among the members, only Honda Vietnam released its sales report, with 601,038 motorbikes, a year-on-year rise of 15%. Diverse designs of about 15 kinds of products with various prices ranging from 20 million VND (880 USD) to 248 million VND (10.800 USD) satisfied the demand of all customers. However, the VAMM did not release reports on sales for the whole market or export volume. Earlier, the association forecast the market is entering a saturation period. Meanwhile, automatic motorbikes now account for 45% of the market share. Sales of the products are expected to increase in the future as people’s income increases. (VNA)
  • Nestlé Vietnam, which has long been known as a major beverage maker, launched a Maggi fish sauce on July 10, marking its entry into the local fish sauce market. Based on years of operating experience in Vietnam, the Maggi brand has developed two fish sauce product lines to satisfy the distinctive tastes of the southern and northern people of the country. Maggi fish sauce is made from completely natural materials. Phu Quoc black anchovy extract comprises 90% of the contents. Ganesan Ampalavanar, general director of Nestlé Vietnam, said the company would also explore shipping the fish sauce overseas. The fish sauce is packaged at a plant owned by Thanh Thuy Packaging and Food Processing JSC in Binh Duong Province. (SGT)
  • The company belonging to the estranged wife of Vietnam’s 'Coffee King' has launched the first King Coffee café in the Central Highlands. Le Hoang Diep Thao says they plan to open a thousand such establishments nationwide. The 1,200 square meter cafe in Gia Lai Province is divided into two areas, one for appreciating the art of coffee and another to enjoy the beverage. King Coffee is a brand launched by Thao's Trung Nguyen International, the overseas branch of coffee giant Trung Nguyen. Thao said the cafés, which would cater to different tastes, would be the stepping stones for Trung Nguyen International to conquer the domestic market and reach foreign markets like the U.S., China and Singapore through franchising. (Vnexpress)
  • The People’s Committee of Lam Dong province has approved a plan on the development of a 215ha high-tech agricultural project in Tram Hanh commune, Da Lat. The Cau Dat high-tech agricultural farm will include an area of 191.6ha for the production of tea, vegetables, and coffee. The remaining area will be used for the construction of support facilities, such as a showroom for product display. The project, invested by Cau Dat-Da Lat Tea JSC, aims to apply advanced technologies to produce clean and high-quality agricultural products. It will promote farm-to-fork production to ensure food safety and improve crop productivity, while also conducting high-tech agricultural studies and serve visitors with agricultural tours. The province has urged the investor to coordinate with relevant State agencies to complete all investment procedures for the project to proceed on schedule. (VNA)
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