Producing wood products for export (Source: VNA) Hanoi (VNA) - The export value of forestry products in the first five months of 2019 hit 4.25 billion USD, up nearly 20 percent year-on-year, according to the Vietnam Administration of Forestry under the Ministry of Agriculture and Rural Development (MARD). In May alone, the country raked in 959 million USD from forestry product exports, reported the administration. The US, Japan, the European Union (EU), China and the Republic of Korea remained the largest importers of Vietnamese forestry products, accounting for some 87 percent of the industry’s total export value. Meanwhile, its total import turnover of wood and wooden products in the reviewed period reached 1.01 billion USD, 16 percent higher than that of the same period last year. Hence, Vietnam’s forestry export enjoyed a trade surplus of 3.24 billion USD in the first five months of 2019. To ensure its growth target in the first half of 2019 in the … [Read more...] about Forestry product exports fetch 4.25 billion USD in five months
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Billions of dollars needed to clear all bombs, mines left from wars
Việt Nam wants to tackle the consequences left over from years of war in the next few decades, a Government official said on Tuesday.— VNA/VNS Photo HÀ NỘI — Việt Nam wants to tackle the consequences left over from years of war in the next few decades, a Government official said on Tuesday. At a press conference on the country’s ordnance cleanup programmes ahead of the International Day for Mine Awareness and Assistance in Mine Action that falls on April 4, chief secretariat of the office of Labour, Invalid and Social Affairs Ministry Nguyễn Bá Hoan said that Việt Nam’s Government and people as well as the international community were working together to speed up the process. According to the Ministry of Defence, about 800,000 tonnes of unexploded bombs and mines left over from wartime remain buried over 6.13 million hectares, accounting for 18.82 per cent of the country. At the current rate of clearance, it would … [Read more...] about Billions of dollars needed to clear all bombs, mines left from wars
Trade wars cost U.S., China billions of dollars each in 2018
Broad pain from trade tariffs outlined by several economists shows that, while specialized industries including U.S. soybean crushing benefited from the dispute, it had an overall detrimental impact on both of the world’s two largest economies. The losses may give U.S. President Donald Trump and his Chinese counterpart, Xi Jinping, motivation to resolve their trade differences before a March 2 deadline, although talks between the economic superpowers could still devolve. The U.S. and Chinese economies each lose about $2.9 billion annually due to Beijing’s tariffs on soybeans, corn, wheat and sorghum alone, said Purdue University agricultural economist Wally Tyner. Disrupted agricultural trade hurt both sides particularly hard because China is the world’s biggest soybean importer and last year relied on the United States for $12 billion worth of the oilseed. China has mostly been buying soy from Brazil since imposing a 25 percent tariff on American soybeans in July in … [Read more...] about Trade wars cost U.S., China billions of dollars each in 2018
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers VietNamNet Bridge - Vietnam spends billions of dollars to import car parts each year for domestic assembling, but it also exports billions of dollars worth of vehicle parts. However, the exporters are mostly from foreign invested enterprises (FIEs). Vietnam needs to import car parts for domestic assembling Toyota Vietnam reported that it exported $34 million worth of car parts in the first half of the year, an increase of 13 percent compared with the same period last year. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 percent over the year before. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 … [Read more...] about Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
FIEs contribute billions of dollars to state budget
For the first time, foreign invested enterprises’ revenue and specific contributions to Vietnam’s state budget have been revealed, with the electronics and garment-textile industries being their biggest earners. FIEs contribute billions of dollars to state budget, illustration photo The Department of Corporate Finance (DCF) under the Ministry of Finance last week released a report on foreign-invested enterprises’ (FIEs) business and production for the 2012-2016 period conducted a few months ago. Results showed that FIEs’ contributions to state coffers rose from $3.7 billion in 2012 to $4.94 billion in 2013, $5.5 billion in 2014, $6.26 billion in 2015, and $7.18 billion in 2016 (excluding contributions from crude oil exports). Tran Tu Quynh, Chairman the Bac Ninh People’s Committee, reported that South Korean giant Samsung, with its Samsung Electronics and Samsung Display facilities based in the province, has been contributing the most to the … [Read more...] about FIEs contribute billions of dollars to state budget