Lack of co-operation one of many hurdles to ensuring food safety (27-07-2009) Vice chairman of National Assembly Committee for Science, Technology and Environment Nguyen Dang Vang spoke to Thoi bao Kinh te Viet Nam (Vietnam Economic Times) about hygiene violations. Despite long-running food safety and hygiene inspections across Viet Nam, low-quality imported food that poses the risk of food poisoning remains popular. How do you explain this? The health sector is in charge of inspections of food safety and hygiene standards while the agricultural sector is responsible for plant and animal quarantine and animal health supervision. Because they have yet to unify import procedures for these kinds of commodities, both the health sector and the agricultural sector feel confused over how to best deal with violations when they are discovered. It is necessary to realise that there are five ministries which are in charge of managing the food supply process. The Ministry of Agriculture and Rural … [Read more...] about Lack of co-operation one of many hurdles to ensuring food safety
Awaiting customs clearance how long
BUSINESS IN BRIEF 6/4
Rice traders report losses in 2013 Most rice enterprises reported losses last year, and the gloomy outlook is spilling over into this year though the first quarter has yet to end. High buying price, low selling price, increasing production cost, high interest rate and inventories were reasons making rice enterprises run into troubles last year. Vinh Long Food Company suffered a loss of VND38 billion from business activities last year while it earned over VND4 billion in 2012, over VND41 billion in 2011 and VND46 billion in 2010. Meanwhile, An Giang Import-Export Company (Angimex), whose main revenues are from rice export, reported only VND9.6 billion in net profit last year, declining by nearly VND42 billion from the previous year. Similar situations seem to continue this year. Early this month some importers agreed to buy 5% broken rice at only US$370 per ton, a fall of US$40 from the price late last month. Such a strong price decline has made enterprises hesitant to sell rice. Lam … [Read more...] about BUSINESS IN BRIEF 6/4
BUSINESS IN BRIEF 29/7
Boosting sustainable development More than 200 businesses from across the country gathered at a meeting in Nghe An on July 19 to discuss measures to boost sustainable development. At the meeting, the Vietnam Association of Small-and Medium-Sized Enterprises (VASME) pointed out problems with credit loans, financing, market management, production, trade promotion and the quality of workforce. Businesses are short of capital for production but find it difficult to access loans because of high interest rates. Around 30 percent of businesses are able to access bank loans but the remainder must use their own capital or borrow from other sources. Nguyen Quoc Hung, Deputy General Director of the Bank for Agriculture and Rural Development (BARD) said that the bank focuses its loans for agriculture and rural development and considers small-and medium-sized enterprises (SMEs) to be strategic partners. The bank provides around VND15,000 billion in loans to businesses every … [Read more...] about BUSINESS IN BRIEF 29/7
BUSINESS IN BRIEF 4/6
NA backs measures for growth National Assembly (NA) deputies yesterday agreed in principle with socio-economic development solutions proposed by the Government - maintaining macroeconomic stability, accelerating economic restructuring and revamping the current growth model. At the plenary debate in Ha Noi, the lawmakers expressed general agreement with salient features of the Government's report as well as the NA Standing Committee's verification report on socio-economic development in 2013. They also noted progress made in the first months of this year. The lawmakers acknowledged efforts made by ministries and local authorities in ensuring macro-economic stability, easing difficulties for businesses, maintaining security and improving people's lives. Minister of Industry and Trade Vu Huy Hoang informed the session that Viet Nam has set up trade ties with over 180 countries, signed eight free trade agreements and is conducting negotiations on six others. Hoang said Viet Nam was also … [Read more...] about BUSINESS IN BRIEF 4/6
BUSINESS IN BRIEF 1/12
Overseas remittances to hit US$12 billion in 2014 Banks predict that remittances from overseas Vietnamese will reach US$12 - 13 billion this year. Over the past three years, the country has seen a sharp increase in remittances, from US$9 billion in 2011 to US$11 billion in 2013. Head of the Ho Chi Minh City branch, State Bank of Vietnam, Nguyen Hoang Minh said Vietnam would remain in the list of the world’s top 10 remittance recipients with US$12.1 billion, up about 10% compared to a year earlier. Similarly, the Bank for Investment and Development (BIDV)’s also forecast a 10% increase in overseas remittance to US$12 billion by the end of this year. Meanwhile, General Director of the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank) Le Duc Tho expected the figure to hit US$13 billion in 2014. The rising remittances, together with strong inflows of direct foreign investment (FDI) and official development assistance (ODA) will make Vietnam’s … [Read more...] about BUSINESS IN BRIEF 1/12