Celebrating 50 years of the 50p

Pineapples are being processed for export at a Dong Giao Foodstuff Export JSC factory in Gia Lai Province. — VNA/VNS Photo Hong Diep Viet Nam earned US$27.88 billion from agro-forestry-fishery exports in the first half of this year (H1), up 14 per cent year-on-year despite the difficulties and impact of the world economic environment, according to the Ministry of Agriculture and Rural Development (MARD). Of the sum, exports of key farm produce and forestry products reached $11.37 billion and $9.1 billion, surging 8.8 per cent and 3 per cent year-on-year, respectively, fishery products hit $5.8 billion, up 41 per cent annually, while that of livestock reached $176 million, down 16 per cent, and production input topped $1.42 billion, up 65 per cent. Nine types of goods recorded an export revenue exceeding $1 billion in the period: coffee, rubber, cashew, fruit and vegetable, rice, tra fish, shrimp, wooden goods, and inputs for production. Items which saw increases in both … [Read more...] about Agro-forestry-fishery exports on track to surpass yearly target

JAKARTA -- An outbreak of foot and mouth disease in Indonesia threatens to disrupt a ritual of slaughtering animals to mark the festival of Eid al-Adha this year, with livestock traders in the world's largest Muslim-majority nation bemoaning low sales. Eid Al-Adha, known as the "Festival of Sacrifice", is one of the main holidays in the Islamic calendar and this year falls on July 9. In the lead up to celebrations, makeshift pens housing cows and goats typically appear around busy thoroughfares in the Indonesian capital and around the country. Traditionally, devout Muslims slaughter the animals and share the meat with the poor. But this year the spread of foot and mouth disease (FMD), a contagious viral disease that impacts cattle, sheep, goats and pigs, has significantly dampened sales. "This year is a year of loss for us," said Jamal Lulay, a trader in West Java who has only sold 50 cows this year. "Before COVID, we could sell up to 330 cows, and during COVID it was around … [Read more...] about Foot and mouth disease casts shadow over Eid festival in Indonesia

Euro zone recession fears were exacerbated by concerns about an energy crisis in Europe and by Tuesday's data, which showed a sharp slowdown in business growth in June, following Monday's news of a seasonally adjusted May trade deficit in Germany versus expectations for a surplus. Oil prices suffered their biggest daily drop since March on growing fears of a global recession and lockdowns in China that could slash demand. Bipan Rai, North America head of FX strategy at CIBC Capital Markets in Toronto, cited signs of a looming energy crisis in Europe and economic concerns for the euro's tumble. "The threat of a recession in the euro zone is a more clear risk now relative to before," Rai said. The euro dropped by almost 1.8 percent against the dollar to $1.0236, its weakest level since December 2002. It was last down 1.48 percent against the dollar. Meanwhile the dollar index , which measures the greenback against a group of major currencies, was up 1.31 percent, after hitting … [Read more...] about Euro slumps to two-decade low, oil tumbles as recession fears intensify

Three months ago she got someone to manage her restaurant and left for HCMC to work as a manager at a coffee shop. "Costs are skyrocketing, and therefore I need a second job to pay the rent for my restaurant", she says, revealing she has not been breaking even for months. Rents and ingredients cost her VND30 million ($1,248) a month while sales are only around VND31 million, and so she needs another job to pay her staff. She used to have three jobs but quit one of them due to health issues. She now works 18 hours a day. "I also have to cut my spending. All I am doing now is working and paying debts," she tells VnExpress . Despite all this, she still had to borrow VND20 million recently for her restaurant. "If the situation does not improve, I may have to sell it." Ngan is among many turning to side jobs to keep their head amid the price rise caused by record fuel prices. Gasoline prices in Vietnam are hovering at nearly VND33,000 a liter, an all-time high, after … [Read more...] about Vietnamese take on side gigs as inflation bites

The Vietnamese Government for its part would create utmost conditions for South Korean companies to succeed in Vietnam and commit long-term presence in the country. Vietnam and South Korea aim for a bilateral trade turnover of US$100 billion by 2023 and $150 billion by 2030 while striving for a more harmonious trade balance for mutual benefit. Prime Minister Pham Minh Chinh at the phone talk. Source: VGP The view was shared during a phone talk between Prime Minister Pham Minh Chinh and his South Korean counterpart Han Duck-soo on July 5. At the talk, Chinh congratulated Han on his appointment as South Korea’s Prime Minister. The Vietnamese leader ssid bilateral relations have been on the rise amid a volatile world and severe Covid-19 impacts. “Both countries have been top partners of each other, especially in economy, trade, and investment,” Chinh said. According to Chinh, Vietnam remains steadfast in pursuing an independent foreign policy based on … [Read more...] about Vietnam, S.Korea aim for a US$150 billion trade turnover by 2030

Transactions at Standard Chartered Bank in Ha Noi. — Photo courtesy of the bank Standard Chartered Vietnam has been named the "Best Service Provider - Cash Management" for the second consecutive year and "Best Payments and Collections Solutions for Dragon Capital Vietfund Management (DCVFM)" in 2022 in the Asset Triple A Awards. These awards demonstrate Standard Chartered Bank's continuous efforts in introducing innovative solutions to enable effective cash management for our corporate clients and support their digitalisation journey by applying new and emerging technology. Best Payments and Collections Solution for Dragon Capital Vietfund Management (DCVFM) is a bundled solution including inward instant payments, a dynamic virtual account for collections and an API banking solution enabling the client to improve their operational efficiency and enhance productivity thanks to automated reconciliation. "We always have a purpose to understand our client's business processes and … [Read more...] about Standard Chartered Vietnam named Best Service Provider

Among those waiting outside the Immigration Department on Nguyen Trai Street in HCMC's District 1 was 22-year-old Nguyen Quoc Danh (R). He said he was there before daybreak because he needed a passport so he could study abroad. He had tried to submit his application three times already, but failed because there were simply too many people ahead of him. Some people brought along a snack to munch as they waited. About two kilometers away, at 5:30 a.m., around 50 people were waiting in front of an immigration office on Nguyen Thi Minh Khai Street. Demand for passports has soared after the application process was temporarily suspended for one month for "non-urgent" purposes. Since the beginning of this month, people have been flocking to immigration offices to apply for new passports or get old ones renewed. The rush has prompted many residents to arrive at the offices hours before they open. One man dozes as … [Read more...] about HCMC residents line up before daybreak for passports

A factory of a mechanical engineering enterprise in Quang Ninh Province's Ha Long City. — Photo cokhitienmanh.vn Domestic mechanical engineering enterprises should strengthen cooperation to improve competitiveness and gain more market share, industry experts have suggested. Nguyen Quang Hieu, general director of PetroVietnam Marine Shipyard JSC (PV Shipyard), told Nhan Dan (The People) newspaper that there were enormous opportunities for mechanical engineering firms to tap into the lucrative local market with a scale of up to billions of dollars. Hieu cited offshore wind power projects as a good example. He said Vietnamese enterprises could produce offshore wind turbine foundations. Even a small-scale wind power project comprises about 30-40 turbines, and its turbine foundation system would need an estimated 300,000 tonnes of equipment. With each tonne equivalent to US$4,000, including the cost of materials, on average, there would be about $1.2 billion worth of market share … [Read more...] about Mechanical engineering firms urged to enhance cooperation

Workers loading bags of rice at a warehouse. In the first five months, rice exports hit 2.77 million tonnes, up 6.6 per cent year-on-year, raking in $1.35 billion. — Photo doanhnhantrevietnam.vn The disruption of global wheat supply caused by the Russian military operations in Ukraine has left importers no choice but to seek substitution for the grains in rice-exporting countries, boding well for Vietnamese rice. Vietnamese rice has been increasing steadily in price in recent months, surpassing Thai rice and leaving many other countries’ rice far behind. Vietnamese high-quality varieties of rice rose by US$10-15 per tonne in June, with common white rice reaching $430-440 per tonne, Jasmine rice $540-550 per tonne and Number 5451 white rice $480-490 per tonne. In the first five months, rice exports hit 2.77 million tonnes, up 6.6 per cent year-on-year, raking in $1.35 billion. Of which, the volume of rice exported to leading trade partners rose considerably. Specifically, … [Read more...] about Wheat shortages bode well for Vietnamese rice

The US Department of Agriculture (USDA) noted the market is fond of fragrant rice from Vietnam, including the ST25, one of the world's best rice varieties. Vietnam’s rice exports to the US surged by 71.3% during the first five months of this year, the highest increase in all major markets. Vietnam continues to be among the world's major rice exports. File photo A report from the Ministry of Agriculture and Rural Development (MARD) showed Vietnam’s rice export volume in the first half of 2022 reached 3.52 million tons for US$1.72 billion, up 16.2% year-on-year and 4.6% in value. The Philippines remained Vietnam’s largest rice buyer during the January-May period, accounting for 43.6% of the market share. Vietnam exported over 1.27 million tons of rice to the Philippines in the first five months of 2022 worth $589 million, representing an increase of 34.8% in volume and 17.7% in value on-year. Along with the Philippines, the US has now emerged as a key … [Read more...] about Vietnam’s rice exports to US surge by 71% in January-May