Ferrexpo business news

Aquatic exports to China plunge amid COVID-19 threats Vietnamese seafood exports to China in April suffered a decline of 11%, and this downward trajectory continued in May with a fall of 22%, according to the Vietnam Association of Seafood Exporters and Producers (VASEP). While major markets such as the United States and the EU have reopened and moved to increase imports of seafood products from Vietnam, China has recently tightened their inspection over frozen seafood products from other countries as part of efforts to prevent the potential spread of the SARS-CoV-2 virus. This has caused Vietnamese seafood exports to the market to experience a rapid decline over the past two months. Most notably, aquatic exports fell sharply in all major product groups, including shrimp, down 35%, other fish species, with the exception of tuna, down 23%, and pangasius, down 5%. The impact of the pandemic coupled with China's latest tight policy has led to turnover of frozen … [Read more...] about VIETNAM BUSINESS NEWS JUNE 24

Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23

Additional 88 domestically-transmitted COVID-19 cases reported Vietnam logged 97 new COVID-19 cases, including 88 domestic and nine imported, in the past six hours to 6pm on June 22, the Ministry of Health (MoH) said. Most of the new cases were detected in Ho Chi Minh City, with 63 infections, and the remainders were discovered in Bac Giang (12), Bac Ninh (6), Hung Yen (2), Nghe An (1) and Hanoi (1). By 6pm on June 22, the country had recorded a total of 12,010 domestically-transmitted infections and 1,717 imported cases. The number of locally-transmitted cases since the fourth COVID-19 wave hit Vietnam on April 27 amounted to 10,875, including 2,772 recoveries. According to the MoH’s Medical Service Administration, 5,546 patients have given the all-clear from coronavirus SARS-CoV-2 to date, while the death toll related to the disease was 69. Among active patients undergoing treatment, 377 have tested negative to the virus once, 132 twice and 141 thrice./. 12-hour … [Read more...] about VIETNAM NEWS HEADLINES JUNE 22

According to the Ministry of Planning and Investment, in the first four months of 2021, Vietnamese companies have shown their interest in outward investment in 10 sectors. A recent significant jump in Vietnam’s investment abroad, raising direct funds, and mergers and acquisitions are slated to help local companies quench the thirst for high-quality capital, improving their international status, and expanding their customer bases. Vietnam’s overseas companies have been gaining momentum in moving international capital, investing across a broad spectrum of sectors ranging from natural resources and manufacturing to telecommunications and many others. Fresh data from the Ministry of Planning and Investment (MPI) reveals that in the first four months of 2021, Vietnam’s total newly- and additionally-granted overseas investment capital reached $545.9 million, up nearly eight-fold on-year. Some 18 projects were granted new investment registration certificates, with the total … [Read more...] about Vietnamese buyers cross the ocean for M&A transactions

How will Vietnam overcome challenges to realize its development plans? Nguyen Dinh Cung, former head of Central Institute for Economic Management (CIEM), shares his perspective with VietNamNet. One of the great successes of economic reform in Vietnam since doi moi (renovation) is the establishment of a community of businesses from different economic sectors with many ownership modes. Vietnamese enterprises are operating under similar legal forms as in other market economies. High in quantity, small in scale In terms of quantity, enterprises in the private sector account for the overwhelming proportion, 97 percent, while SOEs (state owned enterprises) account for 0.38 percent and FIEs the remaining. The enterprises employ 16 million workers. The workers in SOEs account for 7 percent, private enterprises nearly 60 percent and 33 percent in FIEs (foreign invested enterprises). In terms of total assets, SOEs account for 28 percent, private enterprises 53 percent and FIEs 29 … [Read more...] about Private enterprises lack internal strength and driving force to develop