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Delegates cut ribbon to open Hue Festival Trade Fair (Photo: VNA) Thua Thien-Hue (VNA) – A trade fair within the framework of the 2022 Hue Festival opened in the central province of Thua Thien-Hue on June 24 evening, offering a good chance for businesses in the province and other localities nationwide to step up trade promotion and investment cooperation . Vice Chairman of the provincial People's Committee Phan Quy Phuong said that, after 10 editions since 2000, the Hue Festival Trade Fair has gradually affirmed its position and professionalism and improved in terms of quality and the number of participants. It has created a change in the “Vietnamese people prioritise Made-in-Vietnam product” movement and created a push to promote and expand export markets, and increase competitiveness in the international economic integration, added Phuong. This year’s fair comprises over 350 booths of more than 200 enterprises showcasing agro-forestry-aquatic products, … [Read more...] about Hue Festival Trade Fair connects Vietnamese localities

At the meeting According to general statistics from the General Department of Vietnam Customs, in the first five months of 2022, approximately 206,110 tons of cashew kernels of all kinds were exported earning over US$1.19 billion in export turnover, down 7.81 percent in volume and 6.81 percent in value. However, the average export price was about $5,792 a ton, up 1.45 percent from the same period last year. Regarding imports in the first five months, enterprises imported about 968,000 tons of raw cashew nuts from abroad with a value of nearly $1.4 billion, down 35.24 percent in volume and down 37.84 percent in value over the same period in 2021. However, prices of imports from Africa increased by 15 percent-20 percent since the beginning of the season. More importantly, importers are tending to be slow to purchase raw materials due to many reasons but the most common is the price difference between imported raw cashew nuts and export kernel prices. The price of raw cashew … [Read more...] about Cashew exports down due to rising oil prices, epidemics, Russia Ukraine conflict

The US, China, and the EU remain the three largest markets for Vietnamese cashew, accounting for 26.8 percent, 17.7 percent, and 20.5 percent of the total export value of the cashew industry of Vietnam, respectively. Cashew nut exports to the US market declined by 10.1 percent in volume and 30.5 percent in value over the same period last year. Cashew nut exports to the EU market surged by 14 percent in volume but dropped by 21.2 percent in value. Cashew nut exports to China jumped by 136.4 percent in volume and 140.2 percent in value. Meanwhile, Vietnamese cashew processing enterprises imported 480,000 tons of raw cashew in April, spending up to $772 million, a sharp increase of 375 percent in volume and 470.5 percent in value compared to that in April last year. In the first four months of this year, Vietnam imported a total of 1.19 million tons of raw cashew, with a value of up to $1.88 billion, up 300 percent in volume and 323.5 percent in value over the same period last year. … [Read more...] about Vietnamese cashew industry sees trade deficit for the first time

At the event (Photo: VNA) HCM City (VNA) – Investors from the Republic of Korea (RoK) in Ho Chi Minh City are facing a number of bottlenecks related to labour regulation and administrative procedures that need to be promptly removed, heard a June 24 dialogue between the municipal leaders and the business community. The collection of seaport infrastructure fees was also pointed to by many participating businesses. From April 1, 2022, all container vehicles entering and leaving the city’s Cat Lai port have to pay an additional fee for using seaport infrastructure. Korean firms proposed the establishment of a monthly gross payment process and a reduction of the fee, given their difficulties from increased logistics costs. Phan Van Mai , Chairman of the municipal People’s Committee, said the southern economic hub is working to recover after two years affected by the COVID-19 pandemic. Such recovery sees a significant contribution of the business communities, including … [Read more...] about HCM City works to clear hurdles for RoK investors

Dong Nai province currently has three enterprises investing in five projects in Cambodia. Since 2021, Dong Nai has provided 36 full-ride scholarships for Cambodian students. Every year, the province conducts meaningful activities to celebrate the Chol Chnam Thmay Festival for Cambodian students, among others. At the reception, Consul General Sok Dareth spoke highly of the investment efficiency of Dong Nai’s firms in Cambodia, hoping that the province will continue coordinating closely with Cambodia’s provinces in various fields, particularly agriculture, industry, culture, education, and promoting exchange programs among the two countries’ students and youths. The consul general asked Dong Nai province to enhance all-level delegation exchanges to further tighten the solidarity and friendship between Vietnam and Cambodia in the coming time. Translated by Quynh Oanh … [Read more...] about Dong Nai boosts cooperation with Cambodia’s provinces

The Ministry of Agriculture and Rural Development (MARD) has proposed helping fishermen amid increasing petroleum prices. Many fishing boats in Vietnam are staying ahosre due to high petroleum prices MARD reported that petroleum prices have kept rising since December last year, which left up to 55 percent of fishing boats in Vietnam staying ashore. This has affected the seafood supply for the domestic and export markets. The country has 91,716 fishing vessels that consume an average of about 330 million litres of fuel per month. Diesel 0.05S, the main fuel for fishing vessels, has surged in price by 65 percent compared to late December last year. This means that fuel costs for fishing activities have increased by roughly VND3.77 (USD162.5 million) trillion each month. Fuel costs usually account for 45-60 percent of input costs for fishing vessels, which means an overall increase in operational costs of 35-48 percent. MARD has recommended assistance for … [Read more...] about Support proposed for fishermen struggling with petrol price hike

Van Don - Mong Cai Highway under construction (Source: baoquangninh.com.vn) Quang Ninh (VNA) – The Van Don - Mong Cai highway, which is scheduled for completion and operation on June 30, aims to create favourable conditions for the northeastern province of Quang Ninh to make breakthrough developments and promote economic links in the region. Nguyen Tien Oanh, Director of the Executive Board of the highway project (the Tien Yen - Mong Cai section), said it has taken time to complete this section – which extends from Bach Dang bridge to the Mong Cai international border gate , because of difficulties caused by the COVID-19 pandemic and other reasons. However, the foundation of the sector has been basically completed and is entering the finishing stages, he said. According to representatives from the Ministry of Transport, the Van Don - Mong Cai highway, which is part of the Hanoi - Quang Ninh highway, plays a strategic role for the socio-economic development of Quang … [Read more...] about Van Don – Mong Cai highway: new launch pad for Quang Ninh’s economic growth

The president of the Korean Chamber of Commerce in Vietnam (KOCHAM) has asked the Ho Chi Minh City government to assist South Korean enterprises in alleviating their cost burden in the current difficult period. KOCHAM President Shon Young Il made the request at a dialogue session between the city government and South Korean enterprises, held on Friday by local authorities in coordination with the Consulate General of South Korea in the southern metropolis. Speaking at the event, chaired by the municipal People’s Committee chairman Phan Van Mai, the KOCHAM leader said Korean businesses are facing a lot of pressure while trying to recover from the COVID-19 pandemic and cope with impacts caused by the ongoing Russian-Ukraine military conflict and the inflation risk. Therefore, he hopes that the Ho Chi Minh City administration can support Korean businesses in reducing their cost burden in this tough period. Specifically, local authorities should assist Korean businesses in solving … [Read more...] about S. Korean firms in Ho Chi Minh City seek help to ease rising cost burden