Products that use palm oil

Jakarta (VNA) - Indonesia's trade surplus hit a record high in April, surpassing its peak in last October amid soaring global commodity prices that boosted exports. The National Statistics Agency (BPS) announced on May 17 that Indonesia had registered a surplus for the 24th consecutive month in April, which had more than tripled to 7.56 billion USD year on year and increased 66 percent month on month. Economists forecast that Indonesia will benefit from rising in global commodity prices due to the impacts of the Russia-Ukraine conflict as revenues from the exports of crude palm oil (CPO), coal, and metal ores are higher than the increase in imports. According to BPS, Indonesia ’s exports reached 27.32 billion USD in April, up 47.76 percent year on year. The mining industry had the strongest export growth, almost doubling year on year to 6.41 billion USD.  Meanwhile imports rose 21 percent to 19 billion USD. China remained Indonesia's top export destination, … [Read more...] about Indonesia enjoys largest trade surplus in history in April

The United Nations Development Programme (UNDP) last week again warned that the ocean is faced with increasing threats and multiple risks posed by climate change, natural disasters, environmental pollution, over-exploitation of natural resources, and unsustainable economic activities. “Global warming and marine litter are threatening marine resources, including widespread bleaching of coral reefs. Globally, an estimated 8-20 million tonnes of plastic enter the ocean every year. In Vietnam, around 2,000 tonnes of plastic waste leaks from the country into the ocean every day. It is estimated that there will be more plastic than fish in the ocean by 2050,” said Caitlin Wiesen, resident representative in Vietnam of the UNDP. The global ocean economy contributes an estimated $3 trillion per year, or about 5 per cent of the world’s GDP and comprises industries ranging from oil and gas, shipping and ports to renewable energy, fisheries, marine ecosystems and tourism. The value of the … [Read more...] about Blue economy model gathering pace

Gold is yet again becoming a safe haven asset, and some customers want more ways to get involved, Le Toan The World Gold Council (WGC) believes that the appetite for gold is often hampered by the interest rate, as when interest rates rise, gold loses its appeal. However, inflation is also a tailwind to gold demand as a common safe-haven asset. The USD tends to weaken when the Fed raises interest rates, which enhances gold’s demand. “Furthermore, what happens in China’s consumer market has had a big impact as it’s the world’s largest consumer market for gold. We expect China to start to emerge from the worst of the pandemic and that will support consumer demand,” the WGC noted last week. “It is difficult to predict how the geopolitical situation will play out. It depends on where inflation goes, but inflation is certainly the biggest driver at the moment, which will probably support institutional investment demand in the next quarter.” Meanwhile, the demand for gold in Vietnam … [Read more...] about Gold appeal sparkles amid rise of inflation

Hoang Viet Tien-Head of Strategic Advisory, Insider Mobile games and e-sports account for a major share of the blockchain sphere, and in addition to the play-to-earn wave from blockchain games, new waves are coming such as SocialFi (earning income through social activities), CALO (exercise to collect utility tokens), and Genopets (nurture and evolve Genopes to train and battle for rewards). A new report by DappRadar and the Blockchain Game Alliance suggests that 2022 will be a benchmark year for crypto games developers. The report reveals that $2.5 billion in investments were raised in Q1 alone this year, adding that developers could see this figure balloon to $10 billion by the end of the year. Compared to previous years, these figures also suggest the niche has become a key sector for investors. In 2021, for example, just $4 billion was raised throughout the whole year. In Vietnam, there are about 3.99 million gamers and more than 60 per cent are between the ages of 18 and … [Read more...] about Staying safe in the booming blockchain and GameFi world

Flexibility is required in handling raw material issues for power plants and easing coal supply pressures, Photo: Shutterstock Thai Binh Thermal Power Plant under Electricity of Vietnam (EVN) has been in a coal shortage since the beginning of 2022. Ta Trung Kien, director of the plant, said that the volume of coal delivered “has been reduced significantly” compared to the signed contract. Vinacomin Group and Dong Bac Corporation – two of the coal suppliers for the Thai Binh Thermal Power Plant – delivered only just over 74 per cent of the monthly plan. “The two units of our plant need about 6,400 tonnes of coal per day. Due to a lack of coal, the plant was forced to use backup coal to maintain the operation. By the end of the first quarter, these reserves were at just about 14,000 tonnes, much lower than the required norm of 80,000 tonnes,” Kien said. Many other plants are facing similar problems, including Nghi Son 1, Vung Ang 1, Vinh Tan 2, and Duyen Hai 1, which currently … [Read more...] about Nation lacking coal supply for sufficient power generation

Developers clamour for legal clarity, Illustrative image (Photo: VNA) Nguyen Manh Ha, vice chairman of the Vietnam Real Estate Association, said that tourism real estate needs to break down barriers to development as soon as possible, in order to move alongside the general economic recovery. “Currently, mechanisms and policies for resort real estate are unclear, especially in terms of new types of real estate such as condotels, officetels, and second-home villas in resorts,” Ha said. The legal framework has not kept pace with the reality of hospitality and resort real estate development, thus partly hindering the growth momentum of these types of property, Ha added. They are not given a right use certificate, known as a red book in Vietnam, because they are built on land plots permitted for developing tourism property only, and not for residential projects. Doan Van Binh, chairman of CEO Group, said that supply is scarce not only in Vietnam but worldwide due to the impact of … [Read more...] about Developers clamour for legal clarity

A visitor uses a remote guide app on her mobile at the National Fine Arts Museum. —VNS Photo Le Huong The tourism sector must apply digital transformation to secure sustainable development, according to dozens of participants at a forum on the topic held in Ha Noi on May 18. Titled "Green Light for Tourism to Take Off Part 2: Digital Transformation: Diving Force for Sustainable Development", the forum gathered dozens of experts from State management agencies, tourism authorities, localities, and IT. The first part of the forum held in March focused on opening doors to international tourists. Hoang Quang Phong, deputy chairman of the Vietnam Chamber of Commerce Industry, said at the end of 2018, the Prime Minister issued Decision No 1671/QD-TTg approving the “Master plan on applying informatics technology in the tourism field for 2018-2020, with orientation to 2025.” “Informatics technology has been applied in various tourism companies, especially hotels, resorts and big … [Read more...] about Forum held on digital transformation for sustainable tourism

Well-known groups are continuing to pour money into Vietnam specifically for research and development, Photo: Le Toan LEGO Group COO Carsten Rasmussen last week arrived in Vietnam to speed up the preparation of a $1 billion complex in the southern province of Binh Duong. At last week’s meeting with the Danish toymaker, Deputy Prime Minister Pham Binh Minh said, “This is the largest capital from a Danish group investing in Vietnam, confirming the faith and optimism of Lego, as well as the interest of other Danish investors in this country.” Fresh updates recently revealed by the Ministry of Planning and Investment that the total newly-registered foreign direct investment (FDI) into Vietnam last year amounted to $38.85 billion, up 25.2 per cent on-year, thanks to two billion-dollar projects registered at $7.7 billion and both licensed on the last day of 2021. An annual report on FDI in Vietnam released last week by the Vietnam Association of Foreign-Invested Enteprises … [Read more...] about FDI quality in need of fresh policy boost