Quad cities business news

PM calls for sustainable development of wood processing industry Last year, Vietnam earned 9.38 billion USD from exporting wood and non-wood forest products Prime Minister Nguyen Xuan Phuc on March 28 issued a Directive on measures to achieve rapid and sustainable development of the wood and non-wood forest product processing industry to serve exports. Wood and non-wood forest products are ranked the sixth most important export product of Vietnam and had average annual growth rate of 13 percent during 2010-2018. Last year, Vietnam earned 9.38 billion USD from exporting wood and non-wood forest products, up 15.9 percent against the previous year and making up almost a quarter of the agriculture sector’s export turnover. Vietnamese wood products have been sold to more than 120 nations and territories. The country is the fifth largest exporter of wood in the world and second in Asia, accounting for 6 percent of the world’s market share. The country now has about 4,500 wood … [Read more...] about BUSINESS NEWS IN BRIEF 30/3

Trade turnover touches US$100 billion in first quarter Vietnam’s total trade turnover amounted to US$100 billion between January and March 19, according to Vietnam Customs. Recently-released statistics from the General Department of Vietnam Customs show that the country raked in US$10.95 billion during the first half of March, with many export staples enjoying a sharp increase in value. The figure helped to lift the country’s total turnover of exports to US$47.05 billion by March 15, an on-year rise of 5.4 per cent. A number of exports recorded a strong rise in value across the reviewed period. They include telephones and components, garments and textiles, computers, electronic items and components, wood and wooden products, and means of transport and spare parts. Meanwhile, imports reached a total of US$21.3 billion during the first half of March, bringing the total import value to US$93.6 billion by March 15. The figure edged up to US$100 billion by March 19, a surge of … [Read more...] about BUSINESS NEWS IN BRIEF 25/3

Vietnamese goods campaign promote local firms’ development A trade promotion fair to connect firms in Hà Nội and other localities. — Photo kinhtedothi.vn A campaign urging local people to buy “Made-in-Viet Nam” products has helped develop businesses across the country. The Vietnamese people using Vietnamese goods campaign has played a key role in helping local enterprises, a conference held in Hà Nội on Tuesday heard. “The campaign should not be a slogan but aim to conquer Vietnamese consumers,” said deputy minister of Industry and Trade Đỗ Thắng Hải. Trương Thị Ngọc Ánh, vice chairwoman of the Việt Nam Fatherland Front Central Committee, said all of localities nationwide had worked to implement the idea. More than 100 trade promotion conferences were held last year and more than 2,000 programmes were organised to bring Vietnamese goods to rural areas. “Local … [Read more...] about BUSINESS NEWS IN BRIEF 17/1

New trends in Vietnam’s rice exports 2018 is witnessing new trends in Vietnam’s rice export sector, notably the priority of exporting high-quality rice through international bidding as well as stricter and more diverse trade barriers from importing countries. Preliminary data by the General Department of Customs shows that Vietnam exported 264,500 tonnes of rice in October, generating a revenue of US$135.56 million, up 22.96% in volume and 31.8% in value, compared with the same month last year. The total volume of rice exports in the first ten months of 2018 was 5.15 million tonnes, worth US$2.6 billion, representing year-on-year increases of 6.62% and 21.49% in volume and revenue respectively. What is notable during the period is that the price of Vietnamese rice has now surpassed that of Thailand, averaging at more than US$500 a tonne, up about 15%. In 2016, Vietnam exported 4.8 million tonnes of rice, bringing in US$2.1 billion. The respective volume and revenue figures … [Read more...] about BUSINESS NEWS IN BRIEF 20/11