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

Ninh Thuan greenlights tourism projects Ninh Thuan Province People’s Committee has granted principle approvals for two large-scale tourism projects, worth a total VND2.5 trillion (US$107.3 million). Financed by Royal Ninh Thuan development and investment joint stock company, the 87.5ha tourism complex will be developed at Phuoc Diem Commnue, Thuan Nam District. It will comprise a five-star hotel with 500 rooms, 100 high-end villas and a convention centre, restaurants and an entertainment area. The complex, worth VND2 trillion, is slated for completion in June, 2022. Meanwhile, the second project — invested by Ninh Thuan international tourism joint stock company — will cover 6.56ha at Khanh Hai Town, Ninh Hai District. Worth VND550 billion, the complex will include a five-star hotel providing between 200-300 rooms, villas and food streets. It is expected to be finished in December, 2021. Ninh Thuan is seeing rising interest from investors thanks to its potential for … [Read more...] about BUSINESS NEWS IN BRIEF 21/2

Rice exports set to pick up in Q1 2019 Rice exports are predicted to thrive during the first quarter of 2019 as regular importers are giving positive signs, according to a Ministry of Agriculture and Rural Development source. Rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. The Agro Processing and Market Development Authority made the prediction at a press conference on January 22. The conference briefed expectations of farm produce exports during 2019, reported the news outlet Vietnam Economic Times. The authority stated rice exports to regular importers such as the Philippines and Indonesia will soar in the first quarter of 2019 as both have recently been hit by natural disasters. As many as 166 Filipino companies have made plans to import 1 million tons of rice, of which many have been ordered from Vietnam. This move came after the Philippines lifted its import … [Read more...] about BUSINESS NEWS IN BRIEF 26/1

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