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  • Vietnam GDP growth tops 7 pct, highest in a decade

    Vietnam GDP growth tops 7 pct, highest in a decade

    Vietnam’s GDP growth of 7.08 percent this year retained its status as one of the best performing economies in the world. It was the highest growth the country has experienced since 2008 and compared with the median estimate of 6.9 percent in a survey of 12 economists.

    The scale of the economy at present value is over VND5.53 quadrillion ($237.38 billion), with average GDP per capita at $2,587 per person, a $198 increase over 2017, Nguyen Bich Lam, head of the General Statistics Office, said Thursday afternoon.

    According the office, the agriculture, forestry and fisheries sector grew by 3.76 percent this year, and contributed to 8.7 percent to the country’s GDP. Corresponding figures for industry and construction sectors were 8.85 percent and nearly 49 percent; and that of the service sector, 7.03 percent and approximately 43 percent.

    Lam said that the consumer price index (CPI) in December 2018 fell by 0.25 percent compared to the previous month. On average, CPI in 2018 increased by 3.54 percent, well below the 4 percent target set by the National Assembly.

    Export turnover for the year is estimated at over $244.7 billion, up nearly 14 percent compared to 2017.

    The FDI sector (including crude oil) still accounts for nearly 70 percent of export turnover, at more than $175.5 billion.

    On the other hand, Vietnam imported more than $237.5 billion the whole year, up 11.5 percent over 2017.

    Overall, in 2018 Vietnam achieved a trade surplus of $7.2 billion.

    “The quality of economic growth has improved,” Lam said.

    The GSO director general explained that labor productivity this year saw an increase of nearly 6 percent compared to 2017, at VND102 million (nearly $4,512) per person.

  • Vietnam’s 2018 coffee exports at 1.88 mln tonnes, surges from last year

    Vietnam’s 2018 coffee exports at 1.88 mln tonnes, surges from last year

    Vietnam’s coffee export volumes for 2018 are expected to increase 20.1 percent from last year, while rice exports are estimated to rise 4.6 percent.

    Coffee

    Coffee exports from Vietnam will climb an estimated 20.1 percent this year to 1.88 million tonnes, equal to 31.37 million 60-kg bags, the General Statistics Office said in a report on Thursday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will edge up 1.2 percent to $3.54 billion in the year, the report said.

    December coffee exports were estimated at 160,000 tonnes, worth $287 million.

    Rice

    Rice exports in 2018 from Vietnam were forecast to rise 4.6 percent from last year to 6.09 million tonnes. Revenue from rice exports in the period was expected to grow 16 percent to $3.05 billion.

    December rice exports from Vietnam, the world’s third-largest shipper of the grain, were estimated at 450,000 tonnes, worth $220 million.

    Energy 

    Vietnam’s 2018 crude oil exports were seen plunging 39.5 percent from last year to an estimated 4.12 million tonnes. Crude oil export revenue in the year is expected to decline 21.2 percent to $2.27 billion.

    Oil product imports in the year were estimated at 11.35 million tonnes, falling 12.1 percent from the same period last year, while the value of product imports rose 7.8 percent to $7.61 billion.

    Vietnam’s 2018 liquefied petroleum gas imports were seen increasing 4.9 percent from last year to 1.43 million tonnes.

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  • Ramyeon Korea set to cross the $400 million export mark

    Ramyeon Korea set to cross the $400 million export mark

    Exports of ramyeon are sure to exceed $400 million this year, a state food agency reported Wednesday. Shipments of ramyeon totaled $385 million as of the end of November, up 11.2 percent from the same period last year, according to Korea Agro-Fisheries & Food Trade.

    The figure is already more than the total for 2018. Given the sum so far, the monthly average exports are $35 million, suggesting that exports will $400 million by end of this year. South Korea broke the previous threshold of $300 million just last year.

    Ramyeon remains popular in the United States and in Southeast Asia, while China’s boycott of Korean products due diplomatic disagreements has weakened, according to the agency.

    Related data showed Korea exported $8.56 billion worth of agricultural and fisheries products in the first 11 months of the year, a gain of 2.6 percent from last year.

    By country, exports to Japan were the highest, at $1.94 billion, followed by $1.38 billion to China, $980 million to the United States and $530 million to Vietnam.

    The figures indicate a 0.3 percent fall for Japan but increases of 1.2 percent for China, 0.2 percent for the United States and 1 percent for Vietnam.

    Exports of farm and livestock products rose 2.4 percent to $6.37 billion, and those of fisheries goods were up 3.1 percent to $2.2 billion.

  • Malaysia reviewing palm oil export duties

    Malaysia reviewing palm oil export duties

    Malaysia, the world’s second-largest palm oil producer, is reviewing the duty structure for its exports of the edible oil, according to its minister in charge of agriculture produced for export, to boost demand and reduce burgeoning stockpiles.

    “We are currently reviewing our present export duty structure to ensure a level playing field in the market,” said Primary Industries Minister Teresa Kok in an emailed response today to questions submitted earlier by Reuters.

    Palm oil producers in Southeast Asia have been grappling with slow exports as demand has waned on weaker currencies and higher import taxes. The demand slump has caused inventories in Malaysia to build to their highest in nearly 18 years while stockpiles in Indonesia, the world’s biggest palm producer, have also climbed.

    Palm oil prices fell to their lowest in three years earlier this month amid the demand slump, and were down 0.9% at RM2,108 a tonne today morning.

    Despite Malaysia cutting its export tax on crude palm oil to zero since September, industry participants say Indonesian palm is still more competitive as the country’s producers have sharply discounted their prices, causing Malaysia to actually increase imports from Indonesia. Production costs in Indonesia are also typically less than in Malaysia.

    Earlier this month, Indonesia also eased its rules on palm oil levies and derivative products to boost its exports.

    To counter the Indonesian import, Kok said the government is “currently encouraging our companies to use domestically produced palm oil to reduce the stockpile.”

    “By reducing imports, we could see a significant reduction in palm oil stocks in Malaysia and this would boost prices.”

    Prices next year are expected to be supported by demand from traditional markets as they replenish stocks, said Kok, adding that the implementation of a higher biodiesel mandate in 2019 will also help palm prices.

    Malaysia will raise the minimum bio-content in biodiesel to 10% for the transport sector and 7% for the industrial sector.

    Kok also said she expected production “in the region of 20 million tonnes” in 2019. The government last month forecast output of 20.5 million tonnes for 2019 and 19.8 million tonnes for this year.

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  • Vietnam wants China to import more, invest more

    Vietnam wants China to import more, invest more

    China should increase imports of Vietnamese goods and make more hi-tech investments, government officials and business representatives say. Le Hoai Trung, Vietnam’s Deputy Minister of Foreign Affairs, proposed at the Vietnam-China Economic Promotion Forum Thursday that China creates more favorable conditions for more Vietnamese goods to enter the country through border gates.

    “We hope that the Chinese government will be more open to the Vietnam market, especially for products that Vietnam has strong supply and China has high demand for, such as rice, pork, milk, agriculture, seafood, electronics and consumer goods,” Trung said in the forum attended by 500 Vietnamese government and business representatives and 200 Chinese counterparts.

    Vietnam has a high trade deficit with China. From January to November, the country exported $37.7 billion worth of goods to China and imported $59.6 billion, a trade deficit of $21.9 billion, according to Vietnam Customs.

    Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry, said: “Although Vietnam’s exports to China have been increasing this year and trade deficit is declining, I don’t think this trend will be sustainable.”

    He said it would require a big effort from authorities to pave the way for Vietnamese goods, especially agriculture products, to enter China.

    Loc also proposed that that unofficial trade activities between the two countries at the border be formalized to guarantee long-term benefits for both sides.

    As protectionism in the world rises, Vietnam and China need to cooperate to control trade cheating, like Chinese businesses exporting its goods via Vietnam to other countries, which would impact on sustainable development of both countries, Loc said.

    Trung said at the forum that Vietnam welcomes foreign direct investment from China that is focused on high technology in infrastructure, supporting industry and agriculture.

    He added that Chinese FDI businesses should ensure environmental protection and Vietnamese labors’ benefits when investing in the country.

    Loc added that China, as a leading country in the world in the high-tech sector, can provide this kind of investment to Vietnam.

    “Vietnam is looking for a new type of foreign investment which has higher quality, integrate more with Vietnamese businesses using high-technology which are environment-friendly,” he said.

    China is Vietnam’s largest import market, while Vietnam is China’s largest trading partner in ASEAN and the 8th in the world.

    From January to November, bilateral trade turnover reached over $97 billion, up 16.5 percent year-on-year, according to official data.

    China has invested in over 2,000 projects in Vietnam, with a total registered capital of $13 billion. It ranks 7th out of 129 countries with FDI in Vietnam.

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  • Vietnam to top 7 pct growth in 2018 and 2019

    Vietnam to top 7 pct growth in 2018 and 2019

    Vietnam may grow more than 7 percent in 2018, the highest in 10 years, and is likely to maintain the rate next year, experts say. Nguyen Xuan Thanh, director of development, and public policy lecturer at the Fulbright University of Vietnam, said the country’s economy is expected to grow at over 7 percent this year, the highest level since 2007.

    “The major contributor of growth comes from industries that benefit from policies to replace import goods, such as automobile and pharmaceutical production,” he said at a conference organized Thursday by the National Financial Supervisory Commission (NFSC).

    In 2017, Vietnam rode on 20-30 percent growth of phones and electronics, but this year, that sector’s growth slowed down to only 11 percent in the first 11 months of 2018, Thanh explained.

    He also noted that a positive aspect of the growth this year has been that it is no longer dependent on credit. The NFSC estimates credit growth to have slowed significantly to 15 percent this year from 18 percent in 2017.

    “Many experts were concerned that Vietnam’s high growth rate in previous years was linked to credit growth, but there has been strong economic growth this year without high credit growth,” Thanh said.

    Meanwhile, NFSC leaders said Vietnam’s growth may exceed 7 percent in 2018 and remain at between 6.9-7.1 percent in 2019.

    Truong Van Phuoc, acting chairman of the NFSC, said the high growth in 2018 is due to large contributions from the private sector. In addition, trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), which are expected to come into effect in 2019, may also bring positive impacts.

    Vietnam also has the opportunity to attract investment as well as new opportunities from the field of information technology and biotechnology, he added.

    But experts also point out some factors that could affect economic growth next year. Thanh noted that growth this year was not only due to investment and export but also the heavy consumption.

    Any changes to consumption can have immediate effect on economic growth, he said.

    In the first nine months this year, Vietnam’s GDP grew by 6.98 percent, the highest nine-month growth rate since 2011. The economy grew by 6.81 percent last year, the highest rate in a decade.

  • Completion of Heaviest and Tallest Cargo Transportation in the History of Uzbekistan

    Completion of Heaviest and Tallest Cargo Transportation in the History of Uzbekistan

    In 2017, Bolloré Logistics Japan was awarded the transportation of materials and equipment from Mitsubishi Corporation for a large-scale fertilizer plant in Navoiy, a city in the central region of Uzbekistan. By September 2018, our team had successfully transported 24 heavy-lift units by hydraulic conventional trailers, including 17 units over 100 MT each.

    Located in Central Asia, Uzbekistan is one of only two landlocked countries in the world surrounded by five countries, namely, Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan. This makes Uzbekistan one of the most difficult areas to transport cargoes. The port of discharge selected by Bolloré Logistics varied from one time to another as there was no standard transportation route. Depending on the port of loading & discharge, weight, dimensions, transit time, and cost efficiency, Bolloré Logistics Japan provided the best transportation route and mode for Mitsubishi Corporation.

    The heaviest unit, an Ammonia Converter, registered at 422 tons and the widest and tallest unit, a Package Boiler, recorded at LWH (mm) 12,700 x 8,700 x 10,720 – making history as those were the heaviest and tallest cargoes handled in Uzbekistan.

    The scope of work included Free On Board (FOB) from various ports of loading to Navoiy’s site, together with import customs clearance formalities.

    Timely arrangement of breakbulk vessel, Volga-Don class sea river vessel or barge, road permits, conventional hydraulic trailers and more were requested from our team in order to meet the construction schedule’s deadline with all the requirements.

    As for the heaviest and most voluminous cargoes, Bolloré Logistics visited the vendor’s factories several times prior to the breakbulk shipments and physically checked the cargo figures, lifting points, lashing points, to successfully design the transportation plan accordingly.

    But the most challenging part remained the inland transportation from the Caspian Sea port to the job site.
    First of all, the distance from the Caspian Sea port to the job site is around 1,700 km. These days, most cases of heavy lifts are handled by self-propelled modular transporter (SPMT), just for short distances only, but in our case it was transported by conventional hydraulic trailers, for 1,700 km. As 1,700 km is a long journey, Bolloré Logistics Japan had to anticipate unexpected trouble on the way and prepare a backup plan, while respecting the construction schedule.

    Road surveys were carried out several times and we decided to adopt the safest transportation route. However, it was still not enough as infrastructures were limited and could not withstand transportation of such heavy and voluminous cargo; it therefore had to be improved.

    As a result, Bolloré Logistics improved 24 bridges (including the construction of a new bridge and installation of new piles on another bridge), constructed 15 bypass roads (including two long ones), expanded five corners, replaced electric poles at one place, and widened roads at four points.

    Yet, it was still not enough. During the transportation of heavy lifts cargo, Bolloré Logistics mobilized construction machinery teams such as dump trucks, road rollers, wheel loaders, etc., in order to improve unpaved road temporarily. We also mobilized an electrical team such as cherry pickers, mobile cranes to shut down / remove power cables and other overhead obstacles.

    Thanks to Mitsubishi Corporation’s full cooperation and Bolloré Logistics’ team effort; we were able to meet the cargo readiness in accordance with heavy lift transportation schedule and unloading heavy lifts on time at the site.

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  • Supporting industry should be a major priority: PM Vietnam

    Supporting industry should be a major priority: PM Vietnam

    Vietnam needs to make its supporting industry a production base for the global manufacturing chain, PM Nguyen Xuan Phuc says. “Vietnam should become a production base for multinational companies. This is what the Ministry of Industry and Trade and other government bodies should think about in their development strategy,” Prime Minister Nguyen Xuan Phuc said Wednesday.

    He was speaking at the conference on “Solutions for Promoting the Development of Supporting Industry in Vietnam,” held in Hanoi.

    He said that Vietnam should strive to compete in regional and global markets, manufacturing parts for cars, motorbikes and even airplanes.

    The government has always been prioritizing land access for the supporting industry, and has never said no to any such request, Phuc said.

    Supporting businesses should speed up and start operations earlier, Phuc said, adding that there were firms in the industry that could finish clearance and lay their foundations in just three months, while some have left things hanging for as long as three years.

    The supporting industry in Vietnam remains weak, having to import nearly 90 percent of raw materials, spare parts and components needed for production, according to the Ministry of Industry and Trade.

    This means a low localization rate, even in industries with great supporting industry potential, like automobiles and textiles and garments, it said.

    Minister of Industry and Trade Tran Tuan Anh said at the conference that only 300 supporting firms were currently part of the supply chain for multinational companies. As of last year, Vietnam had 75,000 manufacturing firms.

    The number of new businesses in this sector has barely increased in recent years, even though this is a key foundation for industrialization, Anh said.

    Therefore, those making finished products in the country are having to import accessories and parts from other countries or produce them on their own, he added.

    He cited Japan as a good example of a strong supporting industry. Even though the majority of Japanese supporting businesses are medium, small and micro sized, they are integrated deeply in the global manufacturing chain with high added value. They provide accessories and parts to the aviation industry, he noted.

    The trade minister added that Vietnam’s policy for attracting foreign direct investment (FDI) does not create favorable opportunities for local supporting businesses to develop and join the global manufacturing chain.

    There are over 3,000 supporting industry businesses in Vietnam, accounting for 4.5 percent of the manufacturing and processing sector, creating jobs for over 550,000 employees, according to the Ministry of Industry and Trade.

    From January to November this year, Vietnam imported $30.66 billion worth of machines, accessories and parts, and exported $15.13 billion worth of products, according to Vietnam Customs, marking a trade deficit of $15.53 billion.

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  • Vietnam to work on cheaper premium Japanese beef

    Vietnam to work on cheaper premium Japanese beef

    Vietnamese businesses are racing to raise upmarket Japanese cattle at home to produce cheaper Wagyu beef. Beef from cattle raised in Vietnam is 2-4 times cheaper than imported ones. Two years ago, Huy Long An Limited Company in the southern province of Long An imported thousands of Wagyu cattle, from which the famous Japanese beef is produced.

    Vo Quang Huy, the company’s director, said his company has signed a deal with Japan’s Sawai Farm to develop a farming model for Wagyu beef in Vietnam.

    “We are selling the beef on a trial basis to hotels and restaurants. The product will hit the markets in 2019, when production is stabilised. Although it’s difficult to raise them (Wagyu) in Vietnam, they’re worth a lot,” Huy said.

    He said a kilo of Wagyu beef can sell for VND700,000 ($30) to VND1 million ($42.84) a kilogram.

    Like the Huy Long An company, the Kobe Beef Vietnam company has also been breeding Wagyu cattle in the Central Highlands province of Lam Dong. Nguyen Tri Vu, general director of the company, said he imported genetic material for the Japanese breed from the U.S.

    The company is currently rearing 420 cows, and on average sells one every week. Each cow is worth VND200-250 million ($8,567- 10,708), many times higher than that of other cow breeds in the market today. Each kilogram of ‘Viet Wagyu’ sells for VND2-4 million ($85.67- 171.34) per kilogram.

    “This beef is mostly sold to restaurants, hotels and gourmets, mainly in Hanoi, Ho Chi Minh City and Da Lat. This is a premium breed. It costs VND150,000 ($6.43) a day to feed one cow. They are also fed some materials that have to be imported, hence the high price,” Vu said.

    Local beef now costs from VND100,000-500,000 ($4.4-22.02) per kilogram.

    Other Japanese farms have also announced their intention to start raising cattle in Vietnam.

    Speaking on the potential of the market, an agriculture expert said that demand for Japanese beef was increasing, but among those with high earnings.

    Import prices are relatively high, with the cheapest around VND1 million (($42.84)) per kilogram and the most expensive nearly VND19 million ($815.89), and the average ones at VND9 million ($386.47) per kilogram. On the other hand, beef from cattle raised in Vietnam have very competitive prices.

    However, if the local breeders do not establish good brands, they could lose market share to products of no clear origin, he said

    Vietnam’s cattle industry is failing to meet the country’s increasing demand for beef, forcing local consumers to turn to imported products, the expert added.

    Last year, the country imported more than 262,300 live cattle, and nearly 42,000 tons of beef and buffalo meat valued at more than $410 million, according to the Animal Husbandry Department under the Ministry of Agriculture and Rural Development.

    The deputy director of the department, Tong Xuan Chinh, said Vietnamese people’s diets have changed drastically in recent years, and they’re now eating more beef and buffalo meat.

    Average consumption has doubled to 5-6 kilograms of beef and buffalo meat per year in the past decade, but the cattle industry has been unable to keep up with the rise in demand. Local supplies of beef and buffalo meat only meet 80 percent of the current demand, he said.

  • Indonesia’s November Trade Deficit Widest Since July 2013

    Indonesia’s November Trade Deficit Widest Since July 2013

    Indonesia posted its widest monthly trade deficit in over five years in November as exports, especially that of palm oil and pulp, slumped, data from the statistics bureau showed on Monday. The deficit in November was $2.05 billion, compared with October’s revised deficit of $1.77 billion and the biggest trade gap since July 2013, according to Refinitiv data. A Reuters poll had expected a deficit of $830 million.

    The rupiah weakened slightly after the trade data to 14,620 a dollar at 12.45 p.m. from 14,600 before the announcement.

    Exports surprisingly fell 3.28 percent in November from a year earlier to $14.83 billion, the worst monthly performance since June 2017. The poll’s median was for a 3.95 percent increase for exports.

    A decline in overseas sales of a range of products, such as palm oil, jewelry, pulp and paper, and crude oil, was the main reason for the drop, Central Statistics Agency (BPS) head Suhariyanto said at a news conference.

    Export revenues from vegetable oils, including palm and coconut oil, fell nearly 19 percent in November from a year earlier due to weak prices, he said.

    November imports stood at $16.88 billion, up 11.68 percent from a year earlier, topping the poll’s 10.50 percent estimate, but down from the nearly 24 percent growth in October.

    Southeast Asia’s largest economy has been struggling to contain imports in recent months. Some measures, including higher tariffs, have been imposed to curb imports.

    Authorities have also sped up negotiations for free trade deals to gain better access for exports, in a bid to reduce the trade gap and support the rupiah.

    Bank Indonesia has also hiked interest rates six times since May to try to attract portfolio investment needed to fund the widening current-account deficit.

    Fakhrul Fulvian, an economist at Trimegah Sekuritas, said the worse-than-expected trade deficit would “lower the expectation of improving current-account balance” in the fourth quarter. But he argued that the central bank would not have to raise rates again because it already did in November.

    Maybank Indonesia economist Myrdal Gunarto agreed.

    “The movement of the exchange rate in domestic market remains manageable and the trade deficit was supported by returning foreign inflows,” Gunarto said. “With that, we project Bank Indonesia will still maintain its policy interest rate at the current level.”

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  • Korea’s auto exports on the rise, but local industry still struggling

    Korea’s auto exports on the rise, but local industry still struggling

    Attractive prices and returns have seen the number of Chinese customers buying high-end apartments in HCMC soar this year. Duong Thuy Dung, senior director of real estate market research firm CBRE Vietnam, said at a recent forum that 31 percent of high-end apartment buyers in HCMC in the first nine months were Chinese. This figure increased from only 2 percent in 2016 and 4 percent last year.

    In the last two years, Chinese were sixth among all buyers, but this year, they have surpassed Vietnamese to rank first.

    Only 24 percent of high-end home buyers are Vietnamese, CBRE data shows.

    Stephen Wyatt, country head of property service firm JLL Vietnam, said the number of Chinese buyers has been increasing because Vietnam has an attractive price compared to other markets like Hong Kong, Japan, Singapore, South Korea and Taiwan.

    Chinese people often compare prices in Vietnam with Shanghai when they buy properties, he said, adding that they hope to gain profit from higher property prices in Vietnam in the future.

    A high-end apartment in the city costs around $5,000 per square meter, but the same one in Hong Kong could cost four times, said Nguyen Khanh Duy, director of residential sales at real estate service provider Savills HCMC.

    Nguyen Hoang, director of research and development at real estate firm DKRA, said that the number of Chinese and South Korean buyers in HCMC started to increase last year.

    Chinese from Shanghai and Hong Kong are buying properties as investments (not to stay in). “Most projects that foreigners bought in the last two years are under construction,” he said.

    Other industry insiders said that the high returns that HCMC high-end apartments offer is attracting many foreign buyers.

    The rate of return is 5-6.5 percent in Thao Dien ward and Thu Thiem Peninsula in District 2, while in other Asian countries, this rate is only 3.7-5.2 percent, Duy said.

    CBRE senior director Dung added that it was not just Chinese, but foreign buyers in general who are showing an increasing interest in HCMC real estate.

    Dung said that each foreigner group has a different preference for high-end apartments. Customers from mainland China, Hong Kong and Taiwan prefer large-scale projects near the downtown HCMC.

    South Koreans like to buy apartments in the southern District 7 that hosts a large community of South Koreans, while Western buyers often look for a quieter lifestyle in eastern District 2.

    Dung said HCMC is estimated to receive 40,000 new apartments in the 2018-2020 period, 60-70 percent of these in the high-end segment.

    In the last three years 35,000 luxury apartments have come into the market, CBRE said.

    This is a major increase from 2012-2014 when fewer than 10,000 units were on offer, CBRE said.

  • Renault to start making Twizy cars in Korea from next year

    Renault to start making Twizy cars in Korea from next year

    Renault Samsung Motors, the Korean unit of French carmaker Renault S.A., is planning to start producing the Twizy ultra-small electric car in its sole domestic plant next year, industry sources said Monday. Renault Samsung, Busan Metropolitan City, and the Ministry of Trade, Industry and Energy are expected to sign an initial agreement this month to begin manufacturing Twizys, which are classified as heavy quadricycles in some countries, a person with direct knowledge of the matter said.

    He said assembly will begin “sometime during the 2019” at the carmaker’s plant in Busan, some 453 kilometers (281.5 miles) southeast of Seoul.

    This year, Renault Samsung has sold most of the 1,000 Twizys that were produced in its parent Renault’s plant in Valladolid, Spain, and shipped to Korea, a company spokesman said.

    The company plans to roll out up to 15,000 Twizys annually for domestic sales and exports to Asian markets, another person familiar with the matter said.

    Renault Samsung didn’t confirm the plan.

  • Vietnamese currency falls to new low, could go lower

    Vietnamese currency falls to new low, could go lower

    The official exchange rate between Vietnamese dong and U.S. dollar reached its highest this year Wednesday, and  experts said the dong could depreciate further. The State Bank of Vietnam set a central exchange rate of VND22,757 on Wednesday, the sixth time the rate has gone up in the last two weeks.

    The dong has fallen by VND352, or 1.57 percent, against the greenback since the beginning of the year.

    The dollar’s value increased at commercial banks. At 3p.m. Wednesday, Vietcombank sold the dollar for VND23,350, VND15 higher than Tuesday.

    Vietinbank also sold its dollar for VND23,350, VND17 higher than Tuesday, while BIDV sold it at VND23,355, VND25 higher.

    The dollar also inched up on the free market. At 11.30 a.m. Wednesday, it was selling for VND23,360-23,410, VND10-20 higher than on Tuesday.

    Economist Nguyen Tri Hieu said that the reason for the hike was high demand for dollars toward the end of the year as businesses often import large amounts of materials needed for manufacturing.

    The ongoing U.S.-China trade war continues to exert exchange rate pressures, despite the U.S. announcing a 90-day halt on additional tariffs on Chinese goods starting next year, as there is no certainty that tensions will decline, he said.

    “There is a high possibility that the dong’s value will continue to fall this year,” Hieu said.

    Hieu said that the government should also devaluate the dong against the Chinese yuan so that the trade deficit between Vietnam and China can be reduced.

    Vietnam relies heavily on China for materials and equipment for its labor-intensive manufacturing sector.

    As the yuan’s value has fallen by 9 percent to the dollar since the beginning of this year, some experts have said that the dong should be devaluated even more to avoid impacts a cheaper yuan. Cheap made-in-China goods could be imported in large quantities to Vietnam and compete with domestic products, they said.

    But economist Tran Dinh Thien said that the dong should be kept at a balanced rate between the U.S. dollar and the Chinese yuan. A 2-3 percent band a year is acceptable, he added.

    A stronger dollar will benefit exporters, but will also create stronger pressure on inflation and interest rates which will increase business costs in a country with high imports and public debt, Thien said at a recent conference.

    He added that the fluctuation of the dong should be controlled to help local companies conduct their business with greater certainty.

    The government doesn’t want businesses to suffer shocks, he said.

    Prime Minister Nguyen Xuan Phuc had said in August that the devaluation of the dong needs to be kept within a 2-percent band this year compared with the end of last year.

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  • Indonesia’s November Inflation Rate Surprisingly Picks Up

    Indonesia’s November Inflation Rate Surprisingly Picks Up

    Indonesia’s annual inflation rate accelerated for a second straight month in November, the statistics office said on Monday, against an expectation for price pressures to ease. The consumer price index rose 3.23 percent in November from a year earlier, Central Statistics Agency (BPS) chief Suhariyanto said, attributing the increase to rising prices of some food products and airfares. On a monthly basis, it rose 0.27 percent.

    October’s rate was 3.16 percent, while a Reuters poll had expected a November annual inflation rate of 3.15 percent.

    The November rate was still well within the central bank’s target range of 2.5 percent to 4.5 percent for 2018.

    The annual core inflation rate, which excludes government-controlled and volatile prices, also picked up more than expected in November to 3.03 percent, from 2.94 percent in October. The poll had expected a core inflation rate of 2.97 percent.

    Bank Indonesia has hiked interest rates six times this year by a total of 175 basis points since May to support the rupiah, despite benign inflation. The currency plumbed levels not seen since 1998 earlier this year but has sharply strengthened last month due to improving global investor sentiment.

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  • Vietnam Jan-Nov coffee exports up 23 pct, rice 4.8 pct

    Vietnam Jan-Nov coffee exports up 23 pct, rice 4.8 pct

    Vietnam’s coffee export volumes from January to November have grown 23 percent year-on-year and rice exports have risen by 4.8 percent, official data shows.

    Coffee

    Coffee exports from Vietnam will climb an estimated 23 percent between January and November from a year ago to 1.725 million tonnes, equal to 28.75 million 60-kg bags, the General Statistics Office said in a report on Thursday.

    Coffee export revenue for Vietnam, the world’s biggest producer of the robusta bean, will edge up 2.9 percent to $3.3 billion in the 11-month period, the report said.

    November coffee exports were estimated at 140,000 tonnes, worth $264 million.

    Rice

    Rice exports in January-November from Vietnam were forecast to rise 4.8 percent from a year ago to 5.7 million tonnes. Revenue from rice exports in the period was expected to grow 16.8 percent year-on-year to $2.86 billion.

    November rice exports from Vietnam, the world’s third-largest shipper of the grain, were estimated at 450,000 tonnes, worth $218 million.

    Energy

    Vietnam’s January-November crude oil exports were seen plunging 42.5 percent year-on-year to an estimated 3.6 million tonnes.

    Crude oil export revenue in the first 11 months of 2018 were expected to decline 20.4 percent to $2.1 billion.

    Oil product imports in the 11-month period were estimated at 10.7 million tonnes, falling 8.1 percent from the same period last year, while the value of product imports rose 15.4 percent to $7.3 billion.

    Vietnam’s January-to-November liquefied petroleum gas imports were seen increasing 1.5 percent from a year earlier to 1.3 million tonnes.

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