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Tag: Vietnam

  • Seafood exporters situation more dire than during Covid

    Seafood exporters situation more dire than during Covid

    Seafood exporters are seeing orders plummet and facing even greater difficulties than during the Covid-19 pandemic.

    In the first five months of this year their exports fell by 28% to $3.37 billion and companies saw a decline of 20-50% in export orders, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

    Prices too have been falling due to the low demand, making it harder for companies to repay bank loans and manage other expenses.

    A severe shortage of raw fish and shrimp is expected in early 2024, VASEP said.

    Seafood exports this year are projected to be $9 billion, or nearly $2 billion less than last year.

    To mitigate the industry’s problems, VASEP has called on the government to reduce bank lending interest rates and make credit more accessible to it.

    It wants the interest rates on U.S. dollar loans to be reduced to below 4% and on dong loans to under 7%.

    It has demanded a rollover of loans by four to six months and a special credit package for small seafood producers.

    It has also proposed that a VND10-trillion stimulus package for the Mekong Delta region that is under consideration should be disbursed early so that exporters can start stockpiling raw materials early.

    Prime Minister Pham Minh Chinh had instructed the State Bank of Vietnam in April to consider such a package.

  • Indonesia sharply increases agricultural imports from Vietnam

    Indonesia sharply increases agricultural imports from Vietnam

    So far this year Indonesia has imported 15 times the rice it did from Vietnam last year and nearly triple the coffee due to unfavorable weather.

    According to Vietnam Customs, it has bought US$181 million worth of rice, accounting for 9.5% of Vietnam’s exports this year and jumping from eight to third place in the list of its biggest rice buyers, behind the Philippines and China.

    Indonesia’s coffee imports from Vietnam have been worth over $76 million, up 185%.

    Its vegetables imports rose by 20% at $2.44 million, and seafood imports by 70% to $7.83 million.

    Indonesia’s Ministry of Agriculture said agricultural imports have shot up due to El Nino, which is causing drought between May and July.

    The government has decided to import two million tons of rice this year.

    The U.S. Department of Agriculture said global coffee, rice and seafood outputs are going flat due to El Nino and there is a risk of further decline, which would cause countries to increase stockpiles.

    The El Nino-Southern Oscillation is a recurring climate pattern caused by changes in water temperature in the central and eastern tropical Pacific Ocean.

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  • Bamboo Airways’ accumulated loss bigger than Vietnam Airlines, Vietjet

    Bamboo Airways’ accumulated loss bigger than Vietnam Airlines, Vietjet

    Bamboo Airways posted an accumulated loss of VND3.2 trillion ($136 million) last year, higher than that of Vietnam Airlines and Vietjet.

    Although the company saw revenue tripling to VND11.73 trillion, costs still exceeded that figure due to difficulties in the Northeast Asia market and the Russia-Ukraine conflicts, which drove up fuel expenses, according to the company’s financial disclosure.

    Other airlines also posted accumulated loses last year. Vietnam Airlines lost VND2.64 trillion, an improvement from VND10 trillion recorded in 2021, thanks to revenues recovering to 70% of pre-pandemic levels.

    Vietjet posted an accumulated loss of VND1.99 trillion last year. Bamboo Airways leaders, however, are optimistic about the future of the company.

    Chairman Nguyen Ngoc Trong said that the airline nearly reached its breakeven point in the first quarter as its fleet of 30 aircraft operated at full capacity.

    Bamboo Airways is set to post profit in 2025, he added. The airline targets a growth rate of 15-20% this year. It is considering plans to expand its fleet and routes and increase occupancy.

    New routes are being considered to Europe, Northeast Asia, Southeast Asia and Australia.

    The airline is seeking the government’s permission to increase its fleet size to more than 30.

    Bamboo Airways is set to select a new board of directors for the 2023-2028 period on June 21.

    The five directors of Bamboo Airways have asked to resign, and the airline will select a new board of seven directors at the upcoming general meeting.

  • Vietnam lacks a million tons of coal for power production

    Vietnam lacks a million tons of coal for power production

    Thermal power plants in northern Vietnam are short of over one million tons of coal for power production for this and next month, which could intensify electricity shortage in the region.

    Vietnam’s main coal suppliers Vinacomin and Dong Bac Corp were obliged to provide 4.39 million tons to utility firm Vietnam Electricity (EVN) for power production in June and July, but so far they are 1.64 million tons short.

    Since a unit of EVN has been able to purchase 600,000 tons from other sources, the amount of coal needed for EVN to operate its thermal power plants is 600,000 tons this month and 400,000 next.

    This amount is even more necessary since hydropower plants in the north are at record low water levels, which means thermal power plants will need to run at full capacity, EVN CEO Tran Dinh Nhat said at a meeting on June 12.

    The Ministry of Industry and Trade has recently said that five major hydropower plants in the north were shut down this month, creating a shortage of 5,000 megawatts of power for northern Vietnam.

    Water levels will likely remain low in the next 10 days, according to weather forecasts.

    Load shedding has been frequent in different northern areas in the last several weeks, disrupting daily life and manufacturing.

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  • Halve car registration fees to boost sales

    Halve car registration fees to boost sales

    Prime Minister Pham Minh Chinh has asked the Ministry of Finance to halve registration fees for locally-made or assembled automobiles starting July 1.

    A draft decree on the issue should be submitted to the Government for approval before June 15, he said.

    The cut will be in effect until the end of this year to boost falling demand.

    The registration fees are calculated based on car prices in each locality. The rates are 12% in Hanoi and Hai Phong, and 10% in HCMC.

    The Vietnam Automobile Manufacturers Association (VAMA) said credit tightening and rising interest rates have diminished market liquidity, and automobile companies are struggling to cope with high inventories.

    In the first four months VAMA saw 92,801 cars sold, down 30% year-on-year.

    Experts have predicted that total vehicle sales this year will unlikely reach last year’s figure of half a million units.

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  • Black Thorn durian gaining popularity in Vietnam despite high prices

    Black Thorn durian gaining popularity in Vietnam despite high prices

    Farmers grow it in the Mekong Delta and their trees have borne fruits this harvest season.

    The most expensive durian variety in Vietnam costs nine times the price of Ri6 and 2.5 times that of Musang King, another premium variety originating in Malaysia.

    A woman named Loan in Ho Chi Minh City’s District 5 said she recently paid VND5.6 million for three Black Thorn durians weighing a total seven kilograms.

    “It has a thin rind and a lot of flesh that is really delicious and soft.”

    Lan in Hanoi said: “I’ve waited for one week now to buy two Black Thorn fruits.”

    But since it is a recent entrant, there is not much Black Thorn grown in Vietnam yet.

    A farm could only supply 50-100 kg at a time, and that is not enough to meet demand, fruit sellers said.

    As the first to grow the variety, Thuc in the delta’s Ben Tre Province said he has been growing it since 2019 and now has around 20 trees.

    He said each season would produce 60 kg of fruits on average.

    “I’m about to harvest 200 kg of them but cannot meet the demand. This variety grows well in the Mekong Delta, so we will grow more.

    He sells the durians at VND450,000-500,000 per kilogram at his farm.

    In Can Tho too farmers are growing Black Thorn.

    Trader Dang Mang Khuong said the variety is better than Musang King since it weighs 1.5-3kg each and has four or five locules each.

    Farmers also said Black Thorn has a faster growth rate compared to Ri6 and some other varieties.

    A tree starts to fruit after two to three years, they added.

  • Vietnam spends over $2B on animal feed, material imports in 5 months

    Vietnam spends over $2B on animal feed, material imports in 5 months

    Vietnam spent US$2.04 billion to import animal feed and raw materials for the production of this kind of commodity in the first five months of this year, according to the Ministry of Agriculture and Rural Development (MARD).

    The figure marks a year-on-year decrease of 2%.

    Animal feed and raw materials from Argentina to Vietnam accounted for 25.8% of the total market shares, followed by India (18.3%) and the U.S. (15.2%).

    Compared to the same period last year, the imports from the three countries increased by 3.9%, 130%, and 28.3%, respectively.

    MARD recommends that to reduce reliance on imported animal feed, farmers in localities should make use of available domestic raw materials, produce animal feed by themselves to reduce cost, and find sources of raw materials for animal feed production.

    Ministries and agencies were asked to tighten control over the import of meat and by-products, support importers to reduce the costs of products, as well as create favorable conditions for the development of material zones for animal feed production.

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  • Vietnam-grown Musang King durian prices plunge by half

    Vietnam-grown Musang King durian prices plunge by half

    Vietnam-grown Musang King durian has seen prices plunging by half in Vietnam in over two months due to abundant supply.

    Loan in Ho Chi Minh City’s District 8 is selling a kilogram of Musang King durian flesh at VND650,000 ($27.68), down by half from early March.

    This is the lowest price of the variety she has seen in five years selling the fruit.

    “There is an abundant supply from southern localities. Two years ago I had to order a week in advance, but now I can source them daily.”

    A vendor in District 1 has been sourcing two or three kilograms of each shipment amid falling prices.

    “I have been buying four times as much as in March,” the vendor said.

    On social media sellers are offering “unprecedentedly low prices” at VND700,000 per kilogram of flesh.

    In the south, farmers are selling their Musang King durian at around VND130,000-150,000 per kilogram for the whole fruit.

    Oanh in Can Tho said she recently sold a ton at VND150,000, down 40% in price from a month ago.

    Dang Manh Khuong, a trader in the same city, said that the abundant supply has caused durian prices to fall by 50-70% in recent months, depending on the variety.

    Although durian is now in harvest season in Mekong Delta provinces, Chinese buyers have been cutting their purchases, causing a price drop.

    Malaysia’s Musang King is considered the “best durian in the world” and grown by Vietnamese farmers in the Central Highlands and the Mekong Delta.

    Industry insiders estimate that the Musang King production in Vietnam has surged by up to fivefold in the last few years.

  • China to accept durian grown in 293 more areas in Vietnam

    China to accept durian grown in 293 more areas in Vietnam

    China has approved another 293 farming areas and 115 packaging facilities in Vietnam for export of fresh durian to it, eight months after the two countries signed a protocol.

    Vietnam’s Ministry of Agriculture and Rural Development is working with China’s General Administration of Customs for the approval of another 400 farming areas and 60 packaging facilities.

    Vietnam first exported the fruit to China in September last year, and ended up shipping 46,000 tons for the year, or 78% of total exports.

    Dang Phuc Nguyen, general secretary of the Vietnam Fruit Association, said the approval of more durian farming areas would encourage more farmers and traders to export to China.

    Durian could be harvested through the year, its output is large and Vietnam could transport the fruit faster to China than could Thailand, where it has been grown for dozens of years, he said.

    But Vietnam needs to improve quality and build brands to compete in the large Chinese market, he added.

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  • Vontobel CEO Plans to Step Down

    Vontobel CEO Plans to Step Down

    After 22 years at Vontobel the CEO of Bank Vontobel plans to retire from his CEO post next year.

    CEO Zeno Staub has asked the board of directors to resign his mandate at next year’s Annual General Meeting in April, Vontobel said in an emailed statement Wednesday. Staub served as the investment company’s CEO for 12 years.

    Staub plans to become more active in Swiss politics and will run as the top candidate for Switzerland’s Center Party «Die Mitte» in the National Council elections in the fall of 2023.

    It is a sign of a strong democracy when citizens such as Zeno Staub, who can look back on a long and successful career in business, want to assume a political role. We wish Zeno Staub every success in his endeavors, Chairman Andreas E.F. Utermann said in the statement.

    However, Staub is not cutting off all ties to Vontobel: After a one-year cooling-off period, he will stand for election as an ordinary member of the board of directors at the general meeting of shareholders 2025.

    Chief Operating Officer Felix Lenhard, is also stepping down at the end of the year, the statement said. Lenhard, who sat on the executive committee of Vontobel Holding and Bank Vontobel, wishes to spend more time with his family.

    Lenhard’s successor will also be determined by year-end.

  • A digital nomad working in Vietnam

    A digital nomad working in Vietnam

    Times have changed, and the new generation seeks freedom at work to travel and discover the world. For this reason, many countries in Asia are the main targets for young dreamers and people who want to work online outside their country quickly and economically. Here we will tell you about the adventure of a digital nomad working in Vietnam.

    What is a digital nomad?

    As said at the beginning of this article, people today want to generate income online when they travel to discover the world. So a digital nomad is a person who works online. Many professions can afford to work in that way: Digital Marketing, Communication, and Web Development, among others.

    A digital nomad is also the one with his laptop, moving worldwide. His stay in each country is short; it can be from 1 to 3 months, including weeks. But now, the value of immersing yourself in a culture is significant, so staying a few months in a place is much more widespread—especially in a beautiful and warm place like Vietnam.

    Why would a digital nomad want to live in Vietnam?

    Vietnam has become an increasingly popular destination for those looking for a cheap and authentic experience. The country offers a lot of opportunities for travelers and digital nomads alike. It’s a great place to visit if you want to enjoy nature, relax on beaches or explore ancient temples. And there are also plenty of jobs available for digital nomads!

    * The cost of living in Vietnam is meager compared to other Asian countries. It’s cheaper than in most European countries. You can find accommodation for less than USD 10 per night, which makes it possible to save money while traveling.

    * The quality of life is high. There are many things to do here, especially during the summer. If you love sports, you can go swimming, play tennis, practice yoga, or even run in the park. You can quickly get around by bike or scooter, allowing you to see the city without spending too much time on public transport.

    * There are many places to eat, drink, and party. You can find everything you need, from street food to fine dining restaurants.

    * If you’re into photography, you can take pictures everywhere. You don’t need to worry about getting your camera stolen because it’s not common.

    * And finally, the weather is fantastic! During the winter, the temperature is between 20 °C and 30 °C, but in the summer, it goes up to 40 °C. That means you can always wear shorts and t-shirts.

    How does a digital nomad earn money in Vietnam?

    Digital Nomads usually start their journey as freelancers. They create websites, apps, blogs, etc., and offer them to clients. Some of them use platforms such as Upwork or Freelancer to find projects. Others prefer to build their website and sell products through Amazon or eBay.

    Vietnam is a charming country for digital nomads

    Being a digital nomad in Vietnam, you will be able to meet people from all over the world who have decided to spend a season in this country like you. With this, you can expand your contacts, learn or practice languages, make friends while you work, and have fun.

    And something else, the locals there are friendly. You will feel it in every corner, and they smile all the time.

    What places to visit during your stay in Vietnam?

    Here we tell you some of them; keep reading.

    1. Hoi An

    This town was once famous for its silk production, but nowadays, Hoi An attracts tourists thanks to its old architecture. Its narrow streets, covered markets, and traditional houses make it a unique place to visit near Halong Bay, which is perfect for diving enthusiasts.

    2. Sapa

    Located in the north of Vietnam, Sapa is known for its breathtaking views and natural landscapes. It’s the best place to spot wildlife like elephants, gibbons, macaques, and bears. You can also hike through the mountains and valleys or climb to the top of Mount Fan Si Pan (1,912 m).

    3. Da Nang

    Located on the central coast, Da Nang is a modern city with many shopping malls, hotels, and restaurants. It’s also home to the famous Marble Mountains. Visit this area if you want to try some water activities. There are several options, such as snorkeling, kayaking, and parasailing.

    Do you need a visa to enter Vietnam?

    Yes, you do. Check everything about the [Vietnam e-Visa]; here, you will find how to make the application. Don’t worry; this takes just a few minutes, and you will have this vital document in your hands in a couple of days to start your adventur

  • Apple removes 8,000 Vietnamese apps for fraud

    Apple removes 8,000 Vietnamese apps for fraud

    Vietnam is among the countries with the most apps removed from the App Store in 2022 for fraud or poor user experience.

    In its App Store 2022 Transparency Report, Apple said it has around 1.78 million applications and removed 186,195 last year.

    The largest number, 38,883, was in the Games category.

    Vietnamese apps accounted for 8,462. Most of them — 4,657 — were removed for violating design standards. Fraud caused the removal of 3,626 apps, the second highest of any country’s.

    According to Apple’s guidelines, design violations include applications that are outdated or have worse user experience than it expects, like redirecting to a website before running the app.

    Fraud included applications that create fraudulent reviews of competitors, unfair competition or false content to lure users.

    There were also other reasons for removal such as violating developers’ code of conduct, copying other apps’ designs, spam apps, violating intellectual property rights, fake news, etc.

    The report also showed that Vietnam was among the top 10 countries to appeal removals, with 11 out of 416 proving successful.

    China had the most apps removed with 41,000, followed by the U.S. with 32,000, and India with 10,000.

    China had the most apps removed for fraud and violating developers’ code of conduct, while the U.S. led in design violations and spams.

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  • Bamboo Airways names Vietnam Airlines ex-deputy general director as CEO

    Bamboo Airways names Vietnam Airlines ex-deputy general director as CEO

    Bamboo Airways has appointed Nguyen Minh Hai as CEO to replace Nguyen Manh Quan with effect from May 24.

    The carrier said Quan had asked to step down from the position he had held since July 2022.

    Under his leadership, Bamboo earned record revenues in the second half of 2022 through innovative business initiatives.

    As of the end of the first quarter this year its fleet utilization rate had risen close to 100%.

    Hai, 51, has a bachelor’s degree in tourism business management from the National Economics University and 25 years’ experience in the airline industry.

    He was deputy general director of Vietnam Airlines between April 2015 and January 2019.

    Bamboo Airways had said last week there will be some changes in the board of directors and management.

    Hideki Oshima, a former director of international relations and airline alliance at Japan Airlines, is set to join the board of directors and executive board, while Masaru Onishi, a former president of Japan Airlines, will become senior advisor to the board of directors.

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  • Construction steel sales fall 15% in April

    Construction steel sales fall 15% in April

    According to the Vietnam Steel Association, over 735,000 tons of construction steel were sold in April, the second-lowest monthly sales figures since 2022.

    The sale was down 15% against the same period last year.

    Over 710,000 tons of construction steel were produced, posting the smallest monthly output since 2022, and a year-on-year drop of 37%.

    According to Hoa Phat Group, which holds one-third of the market share for construction steel, demand remained weak worldwide, so it sold only 214,000 tons of construction steel in April, down 28%.

    To spur sales, Hoa Phat on May 19 reduced the price of rebar by VND200,000 (US$8.50) to VND15.09 million per ton. Other steel makers lowered the price by VND150,000-250,000.

    Since early April, steel prices have decreased six times. At present, the average price of most common products is around VND15 million per ton, similar to that in October 2022 when steel demand started to plummet.

    According to Vietcombank Securities Company, steel prices started to fall in late April when prices of input materials such as iron ores, steel scrap and coke went down.

    Construction steel prices are likely to drop further in the coming time because of weak demand, the company said, noting that real estate developers and people are discouraged to build houses amid economic difficulties with high lending interest rates.

    According to the World Steel Association, the global steel demand is likely to increase by 2.3% to 1.82 billion tons this year, and by 1.7% to more than 1.85 billion tons next year. However, the demand will still be affected by high leading interest rates.

  • Shrimp prices plummet on stubbornly low global demand

    Shrimp prices plummet on stubbornly low global demand

    Shrimp prices have fallen by up to 30% within a month, and threaten to cause losses to southern farmers.

    In the Mekong Delta provinces of Tien Giang and Ca Mau, the prices of shrimp sized 100 to a kilogram have declined by a third from four weeks ago to VND70,000-80,000 (US$3-3.41).

    Larger ones, sized 30 to a kilogram, are priced at VND108,000, down 20%.

    Minh, a farmer in Ca Mau, said with prices dropping by 20-30%, he is not earning profits.

    “I have been trying to cut expenses, but at these prices I might record a loss.”

    Trong in Tien Giang Province faces potential losses of hundreds of millions of dong (VND100 million = $4,260).

    Other farmers are saying on online forums that they had been expecting prices to rise for weeks and are hit by the decline.

    The fall has been caused by lower demand in major export markets while supply has been rising in Vietnam, the Ministry of Agriculture and Rural Development said in a recent report.

    Rising inflation has caused a drop in consumption in the E.U. and the U.S., two main export markets, the Vietnam Association of Seafood Exporters and Producers said.

    Exports to China fell by 40% year-on-year in the first quarter to $54 million, according to Vietnam Customs.

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