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Tag: Vietnam

  • Vietnam earns over $2B from coffee exports

    Vietnam earns over $2B from coffee exports

    Coffee is an export highlight of agricultural products in the first half of 2023, as the industry’s export revenue earned $2 billion in the period, the General Department of Customs has announced.

    According to statistics from the department, as of June 15, the country exported 934,900 tonnes of coffee, down 3.7% compared to the same period in 2022 with export prices increasing nearly $2 per tonnes.

    The sector has been listed in “one-billion-USD” club since 2010 and reached its peak of $4.056 billion in 2022. The club includes exports that fetch at least $1 billion a year.

    Vietnamese coffee has been present in 38 markets worldwide, of which it enjoys an export turnover of over 10 million in 25 markets and more than $100 million in six traditional ones.

    If export turnover reaches about $360 million a month from now until end of this year, the sector will set a new record of $4.5 billion in 2023, an increase of 10.9% compared to 2022.

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  • Gasoline prices drop

    Gasoline prices drop

    Gasoline and diesel prices declined in Vietnam Monday afternoon, following a similar trend globally.

    The popular RON95 gasoline dropped 2.68% to VND21,420 ($0.91) per litter after staying unchanged in the last two revisions by authorities.

    Biofuel E5 RON92 fell 1.91% to VND20,470 per liter.

    Diesel, after rising two times in a row, was 0.06% lower at VND18,160 per liter.

    Global fuel prices since June 21 have been falling due to a plunge in U.S. fuel reserves and concerns about central banks’ rate hikes, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 fell nearly 1.5% to $86.78 per barrel while RON95 dropped 1.8% to $91.59. Diesel declined by 0.5% to $92.16.

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  • Vietnam leads rice exports to Philippines

    Vietnam leads rice exports to Philippines

    Vietnam continued to be the biggest rice provider to the Philippines in the first five months of this year with a turnover of $772.4 million, surging 31.1% year-on-year.

    During January-May, the Philippines imported 1.5 million tons of rice from Vietnam, accounting for nearly 90% of its total imported rice, according to the Asia-Africa Market Department under the Ministry of Industry and Trade, citing data from the Philippine Bureau of Statistics.

    This was also the record level of Vietnam’s rice exports to the Philippines so far.

    million dollarsRice export turnover to the PhilippinesJanuary-May period between 2019 and 2023turnover

    In the first five months, Vietnam exported 3.6 million tons of rice, with the Philippines accounting for 42.3% of the share.

    In the last six months of the year, rice exports to the Philippines are forecast to continue to increase due to the impact of climate change and the El Nino phenomenon that could severely affect domestic food production in the country of 113 million people.

    To take advantage of the opportunity to export rice to this market, businesses should closely follow market developments and policies on rice trade, the Asia-Africa Market Department said.

    Market research firm Fitch Solutions forecast that the global rice market will face the most severe shortage for 20 years in 2023. A shortfall of about 8.7 million tons is expected in the 2022-2023 crop year, the highest level since 2003-2004.

    Vietnamese agricultural experts said that rice prices will stay good in the short term due to global economic, and political uncertainties pushing up demand for food reserves.

    In addition to the Philippines, Indonesia and many countries in Asia are also increasing purchases of Vietnamese rice due to a decrease in supply.

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  • Vietnam halves car registration fees to boost sales

    Vietnam halves car registration fees to boost sales

    Vietnam has cut car registration fees in half for locally-made or assembled cars as authorities hope against hope that the move will boost sales.

    The 6-month cut takes effect July 1 and the fees will return to normal starting Jan. 1, according to a government decree issued Wednesday.

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

    Vietnam issued the same 50% cut for six months in 2020 and 2022 to boost consumption. The move caused sales to double in both cases.

    The Ministry of Finance, however, said earlier that the cut might not be as effective this time since the economy is seeing a strong decline in industrial activity and exports amid high inflation and low GDP growth.

    In the first five months, 113,500 auto units were sold, a 36% plunge year-on-year, according to the Vietnam Automobile Manufacturers Association.

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  • Fake Chanel perfume seller fined

    Fake Chanel perfume seller fined

    A shop in the Central Highlands has been fined VND50.5 million (US$2,100) for selling counterfeit Chanel and Lancome perfumes and sunscreen through Facebook livestream.

    The shop in Pleiku, Gia Lai Province, was busted during a livestream session, the local police said.

    They had been monitoring the shop for some time, and during the raid found 300 bottles of perfumes labeled Chanel and 118 purporting to be Lancome besides 204 sunscreen tubes with the latter’s label.

    The police checked all the documents the shop provided and established that the products were fake.

    They also found 440 breath refresher bottles without invoices.

    The shop was fined VND50.5 million for selling fake goods, violating intellectual property rights and trading cosmetics of unknown origin.

    All the fakes were confiscated and will be destroyed.

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  • Bamboo Airways plans to soar under new management

    Bamboo Airways plans to soar under new management

    Property developer Him Lam, the new owner of Bamboo Airways, plans to build an aviation ecosystem centered around the latter while expanding its presence in Asia.

    Bamboo Airways began flying in 2019 and became the first private carrier to operate wide-body aircraft.

    It quickly expanded its fleet to nearly 30 by the end of 2021 when it held a 20% share of the domestic market and also flew on some international routes.

    But the arrest of its key leaders, including chairman Trinh Van Quyet, for alleged stock market manipulation came as a death blow.

    Him Lam, a south-based developer of condos and a hotel management service provider, took over Bamboo this year.

    A new leadership has been appointed this week to hopefully begin a new chapter.

    “The last five years have been a journey of establishing a brand for the airline,” deputy chairman Nguyen Ngoc Trong said at the company’s annual general meeting on June 21.

    “In the next five years Bamboo Airways will focus on developing efficiency and professionalism.”

    CEO Nguyen Minh Hai said the company seeks to achieve breakeven by next year to turn profitable by 2025.

    Expanding its services to increase revenues is therefore one of its main focuses.

    Revenues soared by 3.3 times last year to over VND11.7 trillion, but the airline still could not break even.

    Hai said a larger fleet is imperative for doing this. The current fleet of 30 aircraft needs to be expanded by eight to 10 a year until 2026, and each aircraft needs to operate more than the current 10 hours a day, he explained.

    Reducing costs is another key task.

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  • Former Japan Airlines leader to chair Bamboo Airways

    Former Japan Airlines leader to chair Bamboo Airways

    Oshima Hideki, the former chairman of Japan Airlines, has been appointed chairman of Vietnam’s Bamboo Airways for the 2023-2028 period.

    He is among seven new directors of the airline, according to decisions made at the company’s general meeting on Wednesday.

    Hideki has nearly 40 years of experience in the aviation industry.

    He was previously Deputy General Director of Japan Airlines, Deputy General Director of the Tokyo Narita Airport, and a Project Manager at Haneda Airport.

    Bamboo Airways’ new deputy chairmen are Nguyen Ngoc Trong, Doan Huu Doan and Phan Dinh Tue. The other members of the board of directors are Le Ba Nguyen, Le Thai Sam and Tran Hoa Binh.

    A new board of supervisors, comprised of three members, has also been appointed.

    Bamboo Airways plans to operate 30-36 aircraft by the end of this year, aiming for an occupancy rate of 81.5% and an on-time flight ratio of 90%.

    The carrier is targeting a revenue increase of 15-20% from last year’s VND11.73 trillion ($498.94 million). It also wants to expand its network in Europe, Northeast Asia, Southeast Asia and Australia.

    Bamboo Airways is building an aviation ecosystem for itself by establishing subsidiaries for transportation, ground services, aviation technology and food services.

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  • Bayer Vietnam announces strategic partnership with National Obstetrics Hospital

    Bayer Vietnam announces strategic partnership with National Obstetrics Hospital

    Bayer Vietnam and the National Hospital of Obstetrics and Gynecology have announced a new strategic partnership to advance the health and well-being of women in line with a new Memorandum of Understanding (MoU).

    The partnership aims to improve the knowledge and clinical experience of ob-gyn healthcare professionals while enhancing public awareness of gynecological health issues and empowering women to take control of their health and well-being.

    This collaboration will also utilize the partners’ complementary strengths and capabilities to improve knowledge and clinical expertise among obstetricians and gynecologists, while enhancing public awareness of women’s health issues and promoting self-care through educational online and offline platforms.

    The MoU spans from 2023 to 2025 to allow time for major initiatives to be launched and achieve results.

    For healthcare professionals, Bayer Vietnam and the National Hospital of Obstetrics and Gynecology (NHOG) will coordinate to develop and deliver training content. They will also continue medical education programs and scientific seminars focused on the correct and safe use of modern contraceptive methods.

    The latest treatments and therapies will focus on gynecological conditions like endometriosis, heavy menstrual bleeding, vaginal infections and menopause management, with up-to-date guidelines on pregnancy nutrition, and self-care solutions.

    The partnership will also include collaboration with international ob-gyn organizations and experts to exchange the latest knowledge and information, ensuring the local medical community stays abreast of global developments and innovations to deliver higher-quality healthcare for Vietnamese women.

    For the general public, disease awareness campaigns will be implemented across multiple channels, both online and offline, to educate women about reproductive health and gynecological problems, and encourage them to seek preventative care and early treatment, which will lead to improved quality of life and reduced risk of future health issues.

    By leveraging the power of digital platforms and social media channels, the initiative will combine the hospital’s expertise and patient insights with the company’s resources and capabilities. The impact of these efforts can be multiplied, increasing the reach and credibility of the campaign message, and contributing to the sustainable development of the healthcare industry.

    Associate Prof. Tran Danh Cuong MD Ph.D., Director of the National Hospital of Obstetrics and Gynecology, said: “Educating both physicians and patients is essential for transforming healthcare quality, benefiting both patients and the medical community. Working together with Bayer Vietnam allows us to optimize our expertise in women’s health and broaden our outreach to improve public health literacy as well as the professional capacity of the healthcare workforce, not only at our hospital but also in satellite hospitals across the country. We hope this will open up the prospect of identifying new effective diagnoses and treatment options in the field of ob-gyn, and elevate the standard of care for women in Vietnam.”

    Ingo Brandenburg, Managing Director of Bayer Vietnam, emphasized: “At Bayer, care is the core of our work, and women’s healthcare is in our DNA. We are thrilled to partner with Vietnam’s National Hospital of Obstetrics and Gynecology, which shares our mission of advancing care and addressing unmet needs in women’s health. I very much look forward to seeing the fruits of our collaboration, a future where each and every woman has access to quality healthcare services and is empowered to reach her full potential in life.”

    This MoU aligns with the company’s strategy of fostering collaborative relationships across the healthcare industry with a patient-and-consumer-centric approach to realize its vision of “Health for all, Hunger for none.”

    Bayer is a global enterprise with core competencies in the life science fields of healthcare and nutrition. Its products and services are designed to help people and the planet thrive by supporting efforts to master the major challenges presented by a growing and aging global population.

    In fiscal 2022, the group employed around 101,000 people and posted sales of 50.7 billion euros. R&D expenses before special items amounted to 6.2 billion euros.

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  • 15-inch MacBook Air to be launched in Vietnam in mid-July

    15-inch MacBook Air to be launched in Vietnam in mid-July

    First MacBook Air laptops with 15-inch screens will be officially sold in Vietnam in the second or third week of July at a starting price of VND32.99 million (US$1,398), some Apple authorized resellers said.

    Vietnam will be the second group of markets selling the latest laptop model of Apple.

    In the U.S. market, 15-inch MacBook Air laptops were pre-ordered right after its launching ceremony on June 6 and delivered to users one week later.

    15-inch MacBook Air is like the enlarged 13-inch version with no design changes. But many people has been waiting for this model because it is Apple’s only thin and light laptop with a large screen and good prices.

    Four configuration versions of 15-inch MacBook Air will be sold in Vietnam, with the 8-GB RAM, 256-GB memory version costing VND32.99 million, and the 512- GB memory version costing VND37.99 million.

    The device is available in four colors: blue, black, silver, gray and gold.

  • 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.