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Tag: Vietnam

  • 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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  • Vietnam’s vegetable, fruit exports likely to hit $4B this year

    Vietnam’s vegetable, fruit exports likely to hit $4B this year

    As one of the few sectors reporting export turnover increase in the first quarter of 2023, Vietnam’s vegetable and fruit sector has a bright outlook to earn $4 billion in export revenue this year.

    Vietnam exported nearly $1 billion worth of fruits and vegetables in Q1, up 8% from a year earlier, with the Chinese market recording an impressive growth of 23%.

    Dang Phuc Nguyen, Secretary General of the Vietnam Fruit Association (Vinafruit), attributed the result to the signing of protocols on exports of durian, sweet potato and banana to China through official channels.

    The export of pomelo to the U.S., and passion fruit to New Zealand was also a driver for the overall growth of the sector.

    Durian was a big contributor to the impressive export results in the first months of this year. The export turnover of this fruit is expected to hit $1 billion, helping the sector’s total figure to $4 billion this year, up 20% year-on-year, said Nguyen.

    The implementation of free trade agreements is also an important driving force helping fruit and vegetable exports to increase sharply in the first months and make an important contribution to boosting the sector’s exports throughout the year.

    Good demand for fruit imports in China can help raise total fruit and vegetable exports in Q2 by 10% or higher, Nguyen noted, predicting that the revenue can reach about $2 billion in the first half of 2023.

    Vinafruit has proposed the Ministry of Industry and Trade (MoIT) and other ministries and agencies, especially the Vietnam Trade Office in China, study and negotiate for the signing of more protocols for several officially-exported products such as dragon fruit, mango, watermelon, jackfruit and rambutan, together with the opening of markets for other fruits such as green-skinned pomelo, fresh coconut, avocado, lemon, pineapple and star apple.

    Besides China, it is also necessary to step up trade promotion activities in other markets such as the U.S., China, the Republic of Korea and Australia, said Nguyen.

    According to the Vinafruit Secretary General, the greatest difficulty at present is that there are not many planting area and packing facility codes to meet the requirements of the Chinese market. Currently, there are only 246 planting area and nearly 100 packing facility codes granted, much lower than the respective 20,000 and 2,000 of Thailand.

    With an area of nearly 110,000 hectares, and an output of around 1 million tonnes per year, there will be a bottleneck in durian exports to China, if no more planting area code is granted this year.

    He also suggested the MoIT and other ministries and sectors to call on investment and advanced technologies for processors to improve the export value, and gain a firmer foothold in such choosy markets as the U.S. and the EU.

    Vietnam Trade Offices abroad were advised to regularly organize Vietnamese fruit festivals to introduce the fruits to people in their host countries and international visitors.

    Vietnam earned nearly $3.4 billion from vegetable and fruit exports last year.

  • Vietnam-dominant Mercedes challenged by cheaper BMWs

    Vietnam-dominant Mercedes challenged by cheaper BMWs

    Mercedes has been dominating Vietnam’s luxury car market in recent years, but that could start to change this year as BMW lowers prices.

    “We have always considered BMW a major competitor in most markets globally, but things are different in Vietnam,” said CEO Brad Kelly on the sidelines of the launch of the new Mercedes GLC models in Ho Chi Minh City recently.

    He added that in Vietnam, BWM does not yet seem to threaten Mercedes in terms of sales.

    Between 2019 and 2022, Mercedes secured and average of around 60% of Vietnam’s total luxury car market share, and the German brand last year sold over 7,900 units alone.

    Its competitor from the same country, BMW, only secured fourth place last year – behind Lexus and Volvo – with the sale of 973 units.

    However, Thaco, the Vietnamese company that distributes BMW cars, has been assembling several BMW models, such as the 3 Series, the 5 Series, and the X3 and X5.

    This implies that BMW wants to reduce its retail prices in Vietnam as assembling the vehicles locally will bring down costs.

    The strategy seems to have succeeded as the BMW X3s assembled last year are now selling from VND1.8 billion ($76,700), compared to the new Mercedes GLC price tag of VND2.3 billion.

    Thus, the cheapest luxury car in Vietnam now belongs to BMW, not Mercedes.

    The rising competition with BMW therefore will benefit Vietnamese customers and the local auto industry, and it will motivate Mercedes to come up with more new ideas, Kelly said.

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  • Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered cuts Vietnam growth forecast to 6.5%

    Standard Chartered has reduced Vietnam’s GDP growth forecast for this year by 0.7 percentage points to 6.5%.

    In a release Thursday the British bank said it amended the forecast it had made in January of 7.2% growth after considering external factors more carefully with Vietnam’s macro indicators slowing down in the last four months.

    Exports have declined by 11.8% year-on-year, and the trade surplus is US$6.4 billion. Inflation for April was 2.8%, the third consecutive month of decline, though core inflation – not including food and energy prices — was 4.6% as retail sales jumped by 11.5%.

    FDI fell by 17.9% to $8.9 billion. Imports decreased by 15.4% year-on-year.

    “Vietnam imports a lot, so import indicators going down considerably shows that economic activity is slowing down despite strong domestic consumption”, Tim Leelahaphan, the bank’s economist for Thailand and Vietnam, said.

    Many other international financial institutions have also adjusted their Vietnam growth forecasts downward.

    The IMF has reduced it from 6.2% to 5.8%, the World Bank from 6.7% to 6.3%, and the ADB from 6.7% to 6.5%.

    Vietnam’s economic growth this year is likely to be constrained by the global economic downturn, monetary tightening in developed countries, rising commodity prices, and geopolitical issues.

    The government targets 6.5% growth, but there are challenges ahead with the GDP only growing by an annualized 3.32% in the first quarter.

    Minister of Planning and Investment Nguyen Chi Dung expressed concern about growth at a recent meeting, saying to achieve the target the economy needs to grow at 6.7%, 7.5% and 7.9% in the next three quarters.

    Standard Chartered predicted that the State Bank of Vietnam would reduce the refinancing rate by 0.5 percentage points to 5% by the end of the second quarter and maintain that rate until the end of 2025.

    But it did not rule a hike in rates, especially towards the end of the year, due to the possibility of the central bank focusing more on stability than growth.

    “Since the start of 2023 the SBV has turned to supporting the economy’s recovery,” Leelahaphan said.

    “Besides cutting interest rates, it also helped struggling businesses by giving them more time to deal with illiquidity.”

    Since April loan terms have become easier, with banks rolling over debts for up to 12 months and cutting interest rates.

    But the real estate market needs more support, with all measures taken until now only helping relieve short-term loan repayment pressure, he added.

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  • Fuel prices drop for third straight time

    Fuel prices drop for third straight time

    Gasoline and diesel prices in Vietnam fell for the third straight time Thursday afternoon.

    RON95 gasoline price dropped 5.91% to VND21,000 per liter, lowest since December 21.

    Biofuel E5 RON92 fell 6.07% to VND20,130. Diesel declined by 3.29% to VND17,650.

    Gasoline and diesel prices have been going down non-stop since mid-April.

    Fuel prices globally dropped by 4-7% in the last 10 days as OPEC+ reduced its production by over 1.1 million barrels a day, according to the Ministry of Industry and Trade and Ministry of Finance.

    RON92 gasoline dropped by over 7% to $83 per barrle.

    RON95 fell 6.4% to $87.37 per barrel.

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  • Vietnam Airlines pays local pilots 41% less than foreigners

    Vietnam Airlines pays local pilots 41% less than foreigners

    The average monthly salary of Vietnamese pilots working for Vietnam Airlines was 41% lower than their foreign colleagues’ last year, a gap that caused many to quit.

    A recent report by the Ministry of Labor, Invalids and Social Affairs, which flagged this, said the 829 Vietnamese pilots working for the carrier received on average VND85 million (US$3,620) a month while the 152 foreign pilots got paid VND145 million.

    The latter work for Vietnam Airlines through a third-party agency and are not directly on its payroll.

    The airline plans to increase its payroll by 2025, when it will have 1,044 Vietnamese pilots.

    The average salary of Vietnamese pilots will be hiked by 59% by then to VND134.8 million.

    But foreign pilots’ salaries will be increased by 93% to VND279.2 million, increasing the wage gap between to 52%.

    The ministry said the carrier could not afford higher salaries for Vietnamese pilots, and the intense competition in the country’s skies means many pilots look for jobs elsewhere.

    Thirty five have quit since 2020, and more are set to leave when their contracts expire.

    The decline in number of Vietnamese pilots will place an even bigger burden on the airline since it will have to hire more foreign pilots, whose compensation is around VND2.5 billion a year each, including accommodation, insurance and others.

    Assuming the airline loses 120-140 Vietnamese pilots every year, it would have to spend VND300-600 billion on hiring foreign replacements and face greater risk of flight cancelations.

    It is therefore necessary to increased the salary budget to ensure stable operations, the ministry said.

    If it is increased by VND300 billion annually, the current 41% salary gap would decrease to 30%, and if the hike is VND800 billion, the gap would shrink to 10%, it said.

    But the increase must be tied to commitments from the airline that it would achieve its profit and revenue targets so that its losses do not bloat further, it added.

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  • Hundreds queue to buy social housing in Hanoi

    Hundreds queue to buy social housing in Hanoi

    At a building in Hanoi’s Cau Giay District on Wednesday evening, many queued up outside to register to buy an apartment at NHS Trung Van, a new social housing project that has been available since the end of March.

    The project is being built on a 2,700-square-meter area in Nam Tu Liem. When completed it will have 32 floors and two underground levels, with 275 apartments, in which 225 are social housing units

    The developer of the project, NHS, has received over 1,000 registrations since March 28. It had been accepting only 40 registrations each day, with the figure rising to 70 in the last few days due to high demand.

    Nguyen Tuan Long from Ha Dong District said: “I have been waiting for four days but still I have not been called to submit documents. I don’t know if I will be on the buyers’ list.”

    A NHS employee calls out the names of the people who register once every three hours to check if anyone has left. If someone does not respond after three calls they are removed from the list.

    Some people came to register after finishing their work day. Lien in Hoang Mai District said: “I have been coming here every day for the last four days. Some days I was not quick enough to be in the queue and had to leave.”

    A social housing apartment is legally required to only be sold to those on low incomes, though there have been reports of the middle-classes buying them.

    At NHS Trung Van, apartments are sold from VND19.5 million ($831) per square meter, substantially lower than an average project in Hanoi. The smallest apartment is priced at VND1.39 billion (nearly US$60,000).