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Business in brief
Date :  13/02/2018
(Sourced from various news agencies)
  • Vietnam’s total trade value rose 46.2% to US$40.26 billion in January, according to the Vietnam Customs. Of the figure, export value reached US$20.22 billion, up 41% against the same period last year or US$5.88 billion. The export growth was mainly attributed to the increases of key export items like garment and textile up 25%, or US$278 million; computers and electronics up 21%, equivalent to US$225 million, machinery and spare parts up 24.6%, or US$134 million. However, phone exports dropped by 13.6%, equivalent to US$287 million. Meanwhile, imports soared 51.9.5% to US$20.04 billion on year-on-year basis. Key imports include petrol (up 137.5% or US$339 million), machinery (up 11.3%, equivalent to US$156 million), and plastics (up 16.3%, or US$57 million. (VGP)
  • Vietnam spent more than US$167 million on fruit imports in January, a year-on-year increase of 70%, according to the General Department of Vietnam Customs. It means that nearly US$5.4 million is being used to buy foreign fruit every day. Thailand remained the leading supplier of fruit and vegetables to Vietnam with a value of nearly US$73 million in January, trailed by China with approximately US$39 million, and the US with about US$19 million. Other markets such as the Republic of Korea and Australia were also popular suppliers of fruits like apples, pears, and kiwi for Vietnamese customers. As an agricultural country, Vietnam has spent a lot of money on imports of fruit and vegetables over the past two years. The annual import value has increased from US$200 million to nearly US$1 billion. (VOV)
  • The National Financial Supervisory Commission (NFSC) forecast Vietnam’s credit to grow 17- 18 percent in 2018, similar to the growth last year. The commission said credit growth slowed down in January due to seasonal factors such as Tet holiday being around the corner. Deposit growth slid in the first month of 2018; however, it picked up from February. Credit is predicted to accelerate from the end of the first quarter. Credit tends to increase in short-term credits, shifting focus on consumer credit. In the first quarter, consumer credit continued its momentum from 2017 and increased in January due to high demand ahead of Tet holiday. Credit institutions have aimed for 17.71 percent in the credit growth of Vietnamese Dong and 7.39 percent of foreign currencies. (VNA)
  • Total revenue of the State budget in January was estimated at 114.2 trillion VND (5 billion USD), equivalent to 8.7 percent of the year’s estimate and up 5.2 percent from the same period last year, according to the Finance Ministry. Domestic revenue, estimated at 95.5 trillion VND, reduced from the same period last year. The figure was equal to 98.6 percent of the revenue in January 2017, but equivalent to 8.7 percent of estimate. Meanwhile, revenue from crude oil surged 48.6 percent year on year, reaching around 4.1 trillion VND and accounting for 11.4 percent of estimate. The Finance Ministry attributed the increase to high world price, with Vietnam’s oil fetching an estimated 66 USD per barrel, 16 USD higher than expected price and 7.4 USD higher than the price in the same period last year. Revenue from foreign trade was estimated at 22.5 trillion VND, up 9.6 percent on year. In the same period, State budget spending was estimated at 91.5 trillion VND, equal to 6 percent of estimate. Debt payment accounted for 15.5 percent. (VNA)
  • National carrier Vietnam Airlines and its subsidiary Jetstar Pacific have added seven flights, or 1,300 seats. This is to serve passengers travelling between HCM City and Hà Nội during rush hours before the Lunar New Year (Tết) holidays from February 12-14. A Vietnam Airlines flight will depart from Hà Nội at 2.50pm and a return flight will depart from HCM City at 6pm. Meanwhile, Jetstar Pacific will operate a flight from HCM City to Hà Nội at 10.30am on February 13. From February 5-12, Vietnam Airlines has reported full booking on domestic flights, especially on the route between HCM City and Hà Nội, with 95-99 per cent of seats full. (VNS)
  • Private U.S. firm Warburg Pincus is forming a joint venture with a state-run Vietnamese company to provide logistics services in the country's key economic and industrial zones. Warburg Pincus and Vietnam’s Investment & Industrial Development Corp., also known as Becamex IDC, will pour more than $200 million into the joint venture, Warburg Pincus said in a statement sent to Bloomberg on Monday. The venture, BW Industrial Development JSC, will develop and operate modern warehouses and factories in Vietnam, Jeffrey Perlman, head of Southeast Asia at Warburg Pincus, was quoted by Bloomberg as saying. Data from the Vietnam Logistics Business Association (VLA) shows that the country's logistics sector is growing strongly at an annual rate of 15-16 percent. Around 1,300-1,500 logistics firms are performing well in Vietnam, accounting for 80 percent of the sector. (Vnexpress)
  • The island district of Phu Quoc (Kien Giang province) aims to produce at least 1,200 tons of pepper in 2018. According to Vice Chairman of the district’s People’s Committee Huynh Quang Hung, Phu Quoc has about 520 hectares of pepper plants, mainly in Cua Duong, Cua Can and Duong To communes. To develop pepper output, quality and economic efficiency, the district is providing farmers with cultivation techniques to prevent diseases, and investing in building an irrigation system for the dry season. Local authorities have also helped farmers upgrade pepper growing areas with poor productivity and low economic efficiency, expand new areas and develop pepper-based ecotourism. The district also studied building pepper production towards GlobalGAP and applied advanced cultivation techniques to create clean and profitable products. In 2017, Phu Quoc produced 1,245 tons of pepper, surpassing the yearly target by 3.7 percent, up 2 percent compared to the previous year. (VNA)
  • Hanoi has set a target of 7.5-8 percent in export growth in 2018 as compared to last year, which requires stronger efforts from both the industry-trade sector and businesses. The capital city raked in 1.04 billion USD from exports in January, up 24 percent from the same period last year. The revenue included 139 million USD contributed by the State sector (up 9.8 percent), 352 million USD from the non-State sector (up 16.6 percent), and 556 million USD from FDI firms (up 33.6 percent), according to the municipal Department of Industry and Trade. All key groups of commodities posted strong year-on-year export growth in January such as agricultural products (13.6 percent), computer components and peripheral devices (68.1 percent), transport vehicles and spare parts (12.7 percent), machinery and spare parts (21.8 percent), glass and glass products (25 percent). (VNA)
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