Category: Industry

Vietnamese rice exports are forecast to see major breakthroughs this year thanks to high export price recorded in 2022 coupled with China’s reopening. According to data compiled by the General Department of Vietnam Customs, as of December 15, the country’s rice exports reached over 6.8 million tons, raking in more than 3.3 billion USD, up 15.2% in volume and 6.5% in value compared to the same period from last year.

With these positive figures, the Ministry of Agriculture and Rural Development anticipates that the country will fetch between 3.5 billion USD and 3.6 billion USD from exporting over seven million tons of rice this year.

With regard to the rice industry’s achievements last year, Do Ha Nam, vice president of the Vietnam Food Association, emphasized that despite fluctuations occurring in the global market, rice exports to major markets such as the Philippines recorded strong growth of nearly 30%.

Furthermore, 2022 also marked a successful year as Vietnamese rice made inroads into the Middle East and European markets, with a high price of over 1,000 USD per ton. The European market saw ST24 and ST25 fragrant rice branded Trung An traded at over 1,000 USD per ton.

The rice sector is expected to enjoy bright prospects in markets such as the Philippines, China, Europe, and Bangladesh. In particular, China’s reopening is predicted to be a promising sign for rice exporters, particularly as Vietnam exported between 2.5 million to 3 million tons to the Chinese market over the previous years.

 

 

Source: VOV5

The Department of Agriculture has announced plans to promote the cultivation of “gelatinous coconuts,” citing increasing demand for the fruit, which can fetch up to 60-100 baht per coconut when sold domestically. Gelatinous coconut is an endemic coconut cultivar with defective endosperm growth. The result is a soft, translucent, jelly-like flesh that practically covers the entire internal chamber of the coconut seeds with little to no coconut water. The rare fruits – approximately 3 out of 1,000 – have become a significant crop in many coconut-producing nations.

With cooperation from the Department of Agriculture, a project to grow purebred NHK-C2 gelatinous coconut trees using the embryo culture method has been piloted by Chumphon Horticultural Research Center. Each tree bred through this particular agricultural process is expected to yield roughly 80 gelatinous coconuts annually per tree.

According to department officials, between 2013 and 2022, 121 NHK-C2 coconut trees were also successfully planted at the Kanthuli hybrid coconut plantation in Surat Thani Province. Each tree reportedly produced up to 105 gelatinous coconuts annually by the eighth or ninth year.

Rapeepat Chantarasriwong, Director-General of the Department of Agriculture, noted that after the fourth year of cultivation, NHK-C2 coconut farmers can also expect to earn up to 155,607 baht per rai of farming area per year – a much higher net return when the total production cost per rai is approximately 9,393 baht.

Those interested in cultivating NHK-C2 coconuts can contact the Suratthani Seed Research and Development Center at 081-1882217.

 

 

Source: VOV5

 

China and Europe are located at the two ends of the Eurasian continent. There is no geopolitical conflict, but there are interests in economic and trade cooperation. Lu Shaye, the Chinese ambassador to France told an exclusive interview with the European Times in Paris, expressing his views on the relationship between China, Europe, China and France in 2022, China’s fight against the epidemic, cross-strait relations, and many important issues related to overseas Chinese.

China-EU relations are related to the stability of the global structure and the prosperity of the Eurasian continent, and deserve careful maintenance and development by both sides. The ambassador affirmed that in 2023  China will continue to regard the EU as a comprehensive strategic partner, support the EU’s strategic autonomy, hope that Europe will be stable and prosperous, and insist that China-EU relations are not targeted, dependent, or controlled by a third party.

 

Source: VOV5

 

Party General Secretary Nguyen Phu Trong urged the Government and localities to make full use of resources and opportunities to ensure rapid and sustainable socio-economic recovery and development and achieve targets set for this year and the 2021-2026 tenure. The Party leader spoke at a teleconference between the Government and 63 provinces and cities on Tuesday to review last year’s performance and socio-economic development in 2023.

Mr. Trong underlined the need to focus more on consolidating and enhancing the macro-economic foundation, controlling inflation, and improving the internal capacity and self-reliance of the national economy.

Priorities should be given to improving the domestic business environment; addressing difficulties, limitations and weaknesses of the economy; restructuring the economy with growth model reform; accelerating national digital transformation with natural resources and environmental protection; and responding to climate change, he said.

“It’s crucial to enhance unity, consensus, and joint efforts among the entire Party, army and people…and effectively resolve sensitive, burning issues in a timely fashion,” Mr. Trong noted.  

13 of the 15 main targets set for 2022 were achieved or surpassed. Notably, the macro-economy remained largely stable, inflation was kept under control, growth recovered fast, and major economic balances were guaranteed.

Party leader Trong said the 8% GDP growth in 2022 is much higher than the set target of 6-6.5%, and even higher than that in other countries in the region and the world.

He called for greater efforts in national defence and security, maintaining political security and social order and safety, improving the efficiency of external relations and international integration.

 

Source: VOV5

Deputy Minister of Finance Nguyen Duc Chi said Vietnam’s stock market will bounce back and develop in both quantity and quality in 2023 to remain an effective capital mobilization channel for the economy.

At a gong beating ceremony at the Hanoi Stock Exchange (HNX) on Tuesday to mark the first trading session of 2023, Mr. Chi said despite many fluctuations, the stock market remained stable, and ran smoothly in 2022, the capital raised was high, most of the listed companies operated profitably, and domestic and foreign investors’ engagement in the market remained on the rise.

For 2023, Deputy Minister Chi asked the securities sector to focus on overhauling the Law on Securities and relevant legal regulations, improving the market’s quality and the financial capacity and competitiveness of market participants, and developing  IT for market management and supervision.

 

 

Source: VOV5

 

Vietnam is speeding up the development of the digital economy, considering this a “breakthrough” step to promote the country’s economic growth in the context of the 4th industrial revolution.

 

Vietnam is viewed as a country with high potential for fast digital economic development and digital transformation trend across all fields.

 

It has set a target to post 31% growth in gross merchandise value (GMV) from 23 billion USD in 2022 to 49 billion USD in 2025, the highest growth in the region, according to the “e-Conomy SEA 2022” report released by Google, Temasek and Bain & Company in October.

 

Data from the Ministry of Information and Communications (MIC) showed that the ICT economy’s revenue reached an estimated 148 billion USD in 2022, representing a year-on-year increase of 8.7%.The contribution of the digital economy to national GDP in 2022 accounted for about 14.26% of the total, with 7.18% contributed by the ICT digital economy.

 

The information and communications sector has hosted a national digital transformation scheme with the dual goals of developing digital government, digital economy and digital society; and forming strong digital technology enterprises.

 

According to the MIC’s Department of Digital Economy and Digital Society, the scale of Vietnam’s digital economy has recorded growth in ICT digital economy, platform digital economy, and sectoral digital economy.

 

IT services contributed the most to the digital economy, accounting for about 30% of the total value. It was followed by e-commerce (14.3%), and hardware production (12.83%). Meanwhile, the digital content field recorded the strongest growth, up nearly 104% compared to the first quarter of 2022.

 

In 2022, Vietnamese digital businesses made inroads into foreign markets, including developed countries such as the US and Japan.

 

Notably, the total revenue of Viettel Military Industry and Telecoms Group (Viettel) in foreign markets hit 3 billion USD, and the revenue of FPT Group reached 1 billion USD.

 

Source: Vietnam News Agency

 

 

Vietnam’s e-commerce continued to grow last year becoming a bright spot of Vietnam’s economy. According to the Ministry of Industry and Trade, Vietnam’s retail e-commerce market in 2022 is valued at around 16.4 billion USD, making up 7.5% of total consumer goods and service revenue. With an annual pace of 20%, the country was listed among the five countries with the fastest e-commerce growth in the world by eMarketer.

E-commerce is the vanguard of the digital economy post-pandemic. creating a momentum for the national economic growth and promoting digital transformation in businesses.

Vietnam intends to increase incentives to promote e-commerce among businesses and consumers and strengthen cross-border e-commerce cooperation with major economic groups like Amazon and Alibaba.

 

Source: VOV5