Archive for the ‘export’ Category

Vietnam Needs to Increase Rice Exports to Africa, Tuoi Tre Says

November 26, 2008

Vietnam needs to increase rice shipments to Africa as there is strong demand for the country’s exports, Tuoi Tre newspaper reported, citing three officials from the continent.

African nations buy about 20 percent of Vietnam’s rice exports and have become the third-largest market after Asia and the Middle East, the report said, citing government data released yesterday at a conference in Ho Chi Minh City.

The Southeast Asian nation shipped about 1 million metric tons of rice to Africa this year, Tuoi Tre said, without giving figures for earlier years.

The officials named in the report included Macaria Baira, vice chairwoman of International Cooperation and Integration for South Africa and Jules Touka from Cameroon’s Chamber of Commerce.

From Bloomberg,
By Nguyen Dieu Tu Uyen

Vietnam in quandary over inflation, global economic downturn

November 16, 2008

Vietnam, like much of the world, is trying to stimulate its economy amid the global downturn, but it is in a quandary because it must also keep rampant inflation from flaring up again, say experts.

With a small and relatively insulated banking sector, Vietnam was not directly exposed to the subprime crisis that sparked the Wall Street meltdown and the subsequent worldwide credit crunch and financial turmoil.

But the wider economic repercussions of what has been called the worst global economic crisis since the Great Depression are already being felt in Vietnam, especially in the crucial export sector.

Containers are seen piling up at Saigon port in Ho Chi Minh ...
Containers are seen piling up at Saigon port in Ho Chi Minh city in June 2008. Vietnam, like much of the world, is trying to stimulate its economy amid the global downturn, but it is in a quandary because it must also keep rampant inflation from flaring up again, say experts.(AFP/File/Hoang Dinh Nam)

Amid slackening overseas demand, Vietnam’s monthly exports have steadily fallen from US$6.5 billion (US$1 = RM3.59) in July, to US$6 billion in August,US$5.1 billion in October.

 

And, although it’s too early to say foreigners are pulling out of financial markets, in the past month they have been net sellers of bonds and stocks.

Inflation has been in double digits all year and stood at 26.7 per cent in October, a slight fall after a drop in global energy and commodity prices. The government’s target is to bring annual inflation down to 23-24 per cent in 2008, and to less than 15 per cent in 2009.

Aiming to reduce liquidity to fight inflation, the government had raised interest rates and bank reserve requirements several times this year. But this has also starved businesses of credit for investment and working capital, forcing the central bank to reverse its monetary policy as both local and international factors have slowed economic growth in Vietnam.

A farmer throws a net to catch fish on a flooded paddy field ... 
A farmer throws a net to catch fish on a flooded paddy field in Phuong My village, 25 km (16 miles) outside Hanoi November 12, 2008. Hanoi reported 22 deaths from the worst inundations in more than three decades, officials said.REUTERS/Kham (VIETNAM)

Read the rest from AFP:
http://www.btimes.com.my/Current_News/
BTIMES/articles/vope/Article/

Vietnam Urges Rice Exporters to Buy, Ship Stockpiles

November 7, 2008

BVietnam, the world’s second-biggest rice exporter [after Thailand], is calling on companies to buy up stockpiles from farmers for shipment overseas before the harvest this month, according to a statement on the government’s Web site.

By Van Nguyen and Rattaphol Onsanit, Bloomberg

State-run Vietnam Southern Food Corp. and Vietnam Northern Food Corp. will have to buy 300,000 metric tons that meet export standards, said the statement, citing Deputy Prime Minister Hoang Trung Hai. The ministries of trade and foreign affairs together with the Vietnam Food Association will seek overseas customers.

The Southeast Asian nation is facing a rice glut after restricting exports earlier this year amid concerns there may be a shortage. Increased exports may further depress global rice prices, which have slumped about 40 percent in Chicago since reaching a record in April.

“Vietnam’s rice production has been rising, and its government is encouraging traders to get this supply out,” said Visut Tanprasatprinya, vice president of Bangkok-based Siam Rice Trading (Thailand) Ltd., which ships around 200,000 tons a year. “That’s why we see prices tanking.”

The price of Thailand’s 100 percent grade B white rice, a benchmark for the commodity across Asia, was set at $595 a metric ton this week by the Thai Rice Exporters Association. That’s the lowest price since March.

Higher rice shipments may help Vietnam to sustain economic growth after the government pared back targets for expansion this year because of surging inflation, a widening trade deficit and the global financial crisis.

Debt Payments

Deputy Prime Minister Hai asked Vietnam’s commercial banks to extend companies’ overdue debt payments and grant more loans at the “lowest possible lending rate,” allowing them to purchase more rice, said the statement, which was issued yesterday.

Exporters borrowed more than 18.8 trillion dong ($1.1 billion) in the first nine months to buy 3.2 million tons of rice, the central bank reported, according to the statement.

The total amount of rice available for export this year may be 5.3 millions tons, instead of an August projection of 4.6 million tons, the Lao Dong newspaper reported on Nov. 1., citing the Ministry of Agriculture and Rural Development. Between January and October, the country shipped about 4 million tons….

Above: Vietnamese farmers harvest rice…

Read the rest:
http://www.bloomberg.com/apps/new
s?pid=20601013&sid=a83GZC6EPFgU

China’s private firms set sights on rest of world

March 16, 2008
Amid the torrent of clothes, electronics and toys surging out of China comes a little-noticed export: international companies.

For centuries, individual Chinese have sought their fortunes abroad, creating Chinatowns around their restaurants and shops. Now, Chinese firms are going global, pushed by a government embracing capitalism, pulled by untapped markets and armed with bundles of money from a thriving economy back home.

Auto plants are popping up in Latin America. A sprawling commodity bazaar promises a provincial Swedish city new life. A car parts distributor is snapping up ailing companies in the U.S. Rust Belt, a TV factory hums in South Africa and a high-tech firm is landing contracts to revamp the Persian Gulf’s telecommunication networks.

Just as the earlier arrival of Japanese companies changed U.S. manufacturing, over time Chinese companies could affect how their Western rivals approach innovation, competition and business itself.

Read the rest:
http://www.usatoday.com/money/world/2008-03-16-chinarising_N.htm?csp=34

Vietnam: China’a Seafood Exports Slide as Vietnam’s Boom

July 23, 2007

HANOI, July 23  – Despite years of disagreement with the United States about the health and cleanliness of Vietnam’s exported catfish, Vietnam’s catfish exporter Agifish said on Monday its net profit in the first half jumped 67 percent from a year earlier to nearly 30 billion dong ($1.9 million) on robust export demand.

Even as China’s exports of seafood to the U.S. have declined this year as the U.S. Food and Drug Administration (FDA) said China’s exported seafood is largely tainted, Vietnam seems to have recovered from previous FDA criticism.

Based in the Mekong Delta province of An Giang, Agifish said in a statement that its first-half revenues rose 6 percent compared with the same period last year to 565.2 billion dong ($35 million).

Agifish said it planned to list 4.9 million additional shares on the Ho Chi Minh Stock Exchange on Thursday.

Agifish has projected its net profit for the whole of this year to rise 54 percent from 2006 to 70 billion dong. It expects annual export revenue of $67 million.The company exports fish, shrimp and also supplies material for agricultural production. ($1=16,138 dong)
–Dhan Dan (Official News of the Vietnamese Community Party)