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ASIA RICE-Thailand, Vietnam bank on new deals; few eye cheaper India supply

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Rice export prices rose across major Asian hubs this week on robust demand emerging out of Indonesia, with some buyers switching to the cheaper Indian variety.

Vietnam’s 5% broken rice RI-VNBKN5-P1 was offered at $440-$445 per tonne, free-on-board, up from $438 a week ago.

“Prices are rising on strong demand, especially from Indonesia’s food procurement agency Bulog,” a trader based in Ho Chi Minh City said.

“The rise in Vietnam’s prices could have prompted a Cuban buyer to switch to buy cheaper grain from India,” the trader said, adding a vessel is loading 28,000 tonnes at Kakinada port, in the southern Indian state of Andhra Pradesh for delivery to Cuba.

Moreover, traders said domestic supplies are running low, which will likely keep Vietnamese rice prices at high levels over the next few weeks.

Top exporter India’s 5% broken parboiled variety RI-INBKN5-P1 was quoted at $375 to $380 per tonne, up from last week’s $373-$378.

“Indian rice is available at a discount. It is prompting buyers to switch to India from other supplying countries,” said an exporter based at Kakinada in Andhra Pradesh.

India’s exports of premium basmati rice are likely to jump 15% over last year as key buyers in the Middle East build their inventories.

Thailand’s 5% broken rice prices RI-THBKN5-P1 rose to $427-$440 per tonne this week from $419-$425 last week, with traders attributing the gains to news of new deals on the table.

“Prices surged from last week after talks of Indonesia wanting to buy 1,000 to 2,000 hundred thousands tons of rice,” a Bangkok-based trader said.

Another trader said that local importers are also stocking up ahead of the year-end, adding to the price gains.

Meanwhile, a Bangladeshi delegation is visiting Thailand, Vietnam and Cambodia this week seeking rice imports, a senior food ministry official said, as the country struggles to build reserves.

Source: https://tuoitrenews.vn/news/business/20221202/asia-ricethailand-vietnam-bank-on-new-deals-few-eye-cheaper-india-supply/70289.html

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Ho Chi Minh City Expects to Attract $7.4 Billion in FDI in 2023

Ho Chi Minh City, Vietnam is on its way to attracting $7.4 billion in foreign direct investment (FDI) capital this year, nearly double the amount attracted in 2022.

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According to a report by the Department of Planning and Investment of Ho Chi Minh City, in the first 20 days of 2023, the city recorded an FDI investment of over $179 million, a 74% increase compared to the same period in 2022.

So far, 50 foreign investment projects have been granted investment registration certificates with a total registered capital of $87 million, including 44 100% foreign capital investment projects and 6 joint ventures. 

Singapore leads the list of countries with the most investment projects in the city, with 12 projects worth $77 million accounting for over 88%. Taiwan and Hong Kong follow closely behind.

However, the city is facing challenges in attracting large-scale production projects due to limited land funds and high input costs. 

As a result, the city needs to focus on attracting supply chains to the region, such as head offices, R&D centers, logistics centers, and training centers.

In 2022, despite the impact of the Covid-19 pandemic, Ho Chi Minh City attracted $3.94 billion in FDI capital, a 5% increase from the previous year. 

FDI inflows have shifted towards science and technology, manufacturing, and processing industries, reducing investment capital for the real estate business. 

In 2022, FDI accounted for 13% of the total investment capital in the city, contributing $78 trillion to the budget revenue and $25 billion to import and export turnover, which accounted for 61% of the city’s import and export turnover.

Source: ZingNews

Source: https://e.nhipcaudautu.vn/economy/ho-chi-minh-city-expects-to-attract-74-billion-in-fdi-in-2023-3350490/

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Vietnam Real Estate Credit Soars to $109 Billion in 2022

Vietnam’s real estate sector saw a surge in credit in 2022, with outstanding loans reaching 2.58 million billion VND, equivalent to $109 billion, up 24.27% from the end of 2021.

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The State Bank of Vietnam hosted a Real Estate Credit Conference on February 8th, in Hanoi, where the news was announced.

This sector saw the fastest growth, accounting for 21.2% of total outstanding loans to the economy, the highest in the past five years.

Outstanding loans for real estate business increased by 11.5%, while consumer/self-use credit balance increased by 31.1%. Housing needs accounted for 62.19% of outstanding loans, while land use rights accounted for 20.66%.

The State Bank is committed to ensuring safe and effective growth in the real estate sector, controlling credit risk and promoting stability. 

It will continue to operate monetary policy firmly and flexibly, creating favorable conditions for the real estate sector to grow and develop. 

The legal framework on credit and banking activities will also be improved to increase access to credit for people and businesses, including the real estate sector.

Credit institutions will be directed to focus on feasible projects with good sales ability and to minimize operating costs and administrative procedures. 

The State Bank will control credit risk for the high-end real estate segment, which has excess supply, and control credit concentration to ensure operational safety of the bank.

Overall, the State Bank of Vietnam is dedicated to supporting the growth and stability of the real estate sector, contributing to macroeconomic stability and supporting economic growth.

Source: ZingNews

Source: https://e.nhipcaudautu.vn/real-estate/vietnam-real-estate-credit-soars-to-109-billion-in-2022-3350491/

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Vietnam Airlines to reopen more air routes to China

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Vietnam Airlines plans to resume five more routes connecting Vietnam and neighboring China in the next two months, taking the total number of its operating air routes between the two countries to nine out of the ten routes in the pre-pandemic period.

In particular, the national flag carrier will restore air services between Hanoi and Beijing in March with three flights per week.

It will also increase the frequency of flights from Hanoi and Ho Chi Minh City to Guangzhou and Shanghai to four from one or two flights per week.

In addition, four air routes between Da Nang and Guangzhou, Shanghai, and Chengdu, and between Hanoi and Chengdu are scheduled for resumption in April with two weekly flights on each route.

The airline plans to use wide-body A350 and B787 aircraft on some air routes to the northern neighbor starting in September this year.

Besides Vietnam Airlines, Vietjet Air is operating air services between Ho Chi Minh City and Shenzhen, Hangzhou, Shanghai, Sichuan, and Wuhan with six flights per week.

The budget air carrier reopened air services from Canh Ranh City under Khanh Hoa Province in south-central Vietnam to Changsha and Chengdu.

Vietjet will operate a total of 85 air routes this summer.

The reopening and increase of air routes to China are aimed at meeting travel and tourism demand between the two countries, which is forecast to recover.

A Vietnam Airlines representative said the number of passengers on air routes between Vietnam and China remains small but it is increasing.

In an optimistic scenario, China will continue easing procedures and the number of passengers on these air routes this year is expected to reach 80 percent of the figure in 2019.

After reopening its doors to international travelers in March last year, Vietnam’s domestic tourism has recovered strongly. However, its international tourism segment, which earlier accounted for 60 percent of the country’s tourism revenue, has yet to recover as expected.

Nevertheless, Vietnam has good reasons to hope for stronger recovery, especially after China reopened its doors on January 8.

Vietnam will see a recovery of the number of Chinese visitors by 50-80 percent in 2023 compared to the pre-pandemic volume, or three to 4.5 million Chinese tourists, HSBC experts forecast.

In 2019, Vietnam Airlines served 8.1 million passengers on Vietnam-China air routes, or 19 percent of the airline’s total passengers.

China was among the air carrier’s top three markets with the highest number of passengers.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Vietnam Airlines plans to resume five more routes connecting Vietnam and neighboring China in the next two months, taking the total number of its operating air routes between the two countries to nine out of the ten routes in the pre-pandemic period.

In particular, the national flag carrier will restore air services between Hanoi and Beijing in March with three flights per week.

It will also increase the frequency of flights from Hanoi and Ho Chi Minh City to Guangzhou and Shanghai to four from one or two flights per week.

In addition, four air routes between Da Nang and Guangzhou, Shanghai, and Chengdu, and between Hanoi and Chengdu are scheduled for resumption in April with two weekly flights on each route.

The airline plans to use wide-body A350 and B787 aircraft on some air routes to the northern neighbor starting in September this year.

Besides Vietnam Airlines, Vietjet Air is operating air services between Ho Chi Minh City and Shenzhen, Hangzhou, Shanghai, Sichuan, and Wuhan with six flights per week.

The budget air carrier reopened air services from Canh Ranh City under Khanh Hoa Province in south-central Vietnam to Changsha and Chengdu.

Vietjet will operate a total of 85 air routes this summer.

The reopening and increase of air routes to China are aimed at meeting travel and tourism demand between the two countries, which is forecast to recover.

A Vietnam Airlines representative said the number of passengers on air routes between Vietnam and China remains small but it is increasing.

In an optimistic scenario, China will continue easing procedures and the number of passengers on these air routes this year is expected to reach 80 percent of the figure in 2019.

After reopening its doors to international travelers in March last year, Vietnam’s domestic tourism has recovered strongly. However, its international tourism segment, which earlier accounted for 60 percent of the country’s tourism revenue, has yet to recover as expected.

Nevertheless, Vietnam has good reasons to hope for stronger recovery, especially after China reopened its doors on January 8.

Vietnam will see a recovery of the number of Chinese visitors by 50-80 percent in 2023 compared to the pre-pandemic volume, or three to 4.5 million Chinese tourists, HSBC experts forecast.

In 2019, Vietnam Airlines served 8.1 million passengers on Vietnam-China air routes, or 19 percent of the airline’s total passengers.

China was among the air carrier’s top three markets with the highest number of passengers.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!

Source: https://tuoitrenews.vn/news/business/20230208/vietnam-airlines-to-reopen-more-air-routes-to-china/71400.html

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