Business

Pepper prices become unstable due to faulty information

Published

3 years ago

June 10, 2020

TienphongNews

Pepper prices unexpectedly fluctuated on confusing information, placing difficulties for export.

The pepper prices in the Central Highlands and the southern region fluctuated heavily in the last days of May.

Pepper prices become unstable due to faulty information

On May 27, the price soared by VND7,000-7,500 per kilogram and reached VND60,000-62,000 per kilogram on May 28. However, it dropped to VND50,000 per kilogram on March 30.

On May 31, the highest price of VND56,000 per kilogram was seen in Ba Ria – Vung Tau, and the lowest, VND52,000 per kilogram was seen in Gia Lai.

The three biggest markets of Vietnam’s pepper are China, the US and India. The US has bought enough products until October. The demand from India is decreasing because pepper processing workshops have cut capacity by 50 percent.

According to Nguyen Tan Hien, deputy chair of the Vietnam Pepper Association (VPA), deputy general director of Tran Chau Trade and Import/Export Service, the story of the pepper price increase began on May 27 and finished on May 29.

Prior to that, the pepper price increased from VND38,000 per kilogram to VND42,500 per kilogram and stayed at the level for some days. Later, it continued to move up to VND48,000-49,000 per kilogram and the market has become chaotic with rumors.

Some petty merchants spread the rumor that export companies are collecting products to fulfill their export contracts, so the pepper price would continue escalating and may reach VND80,000 per kilogram.

On May 26, Son Ha Company in the north raised the purchase price to VND53,000-55,000 per kilogram, but it bought pepper in small quantity.

On May 27, the price jumped to VND60,000 per kilogram and some merchants in Dong Nai, Binh Thuan and Dak Lak bought at VND60,000-63,000 per kilogram.

On May 29, pepper was traded at VND60,000 in the morning and VND52,000 per kilogram in the afternoon. The price dropped further to VND50,000 on the next day.

Hien complained that unstable pepper prices make it difficult for companies to collect materials. More seriously, this creates favorable conditions for Brazil and Indonesia, the two biggest rivals of Vietnam, to boost sales, while Vietnamese companies are still holding products.

According to Nguyen Nam Hai, chair of VPA, the demand and supply in the world remain stable and the prices in the world market have not increased, but the domestic prices increased sharply some days ago.

Hai said the domestic pepper price was affected by rumors, which created ‘virtual price fevers’. In other words, the price increased not because of the higher demand for export. The price increase must not be seen as a sustainable trend.

He also warned that the ‘price bubble’ is not good for export, because export companies cannot buy materials to fulfill export contracts.

Linh Ha

Source: https://vietnamnet.vn/en/business/pepper-prices-become-unstable-due-to-faulty-information-647351.html

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Vietnam Fisheries Trade Union raises fishermen’s awarness on combatting IUU fishing

Published

10 mins ago

June 8, 2023

TienphongNews

Vietnam Fisheries Trade Union (VFTU) on May 29 held a communication event aiming to raise awareness of union members on national sovereignty over seas and islands as well as on the prevention and combat of illegal, unreported and unregulated (IUU) fishing.

Vietnam Fisheries Trade Union raises fishermen's awarness on combatting IUU fishing hinh anh 1

To remove the European Commission’s yellow card, it is necessary for ship owners to comply with legal documents on seas and islands while operating at sea. (Photo: nongnghiep.vn)

Khanh Hoa – Vietnam Fisheries Trade Union
(VFTU) on May 29 held a communication event aiming to raise awareness of
union members on national sovereignty over seas and islands as well as on the
prevention and combat of illegal, unreported and unregulated (IUU) fishing.

Participants at the event were updated on the current
situation of the country’s sea and islands, efforts to combat IUU fishing associated with the responsibilities of union members and fishermen towards having the “yellow card” imposed by the European Commission
on Vietnamese fishery products removed.

According to the Vietnam General Confederation of Labour, the
VFTU has 90 chapters in 16 out of 28 coastal provinces and cities, with nearly
18,000 members and over 5,200 fishing vessels of more than 15m in length.

In recent years, the VFTU has been proactive in popularising legal
documents on seas and islands and calling on its members and boat owners to combat
IUU fishing. It has coordinated with relevant agencies in providing national
flags, first aid kits and life vests to fishermen.

Vietnam Fisheries Trade Union raises fishermen's awarness on combatting IUU fishing hinh anh 2

At the signing ceremony (Photo: nongnghiep.vn)

The trade union has timely issued statements rejecting the unilateral fishing ban in the East Sea by foreign countries, as well as protesting acts that hinder, drive away, attack and arrest people and property of union members and Vietnamese fishermen.

At the event, the
VFTU signed several cooperation agreements with enterprises such as Son Ha Group, Bao Viet Insurance Corporation and
Minh Hong Phuc Vietnam Co. Ltd. These agreements will create favourable
conditions for union members to access products and services at preferential
prices, thereby helping them feel secure while operating at sea, contributing
to protecting the country’s sovereignty over sea and islands./.

Source: https://en.vietnamplus.vn/vietnam-fisheries-trade-union-raises-fishermens-awarness-on-combatting-iuu-fishing/253811.vnp

Business

Vietnamese durian gets more farming area codes for export to China

Published

1 hour ago

June 8, 2023

TienphongNews

China has approved another 47 farming area codes and 18 packaging facility codes for importing durian from Vietnam, according to Ministry of Agriculture and Rural Development.

Vietnamese durian gets more farming area codes for export to China hinh anh 1

Illustrative image (Photo: thanhnien.vn)

Hanoi – China has approved another 47 farming area codes and 18
packaging facility codes for importing durian from Vietnam, according to
Ministry of Agriculture and Rural Development.

Farming area codes enable traceability and thus agricultural exports.

To qualify for export to China, durian need to weigh three kilogrammes or more,
meet stringent safety standards, have traceability stamps in English or Chinese,
and show the name of the packaging facility.

China, the world’s largest durian market, began importing the fruit from Vietnam
last year after approving 51 farming area codes.

The number has since increased to 293 along with 115 packaging facility codes.

According to statistics from the General Department of Customs, durian has been
identified as the fruit with the highest economic value.

Its exports in the first quarter were worth 153 million USD, 8.3 times up from
the same period last year, of which China accounting for 83%.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit Association, said the
fact that more farming area codes and packaging facility codes had been
approved by China was good news for durian growers and exporters.

It would enable Vietnam to increase exports to China, where demand is enormous./.

Source: https://en.vietnamplus.vn/vietnamese-durian-gets-more-farming-area-codes-for-export-to-china/253798.vnp

Business

Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations

Published

2 hours ago

June 8, 2023

TienphongNews

Vietnam is ready to coordinate with other CPTPP member countries in implementing the 2023 rotating chair New Zealand’s initiatives on elevating the deal as a model one of the region and the world, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations hinh anh 1

At the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting in Detroit, Michigan, the US (Photo: VNA)

Washington – Vietnam is ready to coordinate with other CPTPP member countries in implementing the 2023 rotating chair New Zealand’s initiatives on elevating the deal as a model one of the region and the world, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Dien made his remarks while attending the recent ministerial meeting among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Detroit, Michigan, the US. Participating countries agreed that it is necessary to continue promoting the effective implementation of the agreement to bring full and practical benefits to people and enterprises, particularly small- and medium-sized ones.

While in Detroit, Dien also attended a meeting of ministers from ASEAN nations joining the Indo-Pacific Economic Framework for Prosperity (IPEF) and the IPEF ministerial meeting.

At these meetings, Dien stated Vietnam will continue to work closely with other IPEF countries, including those from ASEAN to complete basic negotiations of the initiative this year. For the IPEF’s Pillar III of Clean Economy, Vietnam wishes to see more cooperation activities among the ASEAN partners in clean energy production, and the development and transfer of technologies and solutions serving the elimination of greenhouse gases, among others, serving the energy transition of each country.

Lauding efforts by partner nations so far, the minister affirmed Vietnam always supports and is ready for discussion to contribute to the building of practical content suitable to each member’s development conditions.

He also called on participating countries to continue upholding the principles agreed upon from the beginning of negotiations.

On the occasion, the Vietnamese minister met with US Secretary of Commerce Gina Raimondo and Japanese State Minister for Foreign Affairs Yamada Kenji.

Raimondo told Dien that the US is ready to work with Vietnam to discuss some necessary flexible options to ensure that countries respect Vietnam’s legal system and work together on such a basis.

Dien affirmed that Vietnam will work closely with the US and other countries to ensure the overall success of the IPEF. He voice support for the US view of fair commerce, which does not discriminate, cause burden or restrict trade, or harm production and workers. Vietnam commits to continue to actively cooperate with the US to comprehensively address concerns of both nations, thereby maintaining their stable commercial relations, towards a harmonious, sustainable and mutually beneficial trade balance, the minister stated.

Meeting with Yamada, Dien welcomed the three ODA projects worth 61 billion JPY (434.2 million USD) freshly signed between Vietnam and Japan on the sidelines of the 49th G7 summit in Hiroshima. He said room remains extensive for the sides to work together in the fields of energy, food processing, support industries, and material technology.

The Vietnamese Government is committed to ensuring an open and stable business climate for enterprises of the two countries to operate and succeed in Vietnam, he said./.

Source: https://en.vietnamplus.vn/vietnam-willing-to-join-efforts-for-cptpp-elevation-ipef-negotiations/253797.vnp