Connect with us

Business

Ultra-large container ship docks at Cai Mep terminal

Published

on

Margrethe Maersk, one of the world’s largest container ships, arrives at Cai Mep International Terminal in Ba Ria-Vung Tau Province on October 25 – PHOTO: PLO

HCMC – Margrethe Maersk, one of the world’s largest container ships, arrived at Cai Mep International Terminal (CMIT) in the southern province of Ba Ria-Vung Tau at 3 p.m. on Sunday, October 25.

The container vessel, operated by 2M Alliance, a container shipping industry alliance between Maersk Line and the Mediterranean Shipping Company, is able to carry over 18,000 twenty-foot containers at a time. It measures nearly 400 meters in length and 59 meters in width.

The ship’s port call has marked an important milestone in the maritime industry of Vietnam, making CMIT one of some 20 major ports worldwide capable of receiving vessels of this size.

The port’s eligibility to handle such huge container ships has demonstrated good management capacity and coordination among the competent agencies and port businesses, which have smoothed the way for the port to grow further.

Source: https://english.thesaigontimes.vn/79126/ultra-large-container-ship-docks-at-cai-mep-terminal.html

Advertisement

Business

Freight and logistics stocks on the rise despite pandemic

Published

on

 

Quy Nhơn Port in south central province of Bình Định. — VNA Photo

HÀ NỘI — Freight and logistics stocks have seen major gains since the beginning of 2020 even as the COVID-19 pandemic has wreaked havoc on the economy. 

According to the General Statistics Office, the country’s exports topped US$254 billion during the first 11 months of the year, making for an increase of 5.3 per cent over the previous year, while imports were estimated at $234.5 billion. 

Increased trade activities coupled with a number of international trade deals which were recently signed or came into effects such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the EU-Vietnam Free Trade Agreement (EVFTA) and the Regional Comprehensive Economic Partnership (RCEP) have significantly boosted investors’ confidence in logistics stocks.

A number of stocks such as VSC, GMD, DVP, DXP, SFI and HAH have seen double-digit growth in recent months and some of them set all-time high records on the trading floor. 

Experts, however, pointed out the recent rise in stock value did not necessarily come from better business performance but rather investors’ optimism in the sector’s future. For example, despite the increased trading value, Gemadept has reported a 32 per cent drop in profit in the first three quarters, Tân Cảng Logistic (TCL) a 15 per cent drop and Hải An Logistics a 9 per cent drop. 

A container shortage, typically experienced by logistics firms during the end of the year when import/export activities are at the highest level, especially for an export-oriented economy such as Việt Nam, contributed to an increase in logistics costs.

A report from the Vietnam Logistics Business Association (VLA) showed more than 40 per cent of firms had difficulty finding containers for their cargo with up to 17 per cent unable to rent them. This has created a large backlog of cargo at port and storage facilities across the country, which generated additional revenue for logistics firms. 

Meanwhile, freight charges have skyrocketed in recent months. According to Freightos, a Hong Kong-based shipping company, the freight charges for a 40-feet container from China to the US west coast has almost tripled to near $4,000. 

Investors also seem to be betting on an increase in port charges as Việt Nam’s current prices were comparatively low in the region. A statement from the VLA said the sector has set an objective to bring charges to 60-70 per cent of the region’s price level by 2025, which they have planned to start bringing up at the beginning of next year. —

Source: https://vietnamnews.vn/economy/816951/freight-and-logistics-stocks-on-the-rise-despite-pandemic.html

Continue Reading

Business

Nearly a third of local sugar plants shut down

Published

on

A farmer harvests sugarcane. Nearly a third of domestic sugar plants have shut down – PHOTO: THANH HOA

HANOI – Only 29 of 40 local sugar plants remained operational in the 2019-2020 season due to a high volume of sugar imports and the deployment of the ASEAN Trade in Goods Agreement (ATIGA) with lower tax rates for sugar imports from ASEAN markets, according to the Vietnam Sugarcane and Sugar Association (VSSA).

The 2020-2021 season is forecast to be a hard time for the sugar sector, especially since the Covid-19 pandemic remains a big challenge. Four more sugar mills—Son Duong, Nong Cong, Van Phat and Pho Phong—are likely to stop their operations due to a shortage of input materials, resulting in their poor performance.

The local sugar sector has been hit for many years due to the smuggling of sugar, mainly from Thailand.

Meanwhile, other ASEAN countries, such as Thailand, the Philippines and Indonesia, despite commitments to the ATIGA, have still employed measures to protect their sugar firms.

Vietnam has fulfilled its commitments to the agreement since January 1 by setting no limits on the volume of sugar imports from ASEAN countries and applying a tax rate of 5% for sugar imports from these markets.

According to statistics from the General Department of Vietnam Customs, nearly 884,300 tons of sugar was imported into the country in the January-October period of this year, higher than the locally-produced volume of sugar. Of the total, sugar from Thailand accounted for 87.67%.

Due to a high volume of low-cost sugar imports, the prices of local sugar products have plunged, leading to low sugarcane prices. As a result, many farmers have incurred debts and stopped growing sugarcane.

In reality, the Ministry of Industry and Trade launched an anti-dumping and anti-subsidy investigation into sugar products that originate from Thailand in September. The ministry had earlier imposed anti-dumping measures on high-fructose corn syrup products originating from China and South Korea.

According to VSSA, Thailand has banned sugar imports, while Indonesia and the Philippines have allowed the import of a volume of sugar equivalent to the deficiency in volume.

In these three countries, sugarcane farmers are supported through direct and indirect aid and the profit sharing system to ensure they earn a stable income.

Specifically, the Thai Government annually provides at least US$1.3 billion to the sugar sector.

Therefore, Nguyen Van Loc, acting general secretary of VSSA, proposed Vietnam should apply trade remedies in line with the international law and rules of the World Trade Organization.

Source: https://english.thesaigontimes.vn/79609/nearly-a-third-of-local-sugar-plants-shut-down.html

Continue Reading

Business

UL help deliver confidence in life safety & business continuity

Published

on

Building owners and operators know that life safety and efficient operation are important concerns. However, meeting these criteria requires thorough understanding, effort and knowledge.

UL has helped many investors in Vietnam and the community in the field of inspection and verification as they build a safe foundation for buildings and occupants.

Customers choose to work with UL to help demonstrate their safety commitment to occupants, insurers as well as take advantage of such added values as detailed and complete reporting, useful information for further informed decisions, improvement and study. They may also have improved peace of mind that systems have been objectively inspected and accurately evaluated.

According to Ms Lưu Thị Thanh Mẫu, CEO of Phuc Khang Corporation, “The infrastructure quality in Vietnam is gradually developing in parallel with the perfection of safety standards. Vietnamese real estate companies have also been contributing significantly to improving general safety standards and applying international assessment programs for their buildings.”

Along with pioneering the application of green building assessment programs, Phuc Khang Corporation has been cooperating with UL to evaluate comprehensively systems of fire protection, security and life safety inside buildings and fully trusted in UL’s competence and expertise to these programs.

Rome by Diamond Lotus of Phuc Khang Corporation is the first residential building that applied UL Standards right from its design stage”

During the COVID-19 pandemic, UL had urgently built an evaluation program for reoccupancy
(Building Reoccupancy), aiming to support enterprises as they emerge from occupancy restrictions.

Some services provided by UL’s Building Inspection Services in fire and life safety include: occupancy classification, fire zones/compartmentation, emergency and escape lightning, and illumination of means of egress; as well as other important services in security systems and fire protection systems such as fire pump, sprinkler, burglar alarm system and monitor detectors.

Source: https://english.thesaigontimes.vn/79612/ul-help-deliver-confidence-in-life-safety-business-continuity.html

Continue Reading

Trending