VIETNAM BUSINESS NEWS SEPTEMBER 4

Exports of wooden merchandise decline after years of progress

After years of double-digit progress, the wooden merchandise export worth within the first eight months fell by 3% year-on-year, in keeping with the Common Division of Vietnam Customs.

Throughout the Vietnam Worldwide Furnishings and House Equipment Honest (VIFA-EXPO) on August 31, Phung Quoc Man, vice chairman of the Handicraft And Wooden Business Affiliation of HCMC, mentioned it could be difficult to attain the US$16.5-billion export goal of 2022.

In August, the export income from wooden and wooden merchandise reached US$1.35 billion. The entire worth hit US$11.07 billion within the January-August interval, hovering by 6.2% over the identical interval final yr.

Nonetheless, the export income of wooden merchandise dropped 3% to US$7.77 billion within the first eight months of this yr.

In accordance with Man, that is the primary time in a few years that Vietnam’s wooden product exports have decreased. Earlier, the bottom charge of progress was 8-9%.

Since July, many enterprises’ exports have fallen by over 30%, even 70-80%, in comparison with the primary 5-6 months of the yr.

Runaway inflation within the U.S. and Europe has affected the demand for imports, which has a direct influence on Vietnam’s exports of wooden and wooden merchandise.

The export demand for wooden and wooden merchandise is prone to be larger within the second half of the yr than the primary, principally because of the want for inside demand within the main export markets.

Nonetheless, challenges stay because of inflation and post-Covid-19 extra inventories.

Rubber exports hit US$320 million in August

Vietnam exported round 210,000 tonnes of rubber value US$320 million in August, up 6.9% in quantity and 0.3% in worth towards the earlier month.

In accordance with the statistics of Import and Export Division underneath the Ministry of Business and Commerce, the figures additionally represented year-on-year will increase of 11% in quantity and three% in worth.

The rubber export worth averaged US$1,523 per tonne in August, down 6.2% towards July and seven.2% as in comparison with the identical interval final yr.

The primary eight months of this yr noticed Vietnam ship overseas 1.19 million tonnes of rubber valued at US$2 billion, up 7.8% and eight.1% year-on-year, respectively.

Vietnam is among the 5 largest rubber suppliers to China together with Thailand, Malaysia, Japan and the Republic of Korea. Statistics present it was China’s second largest rubber provider within the first seven months of the yr, with a complete worth of US$1.18 billion up 10.6% yr on yr.

Vietnam’s rubber market share in China’s complete import worth additionally rose 0.1% to fifteen.4% within the reviewed interval.

Vietnam points nationwide plan on aquaculture growth for 2021-2030

Deputy Prime Minister Le Van Thanh has signed a choice to promulgate a nationwide plan on aquaculture growth within the 2021 – 2030 interval.

The scheme’s general goals is to develop aquaculture sustainably in response to local weather change. The plan can be being set in place to enhance productiveness, high quality, worth, and competitiveness of aquatic merchandise. This can assist meet demand from home and worldwide markets as aquaculture develops additional in Vietnam.

As per the plan, by 2025, the whole aquaculture manufacturing and export worth will attain 5.6 million tonnes and seven.8 billion USD per yr, with an annual charge of worth progress averaging 4%.

It set the aim for the home manufacturing to be able to supplying a big quantity of merchandise and ample breeding services for aquatic animals with excessive worth.

In the meantime, greater than 30 concentrated aquaculture rearing and breeding areas can be invested and upgraded serving manufacturing necessities.

The plan additionally units out a goal of constructing a provide chain, processing and consumption to make sure a secure output for over 30% of the whole aquatic manufacturing.

By 2030, the yield of the sector is predicted to hit 7 million tonnes yearly, and contribute to higher job creation and earnings enchancment for staff.d present home companies serving manufacturing and value discount.

Addressing agricultural emissions key to inexperienced manufacturing in Vietnam

Rising consideration has been given to the discount of greenhouse fuel emissions in Vietnam’s agriculture sector, notably rice manufacturing, in a bid to guard the setting given complicated local weather change developments.

In accordance with Nguyen The Hinh from the Ministry of Agriculture and Rural Growth’s agricultural mission administration board, presently, agricultural manufacturing contributes about 30% of the nation’s complete greenhouse fuel emissions.

The emissions come primarily from moist rice cultivation, animal husbandry, the usage of fertiliser, and burning of plant residues, amongst different fields.

Dao Ha Trung, head of the Ho Chi Minh Metropolis high-tech affiliation, mentioned paddy cultivation accounts for a excessive charge of emissions generated in agriculture.

He added that this poses an amazing problem to the nation, notably the Mekong Delta which makes up 50% of Vietnam’s complete rice plantation and yield yearly.

Nguyen Xuan Khoa, Vice Chairman of the Union of Science and Know-how Associations of the Mekong Delta province of Bac Lieu, mentioned it’s essential to proceed selling agricultural manufacturing fashions towards the constructing of worth chains, linkages, and financial effectivity enchancment in step with standards set for environmental safety and local weather change adaptation.

Hinh, in the meantime, urged changing inefficient paddy fields to areas for rising non-mechanised crops, which produce little emissions.

Tourism sector pushes digital transformation for future progress

Digital transformation has been important for the tourism sector within the post-COVID-19 interval by optimising operations, slicing bills, bettering effectivity, and attracting extra guests.

From 2015 to 2019, on-line searches for tourism info surged over 32-fold in Vietnam. As much as 88% of home travellers seemed up info on the web, and there have been over 5 million searches in Vietnamese for tourism merchandise every month, in keeping with the Vietnam Tourism Affiliation.

Nonetheless, the effectiveness of digital transformation inside Vietnamese journey firms remained modest throughout that interval, with as much as 80% of the home on-line tourism market held by international on-line journey brokers (OTAs) akin to Agoda.com, Reserving.com, Traveloka.com, and Expedia.com. Native OTAs like Vinabooking.vn, Chudu24.com, Ivivu.com, VNTrip, Mytour.vn, and Gotadi solely made up 20% with a restricted variety of transactions.

Ngo Minh Duc, founding father of Gotadi – a supplier of on-line journey companies, mentioned that to achieve a agency foothold within the home market, companies ought to grasp info know-how, which can be why his agency has invested in an OTA platform.

Specifically, within the post-pandemic interval, when most consumption habits have modified and moved to on-line platforms, it’s time for journey companies to enter a fierce competitors on our on-line world, from consumer entry to tickets, excursions and room bookings.

This new pattern additionally means enterprise effectivity, Chairman of the Vietnam Tourism Affiliation Vu The Binh mentioned, noting that as travellers swap to reserving companies on-line and firms don’t act accordingly, they are going to be lacking out.

Travelogy Vietnam has undergone this transformation. Because of the appliance of digital know-how, every of its workers can now deal with 500 bookings per day, as a substitute of 10 workers wanted to take care of 100 bookings per day up to now.

Not too long ago, Crystabaya Pte Ltd, a web-based platform offering tourism companies, has utilized blockchain to assist purchasers straight monitor the supply of rooms and different companies. The appliance has additionally reportedly assisted lodge and resort house owners to chop down bills as their knowledge is saved safely utilizing this know-how.

Other than enterprises, ministries, sectors, and native authorities are additionally appearing to satisfy the demand for “contactless” companies by stepping up know-how use in dealing with exit – entry procedures, selling tourism, and promoting tickets to vacationer websites.

Digital transformation might mark the beginning of a powerful restoration and growth interval of all the tourism sector after the COVID-19 pandemic.

Tourism sector pushes digital transformation for future progress

Digital transformation has been important for the tourism sector within the post-COVID-19 interval by optimising operations, slicing bills, bettering effectivity, and attracting extra guests.

From 2015 to 2019, on-line searches for tourism info surged over 32-fold in Vietnam. As much as 88% of home travellers seemed up info on the web, and there have been over 5 million searches in Vietnamese for tourism merchandise every month, in keeping with the Vietnam Tourism Affiliation.

Nonetheless, the effectiveness of digital transformation inside Vietnamese journey firms remained modest throughout that interval, with as much as 80% of the home on-line tourism market held by international on-line journey brokers (OTAs) akin to Agoda.com, Reserving.com, Traveloka.com, and Expedia.com. Native OTAs like Vinabooking.vn, Chudu24.com, Ivivu.com, VNTrip, Mytour.vn, and Gotadi solely made up 20% with a restricted variety of transactions.

Ngo Minh Duc, founding father of Gotadi – a supplier of on-line journey companies, mentioned that to achieve a agency foothold within the home market, companies ought to grasp info know-how, which can be why his agency has invested in an OTA platform.

Specifically, within the post-pandemic interval, when most consumption habits have modified and moved to on-line platforms, it’s time for journey companies to enter a fierce competitors on our on-line world, from consumer entry to tickets, excursions and room bookings.

This new pattern additionally means enterprise effectivity, Chairman of the Vietnam Tourism Affiliation Vu The Binh mentioned, noting that as travellers swap to reserving companies on-line and firms don’t act accordingly, they are going to be lacking out.

Travelogy Vietnam has undergone this transformation. Because of the appliance of digital know-how, every of its workers can now deal with 500 bookings per day, as a substitute of 10 workers wanted to take care of 100 bookings per day up to now.

Not too long ago, Crystabaya Pte Ltd, a web-based platform offering tourism companies, has utilized blockchain to assist purchasers straight monitor the supply of rooms and different companies. The appliance has additionally reportedly assisted lodge and resort house owners to chop down bills as their knowledge is saved safely utilizing this know-how.

Vietnamese financial system information outstanding restoration

The nation recorded the very best stage of disbursed international direct funding (FDI) over the previous eight months in comparison with the identical interval over the past 5 years, in addition to seeing a rising variety of newly-established enterprises and people returning to operation.

In accordance with the Common Statistics Workplace (GSO) underneath the Ministry of Planning and Funding,  most notably, import and export turnover elevated, though conserving the expansion charge within the context of worldwide financial fluctuations is broadly seen as a brand new problem that must be recognized and requires larger efforts transferring ahead.

Within the eight-month financial statistics desk just lately launched by the GSO, the commercial manufacturing index is of curiosity to many specialists because it continues to extend strongly and is again to the pre-pandemic progress charge of roughly 15%.

This determine additionally signifies the resilience of the manufacturing, industrial and agricultural sectors in serving to to make sure a sustainable and secure provide and contributing to efforts to curb the sudden enhance of the buyer worth index (CPI).

Export turnover in August was estimated to be US$33.38 billion, bringing the general export turnover over the previous eight months to US$250.8 billion, up greater than 17% on-year, primarily within the group of processed industrial merchandise.

Moreover, import turnover of products in August stood at an estimated US$30.96 billion, elevating the import turnover through the reviewed interval to roughly US$246.84 billion, up 13.6% on-year, primarily within the group of manufacturing supplies.

The commerce surplus in August reached US$2.42 billion, whereas that of the eight-month interval was estimated to be at US$3.96 billion.

Dr. Le Duy Binh, director of the Economica Vietnam Heart for Financial Analysis, mentioned that this commerce surplus enormously helps the implementation of financial insurance policies, particularly amid the troublesome pressures confronted by the nation in latest occasions.

One of many different notable indicators is the enterprise registration scenario is the entire nation having practically 150,000 enterprises registered as new institutions or returning to operation, a rise of greater than 30% in comparison with the identical interval final yr. On common, each month, 18,700 enterprises are newly established and resume their operations.

Nonetheless, the variety of enterprises withdrawing from the market was 104,300 enterprises, representing a rise of twenty-two%. On common, 13,000 companies withdraw from the market each month.

Specialists imagine that, along with the optimistic progress charge usually, it may be seen as obligatory to obviously analyse and take a deep have a look at this difficulty. The actual fact is that many corporations had been pressured to withdraw from the market as a result of they failed to satisfy the necessities of the financial system or had been unable to endure the difficulties skilled because the pandemic. This means that the restoration tempo of progress is just not sustainable, particularly within the new context.

Proof provides up for high quality benefits inside EVFTA

Simply two years in entry into power, the EU-Vietnam Free Commerce Settlement (EVFTA) has introduced massive advantages to each the Southeast Asian market and the bloc of practically 450 million folks.

The Common Division of Vietnam Customs final week reported that within the first seven months of this yr, regardless of geopolitical tensions and declined demand within the EU, complete export-import turnover between the 2 reached $36.77 billion, up from $32.1 billion recorded in the identical interval final yr which elevated 17.42 per cent on-year.

Within the first seven months of this yr, Vietnam’s export turnover hit $27.69 billion, up 21.4 per cent on-year and holding 12.7 per cent of the nation’s complete export worth, whereas the nation’s import turnover sat at $9.08 billion, down 5.7 per cent on-year and accounting for 4.2 per cent of its complete import worth.

Each side’ commerce turnover was $56.45 billion in 2019 (together with Vietnam’s exports and imports of $41.5 billion and $14.95 billion, respectively). Nonetheless, in 2020, the pandemic inevitably affected ties, with commerce lowered to $50 billion, together with Vietnam’s exports and imports of $35.1 billion and $14.9 billion, respectively.

The scenario grew to become brighter final yr, when the bilateral commerce turnover final yr hit $63.6 billion, with Vietnam’s exports value $45.8 billion, up 14.2 per cent on-year, and the nation’s imports had been valued at $17.9 billion, up 16.5 per cent on-year.

In accordance with the Ministry of Business and Commerce, in 2021, Vietnam’s exports to the EU utilizing the certificates of origin underneath the EUR.1 kind reached $7.8 billion, that means many companies in Vietnam took benefit of tariff cuts and reductions inside the EVFTA.

The Ministry of Agriculture and Rural Growth additionally reported that the agro-forestry-fishery commerce turnover within the first seven months of this yr between Vietnam and the EU elevated strongly from $4.3 billion in 2015 to $5.2 billion final yr. The determine stood at $2.66 billion within the first 5 months of this yr.

Vo Tan Thanh, vice chairman of the Vietnam Chamber of Commerce and Business, advised final week’s convention on the EVFTA’s impacts on Vietnam’s financial system that the settlement has develop into huge leverage for Vietnam and the EU to additional elevate their commerce and funding ties.

Textile and garment teams feeling international squeeze

An absence of orders is throwing a wrench into the works of textile and footwear enterprises which can be already fighting more and more larger manufacturing prices than the competitors in different markets.

The fast enhance within the US client inflation to 9.1 per cent in June, a stage not seen in additional than 4 many years, has dragged down textile demand out there throughout this half of the yr. Inflation within the Euro space in July additionally set a brand new report at 8.9 per cent, an indication that individuals are decreasing procuring.

In the meantime, analysts at VNDIRECT reported on August 19 that the outlook for textile and clothes would rely upon controlling inflation in main export markets akin to the US and EU. At the moment, 85 per cent of the income of textile firms comes from exports, of which the US and EU account for 61 per cent.

Giant enterprises, akin to Thanh Cong Textile and Garment JSC, Century Yarn JSC, and Damsan JSC have had sufficient orders for the third quarter of 2022, however some patrons have cancelled orders as a consequence of fears of excessive inventories within the fourth quarter of 2022 and considerations about inflation.

VNDIRECT believes that lowered demand and alternate charge dangers will decelerate the online revenue progress momentum of garment firms within the ultimate months of 2022.

The web earnings of TNG Funding and Buying and selling JSC and Track Hong Garment JSC decreased by 5-10 per cent within the second half of 2022 in comparison with the primary six months of 2022 as a consequence of alternate charge losses alone.

Together with garment companies, VNDIRECT believes that the gross revenue margin of cotton yarn enterprises will lower by 1-1.5 share factors within the second half of 2022.

The corporate forecasts that demand for high-end clothes objects akin to shirts and T-shirts constituted of recycled fibres and cotton yarns will decelerate within the second half of 2022.

Moreover, yarn costs and cloth would settle down within the fourth quarter, following costs of different supplies. Within the third quarter, cotton costs have fallen 40 per cent from their peak in March after oil costs cooled down.

Longer-than-expected inflation in Europe and the US additionally led to a lower in export orders from Vietnamese leather-based and footwear firms. As they do haven’t had many new orders for months, Taekwang Vina Industrial JSC, a totally South Korean-owned firm, has knowledgeable all workers at branches in Dong Nai, My Tho, and Dak Lak provinces to rearrange depart for the remainder of 2022.

In accordance with the agency’s chairman Dinh Sy Phuc, if workers have to make use of up all their depart in 2022, they may be capable of select between advancing the depart of 2023 or taking unpaid depart.

In Vietnam, leather-based and footwear exports are virtually fully within the fingers of foreign-invested enterprises (FIEs). In accordance with up to date and verified knowledge by market intelligence platform Houselink, in 2021, FIEs accounted for greater than 70 per cent of Vietnam’s complete footwear import and export turnover, with the scenario persisting for a few years.

Seminar seeks sustainable export in context of FTAs implementation

A seminar has been just lately held in Hanoi to debate growing sustainable export within the context of free commerce agreements (FTAs) implementation.

Talking on the occasion, Deputy Director of the Ministry of Business and Commerce’s Vietnam Commerce Promotion Company Le Hoang Tai mentioned underneath the influence of the COVID-19 pandemic over the previous two years, the company has actively used trendy know-how and launched digital transformation in commerce promotion actions.

In an effort to assist corporations penetrate markets successfully, the company and the Vietnamese commerce places of work overseas held over 60 classes to supply consultancy to them, particularly these associated to capability and technological switch, he added.

Vuong Duc Anh, Chief of the Workplace of the Vietnam Nationwide Textile and Garment Group (Vinatex)’s Board of Administrators, mentioned in 2020 when COVID-19 broke out, Vietnam surpassed Bangladesh to develop into the second largest exporter of attire, solely behind China.

Although its exports hit 40 billion USD in 2021 and revenue reached a report of practically 1.5 trillion VND, the sector has but to make the most effective use of FTAs as a consequence of guidelines of origin and self-sufficiency of supplies.

Between now and 2025, Vinatex targets changing into a one-stop provider of yarn, cloth and end-products for knitwear, particularly inexperienced merchandise to satisfy demand of massive retailers.

Vice President and Common Secretary of the Vietnam Leather-based, Footwear and Purse Affiliation Phan Thi Thanh Xuan mentioned the speed of domestically made merchandise within the sector now reaches 55%. The determine is predicted to extend to 70-80% within the close to future.

Economist Le Quoc Phong mentioned the State ought to difficulty insurance policies to enhance export when it comes to high quality and added worth, elevate the speed of domestically-made objects, use technological advances, and improve the competitiveness of exporters.

Tai referred to as for consideration to human assets coaching, not solely in manufacturing but in addition in commerce to attain sustainable and more practical exports.

Localities speed up digital transformation in tourism

Localities nationwide are accelerating digital transformation to create breakthroughs within the tourism sector.

Companies within the northern province of Ninh Binh are offering tourism info by way of web sites and the portal of the provincial Tourism Division, the provincial info centre for tourism promotion, and social media platforms akin to Fb, Tiktok, Youtube and Zalo.

Director of the provincial division Bui Van Manh mentioned difficulties in digital transformation in tourism stay forward and measures to ease them are wanted.

In an effort to flip tourism right into a pillar financial system and Ninh Binh into a significant tourism hub of the nation, the province will digitalise the statistical indicator system of the sector on the again of massive knowledge whereas connecting the native reporting system with the inter-provincial and nationwide ones.

Manh urged a number of options, together with elevating consciousness of State officers and enterprise house owners about digital transformation, linking database with localities, bettering the standard of infrastructure and repair high quality, providing particular pointers to localities, and coaching workforce as a breakthrough to unravel the issues.

In accordance with him, linking State administration businesses on tourism from the native to the central stage and journey firms is important to develop sensible tourism ecosystem concertedly.

Business insiders want to know that digital transformation is just not solely about know-how, but in addition in administration, approaches and advertising and marketing, he mentioned.

Deputy Director of the Ho Chi Minh Metropolis Tourism Division Le Truong Hien Hoa mentioned the division is embarking on the 2020-2030 sensible tourism mission. Most just lately, town has additionally utilized digital know-how in administration.

Underneath the mission, the division constructed a database of tourism companies and bettering experiences for vacationers and residents.

Hoa added it additionally launched a wise tourism app on Android and iOS, upgraded its portal, and operated the web site popularising town’s tourism at www.visithcmc.vn.

The updates on tourism actions have been recurrently posted on social media akin to Fb, Youtube, Instagram. Excursions are additionally supplied on e-commerce flooring like Shopee and Traveloka.

Vietjet resumes Ho Chi Minh Metropolis – Chiang Mai route

Vietjet on September 1 resumed the direct service between Vietnam’s southern metropolis Ho Chi Minh Metropolis and Thailand’s northern largest metropolis Chiang Mai.

The thrice weekly service between the 2 locations now operates each Tuesday, Thursday and Sunday with a flight time of two hours.

Flights depart from HCM Metropolis at 11:25 and arrive in Chiang Mai at 13:30. Return flights take off at 14:30 in Chiang Mai and land in Ho Chi Minh Metropolis at 16:35. Tickets for the Ho Chi Minh Metropolis – Chiang Mai flights are actually out there from simply 6 USD at www.vietjetair.com or Vietjet Air cell app. 

Seminar seeks sustainable export in context of FTAs implementation

A seminar has been just lately held in Hanoi to debate growing sustainable export within the context of free commerce agreements (FTAs) implementation.

Talking on the occasion, Deputy Director of the Ministry of Business and Commerce’s Vietnam Commerce Promotion Company Le Hoang Tai mentioned underneath the influence of the COVID-19 pandemic over the previous two years, the company has actively used trendy know-how and launched digital transformation in commerce promotion actions.

In an effort to assist corporations penetrate markets successfully, the company and the Vietnamese commerce places of work overseas held over 60 classes to supply consultancy to them, particularly these associated to capability and technological switch, he added.

Vuong Duc Anh, Chief of the Workplace of the Vietnam Nationwide Textile and Garment Group (Vinatex)’s Board of Administrators, mentioned in 2020 when COVID-19 broke out, Vietnam surpassed Bangladesh to develop into the second largest exporter of attire, solely behind China.

Although its exports hit 40 billion USD in 2021 and revenue reached a report of practically 1.5 trillion VND, the sector has but to make the most effective use of FTAs as a consequence of guidelines of origin and self-sufficiency of supplies.

Between now and 2025, Vinatex targets changing into a one-stop provider of yarn, cloth and end-products for knitwear, particularly inexperienced merchandise to satisfy demand of massive retailers.

Vice President and Common Secretary of the Vietnam Leather-based, Footwear and Purse Affiliation Phan Thi Thanh Xuan mentioned the speed of domestically made merchandise within the sector now reaches 55%. The determine is predicted to extend to 70-80% within the close to future.

Economist Le Quoc Phong mentioned the State ought to difficulty insurance policies to enhance export when it comes to high quality and added worth, elevate the speed of domestically-made objects, use technological advances, and improve the competitiveness of exporters.

Tai referred to as for consideration to human assets coaching, not solely in manufacturing but in addition in commerce to attain sustainable and more practical exports.

Danish buyers see massive potential of VN agriculture sector

The Vietnamese agricultural sector is on the radar of many Danish buyers wishing to implement their contemporary initiatives within the Southeast Asian market.

At a seminar practically two weeks in the past to attach Vietnamese companies with 13 Danish companies within the agriculture and meals sectors, commerce counsellor of the Embassy of Denmark Troels Jakobsen mentioned, “Danish firms and specialists are very prepared to share revolutionary concepts and applied sciences with their Vietnamese counterparts in addition to search for alternatives to cooperate and make good and sustainable enterprise collectively.”

Shirley Vincent Ramesh, head of regulatory affairs of Novozymes, the world’s largest supplier of enzyme and microbial applied sciences within the meals and agricultural industries, mentioned, “The intention of the collaboration is to debate how we will work collectively to enhance the regulatory processes such that Vietnamese entrepreneurs also can carry their ranges as much as the worldwide benchmark and the way we will contribute to higher enterprise between Denmark and Vietnam, in addition to serving to Vietnam attain the next stage in Southeast Asia.”

Many representatives of Danish meals manufacturing and processing enterprises admitted that they extremely appreciated the event potential of the Vietnamese agricultural market, and set excessive expectations for cooperation alternatives with Vietnamese companies.

Bovine merchandise group VikingGenetics, which has a presence in additional than 50 international locations, determined to decide on Vietnam as certainly one of its key markets on the idea of the robust progress charge of Vietnam’s dairy trade through the previous 10 years. “We’ve got many distributors all around the world. And we thought that the following step for us is to extend our presence in Asia, why not begin by doing that in Vietnam?” mentioned Ahmet Yilmaz, export and key account supervisor for VikingGenetics.

Vietnam’s milk and dairy merchandise had been exported to 48 international locations with a income of greater than $300 million in 2021. Vietnam can be main in Southeast Asia when it comes to industrialisation of the livestock and dairy trade, in keeping with Tong Xuan Chinh, deputy director of the Division of Livestock Manufacturing underneath the Ministry of Agriculture and Rural Growth (MARD).

With over 28,000 dairy farms and households with practically 375,000 milk cows, Vietnam is among the largest markets that VikingGenetics is making an attempt to associate with.

The curiosity of main Danish agricultural processors within the Vietnamese market might be thought of considerably of a shock as a result of agriculture is just not but a lovely area when it comes to international direct funding (FDI).

Statistics from the International Funding Company underneath the Ministry of Planning and Funding confirmed that through the first seven months of 2022, agro-forestry-fishery solely attracted seven ventures with the whole funding capital of $22 million, accounting for lower than 1 per cent of latest tasks and 0.37 per cent of complete FDI in Vietnam.

Supply: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes

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