Industrial and trade developments from the press review on December 10, 2019
I. Origin Fraud and Trade Management
- Fraudulent Trends: Specifically, fraudulent origin activities are becoming increasingly sophisticated and diverse.
- Tactics Used: These groups falsify Vietnamese origin to consume goods locally or evade international trade defenses.
- Government Action: Consequently, the Ministry of Industry and Trade (MoIT) is finalizing urgent measures to combat these illegal practices.
- Trade Defense: Meanwhile, South Korea has initiated an anti-dumping investigation into Vietnamese plywood products.
II. Automotive and Heavy Industry Challenges
- Vehicle Pricing: Regarding the auto industry, high taxes and fees have doubled the price of cars.
- Market Barriers: Therefore, owning a vehicle remains a distant dream for many Vietnamese citizens.
- Seasonal Discounts: Conversely, car prices dropped by up to 300 million VND recently to stimulate sluggish year-end demand.
- Project Violations: In heavy industry, MoIT exceeded its authority at the TISCO II steel project.
- Financial Crisis: As a result, TISCO is now on the verge of bankruptcy with massive debts.
III. Energy and Digital Innovation
- Fuel Prices: Regarding energy, global oil prices continue to drop as Chinese exports decline.
- Policy Updates: Furthermore, MoIT stated that the current formula for calculating fuel prices is now outdated.
- Fuel Consumption: However, the public remains skeptical of E5 gasoline, leading to modest consumption levels.
- Infrastructure: Additionally, the National Public Service Portal was launched to provide essential online services.
- Corporate Support: Specifically, EVN now offers three key electricity services on this new national portal.
IV. Import-Export Performance
- Trade Surplus: Notably, Vietnam expects 2019 to be its fourth consecutive year of trade surplus.
- Record Figures: The trade surplus reached a record $9.12 billion during the first eleven months of 2019.
- Shifting Orders: Furthermore, footwear and handbag orders are currently shifting from China to Vietnam.
- Textile Impact: In contrast, textile exports only reached $39 billion due to the US-China trade war.
- Coffee Strategy: Finally, MoIT is pushing for more processed coffee exports rather than just raw materials.
V. Domestic Market and Social Issues
- Pork Crisis: Regarding food, pork prices reached a record peak of 82,000 VND per kg.
- Supply Issues: Specifically, prices rose because some farmers are withholding stock to wait for higher prices.
- Retail Shifts: Meanwhile, the merger between Vingroup and Masan is expected to strengthen domestic retail competition.
- E-commerce: Additionally, MoIT will hold “Online Friday” sales every week to promote authentic branded goods.
- Law Enforcement: Finally, authorities recently inspected and seized illegal traditional medicine warehouses in Ninh Hiep.
