Industrial and trade developments from the press review on December 11, 2019
I. Petroleum Management and Policy Debates
- Counterfeit Challenges: Specifically, managing fake and poor-quality gasoline remains a major challenge due to sophisticated fraud.
- Resource Constraints: Furthermore, overlapping responsibilities and thin resources among authorities hinder effective market control.
- Stabilization Fund: Meanwhile, the government continues to debate whether to keep the Fuel Price Stabilization Fund.
- Expert Opinions: Specifically, many experts argue this fund essentially uses consumers’ money to stabilize their own prices.
II. SOE Restructuring and Digital Connectivity
- Equitization Delays: Regarding the economy, the progress of state-owned enterprise (SOE) equitization is currently behind schedule.
- Remaining Targets: Specifically, 92 out of 128 enterprises must still complete this process by 2020.
- Post-Reform Performance: Nevertheless, firms usually show stable growth after the equitization process is finished.
- Data Integration: Additionally, 61 agencies have successfully connected their data through the national NGSP platform.
III. Energy and Renewable Development
- Green Energy Goals: In general, Vietnam is prioritizing the development of clean, green, and affordable energy.
- Gas Power Support: Specifically, MoIT supports new LNG power projects in the Ba Ria-Vung Tau province.
- International Cooperation: Furthermore, Russia and Vietnam agreed to cooperate on new oil and gas exploration projects.
- Wind Power Investment: Regarding renewables, a new 1,500 billion VND wind power project was launched in Quang Tri.
- Water Shortages: However, EVN warned about severe water shortages in the Red River basin affecting hydropower.
IV. Industrial Performance and Export Trends
- Contrasting Sectors: Regarding light industry, there is a sharp contrast between the textile and footwear sectors.
- Order Volume: Specifically, textile orders are decreasing while the footwear industry sees positive growth.
- Heavy Industry: Meanwhile, steel prices are recovering, and car sales rose due to significant discounts.
- Export Records: Notably, over 30 export items reached a value of $1 billion in eleven months.
- Trade Partners: Furthermore, total trade turnover with Japan reached nearly $33 billion by October 2019.
V. Domestic Market and Consumer Protection
- Holiday Preparation: Finally, the domestic market is currently preparing for the Lunar New Year holiday.
- Local Goods: Specifically, local Vietnamese products are highly favored despite rising production costs.
- E-commerce Risks: However, authorities warned about a surge in counterfeit goods on e-commerce platforms.
- Enforcement Actions: Furthermore, market management forces seized 12 tons of rotten animal organs in Ha Tinh.
- Meat Prices: Regarding food, experts expressed concern over proposed import tax cuts for pork and chicken.
Proactive Query: Would you like a more detailed breakdown of the proposed import tax rates for meat or the specific goals of the VEPG energy summit?
