Industrial and trade developments from the press review on May 21, 2018
I. Energy and Electricity Management
- Protecting Workers: Specifically, Prime Minister Phúc ordered a crackdown on illegal electricity overcharging,.
- Price Exploitation: Currently, many landlords charge migrant workers unfair business rates for power and water.
- Consumption Records: Meanwhile, national electricity consumption reached record highs due to extreme heatwaves,.
- System Peaks: Consequently, the peak system capacity has already exceeded the highest levels recorded in 2017.
II. Mining and Petroleum Policy
- Ore Controversy: Regarding mining, TKV denied exporting raw minerals at low prices to China.
- Customs Data: However, customs reports show 80% of Vietnamese ore goes to China at half price.
- Fuel Tax Debate: Furthermore, a proposed fuel tax hike from 3,000 to 4,000 VND is causing concern.
- Economic Impact: Specifically, experts warn this tax burden will fall mostly on the poor and businesses,.
- Budget Deficits: Nevertheless, the Ministry of Finance aims to use this tax to offset declining import duties.
III. Corporate and Competition News
- Sabeco Tax Fine: In corporate news, Sabeco faces 4,000 billion VND in late tax penalties.
- Financial Struggles: Consequently, the company claims it lacks funds to pay dividends to shareholders.
- Grab Monopoly: Regarding transport, Grab increased fares by up to 30% after acquiring Uber.
- Market Competition: Moreover, domestic competition from apps like VATO remains very weak.
- Reporting Delays: Finally, 32 companies were named for failing to publish their 2017 financial reports.
IV. Industrial and Trade Trends
- FDI Hotspot: Specifically, experts consider Vietnam a regional “hotspot” for foreign investment.
- Car Import Shifts: In the automotive market, German car imports recently surpassed Thai car imports for the first time,.
- Export Milestones: Also, cashew exports successfully reached $1 billion in the first four months of 2018.
- Catfish Success: Furthermore, catfish exports to China and Hong Kong surged by 45% compared to 2017,.
V. Agricultural Market Volatility
- Surplus Crisis: Conversely, the agricultural sector faces a “crisis of surplus” for several crops.
- Price Crashes: Specifically, squash prices crashed to 2,000 VND per kg in certain regions,.
- Pork Recovery: In contrast, live pig prices are rising sharply toward 50,000 VND per kg,.
- Broken Promises: Additionally, many chili farmers were abandoned by companies despite previous buy-back contracts,.
- Crop Diseases: Finally, pepper farmers in Dak Nong are suffering due to falling prices and widespread crop disease,.
