Industry and Trade Press Review from July 5, 2017
I. Policy and Regulatory Actions
- Vinastas Discipline: Deputy Prime Minister Trương Hòa Bình ordered a review of the disciplinary actions against Vinastas. Specifically, he stated that reprimanding the leader was too lenient for the serious consequences caused by their fish sauce quality announcement.
- Economic Bottlenecks: Furthermore, Prime Minister Nguyễn Xuân Phúc led a government meeting to remove growth “bottlenecks”. Consequently, the government is prioritizing institutional reforms to stimulate socio-economic growth in late 2017.
- Business Conditions: Moreover, officials emphasized that new business conditions must not hinder trade or investment.
II. Energy and Heavy Industry
- BSR Equitization: Regarding Lọc hóa dầu Bình Sơn (BSR), experts recommend finding strategic partners. Specifically, these partners should provide a stable, long-term supply of crude oil.
- Mining Issues: Meanwhile, an inspection team addressed the alumina dust dispersion at the Nhân Cơ plant. In fact, the company failed to properly cover the product, allowing wind to scatter the powder.
- Oil Targets: Additionally, the goal to extract an extra 1 million tons of oil to boost GDP remains a challenge. In contrast, existing oil fields are currently seeing declining production.
- Aluminum Trade: Finally, Australia issued a final conclusion on an anti-dumping investigation into Vietnamese extruded aluminum. Importantly, they decided not to apply anti-subsidy duties.
III. Import-Export and Market Trends
- Rice Market: Regarding exports, rice prices are currently rising due to high demand from Bangladesh and the Philippines. Similarly, the agricultural sector aims for a total export target of $33 billion this year.
- Fruit Re-export: Interestingly, Vietnam spent 8,500 billion VND importing fruit, mainly from Thailand. However, most of these goods are re-exported to China rather than consumed locally.
- Brand Protection: Furthermore, many large brands like Phú Quốc fish sauce almost lost their trademarks abroad. Therefore, the government is helping craft villages and firms register for intellectual property protection.
- Vietnamese Brands: In addition, eleven Vietnamese brands, including Petrolimex and Vinamilk, made Asia’s Top 1,000 Brands list.
IV. Domestic Market and Retail
- Retail Trends: Specifically, experts identify omni-channel retailing as the most effective future trend for Vietnam.
- Agricultural Failures: Conversely, farmers in certain regions face hardships due to failed tuna and peanut seasons. Also, the price of peanuts in Hà Tĩnh has dropped significantly.
- Promoting Local Goods: Meanwhile, Ho Chi Minh City is hosting a fair to honor high-quality Vietnamese products.
- Garment Industry: Finally, some garment firms reported higher incomes for workers despite reduced overtime.
Proactive Query: Would you like more details on the specific brand protection issues mentioned, or a deeper look at the BSR equitization strategy?
