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Ha My cashew nut products (Photo: binhphuoc.gov.vn)
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These products are of Ha My Joint Stock Company in Tan Lap commune of Dong Phu district.
Binh Phuoc boasts more than 50% of the country’s total area and output. The cashew tree of Binh Phuoc has been protected by the National Office of Intellectual Property (Ministry of Science and Technology) for geographical indications throughout the territory of Vietnam.
According to the provincial Department of Agriculture and Rural Development, the province is growing cashew on nearly 152,000 hectares, with a total output of 170,000 tonnes.
Currently, there are over 1,400 cashew processing and business facilities in Binh Phuoc. The sector earns more than 33 trillion VND (1.4 billion USD) each year.
Five Vietnamese banks named in Forbes Global 2000
A total of five local banks have been included in this year's Forbes list of the world’s 2,000 largest firms, according to Radio the Voice of Vietnam.
The Forbes Global 2000 list ranks companies based on their revenues, profits, assets, and market value.
In its latest listing, the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) ranked 813rd with US$4.4 billion in revenue, US$1.15 billion in profits, US$69.13 billion in assets, and US$18.13 billion in market value.
The Bank for Investment and Development of Viet Nam (BIDV) stood at 1,079th position with corresponding figures of US$6.04 billion, US$779.6 million, US$89.95 billion, and US$9.38 billion.
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Five Vietnamese banks named in Forbes Global 2000 (Photo: Forbes)
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Furthermore, the Vietnam Bank for Industry and Trade (VietinBank) was placed at 1,329th with US$5.45 billion in revenue, US$722.3 million in profits, US$76.71 billion in assets, and US$5.71 billion in market value.
This year saw the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) at 1,532nd with US$2.38 billion in revenue, US$860.6 million in profits, US$29.65 billion in assets, and US$4.31 billion in market value.
The Vietnam Military Joint Stock Commercial Bank (MB) duly ranked 1,605th position with corresponding figures of US$3.02 billion, US$746.8 million, US$30.9 billion, and US$3.5 billion.
JPMorgan Chase took the leading spot with a market value of US$399.59 billion. Companies in Global 2000 recorded a total of US$50.8 trillion in revenue, US$4.4 trillion in profits, US$231 trillion in assets, and US$74 trillion in market capitalisation.
There were a total of 58 countries represented in this year’s list, in which the United States made up the leading nation with 611 companies, followed by China with 346 companies.
Mexico represents 8th largest tuna import market of Vietnam
The first 4 months of 2023 saw Vietnam’s tuna exports to Mexico hit nearly US$7.4 million, up 44% over the same period from last year 2022, Radio the Voice of Vietnam quoted the figures of the Vietnam Association of Seafood Exporters and Producers (VASEP).
In April alone, tuna exports to the Mexican market surged by 117% to nearly US$1.9 million over the same period in 2022.
With this growth rate, Mexico is currently the 8th largest tuna import market of Vietnam.
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Tuna processed for export (Photo: vneconomy.vn)
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According to statistics of the General Department of Customs, Mexico primarily imports tuna meat/loin from Vietnam, accounting for 74% of total export value, while the rest is other processed tuna products.
Mexico and Vietnam are currently two markets that are quite similar to each other. Many key Vietnamese products enjoy plenty of opportunities to make inroad into the 11th most populous market in the world, especially after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) comes into effect.
Accordingly, frozen tuna loin/fillet products from Vietnam with code HS0304 exported to Mexico are currently being reduced from the base tax rate of 20% to 0%.
Other processed tuna products, such as frozen steamed tuna loin, are exempt from tax when imported into the Northern American nation.
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Tuna processed for export (Photo: VNA)
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Luu Van Khan, commercial counselor of the Vietnam Trade Office in Mexico (concurrently Guatemala, Honduras, El Salvador, Belize), people in this nation strongly consume products that have been preliminarily processed or processed at supermarkets or convenience stores, so tuna products are viewed as potential items among Vietnamese seafood products.
According to VASEP, for the whole year of 2022, Vietnam reached the tuna export target of US$1 billion, up 34% on-year.
This was also the first time the tuna industry had achieved an export value of billions of US$. This result contributed to the seafood industry's overall export turnover of US$11 billion last year.
EU relaxes food safety regulation for Vietnamese instant noodles
Vietnamese instant noodle products imported into the European Union (EU) market will not be required of certificates of food safety inspection issued by Vietnam’s authorised agencies from June 27, said the Vietnam News Agency.
The EU on June 7 published an amendment to Regulation 2019/1973 regarding emergency measures for controlling food exports into the EU. Accordingly, the EU has officially moved Vietnam’s instant noodles from Annex II which requires a Health Certificate (HC) and 20% control at the border gate to Annex 1 which only requires 20% control of the products at EU border gates.
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EU relaxes food safety regulation for Vietnamese instant noodles – Photo for illustration
(Source: sggp.org.vn)
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This decision is a recognition of the Vietnamese Ministry of Industry and Trade (MoIT)’s efforts in controlling food safety as well as supporting businesses in solving difficulties.
In January 2022, the EU put Vietnamese instant noodles products under the microscope subject to Regulation 2019/1793 in order to control ethylene oxide (EO) residues. Accordingly, any Vietnamese instant noodle products imported into the EU must have a Health Certificate (HC) issued by an authorised Vietnamese agency. Only six months later, the EU removed Vietnam’s vermicelli and rice products from the list of food safety management.
According to the Vietnamese Trade Counselor in Belgium and the EU Tran Ngoc Quan, the EU’s maintenance of the 20% control at border gates requires Vietnam to always keep food safety control for instant noodles.
To improve the quality of Vietnamese products imported into the EU and create conditions for the products to make inroads into this lucrative market, the MoIT has ordered export businesses to well control production supply chains, ensuring strict compliance with the food safety regulations of the union./.