HCM City receives nearly 4.8 billion USD of overseas remittances nine months

Tuesday, 25/10/2022 18:45
The flow of overseas remittances to Ho Chi Minh City stood at an estimated 4.78 billion USD during the opening nine months of the year, equal to 68% of the amount recorded in 2021, the State Bank of Vietnam’s branch in the southern city has reported.
Photo for illustration. (Source: VOV) 

According to VOV News, this is an impressive figure amid global economic recession and high inflation coupled with the negative impact of the COVID-19 pandemic, the bank said.

Despite a slight decline year on year, remittances secured consecutive positive growth through each quarter, making great contributions to domestic investment, production, and consumption.

During a period of strong economic recovery, this source of capital plays an important role in boosting local socio-economic development, helping to stabilize the forex market and attract foreign direct investment into the city.

Last year witnessed remittances to the city stand at 6.6 billion USD, accounting for more than half of the national volume which reached around 12.5 billion USD.

Vietnam spends over 2 billion USD importing seafood

As a major seafood exporter in the world, Vietnam still spent more than 2 billion USD to importing this item in the first 9 months of the year.

Vietnam spent more than 2 billion USD importing seafood. Photo tongcucthuysan.gov.vn 

Preliminary statistics of the General Department of Customs showed that, in the 9 months, Vietnam spent 2.04 billion USD importing seafood, up 36.8% over the same period last year. In particular, in September 2022, seafood import turnover reached nearly 200 million USD, up 44.5%.

Accordingly, in the first 9 months of this year, Vietnam imported the most seafood from India when it spent about 279 million USD, up 13.08% year on year. Indonesia is the second largest market, with nearly 199 million USD, up 87.8%. Norway ranked third with import turnover of nearly 183 million USD, up 6.06%.

In addition, China, Taiwan (China), Japan, and Russia are also major seafood suppliers to Vietnam with turnovers exceeding 100 million USD each.

Meanwhile, in the nine months, Vietnam’s seafood export turnover reached over 8.51 billion USD, up 38% over the same period last year. In which, shrimp brought nearly 3.4 billion USD, up 23%; pangasius, nearly 2 billion USD, up 82.6%; crabs and other crustaceans, nearly 165 million USD, up 37.9%; and tuna, 802 million USD, up 54.2%.

Thus, after balancing import and export turnover during the period, Vietnam still gained seafood trade surplus at about 6.47 billion USD.

Recently, the Vietnam Association of Seafood Exporters and Producers also forecast that by the end of November 2022, the country’s seafood export turnover will reach the target of 10 billion USD, ahead the year’s schedule of the Ministry of Agriculture and Rural Development.

Credit contract to expand high-quality rice production signed

Loc Troi Group Joint Stock Company has signed a credit contract with 7 domestic and foreign commercial banks to invest in expanding production of high quality rice to serve export orders.

Representatives of Loc Troi Group and 7 banks signed a credit contract to expand high-quality rice production. (Photo: nhandan.vn)

The 7 commercial banks include MB Bank, Kasikornbank, First Commercial Bank (FCB), Agricultural Bank Of China Limited – Hanoi branch, China Construction Bank Corporation – HCM City branch, CTBC Bank Co. Ltd., and E.SUN Commercial Bank – Dong Nai branch.

The banks will provide syndicated credit with a limit of 100 million USD for a period of 3 years to Loc Troi Group. The credit will be disbursed through the provision of seeds, agricultural materials, and agricultural services of the group to cooperative alliances, cooperatives, production groups and farmers associated with Loc Troi.

This disbursement is carried out according to the seasonal schedule, and is fully digitized through technology applications developed specifically with an easy-to-use interface, making it easy for farmers to track production progress throughout the farming time.

Mr. Huynh Van Thon, Chairman of the Board of Directors of Loc Troi Group, shared that the signing of this capital contract aims to accompany farmers for sustainable development, proving that the construction is worthy of the trust of farmers.

Recently, the group’s “Vietnamese Rice” brand was officially sold in the European market and on shelves at two leading hypermarket chains in Europe and France (Carrefour and Leclerc), moving nearly 500,000 tons.

Vietnam’s wooden products and furniture exports to US hit 6.8 billion USD

Vietnam’s wooden products and furniture exports to the US reached 6.8 billion USD in the first 9 months of 2022, a year-on-year increase of 1.9%, according figures of the General Department of Customs.

Photo for illustration. (Source: congthuong.vn)

Inflationary pressure forced US consumers to tighten spending, in which wooden furniture is a non-essential group, so demand for this item slowed down in the US market. This is also the main export item in the structure of Vietnam’s wood and furniture to the US market.

In the first eight months of 2022, Vietnam’s wooden furniture export value to the US reached 5.5 billion USD, a year-on-year decrease of 2.8%, while the export proportion accounted for 87.93% of the total export value of wood and wood products to the US market.

In the coming months, although the prospect of wooden products and furniture exports, especially wooden furniture to the United States, is more positive due to the cyclical factor, when the construction season is completed and the demand for wooden furniture is expected to increase.

Exchange rate disadvantage with competitors, labor shortage after the pandemic, and impacts from the economic situation, inflation, and accusations of origin fraud, origin of raw materials are also becoming barriers for Vietnam’s wooden products and furniture exports to the US market.

Craft fair promoting OCOP products to take place in November

At the press conference (Photo: dangcongsan.vn) 

The 18th OCOP Vietnam Craft Village and Products Fair will be held at the Economic Transaction and Commercial Area in Hanoi from November 2 to 6, reported Vietnam News Agency.

The fair aims to promote the One Commune One Product (OCOP) programme and facilitate the sale of specialties of localities via traditional and modern channels, Nguyen Minh Tien, Director of the Trade Promotion Centre for Agriculture (Agritrade), said at a press conference on October 25.

The event is part of the “2022 Vietnamese craft village festival” hosted by the Ministry of Agriculture and Rural Development, he noted.

Featuring 150 booths, the fair will showcase agricultural, forestry and aquatic products that meet three-star ratings and above from cities and provinces nationwide such as Dien Bien rice, Hai Duong green bean cake, and Tan Cuong tea.

Handicrafts will also be displayed at the fair including Nha Xa silk from Hanoi’s Thanh Tri district, and Bo Bat pottery from Ninh Binh province.

According to Tien, the event is intended to be a bridge between production and consumption of OCOP products as well as to honour outstanding craft villages and skillful artisans./.