Potential for investment cooperation in cashew industry between Vietnam and West African market

Wednesday, 02/11/2022 20:15
A workshop on potential for investment cooperation in the cashew industry between Vietnam and the West African market took place in Ho Chi Minh City on November 2, reported VNA.

Illustrative image (Photo: VNA) 

The event was jointly organised by the Vietnam Chamber of Commerce and Industry (VCCI)’s office in HCM City and Arise Integrated Industrial Platforms (ARISE IIP).

Despite being the world's largest exporter of finished cashew nuts, Vietnam must import about 70% of raw materials for processing. Major suppliers of raw cashew nuts for Vietnam are in West African countries, Cambodia and Indonesia.

According to Director of ARISE IIP in West Africa Jasveer Singh, Africa is facing a lack of jobs for young people and a shortage of food and medicine after the COVID-19 pandemic. The governments of African countries are trying to fix instabilities by improving domestic production capacity.

Some African countries plan to ban exports of raw cashew nuts in order to ensure supplies for domestic production and processing, and this will affect import - export activities of agricultural products.

Nguyen Thi Tuong Vi, head of ARISE IIP’s representative office in Vietnam, said that in many African countries, cashew nut processing ecosystems are being developed synchronously, from warehouses, preliminary processing areas, and deep processing factories.

African countries’ governments have also issued preferential tax policies for investors, she added.

In this context, participants suggested Vietnamese businesses consider setting up offices in West Africa to be proactive in purchasing raw materials for processing.

 Vietnamese enterprises can develop factories in West African nations to take advantage of raw materials, cheap labour and preferential investment policies to process cashew products for export, thus increasing their value in the global cashew supply chain, they said.

Dong Nai enjoys trade surplus of nearly 4.7 billion USD in 10 months

The southern province of Dong Nai recorded a trade surplus of nearly 4.7 billion USD in the first 10 months of this year, VNA reported the provincial Statistics Office on November 2.

Illustrative image (Photo: VNA) 

Specifically, the province's export turnover hit nearly 20.8 billion USD in the reviewed period, while its imports were over 16 billion USD.

The biggest importers of products from Dong Nai were the US, Japan, China and Europe.

Among the province’s 50 key export commodities, footwear reported the largest value with nearly 4.6 billion USD. It was followed by garments, coffee, machinery and equipment, vehicles and spare parts.

Head of the office Tran Quoc Tuan said that Dong Nai was among the three localities leading the country in terms of footwear exports, with its turnover accounting for 26% of the nation’s total value.

Millon postpones auction of historical Vietnamese royal seal

French auction house Millon has rearranged the sale of King Minh Mang of the Nguyen Dynasty's gold seal for an auction set to take place on November 11 following an intervention by relevant Vietnamese agencies.

Millon auction house postpones auction of historical Vietnamese royal seal. 

The auction house stated on its website that due to strong interest shown by the Vietnamese State for lot 101, the gold seal of Emperor Minh Mang, it has postponed the sale of this piece to noon on November 10 (Paris time).

The Ministry of Culture, Sports, and Tourism will cooperate with Ministry of Foreign Affairs, in collaboration with the Vietnamese Embassy and the Vietnamese Cultural Center in France, in order to meet with Millon representatives regarding the sale of this item.

Relevant Vietnamese agencies are making efforts to repatriate the rare and valuable imperial golden seal of the Nguyen Dynasty's Emperor Minh Mang who ruled the country from 1791 to 1841.

According to the French auction house, the 11-kg square seal is 10.4 centimetres high and weighs 10.78 kilograms.

The province is projected to earn over 5 billion USD from the export of footwear this year, added Tuan.

Da Nang International Fireworks Festival to come back in 2023

The central city of Da Nang will resume an international fireworks festival after a three-year hiatus due to the impact of the COVID-19 pandemic.

Da Nang International Fireworks Festival to come back in 2023 

The 2023 Da Nang International Fireworks Festival (DIFF) is scheduled to take place from June 3 to June 8, 2023, the municipal administration said in its statement on November 1.

The 2023 festival will feature fireworks shows and other cultural activities. It is expected to attract eight seven international teams and host Vietnam that will perform in five nights. Each team will perform for a period of 20-22 minutes according to the agreed theme.

Photo for illustration (Source: Nhan dan Newspaper) 

DIFF is a big cultural event that has been held 10 times. It was cancelled in 2020, 2021 and 2022 due to the impact of the COVID-19 pandemic.

Da Nang hopes the event will not only promote mutual understanding and friendship among participating teams but also popularize the locality as an attractive tourist destination./.