Vietnam’s tuna exports to France reach 350 million USD in January – July period

Wednesday, 03/08/2022 16:17
The Vietnam Association of Seafood Exporters and Producers (VASEP) said that Vietnam’s tuna exports to France reached 350 million USD in the first seven months of 2022, a year-o-year increase of 203%.
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Vietnam’s tuna exports to France up 203% in seven months. (Photo: VNA) 

The shipments of the fish to the market were estimated to expand by 510% per month in the period, with processed and canned tuna recording the strongest growth.

VASEP expert Nguyen Thi Van Ha said French consumers have prioritised tuna because this product can replace white-meat fish.

Frozen tuna meat products coded HS0304 are still the main exports of Vietnam to this market, accounting for 63% of the total value.

According to the Vietnam News Agency, Vietnam is the 14th largest tuna supplier to the French market among those outside Europe.

France's tuna imports have recovered. The European country has increased tuna imports from Asian countries.

Vietnam remains a safe destination for foreign investors

Foreign direct investment (FDI) in Vietnam has yet to make a complete recovery after the disruptions resulting from measures put in place to fight COVID-19 in 2021, but additional investments in existing projects and share purchases are rebounding strongly.

Data released by the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment (MPI) showed that FDI pledges in the first half of 2022 reached 14 billion USD, down 6.5% in terms of new projects and 48.2% in terms of capital. However, the positive trend in the investment inflow into Vietnam is the strong rise in capital adjustments, contributions and share purchases by foreign investors, said the Nhan Dan Online Newspaper.

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Mobile phone assembling (Photo: congthuong.vn) 

Specifically, 487 projects filed for capital increases totalling 6.82 billion USD, with these figures up 5.9% and 65.6% respectively. The average capital increase of a project was also relatively high and the trend could be seen in many electronics and high-tech manufacturing projects.

According to the FIA, rises in capital adjustment reflected the effect of inflation due to political and trade tensions, but also showed continued confidence of foreign investors in Vietnam’s economy and business environment.

The total value of capital contributions by foreign investors rose 41.4% to 2.27 billion USD, while FDI disbursements were estimated at 10 billion USD, up 8.9% year on year, marking the largest increase in the past five years.

Director of the General Statistics Office Nguyen Thi Huong said that although new capital pledges fell 8.1%, a positive trend can still be seen in detailed data, reflecting the overall recovery of manufacturing and foreign investment activities, as well as foreign investors’ continued confidence in Vietnam’s business environment as a safe and attractive investment destination.

Commenting on the FDI prospects for the latter half of the year, the MPI cited analyses by domestic and foreign research agencies that claim the investment outlook is less positive. In this context, the FDI inflow into Vietnam continues the recovery trend thanks to the country’s successful containment of COVID-19 as well as its advantages in political and macroeconomic stability and foreign investors’ confidence in Vietnam’s policy of accompanying the business community.

A recent survey by HSBC on over 1,500 companies from the world’s six largest economies operating or having plans to operate in Southeast Asia shows that Vietnam is emerging as one of the world’s manufacturing hubs.

According to the bank, Vietnam has an enviable position that has been achieved due to the favourable policies deployed by the Government, especially around free trade agreements, while the trend of more global companies moving to Vietnam is not temporary but is actually much more long term and very strategic.

The FIA noted two points in the current FDI situation. Firstly, capital pledges are recovering over the months but the increase has not met expectations, and secondly the Russia-Ukraine conflict is projected to lead to the relocation of investment in these two countries to Asia, which can benefit Vietnam.

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Photo for illustration (Source: VOV) 

In order not to miss the opportunity, the MPI has suggested focusing on fine-tuning the mechanism in a way that facilitates foreign investors and introduces policies to attract quality FDI inflow that are appropriate to each sector. Vietnam should proactively implement investment promotion campaigns, work with the world’s large companies to discuss and share investment opportunities in Vietnam.

At the same time, it is necessary to enhance transport links between provinces and cities as well as step up administrative reform and improve the business climate and workforce quality. For their part, domestic companies need to enhance their technological capabilities, labour and management quality so that they can secure orders from foreign-invested companies.

FDI disbursement up 10.2% in seven months

FDI disbursement in Vietnam reached 11.57 billion USD in the first seven months of this year, up 10.2% compared to the same period last year and over 1.3 percentage point against the first half of this year.

The country raked in 15.41 billion USD in FDI during the period, a year-on-year decline of 7.1%, according to the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.

Newly-registered investment totalled 5.27 billion USD, down 43.5% year-on-year. In contrast, extra capital injected into existing projects surged by 59.3% to 7.24 billion USD; and capital contributions and share purchases advanced 25.7% to 2.58 billion USD.

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Photo for illustration (Source: VNA) 

Newly-licensed capital has yet to rebound after disruption caused by the COVID-19 control measures, explained FIA Director Do Nhat Hoang. Meanwhile, many major projects have received additional investment, he said, adding that the extra capital accounted for up to 62.6% of the seven-month FDI.

The FIA also announced that processing and manufacturing lured the largest share of FDI, more than 10 billion USD, accounting for 64.3% of the total. The real estate came second with over 3.21 billion USD, or close to 20.7%.

Singapore led the 88 countries and territories investing in Vietnam with 4.3 billion USD, making up 27.7% of the total FDI. It was followed by the Republic of Korea with 3.26 billion USD, equivalent to 21%.

Flights linking Hanoi, Dong Hoi to increase

The Vietnam Airlines Corporation is planning to raise the flight frequency between Hanoi and Dong Hoi city of central Quang Binh province to meet growing travel demand, according to the provincial People’s Committee.

From August 1 to October 29, seven flights will be added to each of the Hanoi - Dong Hoi and Dong Hoi - Hanoi routes every week.

That will bring the total number of the firm’s round-trip flights between the two destinations to 21 per week, including 14 flights operated by Vietnam Airlines and seven by Pacific Airlines.

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A plane of Vietnam Airlines (Photo: VNA) 

The People’s Committee said the corporation has been effectively operating the route linking Hanoi and Quang Binh, which has helped facilitate air travel and contributed to local tourism development.

Quang Binh welcomed more than 916,000 tourist arrivals in the first seven months of 2022 and earned over 1 trillion VND in tourism revenue, respectively rising 69% and 76.7% from a year earlier.

In the peak of the tourism season from July to October, the number of visitors from the northern region has been on the rise, the provincial Tourism Department said.

The flight frequency increase is expected to greatly help Quang Binh boost socio-economic development, especially tourism, in the time ahead./.

Compiled by BTA

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