Monday, January 17, 2011

3.8 million ha reserved for growing rice

Vietnam will keep 3.8 million ha to grow rice to ensure national
food security, said Deputy Minister of Agriculture and Rural Development
Bui Ba Bong on October 6.


Bong chaired a meeting to
review a master plan for the country’s rice cultivation by 2020 with a
vision towards 2030, to maintain the necessary acreage for the country’s
most important crop, as Vietnam is the world’s second largest rice
exporter.


The report delivered at the meeting warned
that the total acreage available for rice cultivation mapped out by
provinces and cities nationwide for 2020 and towards 2030 is only 3.68
million ha, down by 408,800 ha compared with 2009 and 120,000 ha less
than the target.


The Ministry of Agriculture and
Rural Development and the Ministry of Natural Resources and Environment
agreed to re-adjust the planning of 33 provinces and cities, mostly in
the country’s two major rice bowls, the Red River Delta and the Mekong
Delta.


The report also put forward solutions to
manage and use the land fund, including State investment in rice growing
areas to improve productivity, issue encouraging policies for
localities to retain their current rice acreage and set up a price
stabilisation fund to ensure a 30 percent profit for rice growers.


According to the Vietnam Food Association, Vietnam is likely to export 7.2 million tonnes of rice this year.


In the first nine months of this year, the country shipped a record
5.55 million tonnes of rice, worth 2.56 billion USD, up nearly 12
percent in volume and 14.5 percent in value./.

Related Articles

Vietnam’s exports to US continue to rise

The US Department of Commerce has announced that Vietnam’s exports to
the US in the first seven months of the year earned 7.9 billion USD, an
increase of 14 percent over the same period last year.


Garments
and textiles lead amongst Vietnam ’s major export items to the US ,
making 3.2 billion USD, a year-on-year increase of 12 percent and
followed by wooden products and furniture with 985 million USD, up 27
percent and footwear, 910 million USD up 9.6 percent.


Farm
produce is still one of Vietnam ’s top five leading export items,
ranking in 455 million USD, up 30.7 percent and seafood, 366 million
USD, up 5.9 percent.


Also under the reviewed period, Vietnam ’s
imports from the US were worth over 2 billion USD, an increase of
19.8 percent, bringing the import-export turnover between the two
countries to 9.9 billion USD, an increase of 15.1 percent over the same
period last year.


The Vietnamese Embassy’s Office of Commercial
Bureau estimates that Vietnam ’s export turnover to the US will hit
14.2 billion USD by the end of this year, a year-on year increase of 15
percent./.

Related Articles

Apparel industry to achieve export target early

The garment industry will achieve this year’s export target of US$10.5 billion by November, the Vietnam Textile and Apparel Association said.

In September, for a third consecutive month, exports topped $1 billion, taking year-to-date exports to more than $8 billion.

Since most firms have signed contacts for the rest of the year, exports will be worth at least $1 billion each month this quarter, VITAS said.

This year exports to major traditional markets have seen high growth. Exports to the US are up 22.1 percent to $3.94 billion, while shipments to the EU and Japan are 6.7 percent and 14.3 percent up at $1.18 billion and $691 million.

However, a surge in the global price of cotton has had a negative impact on the industry which imports 95 percent of its cotton needs. The price of a ton has risen 45 percent from the same period last year to $1,900-2,000.

Vietnam imported 260,000 tons of cotton in the first nine months and that figure is likely to reach 370,000 tons by year-end.

With the government setting export targets of $19 billion in 2015 and $25 billion in 2020, the industry is eyeing increased cotton cultivation and development of human resources to meet the increasing needs.

On the domestic front, in an effort to capture a greater market share, it is promoting trademarks and setting up distribution networks around the country.

Related Articles

Economic recovery helps businesses increase salaries

Better business results and the recovery of the economy after the global
economic crisis are the main reasons for businesses to increase
salaries for their employees.


The results of a
salary survey conducted by Mercer, one of the world leading providers of
human resource consultancy services and Vietnam’s TalentNet
Corporation announced on October 7 showed that the average salary
increase in 2010 is 12.4 percent, nearly 0.2 percent higher than last
year’s figure.


Chemical and banking sectors saw
the highest salary increase of 13.9 percent, followed by the
pharmaceutical sector with 13.5 percent.


The survey, which was conducted at 253 joint venture and foreign-invested
companies, also reported that salaries increases were seen in almost all
businesses.


The rate of surveyed businesses
that did not increase salaries for employees dropped to 0.79 percent
from 13 percent in 2009. This shows that companies are now paying more
attention to salary policies as well as methods to attract and keep
human resources.


The voluntary resignation rate
in 2009 also fell 3.1 percent compared to the previous year to 13.3
percent, proving the stability of the labour market.


The Mercer salary report, which has been conducted in Vietnam
since 1999, provides businesses with bases to compare their salaries
with the market in order to put forth more effective salary polices./.

Related Articles

Sunday, January 16, 2011

Dow Jones rally lifts indexes

The VN-Index rose for the second day by 2.16 percent to close on Oct. 6's trade at 460.72 points, tracking Dow Jones' five-month high overnight.


Trading volume was back in the black with 37.6 million shares changing hands, worth a combined 1.01 trillion VND (1.8 million USD).


Almost all stocks on the HCM Stock Exchange reached the highest increase in price [5 percent] for penny stocks, including Cuong Thuan IDICO Development & Investment (CTI), Tay Bac Mineral Investment (KTB) and Binh Thanh Import-Export Production and Trade (GIL).


Blue chips also faired well on the southern bourse, such as Bao Viet Holdings (BVH), steel producer Pomina (POM), Tan Tao Industrial Park (ITA) and property trader Vincom (VIC).


Bank stocks rose slightly, despite concerns about lending rates, which have not decreased due to inflationary pressure.  

Sacombank (STB), considered the most active stocks at 2.05 million shares, and Eximbank (EIB) rose 0.1 percent and Vietcombank (VCB) rose 0.6 percent, while VietinBank (CTG) closed unchanged.


The HNX-Index of the Hanoi Stock Exchange rose by 2.31 percent on Oct. 6, closing at 124.84 points on a total volume of 28.9 million shares.


The day's trading value fell to 639.3 billion VND (32.8 million USD), down 11.2 percent from Oct.5's session, with PetroVietnam Construction (PVX) seeing the highest volume of 3.38 million shares.


Blue chips on the northern bourse rallied, including Asia Commercial Bank (ACB), up 0.2 percent; Bao Viet Securities (BVS), 0.6 percent; Kim Long Securities (KLS), 0.8 percent; and PVX, 1.1 percent.


Foreigners on Oct. 6 bought in 4.9 million shares in both stock exchanges, for a total value of 175.2 billion VND (nearly 9 million USD)./.

Related Articles

Domestic gold prices set new record

Domestic gold prices set new record

Domestic gold prices soared on Oct. 6 to a new record of 33 million VND
per tael (1,690 USD), an increase of 1.4 million VND (72 USD) per tael
over Oct.5's price, as speculators created a run on gold shops.


A tael is equivalent to 1.2 ounces.


The gold-selling districts in Hanoi and HCM City were thronged
with people and saw prices change at least four times in the morning,
with Sai Gon Jewelry Co (SJC), Sacombank Jewelry Co, Bao Tin Minh Chau,
Agribank Jewelry Co and Phu Nhuan Jewelry Co quoting buy/sell prices at
32.85/33 million VND.


Domestic gold prices have
increased by over 24.4 percent since January, when prices stood at about
26.5 million VND (1,360 USD).


Sacombank Jewelry
general director Nguyen Ngoc Que Chi said on Oct. 6's rush of buyers was
due to a large number of speculators who had bought futures contracts
in prior months and now sought to acquire gold before the price shot up
further, putting a run on the available supply of the precious metal.


SJC's Hanoi director, Luu Quang Dien, agreed,
adding, "Many big trades are made by phone and the supply is limited, so
the company has to select familiar customers to whom to sell."


The increase made domestic gold price be 1 million VND (51.28 USD)
higher than global gold price, which ignites concerns involving gold
smuggling to take profits. Domestic price is normally just
200,000-300,000 VND higher than global price.


Rumours were rife on the gold market last week that supplies were
falling short of demand and that gold prices would continue to set new
record highs,so State Bank of Vietnam Governor Nguyen Van Giau
attempted to counter the rumours and blamed any rises in prices on
speculation rather than a gold shortage.


"With this
kind of sensitive item, our policy is not to completely ban gold
imports, but gold companies are not permitted to import any volume they
want," Giau said.


"Despite the shortage of gold at
this time, I don't think the State Bank of Vietnam will allow
enterprises to import more because of foreign exchange rates and
inflation," commented the head of a jewelry company who asked to remain
unnamed.


On the global market on Oct. 6, spot gold rose as high as 1,349.80 USD per ounce, its eighth record in the past two weeks.


The US dollar on black market on Oct. 6 also rose by 170 VND to
19,750-19,850 VND while bank exchange rates remained unchanged at 19,500
VND per dollar./.

Related Articles

HCM City targets 12 percent growth in 2011-2015

Le Thanh Hai, secretary of the HCM City Party Committee, has said the
city will try its best to attain an annual GDP growth rate of 12 percent
during the 2011-15 period.


In a political report
delivered at the 9th Party Congress of HCM City, Hai said the city
targeted an annual value-added growth of 13 percent for its service
sector; 11 percent for the manufacturing sector and 5 percent for
agriculture.


Hai said in 2015, the service,
industrial and agricultural sectors would account for 57, 42 and 1
percent of the city's GDP, respectively.


Other targets contained in the report include maintaining the city's birth rate at less than 1.1 percent per annum.


By the end of 2015, per capital income in the city will reach 4,800 USD compared with 2,800 USD in 2010.


The city will create 120,000 new jobs every year compared with nearly 118,000 per year in the 2006-10 period.


Hai also said that by the end of 2015, skilled workers would make up 70 percent of the city's workforce.


The number of families under the poverty line of 12 million
VND/person/year would drop to below 2 percent of the city's population,
he said.


By the end of the next five-year plan, the city's doctor-patient ratio would be 15 for every 10,000 residents.


The number of households in urban areas accessing clean water would reach 98 percent.


The city targets building 39 million square metres of new housing,
raising the per capita housing area in the city to 17 sq.m in 2015 from
14.3sq. m in 2009.


Hai said 100 percent of solid
waste and wastewater generated by city enterprises would be collected
and treated by the end of the next five-year plan period, and all
industrial parks and export processing zones without exception would
have central wastewater treatment systems.


He added
that the city would pay a lot of attention to envionmental protection by
promoting green production and improving development quality.


It would also give priority to developing its service sectors
including financial, banking, commerce, transportation, post and
telecommunications, warehousing and port services.


Due attention would be paid to the development of the ITC, real estate
and tourism industries, as well as the health, and education and
training sectors, Hai said.


The city would focus on
developing public transportation, including urban railway projects,
expressways and beltways to connect the city with the Mekong Delta and
other localities in the country, he added.


Authorities would spare no effort to curb traffic jams and prevent
flooding. A programme covering 100sq.km had been mapped out to stop
flooding in inner districts and to prevent flooding elsewhere.


The city would continue its efforts to create a level playing field
for companies from different economic sectors and to assist small- and
medium-sized enterprises to access loans, technology and new markets,
Hai said./.

Related Articles