Ministry rejects import-export tax changes

At an earlier working session between the two ministries, the Ministry of Industry and Trade (MoIT) requested the Ministry of Finance (MoF) to hike import tariffs on NPK fertiliser from the current 6 per cent to 6.5 per cent; delay imposition of a 3-per-cent export tax on steel ingots and finished steel; and slash the export tax on coal from 20 per cent to 10 per cent.

Pepper futures show mixed trend amidst aggressive spot buying

As the futures prices were ruling high exporters were covering aggressively and actively farm grade pepper from the spot market while investors were buying exchange pepper at Rs 3 above the September delivery price. Overseas demand appears to have made the exporters buy actively. Even Vietnam processor-exporters were said to be covering farm grade pepper from India to meet their export commitments, market sources told Business Line.

Vietnam’s Handicraft Exports Target $1.6 Billion by 2015

Under the plan, the export value of rattan and bamboo products is expected to reach US$530 million, accounting for 33% of the total; pottery and porcelain is targeted to be US$480 million (30%); weaving, US$270 million (17%); art objects and wooden household items, US$130 million (8%) and other groups together should make up US$190 million, accounting for the remaining 12%.

OceanBank offers preferential interest rate

The program is designed for enterprises in sectors of agriculture production, export and other business sectors. Accordingly, the bank’s the most preferential lending interest rate of 16% per year will be offered for sectors of agriculture and export and the minimum lending interest rate of 17% per year is for other business and production fields.

Disbursement for loans at interest rate of 17-19pct/yr remains low

Truong Van Phuoc, general director of Vietnam Export and Import Commercial Joint Stock Bank (Eximbank-EIB) said that so far his bank has disbursed some 500-600 billion dong with low lending interest rate. However, those who want to borrow capital must have good performance and commit to sell foreign currency for the bank.

Vietcombank to lower lending rate for exporters

Accordingly, the preferential lending interest rate of 17-19% per year will be offered to customers in sectors of production, export, agriculture and rural area. Particularly, customers subject to aforementioned borrowers in HCM City will enjoy the preferential lending interest rate of 16.5% per year. Exporters who use payment services via Vietcombank will be given the most preferential lending interest rate of only 16% per year. In addition, Vietcombank also set aside of four trillion dong to launch lending program for enterprises in the sectors of export of seafood and processing and export of wooden products whereby the preferential lending interest rate for this program will be only 16% per year.

Economic crisis hits leather, shoe exports

The industry currently faces many challenges, ranging from macroeconomic policies and trade barriers to the world market, in hitting its export targets while continuing to develop. Nguyen Thi Tong, general secretary of the Viet Nam Leather and Footwear Association, spoke about these issues.

Overseas Vietnamese workers to send home $1.8 bln: ministry

The agency forecasts there would be about $10 billion of overseas remittances to be transferred to the country by overseas laborers in 2011-2015. Though the total amount of money sent home by Vietnamese workers are still small compared to that in some other countries which is even higher than the foreign direct investment (FDI) capital, international aids and higher than the export turnover of some key items, it has help significantly improve the poverty and promote investments, said the department’s spokesperson.

Economy moves forward

The export turnover is poised to reach US $60.8 billion in the reviewed period, or a year-on-year increase of 33.7%. It is estimated that the country’s export revenue would reach US $89 billion this year, far above the record of US $72.2 billion in 2010.

Vietnam’s trade gap from China at nearly $4b in Jan-Apr

Totally, in Jan-Apr, the country’s import value is estimated at $31.83 billion. Meanwhile, Vietnam’s export turnover in April reached $7.3 billion, falling 2.0 percent month on month, of which, the export turnover of local and foreign-invested firms fetched $2.9 billion and $4.4 billion respectively.

Vietnam hopes FTAs will bring more opportunities to expand export markets

Vietnam and Canada have reached the consensuses on basic points for the Foreign Investment Promotion and Protection Agreement FIPA, which is expected to be signed right in 2011. The issues relating to the possible impacts of the FTA on the Customs Union of Russia, Belarus and Kazakhstan, are being considered by the Vietnamese agencies and the union’s agencies. Recently, the EU has been joining forces to organize events in Vietnam where the advantages are analyzed if the two sides sign an FTA.

Footwear exports go up 26.4%

The GSO said that the EU remains the biggest footwear importer of Việt Nam with US $511 million in revenue in Q1 of this year, up 13.3% against the same period last year and accounting for over 40% of the country’s total footwear export turnover.

Export value surges 35.7% in first four months

Export products like coffee, rubber, and cassava saw a double growth against the same period last year, while the export revenues of vegetable, pepper and steel increased by half.

Lending rate for production sector climbs to 20pct/yr

The lending rate for non-production sector also increased to 20-23 percent per year and it was 14.5-17 percent per year for agriculture and rural areas and export sector. The US dollar lending rate was commonly at 6-7.5 percent per annum for short terms and it was 7-8.5 percent per annum for medium and long terms.

Foreign invested enterprises complain about customs procedures

Arepresentative from Amcham, said at the workshop on the investment environment improvement workshop held in HCM City on April 26, that enterprises not only have to spend money, but also a lot of time to fulfill customs procedures. It takes exporters three or four days on average to get customs clearance. Especially, it would be a big trouble to enterprises, if they export perishable products and they have to wait for customs procedures.

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