Latest news with #MoIT
The Star
22-05-2025
- Business
- The Star
Vietnam boosts rice trade through 2030 with new measures
Packaging rice at a milling facility in Tien Giang Province. — VNA/VNS TIEN GIANG: To enhance rice exports through 2030, the Ministry of Industry and Trade (MoIT) has rolled out a series of new measures focused on stricter oversight, faster implementation of the national export strategy, and stronger trade promotion efforts. These solutions were introduced by the MoIT's Export-Import Department during a conference held in the Mekong Delta province of Tien Giang on Tuesday (May 20). Authorities are set to expand negotiations and trade deals with international partners while dismantling the logistical and regulatory snarls that have plagued the sector. Local authorities were advised to restructure production and develop value chain linkages among organisations, cooperatives, and rice exporters. Enterprises and traders were encouraged to upgrade deep processing facilities and equipment to churn out rice up to the exacting standards of discerning markets. The goal is to diversify export markets, reducing dependence on traditional buyers to mitigate associated risks. Luu Van Phi, director of the provincial Department of Industry and Trade, highlighted Tien Giang's strategic strengths in rice production, citing its strategic location and robust transport infrastructure, including extensive road and waterway networks. The province boasts around 200 major rice milling and processing facilities capable of grinding out three million tonnes of rice annually and generating an estimated US$100 million in export revenue. To ensure the sector's long-term growth, Phi stressed the need for exporters and traders to develop raw material zones, invest in factory upgrades, modernise production lines, enhance processing capabilities, and strengthen financial capacity. Building brand identity and gaining consumer trust in both domestic and foreign markets is seen as a critical step forward. Current rice export regulations, he added, need to be revised to better keep pace with the industry's evolving needs. High volume, low value According to the department, Vietnam exported over 3.43 million tonnes of rice in the first four months of this year, raking in nearly $1.8 billion, a 8.1 per cent jump in volume but a 13.3 per cent dip in value from the same period last year. The Philippines, as ever, remains Vietnam's largest rice buyer, making up 43.3 per cent of the export volume and 45.5 per cent of the value. The average export price stood at $515 per tonne, down 19.8 per cent year-on-year. While this significant decline might seem concerning, it had been anticipated by industry experts and businesses, especially amid growing global supply. Many Vietnamese exporters attributed the sharp decline in rice prices to the global market adjustment that began in late 2024. The lifting of India's export ban significantly increased supply and exerted downward pressure on prices. As India steps up exports to reduce record-high stockpiles, the global rice market is expected to remain in a low-price cycle in the near term – a development that poses challenges for Vietnamese exporters in terms of maintaining both profit margins and market share. - Vietnam News/ANN
Fibre2Fashion
21-05-2025
- Business
- Fibre2Fashion
US, Vietnam begin 2nd round of trade pact talks
The second round of negotiations on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, according to the Vietnamese Ministry of Industry and Trade (MoIT). The Vietnamese delegation is being led by MoIT Minister Nguyen Hong Dien. The second round of talks on a Vietnam-US reciprocal trade agreement is under way in Washington, DC, the Vietnamese Ministry of Industry and Trade (MoIT) said. MoIT Minister Nguyen Hong Dien, leading the country's delegation, also met representatives from nuclear technology firm Westinghouse and conveyed them that Vietnam wants to restart its nuclear power programme to ensure energy security. Dien also met representatives from Westinghouse, a nuclear technology corporation, and conveyed them that Vietnam intends to restart its nuclear power programme to ensure energy security amid rising electricity demand and the current limitations of renewable energy sources. Energy cooperation will also be an important driver for balancing bilateral trade, the minister affirmed. Both sides agreed to work towards signing a memorandum of understanding between Westinghouse and the Vietnam National Industry-Energy Group (Petrovietnam) in nuclear power development, a Vietnamese news agency reported. The two sides will also continue to promote cooperation, particularly in critical areas like investment models for energy infrastructure, technology transfer and the training and development of technical personnel for the nuclear power sector. Fibre2Fashion News Desk (DS)
Fibre2Fashion
22-04-2025
- Business
- Fibre2Fashion
Vietnam's govt, bizs act to prevent origin fraud, illegal transhipment
As stricter control over the abuse of origin labelling has turned essential amid growing pressure from US trade policies, Vietnam is trying to strengthen management of imported raw materials used in the production of exported goods. The Ministry of Industry and Trade (MoIT) had earlier released a warning list of 17 export product categories from Vietnam to the United States that are at risk of trade remedy investigations due to concerns over origin fraud and illegal transhipment. As stricter control over the abuse of origin labelling has turned essential, Vietnam is trying to strengthen management of imported raw materials used in production. To prevent the abuse of Vietnam's origin to evade tariffs through transshipment, businesses are also taking advantage of the 90-day pause to US tariffs to implement both short-term and long-term solutions to minimise negative impacts. The new US tariff policies pose significant challenges to Vietnamese enterprises, as origin rules are likely to become more stringent, requiring higher domestic content in exported goods, experts say. This could raise production costs and place pressure on several export sectors. To prevent the abuse of Vietnam's origin to evade tariffs through transshipment, businesses in the country are also taking advantage of the 90-day pause to US reciprocal tariffs to implement both short-term and long-term solutions to minimise potential negative impacts, domestic media outlets reported. Several industry experts view this challenge as an opportunity to restructure production process and enhance competitiveness. Many businesses are working with partners to raise shipments during the 90-day tariff delay period to avoid inventory pole-up and higher tariffs, if negotiations fail. Several businesses in Hai Duong have started implementing digital logs—tools that help track the entire production process, from sourcing raw materials to final processing, with strict input control from the outset. Fibre2Fashion News Desk (DS)
