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DEVELOPING LOGISTICS SERVICE IN VIETNAM

Vietnam’s logistics services – freight forwarding, transportation, and inventory services – began to develop in the 1990s. Logistics has now become an important economic sector in Vietnam. In the next decade Vietnam could reach an export-import turnover of 200 billion USD per year.

developing logistics service in vietnam

Vietnam earns US$22 billion a year from logistics services. The sector’s annual growth rate has been 16 to 20% in recent years. According to World Bank rankings, Vietnam ranks 64th out of 160 countries in logistics development and fourth in ASEAN after Singapore, Malaysia, and Thailand.

Logistics is one of Vietnam’s fastest growing and most stable services. Recent statistics from the Vietnam Logistics Association show that more than 1,300 logistics enterprises are now operating in Vietnam, including foreign-invested firms.

Most logistics service providers in Vietnam are small or medium-sized enterprises. Major firms like Transimex Saigon Corporation, Sai Gon Newport Corporation, Gemadept Corporation, and Transport and Chartering Corporation (VIETFRACHT) specialize in freight forwarding, loading, and uploading mainly in Ho Chi Minh City and Hanoi. There are 25 multinational enterprises operating in these areas. The rest are domestic small and medium-size enterprises and mainly work for international companies.

Logistics service providers in Vietnam have set up business relations with the US, the EU, ASEAN, Japan, China, and the Republic of Korea. In recent years, logistics has played an increasingly important role in economic development and international economic integration.

Phuong Lan, General Director of the Amerasian Shipping Logistics Corporation (ASL), said “Logistics is a support pision of the import and exports sector. When an economy grows, with an increasing volume of imports and exports, the workload of the logistics industry will also rise. Most logistics companies in Vietnam are small or medium-sized enterprises. But since Vietnam joined the WTO, the majority of Vietnamese logistic enterprises, which are mostly young, dynamic, and quickly adaptable companies, have grown.”

According to the Vietnam Maritime Administration, shipping is the most important area of logistics. But Vietnamese enterprises handle just 18% of the total import/export volume. The rest is done by foreign businesses.

Tran Thanh Hai, deputy head of the Import-Export Department of the Ministry of Industry and Trade, said Vietnam is poised for a logistics breakthrough.

“First, we need to improve the legal framework in line with the state management mechanism and adopt policies that support the industry’s growth. Second, it’s important to develop transportation infrastructure – bridges, roads, railway stations, ports, warehouses, and logistics centers,” Hai emphasized.

The government recently approved an action plan to enhance the competitiveness and growth of logistics services in Vietnam by 2025.

Source: VOV

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VND EXPECTED TO SEE END-OF-YEAR DIP

The Vietnam dong is expected to depreciate by two percentage points at the end of 2017 ending a period of stability that lasted throughout the year

vnd expected to see end of year dip

Since the start of this year, the USD/VND exchange rate remained relatively stable, hovering around VND22,700 to the dollar. However, this period of calm is likely to end soon, as Vietnam enters its busy end-of-the-year business season.

Economic expert Nguyen Tri Hieu said that Vietnamese businesses may require more foreign exchange notes to import materials and pay their overseas partners. Moreover, the US Federal Reserve (Fed) may announce further rate hikes at the end of this year, which usually pushes up the USD on the global market.

“Foreign exchange has been steady since the start of 2017 thanks to the ongoing inflows of foreign investment, mild inflation, and strong liquidity at banks. However, the Vietnamese currency may depreciate by 2% at the year’s end due to seasonal reasons,” he said.

Since May, the USD Index has lost 4.51%, standing at 93.46 points on August 17. This fall has greatly supported the stability of Vietnam’s currency. In fact, according to recent statistics from the National Financial Supervision Council (NFSC), rates at commercial banks dropped by 1.3% over the past seven months.

In the open market, foreign exchange also went down by 1.14%. Even when the Fed hiked its interest rate 0.25% in June, the foreign exchange market in Vietnam stayed calm.

The only notable difference is that Vietnam’s central daily rate, managed by the State Bank of Vietnam (SBV), edged up by 1.24%. The rate on August 17 stood at VND22,450 per dollar, slightly higher than the VND22,159 figure quoted on January 1. NFSC analysts reckoned that the central bank had to slightly devalue the domestic currency to support Vietnam’s exports, which benefit from a weaker VND.

According to researchers at Saigon Securities Incorporation (SSI), this ongoing tumble of the greenback has indeed supported VND exchange rates. However, they also highlighted challenges posed by a weaker USD. Specifically, euro/USD rates have gone up by 8.96% year-on-year, while the Japanese yen lost 6.18% against the VND.

“This will impact on Vietnamese firms who earn profits or have outstanding loans denominated in euro or Japanese yen. It’s clear that a fall in the USD doesn’t affect USD/VND rates but it affects other foreign currencies in the Vietnamese market,” SSI wrote.

Meanwhile, Vietcombank Securities concurred with the forecast of a 2% VND dip in the fourth quarter of 2017. In the third quarter, the brokerage reckoned, the domestic currency will remain stable.

Stability in USD/VND exchange rates does not only help Vietnam’s export companies manage their business, but also dampens the need for USD speculation in Vietnam, according to expert Nguyen Tri Hieu.

The zero percent interest rate for USD-denominated deposits allows companies that earn their revenue in foreign currencies to enjoy much lower lending rates, while inpiduals are discouraged from hoarding USD.

“To prevent unfavourable changes in foreign exchange, export firms in Vietnam should sign currency forwarding contracts,” said Hieu. “Moreover, I believe that the SBV is likely to keep the VND relatively stable, despite any slight devaluation in the coming months. This will support Vietnam’s end-of-year export and also keep the foreign exchange market calm.”

Source: VIR

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AGREED MINUTES BETWEEN THE VIETNAM CUSTOMS AND THE KOREA CUSTOMS SERVICE

VCN- The minutes were signed in Seoul, Korea on June 28, 2017.

agreed minutes between the vietnam customs and the korea customs service
The minutes between the Vietnam Customs and the Korea Customs Service was signed in Seoul, Korea on June 28, 2017.

In the spirit of the Agreement between the Government of the Socialist Republic of Vietnam and the Government of the Republic of Korea concerning Cooperation and Mutal Assistance in Customs Matters, concluded in Hanoi, Vietnam on March 10, 1995;

Confirming the well-established cooperative relationship between the General Department of Vietnam Customs and the Korea Customs Service (hereinafter referred to as “the two Customs Authorities”);

Acknowledging the importance of Customs roles in safeguarding the nation and advancing the national economy through trade facilitation and security, and noting that cooperation and partnership of the two States is imperative;

The General Department of Vietnam Customs delegation headed by Director-General, Mr. Nguyen Van Can and the Korea Customs Service delegation headed by Commissioner CHUN, Hong-UK at the 17th High-level Customs Cooperation Meeting held in Seoul, Korea on June 28, 2017, have reached the following understanding:

1. The two Customs Authorities noted that their mutual efforts for trade facilitation would contribute to the economic development of the two States, and agreed to continue collaborating to address challenges posted to exporting companies of the both nations.

2. The two Customs Authorities agreed to adopt the e-CO exchange scheme and they will make an effort to launch the e-CO exchange scheme at the 18th High-level Customs Cooperation Meeting. Both parties recognized the importance of creating a favorable trade environment and encouraging the use of FTA, and agreed to materialize the woking-level discussions on means of cooperation in the establishment of the e-CO information exchange scheme.

3. Acknowledging the importance of Customs’ role in the enforcement against illicit and illegal trade, the two Customs Authorities agreed to discuss Customs investigation operation at the working level.

4. Being acutely aware of the significance of capacity building through personnel exchange program, the two Customs Authorities agreed to continue the on-going discussion on arranging the twinning program between Ba Ria-Vung Tau Customs and Gwangju Customs to make a substantial effort.

By Hoang Anh

Source: http://customsnews.vn/

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VIETNAM ECONOMY REBOUNDS STRONGLY WITH GDP AT 6.2%

VOV.VN – The Vietnam gross domestic product jumped to 6.2% for the three months leading up to July on the back of a resurgence in exports of Samsung Electronics, reports the Nikkei Asian Review.

vietnam economy rebounds strongly with gdp at 6.2% hinh 0

Most of the recovery is attributable to Samsung, which makes smartphones and ordinary mobile phones at factories located throughout northern and southern Vietnam, says Nikkei.

Following widespread recalls of the fire-prone Galaxy Note 7 phones by Samsung, the GDP of Vietnam fell to 5.1% for the first quarter of the year because of the company’s depressed exports.

Samsung accounts for roughly 20% of the exports for Vietnam, says Nikkei.

Samsung is not the only business based out of the Republic of Korea that is driving the growth of the Vietnamese economy, Nikkei notes, saying that LG Electronics, the Lotte Group and others are also expanding their footprint in the Southeast Asian country.

Nikkei adds that these companies from the ROK have been the largest source of foreign direct investment in Vietnam for the past three consecutive years, starting in 2014, which has some experts concerned the two economies are too closely tethered.

While forays by companies from the ROK have fueled GDP growth over the past several years, the manufacturing sector in Vietnam still faces many obstacles in getting its competitiveness up to the level of other ASEAN countries.

Chief among the complications is finding the finances to develop railroads, highways and other infrastructure, says Nikkei.

VOV

Source: http://english.vov.vn/

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BY THE END OF MAY 2017: TOTAL IMPORT-EXPORT TURNOVER REACHED NEARLY $US 162.45 BILLION

VCN- According to statistics released by the General Department of Vietnam Customs, the total import and export turnover of Vietnam in the first 5 months of 2017 reached $US 162.45 billion, an increase of 21.5%, equivalent to $US 28.77 billion over the same period in 2016.

by the end of may 2017 total import export turnover reached nearly us 16245 billion
The total import and export turnover of Vietnam in the first 5 months of 2017 reached $US 162.45 billion.

Preliminary statistics of the General Department of Vietnam Customs also show that the total import-export turnover of Vietnam in the second half of May 2017 (from 16th May 2017 to 30th May 2017) reached $US 20.08 billion, an increase of 22.9%, equivalent to $US 3.74 billion compared to the results in the first half of May 2017.

In particular, the import-export volume of foreign-invested enterprises in the period reached nearly $US 13.13 billion, an increase of 22.1%, equivalent to $US 2.38 billion, compared to the first half of May 2017. Over the past 5 months, the total import-export turnover of foreign-invested enterprises reached more than $US 106.5 billion, an increase of 23.7%, equivalent to $US 20.39 billion over the same period in 2016.

In the second half of May 2017, the trade balance of goods had a surplus of $US 540 million, bringing the trade balance of goods in the country in the first 5 months of 2017 to the deficit of nearly $US 2.5 billion, equivalent to 3.1 % of exports.

Regarding exports, the total export turnover of Vietnam in the second half of May 2017 reached more than $US 10.31 billion, an increase of 35.3% (equivalent to an increase of $US 2.69 billion) compared to the first half of May 2017.

Export turnover in the second month of May 2017 increased compared to the first half of May 2017 mainly in the following commodity groups: telephone and components increased by 34.7%, equivalent to $US 611 million; textiles and garments increased by 42.5%, equivalent to $US 339 million; machinery, equipment, tools and spare parts increased by 56.7%, equivalent to $US 265 million; footwear of all kinds increased by 34%, equivalent to $US 200 million. Meanwhile, only a number of commodity groups have an export turnover which decreased compared to the previous period, such as cameras, camcorders, and components with a decrease of 12.8%, equivalent to $US 17 million; coal with a decrease of 8.1%, equivalent to $US 2 million.

Thus, by the end of May 2017, total export turnover of Vietnam reached nearly $US 79.98 billion, an increase of 18.4%, respectively, equivalent to an increase of $US 12.45 billion over the same period in 2016.

The statistics of the General Department of Vietnam Customs also shows that the value of goods exported by FDI enterprises in the second half of May 2017 reached nearly $Ú 7.28 billion, an increase of 33.3%, equivalent to an increase of more than $US 1.82 billion compared to the first period of May 2017, thereby bringing the total export turnover in the first 5 months of 2017 to nearly $US 56.66 billion, an increase of 20 % over the same period in 2016, accounting for 70.8% of the total export turnover of Vietnam.

Regarding imports, the total value of imported goods in Vietnam in the second half of May 2017 reached more than $US 9.77 billion, an increase of 12.1% (equivalent to $US 1.05 billion) compared to the first half of May 2017.

Import turnover of goods in the second half of May 2017 increased over the first half of May 20117 mainly in the following commodities: computers, electronic products, and components increased by 17.1 %, equivalent to an increase of $US 232 million; machinery, equipment, and spare parts increased by 10.7%, equivalent to an increase of $US 177 million; phone accessories and parts increased by 33.9%, equivalent to an increase of $US 159 million; cashew nut increased by 126.2%, equivalent to an increase of $US 113 million; petrol and oil of all kinds increased by 39.1%, equivalent to an increase of $US 89 million. Meanwhile, the feed and material group fell by 46.9%, a decrease of $US 81 million, soybeans fell by 65%, a decrease of $US 25 million; coal fell by 45.4%, equivalent to a decrease of $US 24 million.

Thus, by the end of May 2017, the total import turnover of Vietnam reached more than $US 82.47 billion, an increase of 24.7% (equivalent to nearly $US 16.32 billion) compared to the same period in 2016.

The value of imported goods of FDI enterprises in this period reached nearly $US 5.85 billion, an increase of 10.6%, equivalent to an increase of $US 560 million compared to the first half of May 2017, thereby bringing the total import turnover of these enterprises in the first 5 months of 2017 to reach more than $US 49.84 billion, an increase of 28.1%, equivalent to nearly $US 10.94 billion compared to the same period in 2016.

By Ha Nhi/ Hoang Anh

Source: http://customsnews.vn/

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NO OVERLAPPING SPECIALIZED INSPECTIONS FOR THE SAME COMMODITY

VCN- The Deputy Prime Minister, Mr. Vuong Dinh Hue has assigned the relevant ministries to coordinate with competent agencies to review and unify the list of goods subject to specialized inspections towards non-overlapping.

no overlapping specialized inspections for the same commodity
Specialized inspections account for 70% of the Customs clearance time.

Specifically, the Deputy Prime Minister, Mr. Vuong Dinh Hue has assigned the Ministry of Science and Technology, the Ministry of Health, the Ministry of Agriculture and Rural Development, according to their assigned functions and tasks, to coordinate with relevant agencies to unify the list goods subject to specialized inspections towards non-overlapping for the same commodity which must be inspected by various agencies.

The Deputy Prime Minister also assigned the relevant specialized management ministries to expeditiously promulgate a list of exported and imported goods subject to specialized inspections at the stage of Customs clearance in accordance with Government’s Resolution No. 19/2017 / NQ-CP of 6th February 2017.

Also, these ministries shall coordinate with the Ministry of Industry and Trade, the Ministry of Finance, the Ministry of Justice to review and clarify the legal grounds and requirements of each type of specialized inspections. In the case where different name of types of records have similar contents, the amendment and adjustment shall be made towards unifying the use of records to create favourable conditions for enterprises.

The Deputy Prime Minister has asked relevant ministries and agencies to report to the Prime Minister on the results of the above activities in June 2017.

Earlier, in order to unify the appropriate specialized inspections towards reducing the types of papers and certificates, but still ensure strict control and adequate criteria and requirements on quality and safety, the Deputy Prime Minister, Mr. Vuong Dinh Hue has assigned the Ministry of Finance to review imported and exported commodities subject to many procedures at the same time and many related inspection documents.

According to the Ministry of Finance, there are many legal documents on specialized inspections but there are overlaps in the management and specialized inspections.

A commodity is subject to many forms of management

The review has shown that many imported items must also be subject to many forms of management and inspections by many ministries. For example, yogurt and cheese products must be subject to the specialized management and inspections of two ministries, for quarantine and food safety. Or plant varieties, bricks, stones and glass which must be checked for quality and certificates of conformity for medical equipment, drugs, raw materials for medicine production … have just applied for import license and quality inspection.

Even, fertilizer must be subject to 3 types of management / inspection, including automatic import license, quality control and technical certification.

In addition, there are cases where one item is subject to many forms of management of the same specialized management ministry. For example, silkworms are subject to quarantine, quality control and food safety by the Ministry of Agriculture and Rural Development.

The medicines and raw materials for the manufacture of medicines and medical equipment have just applied for import permits and have to check the quality of the Ministry of Health. Boilers are subject to test standards, import conditions, and quality / safety checks. This item is also subject to the same form of management / inspection of two specialized management ministries, in which the Ministry of Industry and Trade and the Ministry of Labor, Invalids and Social Affairs jointly inspect quality and the Ministry of Industry and Trade inspects energy efficiency.

The Ministry of Finance said that the application of many different regimes and management modes to an exported or imported item not only makes it difficult for enterprises to reduce competitiveness but it also loses business opportunities of the business; increases the administrative procedures, extends the clearance time, increases the payroll of the management agency, wastes the State budget, sometimes causing difficulties for the State management agencies in the Customs clearance process.

The management is inconsistent

The cause of the overlapping specialized inspections which was indicated by the Ministry of Finance was that relevant ministries did not agree on the management. The list of goods subject to specialized inspections is too wide, not specifying goods’ names, without HS codes. Many documents have been promulgated for a long time, no longer fitting with reality but they have not been abolished.

The regime of management and inspections for imported and exported goods of relevant ministries are inconsistent (in terms of procedures, methods of implementation), leading to various types of documents issued by specialized management ministries. It is not clear which documents are permitted, certificate of conditions for imported and exported goods, automatic license, standard conformity certification and chemical declaration.

According to the Government’s Resolution No. 19/2017 / NQ-CP, in the first quarter of 2017, the ministries must promulgate a list of imports and exports subject to specialized inspection at the stage of Customs clearance, simplifying procedures and shortening inspection time; reviewing and amending the regulations on the acceptance of technical regulation conformity for imported goods towards abolition or simplification of procedures. There is no cases of receiveing regulation conformity announcement for products and goods which do not have national standards.

However, the Ministry of Finance said that there had been no ministries issuing a list of goods towards shortening goods subject to specialized inspections at the stage of Customs clearance.

By Chinhphu.vn/ Hoang Anh

Source: http://customsnews.vn/

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HUNDREDS OF CARS AND MOTORCYCLES ARE ADDED TO THE REGISTRATION FEE CALCULATION TABLE

VCN- On 24th May 2017, the Ministry of Finance issued Decision No. 942 / QD-BTC amending and supplementing the list of registration fee calculation, issued with Circular No. 304/2016/TT- BTC.

hundreds of cars and motorcycles are added to the registration fee calculation table
The MCLAREN 650S SPIDER has the highest registration fee of 22.02 billion vnd.

In the imported vehicles which have been added, the MCLAREN 650S SPIDER has the highest registration fee of 22.02 billion vnd, followed by BENTLEY FLYING SPUR with 19.5 billion vnd; and MCLAREN 570S with 12.57 billion vnd.Accordingly, the Ministry of Finance has supplemented the registration fee calculation price of 135 types of imported cars of 9 seats or less; 19 types of cars of 9 seats or less assembled domestically; 2 types of imported electric cars; 2 types of 4 wheel vehicles with engines built and assembled domestically; 29 types of imported two-wheel motorcycles; and 127 types of two-wheeled motorcycles produced and assembled domestically.

Some imported new cars have been added in this price list such as Audi Q7 3.6 QUATTRO with 2.734 billion vnd; AUDI A7 SPORTBACK 3.0 TFSI QUATTRO with 3.427 billion vnd; BMW X6 xDRIVE 35i M SPORT with 3.446 billion vnd; CHEVROLET CORVETTE STINGRAY COUPE 2LT Z51 with 5.06 billion vnd; FORD F150 LARIAT with 3.65 billion vnd; JAGUAR XJL AUTOBIOGRAPHY with 11.086 billion vnd; LAND ROVER DISCOVERY HSE LUXURY with 4.68 billion vnd, and LEXUS RX350 F SPORT AWD with 4.15 billion vnd.

In addition, the Ministry of Finance has amended the registration fee rates for 27 types of imported cars of 9 seats or less, 3 types of cars of 9 seats or less assembled domestically; 3 types of imported two-wheel motorcycles; 7 types of two-wheeled motorbikes produced or assembled domestically.

This price list is amended and supplemented because the emergence of automobiles and motorbikes has not been yet regulated in the price list issued by the Ministry of Finance.

In addition, other contents are still implemented in accordance with Circular 304. In fact, the actual price of transfer of cars and motorbikes in the market is lower than the price for calculation of registration fee issued by the Ministry of Finance, so the registration fee calculation price is the price in accordance with the price list issued by the Ministry of Finance.

In the case where at the time of submitting registration fee declarations, the actual transfer price of automobiles and motorbikes on the market shall be 20% or higher than the current price list currently applied in registration fee calculation prices as specified in the price list issued by the Ministry of Finance, the tax office shall base on the registration fee of automobiles and motorcycles already available at the price table and at Point a, Clause 3, Article 3 of the Minister of Finance’s Circular No. 301/2016 / TT-BTC of 15th November 2016 to determine the registration fee calculation price as prescribed.

In the case where automobiles and motorbikes have not been yet prescribed in the price index promulgated by the Ministry of Finance, the Tax Department shall notify the local Tax Branches about the prices for registration fee calculation applicable uniformly in the localities.

This decision has been formally adopted by 24th May 2017.

By Hong Van/ Hoang Anh

Source: http://customsnews.vn/

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EARNING NEARLY $US 50 BILLION, FDI ENTERPRISES ARE LEADING IN EXPORTS

VCN- $US 49.398 billion is the total value of export turnover of foreign direct investment (FDI) enterprises, accounting for about 71% of the total export turnover of Vietnam. This is the value of export turnover until 15th May 2017, according to the latest information from the General Department of Vietnam Customs.

earning nearly us 50 billion fdi enterprises are leading in exports
Opeartions at Sam Sung Group, Bac Ninh. Photo: Thai Binh.

Notably, compared to the same period last year, the proportion of turnover of FDI enterprises increased by 1% point (about 70% in the same period).

With a growth rate of 19%, FDI enterprises has a higher growth rate than the national average of 17.6%.

The strong growth of FDI enterprises is understandable because these enterprises are leading in the major export sectors of Vietnam such as telephones, computers and electronic products.

On the other hand, in the AEO Enterprises Program in the field of Customs (for large and prestigious exporters), 35 out of 60 enterprises are FDI enterprises.

Or in many big localities with large exports such as Bac Ninh, Thai Nguyen, Binh Duong and Dong Nai, the value of turnover mostly depends on FDI enterprises.

For example, in the case of Thai Nguyen, before the appearance of Samsung, this province is almost unnamed on the map of “exports” of Vietnam.

But now, Thai Nguyen has reached the second largest export province in 63 provinces and cities (after Ho Chi Minh City) in value of export turnover.

Mrs. Nguyen Thi Thanh Hao, the Head of the Division of Import-Export Management and International Economic Integration (the Thai Nguyen Department of Industry and Trade) said that the main export products in Thai Nguyen were telephones and tablets of Samsung Group.

According to Mrs. Nguyen Thi Thanh Hao, the spectacular breakthrough in export activities of Thai Nguyen in recent years is thanks to the efficiency in investment activities of Samsung Group.

“Local traditional export sectors have also improved, but they can not make the breakthrough without the presence of the Samsung Group”, the Head of the Division of Import-Export Management and International Economic Integration said.

By Thai Binh/ Hoang Anh

Source: http://customsnews.vn/

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FOREIGN DIRECT INVESTMENT PICKS UP NEARLY 41%

Total foreign direct investment (FDI) in Vietnam reached US$11 billion from the outset of the year, a year-on-year surge of nearly 41%, said the Foreign Investment Agency under the Ministry of Planning and Investment (MPI).

foreign direct investment picks up nearly 41

More than 39,580 enterprises were set up in the first five months of the year with total registered capital of nearly VND370 trillion (US$16.3 billion), up 14% in number of newly-established businesses and 48.9% in capital year-on-year.

The MPI said that the business climate and competitive and business development had improved.

Nearly US$5 billion in FDI capital was disbursed in the period, 3.2% higher than the same time last year. The Republic of Korea ranked first in capital disbursement, followed by Japan and Singapore.

The rapid increase of FDI in Vietnam was spurred by several large-scale projects approved in March. Notably, Samsung Display project got expansion approval in Bac Ninh province with additional investment of US$2.5 billion. This pushed FDI figures to US$7.71 billion in the first quarter, double that of the first two months.

Other big projects getting cash included Taiwan Polytex Far Eastern (Vietnam) Company in Binh Duong province (US$485.8 million), Coca-Cola Vietnam in Hanoi (US$319.8 million additional capital), Vietnam-Singapore Industrial Park III (US$284.75 million), Tole Panel plant in Binh Phuoc province (US$269.5 million) and Kolon Industries Inc (US$220 million) in Binh Duong province.

Source: VNA

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VIETNAM, BANGLADESH EXTEND RICE TRADE DEAL

Minister of Industry and Trade Tran Tuan Anh and Bangladeshi Minister of Food Advocate Md Quamrul Islam have signed a document extending the two countries’ memorandum of understanding (MoU) on rice trade that will allow Vietnam to sell up 1 million tonnes of rice to Bangladesh each year.

vietnam bangladesh extend rice trade deal

The MoU, inked on May 23 in Hanoi during the Bangladeshi official’s visit, will last five years to 2022. The provision of rice will depend on Bangladesh’s yearly demand.

It took Vietnam and Bangladesh only two weeks to discuss and reach the deal.

Right after sealing the deal, the Bangladeshi side wanted to buy 250,000-300,000 tonnes of 5% broken rice immediately and a total of 500,000 tonnes by the end of 2017.

Speaking at the signing ceremony, Minister Anh spoke highly of Minister Quamrul Islam’s visit, expressing his hope that it will help connect businesses and strengthen bilateral partnership and friendship between the two countries.

The MoU was signed for the first time on April 18, 2011 in Hanoi and expired on December 31, 2013. On January 2, 2014, the two sides re-signed the deal that was valid until December 31, 2016.

In 2011 and 2012, Vietnam shipped over 300,000 tonnes of rice to Bangladesh. As Bangladesh was then able to produce enough rice, it ceased the import of Vietnamese rice.

However, in two recent years, Bangladesh faced consecutive natural disasters that have affected its crops and resulted in a shortage of rice for domestic consumption.

On the day, Minister Tran Tuan Anh and Minister Quamrul Islam also discussed measures to enhance their coordination in the future to improve bilateral economic, trade and industrial cooperation, especially in the trading of rice.

Source: VOV

Source: http://customsnews.vn