Hanoi: Deposit interest rates at four major banks of Vietnam were adjusted sharply, down by 0.4% per year from the previous listings, bringing the rate to 1.8% per year at the lowest.

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) on January 17 cut its rate by 0.2% per year for terms under 12 months, pulling interest rates for 1-2 month, 3-month and 6-9-month deposits down to 1.7%, 2% and 3% per year, respectively. The highest interest rate at the bank is 4.7% per year when customers deposit for 12 months or more.

Vietcombank currently applies the lowest deposit interest rates among the four largest State-owned banks, including Vietcombank, the Vietnam Bank for Agriculture and Rural Development (Agribank), the Bank for Investment and Development of Vietnam (BIDV), and the Vietnam Joint Stock Commercial Bank for Industry and Trade (VietinBank).

Agribank follows with the latest deposit interest rates at the bank going down by 0.2% – 0.4% per annum for terms under 12 months. Its in
terest rate for a 3-6-month term experienced the most significant decrease, falling to 2.1% from 2.5%. For terms from 6 to under 12 months, the interest rate was down to 3.2% from 3.5% per year.

BIDV and VietinBank have also simultaneously cut deposit interest rates by 0.3% per annum for terms under 12 months.

They apply the same interest rate for 1-2 month deposits at 1.9% per year. Customers depositing for a term of 3-6 months and 6-12 months at the two banks will receive an interest rate of 2.2% and 3.2% per year, respectively.

All Agribank, BIDV, and VietinBank still maintain the previous deposit interest rates at 5% per year when customers deposit for 12 months or more, and 5.3% per year for terms of 24 months or more.

On January 17, the Saigon – Hanoi Commercial Joint Stock Bank (SHB) and the Vietnam International Commercial Joint Stock Bank (VIB) announced a reduction of their deposit interest rates by 0.1% or 0.2% per year compared to the previous week.

Since the beginning of January, many commer
cial banks have cut their deposit interest rates, including Techcombank, KienLongBank, PVCombank and SCB./.

Source: Vietnam News Agency

Hanoi: Vegetables, rice, and coffee have seen a surge in orders right from the beginning of 2024, signaling a busy year ahead despite challenges in the global trade.

Chairman of the Vina T and T Group Nguyen Dinh Tung revealed that his company recently shipped durian to China, six tonnes of An Giang mango to Australia and one tonne to the US, among other markets.

He expressed his hope to maintain a double-digit export growth this year.

Successful negotiations to open markets for diverse agricultural products in China, with its massive population, played a pivotal role in the substantial growth of fruit and vegetable exports that reached 5.6 billion USD last year.

The coffee sector, facing concerns about supply shortages from major global producers and disruptions in the Europe-Asia maritime transport route through the Suez Canal, not only welcomed new export orders but also witnessed an increase in export prices early this year.

The overall prosperity in the export of various agricultural products is als
o anticipated to continue thanks to improving production, processing, and supply.

Though the Vietnamese farm produce are available in 190 countries, their shares remain relatively modest in major markets, particularly in China, constituting only 5% of its total agricultural import volume.

Dang Phuc Nguyen, Secretary-General of the Vietnam Fruit and Vegetables Association, highlighted that Vietnam has signed 16 free trade agreements (FTAs), with 15 currently in effect. This has created advantages to fruit and vegetable exports through tariff preferences, thereby improving the competitiveness of Vietnamese enterprises.

According to the Ministry of Agriculture and Rural Development, Vietnam can potentially export over 8 million tonnes of rice while still ensuring food security this year. Amid global uncertainties in rice supply, the Vietnamese grain prices are expected to benefit, leading to a boost in export revenue.

Vegetables, rice and coffee generated a record export revenue exceeding 14 billion USD last
year. With a steady influx of orders, they are poised to earn an estimated 17-17.5 billion USD this year./.

Source: Vietnam News Agency

Hanoi: Retail prices of petrol were revised up in the latest adjustment on January 18 by the Ministry of Industry and Trade and the Ministry of Finance.

Specifically, the prices of E5 RON92 and RON 95-III increased by 377 VND and 547 VND to no more than 21,418 VND (0.87 USD) and 22,482 VND per litre, respectively.

Meanwhile, diesel 0.05S and kerosene are sold at 20,194 VND per litre and 20,536 VND per litre, up 487 VND and 205 VND, respectively, and the price of mazut oil decreased by 307 VND to 15,508 VND per kilogram.

The two ministries decided to use the petrol and oil price stabilisation fund for mazut oil at 300 VND per kilogramme, the same as in the previous adjustment./.

Source: Vietnam News Agency

Hanoi: The Vietnam Trade Office in Spain has warned domestic enterprises to be cautious when signing contracts with Spanish businesses to avoid risks.

Previously, the Vietnam Trade Office in Spain received information from several domestic cashew and pepper exporting businesses about delays in payment of goods from ISASA Export Company in Malaga, Spain.

The representative is Mr. Manuel Gil or Ms. Anniz; headquarters located at Calle Riogordo, Nave No.4, Estrella, 29006 Malaga, Spain; Email: info@isasaexport.com; isasa@isasaexport.com and website address https://isasaexport.com/en/home/.

ISASA Export said the Vietnamese enterprise’s goods did not meet quality standards at the port of destination or that the company suffered loss due to the decline in local market prices, so it did not comply with the purchase contract. Specifically, the company was late in paying for the goods, causing difficulties, time loss, and storage costs for domestic businesses, and many businesses even had to take back the goods.

T
o avoid risks in exporting, the Vietnam Trade Office in Spain warned domestic businesses to be careful when signing sale contracts with the ISASA Export Company. At the same time, it suggested domestic businesses increase coordination with the Trade Office in Spain in verifying local businesses before actually signing sales contracts.

The Vietnam Trade Office in Spain said that Spain is currently a large consumer market for all of Vietnam’s exported consumer goods industries because of its large population of over 47 million people and quite high average income (about 36,700 USD/year). Furthermore, this is also a potential niche market for direct domestic consumption of Vietnam’s agricultural, aquatic products and tropical fruits and vegetables, especially off-season products and raw products that are suitable inputs for the highly developed export food processing industry in Spain.

Spain attracts an average of over 80 million international visitors annually with Europe’s leading tourism service industry, r
esort facilities and cuisine. Therefore, this is a market opportunity for tourism related industries (including handbags, suitcases, wallets, hats, umbrellas; handicraft products, rattan, bamboo, rush, carpets), textiles, footwear, wood and wood products, food ingredients, coffee and spice products of Vietnam.

To promote Vietnamese goods in the Spanish market, the Vietnam Trade Office in Spain suggested Vietnamese businesses increasingly take advantage of incentives from the EU-Vietnam Free Trade Agreement (EVFTA).

Vietnamese businesses need to proactively research consumption trends and market requirements, and stay updated on new regulations and policies of the host country to proactively plan production, business and export, the office noted./.

Source: Vietnam News Agency

Hanoi: Vietnam Electricity (EVN) and its National Power Transmission Corporation (EVNNPT) on January 18 simultaneously began the construction of various 500kV circuit-3 transmission lines in the provinces of Ha Tinh, Nghe An, Thanh Hoa, and Thai Binh.

They include the Quang Trach – Quynh Luu and Quynh Luu – Thanh Hoa 500kV circuit-3 transmission lines and the 500kV Thanh Hoa substation.

They are part of a 500kV circuit-3 transmission line project which spans 519km from the central province of Quang Binh’s Quang Trach district to the northern province of Hung Yen’s Pho Noi.

The 22-trillion-VND (895.95 million USD) project passes through 211 communes and wards across 43 districts and townships of in the provinces of Quang Binh, Ha Tinh, Nghe An, Thanh Hoa, Ninh Binh, Nam Dinh, Thai Binh, Hai Duong, and Hung Yen.

The transmission lines hold significant importance in enhancing the capacity of the 500kV north-central power transmission grid, contributing to ensuring electricity supply for the northern region b
oth currently and in the coming years. The project also helps improve the stability and operation of the national power system, as well as reduces the risk of overload for existing 500kV transmission lines./.

Source: Vietnam News Agency

Binh Duong: The US-Vietnam Getting to Net-Zero Workshop: Industrial Manufacturing Decarbonisation took place in the southern province of Binh Duong on January 18.

The event was co-hosted by the provincial People’s Committee, the US Consulate General in Ho Chi Minh City and the Becamex IDC, with over 200 enterprises at home and abroad taking part.

Speaking at the event, US Consul General in Ho Chi Minh City Susan Burns said Vietnam has emerged as a key industrial production hub in the region. The robust growth of its logistics sector, while commendable, has posed environmental challenges, compelling companies to adopt green manufacturing practices and embrace the shift towards clean energy to align with production requirements.

She highlighted the growing interest among US firms in cutting-edge technologies, particularly in solutions such as rooftop solar energy, as part of their commitment to reduce emissions and advance the collective goal of achieving net-zero by 2025.

Permanent Vice Chairman of the pro
vincial People’s Committee Mai Hung Dung highlighted Binh Duong’s proactive approach to adapting to uncertainties stemming from geopolitical factors and the fourth industrial revolution.

He said the province is actively developing a new ecosystem that complements the existing industrial-urban-service model. This involves an innovative and technological ecosystem, the establishment of smart industrial zones, sustainable and ecologically smart urban areas, all with sustainable development at its core.

Binh Duong aspires to enhance its industrial sector, progressively creating a driving force for new economic development that moves away from labour and land-intensive practices. The ultimate objective is to actively deliver on the Vietnamese Government’s commitment to achieving net-zero emissions by 2050, he added./.

Source: Vietnam News Agency