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Market Insight: Vietnam’s Wine Industry
As Vietnam’s consumer market continues to grow, more and more global products are pouring into the country. Among those products that have seen considerable growth in sales over the recent years, has been wine. Starting from a very low level, the Vietnamese wine market has exploded, with hotels, restaurants, and retailers now offering a wide variety of wines from around the world.
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Vietnam Cashes in on Cashews
Vietnam has retained its title as the world's top cashew exporter for the ninth year in a row, as the country's cashew and cashew by-product export revenue in 2014 set a new record of US$2.2 billion.
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Privatization of Vietnam’s Port Infrastructure to Boost Efficiency and Lower Prices
Vietnam’s Ministry of Transport has indicated that it wants to attract more private sector investment in order to build new seaports for the country. The quality of Vietnam’s port infrastructure is currently ranked 88 out of 144 countries according to the 2015 Global Economic Competitiveness Report.
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Vietnam’s Trade Position in Asia in 2015
Vietnam sits in a prime position in Asia vis-à-vis free trade agreements (FTAs) and trade organization memberships. Very few other countries in the region are included in such a plethora of trade agreements.
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Vietnam FDI and Economic Roundup for January 2015
Vietnam's Foreign Investment Department has stated that total foreign direct investment (FDI) in the first month of 2015 reached US$663.44 million, increasing 67.1 percent compared to the same period last year. January saw a total of 44 newly registered FDI projects, worth US$392.18 million.
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State Bank of Vietnam Credit Package Aims to Support the Housing Market
The Deputy Minister for Vietnam's Construction Ministry, Nguyen Tran Nam, has announced a proposal for the State Bank of Vietnam (SBV) to support the commercial housing market through a VND50 trillion (US$2.3bn) credit package. The package would supply loans of seven percent interest per year for the first decade, followed by a potential extension for a five or ten year period, with an interest rate adjusted according to market rates.
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Strong Competition from Foreign Companies in Vietnam’s Non-alcoholic Drinks Market
The market share of foreign firms in Vietnam’s non-alcoholic drinks market held strong in 2014 with almost half the market belonging to foreign firms. Statistics from the Vietnam Beverage Association showed the value of the market increased by nine percent in 2014 to US$3.64 billion. There has been an average yearly growth rate of 13 percent from 2011-14 in the non-alcoholic beverage sector.
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Vietnam on Track to Reduce the Time Businesses Will Spend Paying Taxes
The Department Deputy Head, Hoang Thi Lan Anh, of Vietnam's General Department of Taxation Reform has confirmed the government's commitment to reduce the time spent paying taxes and social insurance in Vietnam to the ASEAN average of 171 hours by the end of 2015.
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Hong Kong Investment into Vietnam at Peak
Hong Kong's US$3bn Vietnam investment ranks it the second largest capital investor in Vietnam for 2014, according to Vietnam's Ministry of Planning and Investment.
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Vietnamese Seafood Exports Strong in 2014 but Difficult to Maintain in 2015
Vietnamese seafood exports surged in 2014 with an export turnover of US$7.9 billion, its highest point in three years. This exceeded the target of the Vietnam Association of Seafood Exporters and Producers (VASEP) by US$920 million and was an 18.4 percent increase on 2013. The main seafood exports from Vietnam, by value of exports, are frozen shrimp, pangasius catfish, tuna and other fish, mollusks and crustaceans.