Sugar sector continues to face severe glutThe Saigon Times Daily A worker checks sugar in stock at a sugar plant. According to VSSA, sugar inventories surged to 670,000 tons, as of the end of last month - PHOTO: TTXVN HCMC - As of the end of last month, sugar inventories surged to 670,000 tons, given the rising volume of smuggled sugar in the domestic market, Lao Dong newspaper reported, citing data from the Vietnam Sugarcane and Sugar Association (VSSA). The mounting sugar stockpile was also attributed to the unsold amount being carried forward from the previous year’s crop. Market management agencies have detected and seized 100 tons of smuggled sugar from an enterprise in Quang Nam Province. VSSA Chairman Pham Quoc Doanh said large volumes of smuggled sugar have hindered the operations of domestic sugar firms. Domestic sugar producers have reduced their sugar prices to the low prices offered for smuggled sugar to help ease the glut. One foreign-invested plant has … [Read more...] about Sugar sector continues to face severe glut
Vietnam steel exporters accused of tax evasion in U.S.The Saigon Times Daily Steel is seen at a factory in Vietnam. U.S. steel makers have accused Vietnamese exporters of evading anti-dumping and anti-subsidy duties on corrosion-resistant carbon and cold-rolled steel - PHOTO: VGP HCMC - The Department of Trade Defense under the Ministry of Industry and Trade has announced that several U.S. steel makers have filed a case against Vietnamese exporters, claiming they have avoided paying antidumping and antisubsidy duties on corrosion-resistant carbon and cold-rolled steel. According to Nguoi Lao Dong newspaper, U.S. steel producers have petitioned the U.S. Department of Commerce (DOC) to launch investigations into these products as they believed Taiwanese and Korean corrosion-resistant carbon steel and Korean cold-rolled steel had been exported to Vietnam before being shipped to the United States. Since the United States conducted antidumping and antisubsidy probes in 2015, the … [Read more...] about Vietnam steel exporters accused of tax evasion in U.S.
HCMC sees litchi consumption riseBy Vu Yen Litchis are introduced at Co.op mart Huynh Tan Phat in District 7, HCMC - PHOTO: NL HCMC – Litchis from Bac Giang and Hai Duong provinces have seen high consumption in HCMC since June 15, according to representatives of supermarkets and wholesale markets. Nguyen Anh Duc, deputy general director of Saigon Co.op, noted that the retail chain operator has been selling VietGap litchis from the two provinces since June 14, adding that it has run sales programs, including offering discounts and promotions, which have led to a surge in litchi consumption. “Saigon Co.op has sold 300 tons of litchis lately, with the southern region seeing strong consumption, accounting for two-thirds of the total,” Duc claimed, stressing that the total consumption is expected to outstrip the initial target of 600 tons. At Saigon Co.op’s supermarkets, litchi prices range from VND9,900 per kilogram, if promoted, to some VND34,000 per … [Read more...] about HCMC sees litchi consumption rise
Vietnam imported 5.7 million tons of steel in Jan-May: MoITThe Saigon Times Daily Steel ingots are seen at a storehouse. Vietnam imported 5.7 million tons of steel in Jan-May - PHOTO: VIETNAMPLUS HCMC – Vietnam imported some 1.4 million tons of steel in May, taking the total in the first five months of the year to some 5.7 million tons, valued at over US$4 billion, news website Vietnamplus stated, citing a Ministry of Industry and Trade report. The volume increased a mere 1.1% over the same period last year. According to the Vietnam Steel Association (VSA), its members produced nearly five million tons of raw steel and sold some 5.2 million tons of the product during the period. Meanwhile, nearly 9.7 million tons of finished steel products were manufactured, up 24% year-on-year. VSA members sold some 6.7 million tons of steel in January-May, growing 35.2% over the year-ago period, including 1.6 million tons shipped abroad, surging 47.7% versus the same period last … [Read more...] about Vietnam imported 5.7 million tons of steel in Jan-May: MoIT
Fuel imports surge in Jan-MayThe Saigon Times Daily Fuel imports surge in Jan-May - PHOTO: TL HCMC – The import value of petroleum-based products had soared by a staggering 38.6% to US$3.71 billion in the year to late May, according to the General Department of Vietnam Customs. Customs data was quoted by the news website VnEconomy as indicating that the total value of imports and exports had reached a record high of US$40.8 billion in May, a month-on-month rise of 14.9%. From January to late May, the value rose by 13.9% against the year-ago period to US$185.9 billion, with exports and imports worth US$94.3 billion and US$91.6 billion, respectively. Although Vietnam suffered a trade deficit of US$954 million in May, the Southeast Asian nation ran a trade surplus of US$2.67 billion in the first five months of the year. As many as 43 out of 54 groups of import products saw increases from the previous year, of which petroleum-based products took the lead. Vietnam … [Read more...] about Fuel imports surge in Jan-May