VIETNAM BUSINESS NEWS HEADLINES NOVEMBER 15

Enterprises supported in exporting rice to EU The Prime Minister has just assigned the Ministry of Agriculture and Rural Development and the Ministry of Industry and Trade to evaluate and support businesses in promoting rice exports to the European Union (EU), as well as in taking advantage of preferences from the EU-Vietnam Free Trade Agreement (EVFTA). Previously, Vietnam’s rice exports to the EU were only one sixth of Thailand’s, one tenth of Myanmar’s, and one quarter of Cambodia’s. The total annual demand for rice in the EU is 2.3 million tonnes and the value in 2019 was estimated at EUR1.4 billion. The PM has also assigned the Ministry of Industry and Trade to study, evaluate and adopt solutions to promote the development of supporting industries, especially auto components and spare parts. According to the Vietnam Automobile Manufacturers’ Association, cars made in Thailand and Indonesia only use about 10% imported components, but cars assembled in Vietnam must import more than 80% of the components. The cost of importing expensive components made the cost of domestic production and assembly of cars 10-20% higher than completely built (CBU) cars imported from ASEAN. Bright prospects ahead for businesses in Africa There remains plenty of… Read full this story

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