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Congratulations on Luxembourg National Day AT A GLANCE

4M TURNOVER UP 44% AQUATIC EXPORTS
The $3.57 billion in turnover posted rose, and doubled to China. Exports of tra fish (pangasius) were
in the first four months of this year estimated at $263 million in April, bringing the four-month total
represented an increase in aquatic to $894 million, up 89.4 per cent year-on-year. Meanwhile, shrimp
exports of 43.7 per cent year-on- exports rose 38.6 per cent year-on-year to nearly $1.34 billion,
year in terms of value, according to the Ministry of Agriculture including $385 million in April. According to the Vietnam
and Rural Development. Export value stood at $1.05 billion in Association of Seafood Exporters and Producers (VASEP), demand
April alone. The US, Japan, and China were the three leading des- from markets is pointing towards a robust recovery after Covid-19,
tinations in the first quarter, accounting for 49.5 per cent of total and Vietnamese exporters have seized opportunities to bolster
aquatic export value. Of note, aquatic export value to all markets exports and sign high-value contracts.

INFLATION CONTROL HSBC FORECAST AT UNDER 4%
HSBC has forecast that Vietnam’s inflation rate will come in at 3.7 its reopening strategy. After the official
per cent this year, below the ceiling of 4 per cent set by the reopening of its borders on March
government. In its “Vietnam at a Glance” report for May, HSBC 15, Vietnam welcomed over 100,000
Vietnam said that inflationary pressure in the country remains low foreign tourists in April, a three-fold
within ASEAN. In April, headline inflation rose only 0.2 per cent increase against March. Demand among domestic travelers has
month-on-month, leading to a modest increase of 2.6 per cent year- exceeded pre-pandemic levels since the beginning of April and this
on-year, which is still within market expectations. The main cause contributed to the recovery of the retail industry, which grew 5.8 per
of this was low transport costs, partly thanks to a fall in world oil cent in the month. Goods sales rose 2 per cent month-on-month
prices during the month and a reduction to environmental protection and spending on services and travel-related segments rose 7 per
taxes in Vietnam. The report also said the country is benefiting from cent, signaling a good start to the recovery in the service sector.

HCMC PROPOSES CASINO TOURISM INDUSTRY
Ho Chi Minh City asked the city’s along with Hanoi, Quang Ninh, Hai Phong, Da Nang, Hoi An,
National Assembly delegation on Thua-Thien Hue, Can Tho, Da Lat, and Phu Quoc Island. In
May 17 to lobby for the opening February, the Ministry of Finance proposed that the government
of casinos at hotels and large-scale extend the casino pilot program to 2024. The pilot allows Vietnamese
tourist sites. The proposal is based nationals to play in casinos, which were previously the domain of
on the government’s policy to develop the night-time economy in foreign nationals only. The government is yet to make a final decision.
Vietnam, approved by the Prime Minister in August 2020, which Vietnam is already home to eight official casinos, most of which are
allows certain activities to stay open until 6am in many major tourist small in scale. Since March 2017, Vietnamese people at least 21 years
cities and zones. Ho Chi Minh City is one of the country’s key tourist of age have been allowed to play in casinos on Phu Quoc Island in
areas and permitted to extend opening hours for night-time activities, the south and Van Don in the north.

ANTI-DUMPING NO ISSUE WITH SOUTH KOREAN & CHINESE STEEL
Under Decision No. 924/QD-BCT dated May 12 from the Minister from stakeholders, and carefully
of Industry and Trade, anti-dumping measures need not be used considered and assessed the impact
against galvanized steel products originating from South Korea of imported galvanized steel products
and China. The ministry began conducting a period-end review on the domestic industry and the
in June last year in accordance with the Law on Foreign Trade level of dumping by exporters in South Korea and China. The
Management and based on a review requesting dossiers from investigation showed that after five years of applying anti-
representatives in the domestic manufacturing industry. The dumping measures, the domestic industry no longer suffers sig-
investigation was carried out in accordance with the provisions nificant damage, and in the immediate future, imports from
of the WTO, the Law on Foreign Trade Management, and related South Korea and China are unlikely to cause damage to the
regulations. The ministry also collected information and opinions domestic industry.

PLASTIC BAGS BANNED FROM 2030 ENVIRONMENTAL PROTECTION
Vietnam will ban the use of all malls and supermarkets by 2025. To that end, many policies have
plastic bags, even in markets, been approved by the government to limit plastic bags and sin-
from 2030, according to the Min- gle-use plastic products, including the National Strategy on the
istry of Natural Resources and Integrated Management of Solid Waste to 2025 and vision to
Environment. Figures reveal that 2050. The 2020 Law on Environmental Protection also stipulates
up to 104,000 single-use plastic bags are used at supermarkets the responsibility of manufacturers in waste recycling and treatment,
each day, or 38 million a year. Among the 48 supermarkets and includes regulations on the reduction, recycling, and treatment
surveyed, 46 provide free plastic bags. Vietnam has set a target of of plastic waste as well as the prevention and control of ocean
using 100 per cent environmentally-friendly bags at shopping plastic waste.

www.en.vneconomy.vn JUNE 2022 | VIETNAM ECONOMIC TIMES | 9