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☆ Domino effect: India rice export ban puts market on edge for copycat curbs
▼ + stars: | 2023-08-11 | by ( Rajendra Jadhav | ) www.reuters.com time to read: +6 min

New Delhi had already restricted lower quality broken rice supplies in 2022. In 2008, rice prices reached a record high above $1,000 per ton after India, Vietnam, Bangladesh, Egypt, Brazil and other small producers restricted exports. CHAIN REACTIONGlobal prices have risen by around 20% since India's ban. This week, rice prices in Thailand and Vietnam soared to 15-year highs as buyers rushed to cover shipments to compensate for the decline in India's exports. Rao said only Indian supplies can restore equilibrium in the global rice market.

Persons: Nitin Gupta, Trade Nguyen Hong Dien, Rice, B.V, Krishna Rao, Rao, Peter Clubb, Rajendra Jadhav, Naveen Thukral, Khanh Vu, Panarat, Shri Navaratnam Organizations: REUTERS, Olam Agri, Reuters Graphics, Reuters, of Industry, Trade, Rice, Association of Pakistan, Association of India, International Grains Council, Thomson Locations: Kolkata, India, MUMBAI, New Delhi, Thailand, Vietnam, Delhi, Asia, Africa, Olam Agri India, Bangladesh, Egypt, Brazil, Pakistan, Philippines, China, Senegal, Nigeria, South Africa, Malaysia, Cote d'Ivoire, El, London, Singapore, Hanoi, Bangkok

☆ Exclusive: Thai, Vietnamese exporters renegotiate 500,000 T of rice deals
▼ + stars: | 2023-08-01 | by ( Naveen Thukral | ) www.reuters.com time to read: +3 min

A farmer harvests rice by a paddy field outside Hanoi, Vietnam June 10, 2019. Exporters are rushing to cover rice supplies from farmers who have raised prices following a surge in the world market, putting millions of dollars worth of deals at risk. 2 and 3 exporters respectively, are estimated to ship more than one million metric tons of rice in August. While large exporting houses are likely to fulfil contracts, smaller trading companies are expected to default on shipments, traders said. Importers, including the Philippines, are likely to seek direct deals with governments of exporting countries to ensure critical food supplies.

Persons: Rice, Naveen Thukral, Khanh Vu, David Evans Organizations: REUTERS, Reuters, Rice, Thomson Locations: Hanoi, Vietnam, Thailand, SINGAPORE, India, Asia, Africa, Singapore, Ho Chi Minh City, Philippines

☆ Vietnam aims to raise raw rare earths output to 2 mln t/yr by 2030
▼ + stars: | 2023-07-25 | by ( Khanh Vu | ) www.reuters.com time to read: +2 min

[1/2] Samples of rare earth minerals from left: Cerium oxide, Bastnaesite, Neodymium oxide and Lanthanum carbonate at Molycorp's Mountain Pass Rare Earth facility in Mountain Pass, California June 29, 2015. Its rare earths production jumped to 4,300 tonnes last year from 400 tonnes in 2021, the USGS said. Vietnam will develop three to four new mines after 2030, aiming to raise its raw rare earths output to 2.11 million tonnes by 2050, the document showed. "The objective of the plan is for the country to develop a synchronised and sustainable industry of rare earths mining and processing," it said. Rare earths are a group of elements that have applications in electronics manufacturing and batteries, making them important for the global transition towards cleaner sources of energy and in defence.

Persons: David Becker, Lao Cai, Yen Bai, Tran Hong Ha, Khanh Vu, Kanupriya Kapoor Organizations: REUTERS, Reuters, United States Geological Survey, Deputy, REO, Thomson Locations: Pass , California, HANOI, Vietnam, China, Lai Chau, Lao

☆ Scientists decode an ancient curry recipe
▼ + stars: | 2023-07-25 | by ( Katie Hunt | ) edition.cnn.com time to read: +4 min

The sandstone slab, buried 2 meters (6.5 feet) below the surface, was dug up in 2018 at the Oc Eo archaeological complex in southern Vietnam. The site was once an overseas trading hub of an ancient Southeast Asian kingdom known as Funan, according to a new study of the substances found on the slab. The findings offer clues to how curry — and the people who made it — migrated to Southeast Asia. “Nowadays, preparing curry in Vietnam has become much simpler for most families due to the widespread availability of curry powder in supermarkets. Nguyen added that the team planned to recreate the 2,000-year-old curry based on the ingredients found at the site.

Persons: ”, . Hsiao, chun Hung, ” Hung, Hung, Khanh Trung Kien, Khanh Trung Kien Nguyen, Nguyen Organizations: CNN, Australian National University, Center for Archaeology, Southern Institute of Social Sciences, Oc Eo, Eo Locations: Vietnam, Canberra, India, Southeast Asia, Ho Chi Minh City, South, Cambodia, South Asia

Vietnam targets LNG-sourced gas generating up to 22.4 gigawatts (GW) of power by 2030, enough to power 20 million households and account for nearly 15% of national power supply. Complicating LNG efforts, much of Vietnam's planned gas power investment is directed to the south of the country despite the under-served north's greater vulnerability to blackouts. Reuters GraphicsThe first plant due to come online, the Nhon Trach 3 facility being built by state-run PetroVietnam Power (PV Power) (POW.HM) near Ho Chi Minh City, is scheduled to begin operation in late 2024. Takafumi Akino of Tokyo Gas, which is building an LNG terminal and a gas plant in northern Quang Ninh province, predicted "hard negotiations". PV Gas said this month it was in talks with U.S. energy giant ExxonMobil and Russia's Novatek on LNG cooperation.

Persons: Thi, Kaushal Ramesh, EVN, Japan's Marubeni, Takafumi, Rystad's Ramesh, Francesco Guarascio, Khanh, Emily Chow, Florence Tan, Phuong Nguyen, Tony Munroe, William Mallard Organizations: European Chamber of Commerce, Reuters, Energy, Tokyo Gas, Industry, Plant, Foreign, Delta Offshore Energy, Gulf International Holdings, Delta Offshore, Gulf Energy Development, Buyers, PV Gas, ExxonMobil, Russia's, Gas, Thomson Locations: Vietnam, Hanoi, HANOI, China, Thailand, Singapore, Philippines, Ho Chi Minh City, Oslo, U.S, Tokyo, Quang Ninh, South, Southeast Asia, Asia, Khanh Vu

☆ Vietnam probes Blackpink concert organiser over South China Sea map
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +2 min

HANOI, July 6 (Reuters) - Vietnam has launched an inspection into K-pop group Blackpink's tour organiser's website, ahead of its concert in Hanoi, over criticism from fans that it shows a map of the South China Sea with disputed boundaries. Chinese organiser iME Entertainment and South Korean agency YG Entertainment (122870.KQ), which manages Blackpink, had no immediate comment. The organiser's website was inaccessible on Thursday but a cached version seen by Reuters and last updated on July 4, shows a vague nine-dash line that encompasses nearly the whole South China Sea. Vietnam and China have long had overlapping territorial claims to a potentially energy-rich stretch in the waterway. The culture ministry's move followed complaints by Vietnamese internet users who noticed the nine-dash line on the organiser's website.

Persons: Phuong Nguyen, Khanh Vu, Francesco Guarascio, Hyunsu Yim, Kanupriya Kapoor Organizations: Warner Bros, Vietnam, iME Entertainment, YG Entertainment, Reuters, Facebook, Thomson Locations: HANOI, Vietnam, Hanoi, South, South China, Korean, China, The Hague, Seoul

☆ Foxconn to invest $246 mln in 2 projects in northern Vietnam
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +1 min

HANOI, June 30 (Reuters) - The world's largest contract electronics maker and assembler, Foxconn (2354.TW), has received approval from Vietnam to invest $246 million in two new projects its northern province of Quang Ninh, the local authority said on Friday. The projects, by its unit Foxconn Singapore, will raise total investments by Foxconn in Vietnam to about $3 billion and will centre on the manufacture and assembly of telecom and electric vehicle (EV) parts, the provincial government said. The remaining $46 million is for a plant to produce electronics and telecommunication components, with production set to begin in October 2024. Foxconn, which has been in Vietnam for nearly two decades, also plans to set up a new factory in the central province of Nghe An. with an initial investment of $100 million, the provincial local authority said last month.

Persons: Foxconn, Phuong Nguyen, Khanh Vu, Martin Petty Organizations: Foxconn, Thomson Locations: HANOI, Vietnam, Quang Ninh, Singapore, Hanoi, Foxconn, Nghe

HANOI, June 29 (Reuters) - Vietnam on Thursday reported faster economic growth in the second quarter, driven by the services sector, despite a slump in exports. Gross domestic product (GDP) in the second quarter grew 4.14% from a year earlier, faster than the 3.28% expansion seen in the first quarter, the General Statistics Office (GSO) said in a report. First quarter growth was revised down from 3.32%. The services sector grew 6.11% in the second quarter from a year earlier, while the agricultural sector grew 3.25%, and the manufacturing and construction sector expanded 2.50%, the GSO said. "The government's policies to encourage domestic consumption and promote tourism have contributed to the growth of the services sector," the agency said.

Persons: Kanupriya Kapoor Organizations: Gross, General Statistics Office, Thomson Locations: HANOI, Vietnam

☆ Vietnam to extend VAT cut until year-end to prop up slowing economy
▼ + stars: | 2023-06-24 | by ( ) www.reuters.com time to read: +1 min

HANOI, June 24 (Reuters) - Vietnamese lawmakers on Saturday approved a government plan to extend a reduction in value added tax (VAT) on goods and services until the end of this year to boost domestic consumption and production, as its export-driven economy faces headwinds from slowing global demand. The VAT cut to 8% from 10%, which has been in place since early last year, is not applicable to such services and products as banking, finance and real estate. "The move will boost consumption, and hence supporting business and production activities," Minister of Finance Ho Duc Phoc said in a report to the National Assembly last month. A VAT cut is expected to boost domestic consumption to compensate for the sharp fall in exports. It last cut the refinance rate to 4.5%, the discount rate to 3.0% and the electronic interbank rate to 5.0% on June 19.

Persons: Finance Ho Duc Phoc, Khanh Vu, Toby Chopra Organizations: Finance, National Assembly, State Bank of, Thomson Locations: HANOI, State Bank of Vietnam

India's top solar power producing state Rajasthan has been getting "early warnings" of technical challenges that could arise as the use of renewables increases, a federal power ministry official said. "If proper tariff structures incentivising flexible thermal generation are not introduced, it could result in slower renewable energy adoption," he said. Reuters GraphicsSOLAR, PLUS COALGreen energy capacity in Asia grew 12% in 2022, the fastest rate among major regions, according to the International Renewable Energy Agency. However, authorities in India's sun-drenched Rajasthan state are finding it increasingly difficult to control voltage fluctuations due to the inconsistent nature of solar power output. "Many of these renewable plants are not actually able to comply with such requirements," the official said.

Persons: Rystad, Wood Mackenzie, Lauri Myllyvirta, Pablo Hevia, Koch, Hevia, Florence Tan, Yuka Obayashi, Andrew Hayley, Fransiska, Gopal Sharma, Mei Mei Chu, Joyce Lee, Tony Munroe, Jamie Freed Organizations: Engie, Centre for Research, Clean Energy, Air, Reuters, International Renewable Energy Agency, International Energy Agency, Thomson Locations: China, India, Asia, Wood Mackenzie SINGAPORE, Rajasthan, Pacific, Malaysia, Pakistan, Bangladesh, Vietnam, Singapore, Tokyo, Bangkok, Beijing, Jakarta, Khanh Vu, Hanoi, Kathmandu, Kuala Lumpur, Seoul

☆ World's first vaccine against deadly swine fever nears approval in Vietnam
▼ + stars: | 2023-06-07 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +4 min

African swine fever has for years disrupted the $250 billion global pork market. The next step will be nationwide authorisation, the first ever for an African swine fever vaccine, and possible sales overseas. "There will be a specific interest obviously," Vilsack said in an interview with Reuters in April, speaking about possible purchases of the Vietnamese vaccines. Use of unlicensed live-virus vaccines in China in past years raised concerns they caused the emergence of new strains of swine fever. Only limited data are available from China's trials on a live-virus vaccine against swine fever.

Persons: Gregorio Torres, Torres, Thomas Vilsack, Vilsack, WOAH, Francesco Guarascio, Phuong Nguyen, Khanh, Dominique Patton, Sonali Paul Organizations: Organisation for Animal Health, Reuters, Rabobank, United States Department of Agriculture, Thomson Locations: Vietnam, Hanoi, world's, HANOI, China, U.S, United States, Khanh Vu, Beijing

HANOI/BEIJING, June 6 (Reuters) - A Chinese research ship and its escort, which operated for nearly a month in Vietnam's exclusive economic zone (EEZ) in the South China Sea, left those waters on Monday night, vessel-tracking experts said, just after high-level U.S.-China talks. "The Chinese scientific research vessel carrying out normal research activities in maritime waters under China's jurisdiction is legitimate and proper. At 0300 GMT on Tuesday the Chinese research ship was seen approaching Hainan, said Ray Powell, who leads Stanford University's Project Myoushu on the South China Sea. Vietnam's fisheries surveillance ships turned back after the Chinese vessel and its escort left Vietnam's EEZ around midnight Vietnam time, Powell added. Vietnam's foreign ministry did not reply to requests for comment.

Persons: Xiang Yang Hong, Dmitry Medvedev, Ray Powell, Powell, Van Pham, Francesco Guarascio, Laurie Chen, Khanh Vu, Gerry Doyle Organizations: Stanford, China, Chronicle Initiative, Thomson Locations: HANOI, BEIJING, South China, China, Vietnam's, Beijing, Hainan, Hanoi, Vietnam

HANOI, May 30 (Reuters) - Samsung and other foreign companies are pushing Vietnam to introduce a multi-million-dollar reform that would compensate them for higher levies they face from next year under a global overhaul of tax rules, a source involved in the talks said. The discussions precede the introduction from January of a minimum tax rate of 15% for large multinationals under a landmark global reform led by the Organisation for Economic Cooperation and Development (OECD). The global rule requires companies paying less in a low-tax jurisdiction to face a top-up levy in their home country. Samsung's tax rate varies by district, and ranged between 5.1% and 6.2% in 2019 in the two northern provinces where it produces smartphones, according to government data cited by local media. Smaller companies that are not within the scope of the new global rules may also receive handouts, the source said.

Total capacity of LNG-fired power plants will be 22.4 GW by 2030, accounting for 14.9% of the mix from zero now. The country will have a fleet of 13 LNG power plants by 2030, with the first one scheduled to go online from the fourth quarter next year. At the end of 2020, installed capacity of all coal-fired power plants was 21.38 GW, or 30.8% of the mix. Capacity of coal-fired power plants will increase to 30.13 GW by 2030, accounting for 20% of the mix. WIND By 2030, wind capacity will reach 27.88 GW, including 6 GW of offshore wind capacity.

☆ Vietnam's PM approves $135 billion power plan for 2030
▼ + stars: | 2023-05-15 | by ( ) www.reuters.com time to read: +1 min

HANOI, May 16 (Reuters) - Vietnam's prime minister has approved a power plan that needs $134.7 billion of funding to develop new power plants and grids between 2021 and 2030, the Ministry of Industry and Trade said late on Monday. The ministry said half of office buildings and homes in Vietnam would be powered by rooftop solar panels by 2030. The country would also aim to generate green energy for exports, with a target of 5-10 gigawatts (GW) by 2030. A draft of the PDP8 seen by Reuters shortly before the ministry statement showed the plan would more than double the country's power generation capacity to 158 GW by 2030 from 69 GW at the end of 2020. Power plants using domestic gas and imported liquefied natural gas (LNG) would be the main source of the country's power generation mix by 2030, accounting for 37.33 GW, or 23.6%, according to the draft.

☆ Cluster of Chinese vessels spotted near Russian rig off Vietnam - ship monitors
▼ + stars: | 2023-05-10 | by ( Francesco Guarascio | Thomson Reuters | Francesco Leads A Team Of Reporters In Vietnam That Covers Top Financial | ) www.reuters.com time to read: +3 min

Strong relations between Russia and China are a major factor supporting global stability, Russian Defence Minister Sergei Shoigu said in March, but the two countries have conflicting interests in the South China Sea. "Chinese fishing and scientific research vessels carry out normal production and work activities in maritime areas under China's jurisdiction," it said. It made similar remarks on Tuesday after Chinese boats approached an area where the navies of India and Southeast Asian countries held exercises. On Wednesday, the Chinese vessels were about 10 nautical miles (18 km) from the Japanese operating rig and about 20 miles from the Russia-Vietnam rig, according to South China Sea Chronicle Initiative (SCSCI), an independent non-profit. The Chinese research vessel moved at full speed before entering Vietnam's EEZ but slowed to 4-5 knots, suggesting the ship was conducting a survey there, said SCSCI's Van Pham.

They were in the Vietnamese Exclusive Economic Zone when the Chinese boats moved towards them, the Indian sources said. Ray Powell, who leads Project Myoushu on the South China Sea at Stanford University, said the boats belong to the Qiong Sansha Yu militia fleet in the area. Such militias consist of commercial fishing boats, which work in coordination with the Chinese authorities for political objectives in the South China Sea. Several of China’s littoral neighbours have accused it of using its official and militia vessels to harass and intimidate their fishing and military boats in the South China Sea. China has for years claimed sovereignty over the entire South China Sea, and has been sensitive to the presence of other militaries in the region.

☆ Oregon lawmakers want to decriminalize homeless camps and allow unhoused people to sue if they are forced to leave
▼ + stars: | 2023-04-30 | by ( Taylor Ardrey | ) www.businessinsider.com time to read: +2 min

Oregon lawmakers have proposed a bill to decriminalize homeless encampments. The Right to Rest Act would allow the unhoused to sue if they are harassed while camped in public spaces. If passed, the bill would grant unhoused parties the right to sue for up to $1,000 if they are harassed, the Washington Examiner reported. The number of unhoused people in the state rose by 23% between 2020 and 2022, according to The Oregonian, far higher than the national average. Some residents complain that the homeless population is driving up crime and some have even considered leaving the state, according to the Washington Examiner.

Reuters GraphicsMany U.S. importers are still sanguine, but their supply chains could still be disrupted as Vietnam's apparel makers depend on China for about half of their input materials, according to the country's industry association. XINJIANG LINKSWhile the halted shipments represent a tiny portion of the $27 billion worth of garments and footwear Vietnam exported to the U.S. last year, compliance risks may lead to more painful adjustments for Vietnam. That, in turn, will hit U.S. consumers as Vietnam is their main source of cotton apparel, according to the U.S. Department of Commerce. However Nike has significantly reduced its output of apparel and footwear in Vietnam despite the country remaining its main manufacturing hub, according to its latest annual report updated to May 2022. Two officials from U.S. footwear and apparel industry trade associations said the new rules have had no major impact so far on Vietnam and blamed recent job cuts on lower global demand.

☆ Vietnam EV maker VinFast gets fresh funding pledges of $2.5 bln
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +1 min

HANOI, April 26 (Reuters) - Vietnamese electric vehicle maker Vinfast said on Wednesday it has received a fresh round of funding pledges worth $2.5 billion for its future development. Of the pledges, $1 billion will be provided as a grant from its founder Pham Nhat Vuong within the next year, the company said in a statement. Its parent Vingroup (VIC.HM), Vietnam's biggest conglomerate, will provide a grant of $500 million plus a $1 billion loan with maturity of up to five years. The grants and loan will "give a push for Vinfast to accelerate its development," the company said. VinFast first flagged its U.S. IPO in April 2021, aiming to raise $2 billion with valuation of about $60 billion.

[1/2] A Vietnamese officer tries a weapon at the stalls of Czech security firms, including Colt, at the Vietnam International Defence Expo 2022 in Hanoi, Vietnam, December 8, 2022. REUTERS/Khanh VuHANOI, April 24 (Reuters) - Vietnam is in talks with the Czech Republic for military supplies, including aircraft, radars, upgrades of armoured vehicles and firearms, a Czech government source told Reuters, as Hanoi aims at diversifying its mostly Russian arsenal. Hanoi ordered a dozen L-39NG light-combat aircraft in 2021 from Czech manufacturer Aero Vodochody, with delivery to begin this year. Of the 15 companies that composed the Czech business delegation, four were security firms. The Vietnam foreign ministry and the Czech embassy in Hanoi had no immediate comment.

☆ Vietnam central bank plans loan restructuring for struggling businesses
▼ + stars: | 2023-04-24 | by ( ) www.reuters.com time to read: +1 min

HANOI, April 24 (Reuters) - Vietnam's central bank will restructure loans for some businesses facing difficulties, including delaying loan repayments, the government said, as it seeks to shore up a slowing economy. Several companies in Vietnam, a regional manufacturing hub, have been struggling amid weakening global demand, with exports falling 11.9% in the first quarter of this year. Vietnam's economic growth slowed to 3.32% in the January-March period, against a 5.92% year-on-year expansion in the fourth quarter of 2022. Chinh at a weekend meeting with the central bank also called for commercial banks to cut lending interest rates to support businesses and households. The central bank last month cut several policy rates to support growth amid global uncertainty.

☆ Taiwan's Apple supplier Quanta plans Vietnam factory
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: 1 min

HANOI, April 22 (Reuters) - Apple supplier Quanta Computer (2382.TW) plans to set up a factory in northern Vietnam, the Vietnamese government said. The company, a MacBook contract manufacturer, on Friday signed an agreement with the authorities of Nam Dinh province, 90 km (56 miles) south of Hanoi, to construct the facility at an industrial park there, the government said in a statement late on Friday. The facility, which would be Quanta's 9th factory globally, would initially cover an area of 22.5 hectares, the statement said, without giving its capacity nor a time frame for the construction. Local media said on Saturday Quanta would invest $120 million in the factory. Reporting by Khanh Vu; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

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