Vietnam is the number 1 cinnamon exporter, spending 3.38 billion USD to import 2 types of nuts.

Vietnam is the world's leading exporter of cinnamon.

This information was presented at the 2023 Vietnam Cinnamon Industry Sustainable Development Workshop, organized by the Ministry of Agriculture and Rural Development in collaboration with other units on the morning of November 15th. In 2022, Vietnamese cinnamon accounted for 18.2% of global production but 34.4% of the global cinnamon export market share. Vietnam is the world's number one cinnamon exporter with export revenue exceeding US$292 million. As of the end of October 2023, Vietnam exported 74,744 tons of cinnamon, earning US$220.3 million, an increase of 19.2% in volume but a decrease of 1.3% in value compared to the same period last year. The average export price of cinnamon for the first 10 months reached US$2,948/ton, a decrease of 17.2% compared to the same period in 2022 (according to VTV).

- Vietnam spends $3.38 billion importing two very familiar types of nuts.

In the first 10 months of this year, Vietnam spent $3.38 billion importing two very familiar grains, corn and soybeans, to meet the needs of animal feed production and domestic consumption. Specifically, the country spent $1.02 billion to import 1.61 million tons of soybeans and approximately $2.36 billion to import 7.75 million tons of corn. (See more)

- Coffee exports reached their highest value in history.

In the 2022/2023 crop year, Vietnam's coffee exports earned $4.08 billion, a 3.4% increase compared to the previous year thanks to higher prices. According to the Vietnam Coffee and Cocoa Association (VICOFA), this is the highest export value ever recorded in a crop year (according to VTV).

- The Prime Minister has requested that solutions be found to the challenges facing Vietnam's tourism industry .

In 2023, Vietnam's tourism sector recorded growth but still recovered slowly compared to the pre-Covid-19 period. Therefore, the Prime Minister requested decisive solutions to address both short-term and long-term challenges in order to develop tourism rapidly and sustainably. (See more)

- Proposing regulations to remove obstacles in the bidding process for medicines and medical equipment.

The Vietnam Federation of Commerce and Industry has proposed that the Ministry of Planning and Investment add regulations on the winning bid price from national and local centralized procurement, and price negotiations, as a basis for paying costs to private medical facilities (according to Tien Phong newspaper).

- Electricity prices increase twice a year: EVN gains billions of USD, steel and cement costs rise.

tanggiadien mbs1 1421.gif — Predict which businesses will benefit from/be harmed by the increase in electricity prices.

MBS Securities estimates that EVN will gain an additional VND 26,000 billion in 2024 from the two electricity price increases this year. This will help EVN improve its solvency and cash flow, and electricity companies are expected to benefit, but it will negatively impact many manufacturing businesses. Businesses in some manufacturing sectors such as steel, cement, and chemicals will experience increased cost of goods sold. (See more)

- An individual owes the bank more than 2,000 taels of gold for nearly 20 years.

The bank is auctioning off the entire debt of a customer at Agribank's Ho Chi Minh City branch.
The book value of the outstanding debt as of July 13th is 2,149.11 SJC gold ounces, equivalent to approximately VND 14.313 billion (calculated based on the gold price of VND 6.66 million/ounce on July 13th). The starting bid for the debt is VND 10.826 billion. Bidders are required to deposit VND 1.082 billion, equivalent to 10% of the starting bid price. (See more)

- Over 1,000 real estate businesses dissolved in 10 months.

According to data from the General Statistics Office, in the first 10 months of this year, 1,067 real estate businesses were dissolved nationwide, an increase of 9.5% compared to the same period last year. Real estate is the sector that witnessed the largest number of business dissolutions during this period (according to Tien Phong newspaper).

- After 7 auctions, prime land on Hanoi's Old Quarter streets has lost half its value.

More than a year after Agribank first announced the auction, the starting price of plot number 110 Hang Buom has decreased by 29.9 billion VND, or almost half. The current price is only 303 million VND/m2. (See more)

Today, global oil prices continued their upward trend from the first two trading sessions of the week. The rise in oil prices is driven by increased demand and concerns about supply shortages.

The central exchange rate decreased by 6 dong on November 15th. The USD price at commercial banks today fell sharply, dropping below 24,500 dong/USD for the selling rate. The global USD price also fell significantly.

On November 15th, the stock market saw the VN-Index rise by 12.77 points to 1,122.5 points. This is the highest closing price since October 17th. Positive news regarding US inflation and the sharp drop in the DXY index last night fueled investor enthusiasm.

Gold prices surged on the international market today amidst a relatively rapid decline in the US dollar. The price of 9999 gold from SJC also increased by 200,000 VND/ounce in both buying and selling prices.

Today, November 15th, bank interest rates show that two banks have lowered their 6-month deposit rates to below 5%. These are Tien Phong Bank (TPBank) and Dong A Bank. Since the beginning of November, a total of 22 banks have reduced deposit interest rates.

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