Fish sauce manufacturing facilities and households in many coastal localities across Vietnam are experiencing a raw material shortage as Chinese traders have increasingly bought anchovy, the main material needed to produce the delicacy, in bulk. The mass anchovy purchase of Chinese traders has negatively impacted fish sauce makers in Phan Thiet and Khanh Hoa, confirmed Dao Minh Hai, deputy head of the Market Management Agency under the Ministry of Industry and Trade, in a press briefing on Monday. The Market Management Agency has been watching over the Chinese traders, but has yet to detect any cases in which the foreign men directly purchase and transport the seafood, he said. “They still hire local residents to buy the anchovy and transport them to China,” he explained. Hai said his agency will seek advice from the ministry to effectively curb the phenomenon. The number of foreign traders entering Vietnam to collect goods en mass has increasingly risen, and their activities are getting more complicated, the Ministry of Industry and Trade said at a meeting last month. The foreign traders, mostly from China, have been purchasing large quantities of seafood and agricultural products, helping generate jobs and income for local farmers, but some have left negative impacts on the local market, Vo Van Quyen, head of the ministry’s Domestic Market Agency, said in a statement. “Some contributed to increase in prices of agricultural products, affecting the sources of raw materials of local manufacturers, with some defaulting on their seafood purchases,” elaborated Quyen.
More
Ex-manager of Vietnamese bank vault indicted for thieving 300 troy ounces of gold for stock, crypto investments
The lender has opted not to pursue civil claims against the suspect and has appealed to the investigating police agency for a reduction in his criminal responsibility.
Read more
What 2024 US presidential election means for Vietnam's economy
The outcome of the U.S. presidential election is unlikely to have much effect on Vietnam
2 days agoMasan confident in approaching 2024 profit target of $78.75mn
Masan achieved a profit of VND701 billion (US$27.6 million) in Q3 2024, nearly 14 times higher than the same period last year
1 week agoVietnam to debut AI tool for e-commerce platform supervision next week
A total of 102 foreign service suppliers have paid over VND18.6 trillion (US$734 million) in tax to Vietnam
1 day agoHundreds of suspected fake fashion accessories seized at Ho Chi Minh City’s Ben Thanh Market
These items were believed to have imitated well-known brand names such as Rolex, Omega, Ray-Ban, Prada, LV, Dior, Gucci, Chanel, and Philippe
6 days agoChinese aerospace manufacturer wishes to operate narrow-body aircraft in Vietnam’s airspace
The firm has been working with Vietnamese airline Vietjet Air to fly planes for short-haul flights in Vietnam in late 2024
8 hours agoHighlights
Chinese aerospace manufacturer wishes to operate narrow-body aircraft in Vietnam’s airspace
The firm has been working with Vietnamese airline Vietjet Air to fly planes for short-haul flights in Vietnam in late 2024
Latest news
Chinese aerospace manufacturer wishes to operate narrow-body aircraft in Vietnam’s airspace
The firm has been working with Vietnamese airline Vietjet Air to fly planes for short-haul flights in Vietnam in late 2024
Police capture 5-member gang for stealing over 100 dogs in north-central Vietnam
The gang stole from five to seven dogs weighing a total of some 50 kilograms per night
Powerful storm Yinxing could enter East Vietnam Sea tomorrow
The storm is likely to move westward at a maximum speed of 20 kph on Friday
Vietnam’s 1st golf festival to take place in Nha Trang this month
The three-day event will feature a vibrant lineup of activities, promising to bring boundless excitement to golfers and golf fans
2024 'virtually certain' to be hottest year on record: EU monitor
This year is 'virtually certain' to be the hottest in recorded history with warming above 1.5C, EU climate monitor Copernicus said Thursday, days before nations are due to gather for crunch UN climate talks
Ho Chi Minh City sets goal of raising lifespan to 77 by 2030
The city’s life expectancy was 76.5 years in 2023, surpassing the national average of 73.7
Ottawa to shut TikTok's Canada offices, says app can still be used
Canada banned TikTok from all government devices last year and launched a security review of the application
Brazil's Amazon posts lowest deforestation in nine years: govt
Deforestation fell by 30.6 percent in the year-to-year period beginning in August 2023
2 pilots found safe after military training aircraft crash in central Vietnam
The incident forced the two pilots to parachute
Vietnam’s state president to visit Chile, Peru this weekend
These mark his first overseas trips since assuming power on October 21