Increasing domestic supply of raw materials is among the highest priorities for the development of Vietnam’s livestock feed industry in the future, said policymakers and industry experts.
Vietnam's imports of raw materials for processing animal feed in the first seven months of this year surged to 3.1 billion USD as domestic supply only met about one-third of local demand.
While many exporters and producers had orders for 2022, they are worried about a possible shortage of production materials because of supply disruptions from China.
A circular economy aims to circulate the waste within a single enterprise or turn waste from one industry into a resource for another. According to the United Nations Industrial Development Organisation (UNIDO), a circular economy is a closed production cycle, where waste is returned as raw materials for production, thereby reducing any negative impact on the environment, ecosystems, and health.
Up to 89 percent of the imports in the first four months of this year are raw materials and accessories for domestic production with a combined value of 106.6 billion USD, up 16.8 percent year-on-year, according to the Ministry of Industry and Trade.
According the Agency of Foreign Trade under the Ministry of Industry and Trade, Vietnam’s export momentum this year will outstrip that lost from two years of the Covid-19 pandemic.
Vietnam spent 9.07 billion USD to import nearly 22.3 million tonnes of raw materials for animal feed production in 2021, according to the Ministry of Agriculture and Rural Development (MARD)’s Department of Livestock.
The scarcity of rubber raw materials is forecast to continue in 2022, and world rubber is entering a new price increase cycle due to the decreasing supply, opening an optimistic picture for Vietnamese rubber enterprises to enjoy the dual benefits in terms of both export volume and value.
According to Lance Li, CEO of BW Industrial Development JSC, despite the negative impacts of the COVID-19 pandemic, Vietnam continues to be an attractive destination for foreign investors, especially those operating in the warehouse sector thanks to its advantage of geographical location and skilled labor force.
Indonesian President Joko Widodo confirmed that he would protect the country’s policy that prohibits nickel exports as the European Union (EU) filed a lawsuit regarding this issue at the World Trade Organisation (WTO).
The export turnover of Mekong Delta province of Kien Giang hit over 582 million USD in the first ten months of 2021, meeting 77.7 percent of the year's plan.
Indonesia should become the world's largest battery producer, with the government's plan to develop an electric vehicle environment in the country, said Investment Minister Bahlil Lahadalia, who is also head of the Coordinating Board of Investment (BKPM).
The agricultural sector needs to focus on developing raw materials to reduce the dependence on imports as well as improve processing capacity, experts said.
Domestic leather and footwear firms have no choice but to convert their production activities as difficulties are expected to linger through this year due to the impact of the COVID-19 pandemic, experts have said.
China's foreign direct investment (FDI) in Thailand is expected to increase significantly over the next few years as Chinese investors are planning to expand their local footprint, a survey by Siam Commercial Bank (SCB) shows.
Malaysia will benefit from its participation in the Regional Comprehensive Economic Partnership Agreement (RCEP) as it enhances economic integration and facilitation between ASEAN countries and their dialogue partners, namely China, Japan, the Republic of Koreas, Australia, and New Zealand.
A shortage of raw materials remained an obstacle that needed to be removed if Vietnamese textiles and garment enterprises want to seize export opportunities in the European Union (EU) under the EU-Vietnam Free Trade Agreement (EVFTA), according to experts.
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