China adjusts entry-exit policy after epidemic, Vietnam's fruit exports to China surge

(Hanoi, 24th) According to Vietnamese media, since January 8, the number of orders for agricultural products from the Chinese market has increased sharply Some companies said that the export of agricultural products to China has increased by 30% to 50% month-on-month.

According to a report by the Vietnam News Agency on the 22nd, an agricultural product exporter in Qianjiang Province stated that their export orders have increased compared with the epidemic period, and they purchase about 160 tons to 200 tons of durian and jackfruit from growers every day Another exporter said that the company currently purchases about 1,500 to 2,500 tons of fruit per month to ship to China, which is much higher than during the epidemic.

According to reports, China currently imports nearly US$10 billion (approximately RM44 3 billion) of agricultural products from Vietnam every year, and exports to China have always accounted for more than 50% of Vietnam's total vegetable and fruit exports.

According to Vietnamese export companies, since the reopening of the Sino-Vietnamese border, the export of agricultural products to China has increased by 30% to 50% month-on-month The prices of agricultural products such as dragon fruit, durian, and jackfruit have risen sharply.

The Vietnam News Agency mentioned that after Nguyen Phu Trong, General Secretary of the Central Committee of the Communist Party of Vietnam visited China in October last year, China and Vietnam signed a series of fruit and vegetable export protocols Durian and jackfruit were the first agricultural products to benefit.

According to the latest data from the Ministry of Agriculture and Rural Development of Vietnam, at present, more than 500 trucks enter China from Lao Cai Province every day, and more than 800 trucks from Lang Son Province pass customs every day to transport agricultural products to China HO CHI MINH (Reuters) - Vietnam’s real estate debt crisis is intensifying, with the country’s second-largest developer joining the ranks of seeking a debt extension after failing to repay its bonds on time.

NoVa Land Investment Group said earlier this week that it would postpone the payment of 1 trillion VND (approximately 1 8.

6 billion) bonds and require holders to agree to rollover, or convert the principal into their real estate products The developer, known as Novaland, said it was seeking to find a way to repay the debt within two months.

According to an exchange disclosure document made public on February 23, NoVa Land said it has not yet arranged funds to pay interest on the bond This bond was issued on February 16, 2022.

In response to Bloomberg’s inquiries, a company representative said that the interest payable on the bonds was VND 26 billion (approximately RM4 85 million).

NoVa Land has become the latest Vietnamese developer to default on its debt repayments, in a sign of wider financial strains in the industry Affected by the government's anti-corruption campaign, investor confidence has been damaged, and new corporate bond issuance has dropped sharply.

Vietnam's real estate industry began to experience a crisis last year With billions of dollars in bonds maturing this year, risks in the housing sector could trigger a broader crisis in the country's banking sector and economy.

“We think this is just the beginning and expect more debt extensions, restructurings and defaults,” said S&P Global Ratings analyst Xavier Jane "We're also looking at contagion effects" that could extend to companies outside the construction industry.

According to a Ministry of Trade publication last week, citing data from the Ho Chi Minh City Real Estate Association, an estimated 130 trillion VND (about RM24 2 billion) of bonds by real estate companies will mature this year.

There are many precedents before According to data from the Hanoi Stock Exchange, before NoVa Land, peers Tran Hoang Minh Group, Wanshengfa Holding Group, and Sunshine Group also sought to extend the bond repayment period.

Local newspapers reported in December that Vietnam's finance ministry had proposed an amendment to a law that would allow companies to extend the maturity of corporate bonds by up to two years to ease the funding shortfall According to a trade ministry publication last week, draft amendments have been submitted to the government, which also include allowing principal and interest on bonds to be converted into loans or other assets.

"What happens next, and whether there will be cross-default contagion, will remain the top market concern at the moment," SSI Securities said in a note to investors on Wednesday "The issuer must now convene a meeting of bondholders to discuss a resolution, including redemption, further guarantees, or a waiver of default.

" Prior to NoVa Land, peers Tran Hoang Minh Group, Van Thinh Phat Holdings Group, and Sunshine Group also sought to extend bond repayment periods, according to data from the Hanoi Stock Exchange Local newspapers reported in December that Vietnam's finance ministry had proposed an amendment to a law that would allow companies to extend the maturity of corporate bonds by up to two years to ease the funding shortfall.

According to a trade ministry publication last week, draft amendments have been submitted to the government, which also include allowing principal and interest on bonds to be converted into loans or other assets "What happens next, and whether there will be cross-default contagion, will remain the top market concern at the moment," SSI Securities said in a note to investors on Wednesday.

"The issuer must now convene a meeting of bondholders to discuss a resolution, including redemption, further guarantees, or a waiver of default " Prior to NoVa Land, peers Tran Hoang Minh Group, Van Thinh Phat Holdings Group, and Sunshine Group also sought to extend bond repayment periods, according to data from the Hanoi Stock Exchange.

Local newspapers reported in December that Vietnam's finance ministry had proposed an amendment to a law that would allow companies to extend the maturity of corporate bonds by up to two years to ease the funding shortfall According to a trade ministry publication last week, draft amendments have been submitted to the government, which also include allowing principal and interest on bonds to be converted into loans or other assets.

"What happens next, and whether there will be cross-default contagion, will remain the top market concern at the moment," SSI Securities said in a note to investors on Wednesday "The issuer must now convene a meeting of bondholders to discuss a resolution, including redemption, further guarantees, or a waiver of default.

".