Việt Nam News

MoIT to tighten control on fertiliser, petroleum markets

December 23, 2016 - 17:00

The Ministry of Industry and Trade (MoIT) will tighten control over the fertiliser and petroleum markets in 2017 to limit fake products and frauds.

The market watch department in the southern Long An Province implements check-ups on fertiliser products. — VNA/VNS Photo Huỳnh Kim Phượng

Viet Nam News

HÀ NỘI — The Ministry of Industry and Trade (MoIT) will tighten control over the fertiliser and petroleum markets in 2017 to limit fake products and frauds.

The market watch department will conduct regular checks on all producers, importers and traders to ensure that regulations related to business registration, business conditions, quality of inorganic fertilisers, labelling, bills and the distribution system are being followed.

There will also be inspections on the implementation of regulations under Decree No. 83/2014/NĐ-CP on petrol trading.

During the 14th National Assembly session last month, MoIT minister Trần Tuấn Anh said authorities would strengthen their fight against the counterfeit fertiliser market and build a legal framework on standards for sustainable development of the sector.

The fertiliser market has a potential value of US$2 billion and brings huge profits, which is why there are so many fake products. These not only have a harmful effect on crops, environment and people’s health, they also affect the reputation of genuine products. Statistics from the ministry’s chemical department shows that the country has around 800 fertiliser producers. Counterfeit fertilisers have caused losses to the country’s agricultural production and economy to the tune of VNĐ60 trillion (US$2.64 billion). — VNS

Tags fraud fake products

Việt Nam needs development of green products exported to UK

Economy

UK’s carbon tax to affect VN exports

Economy

Việt Nam expects to officially export passion fruit to the US next year

Economy

VN faced with increasing trade defence investigations on rising protectionism

Economy

Experts point out economic growth drivers, challenges for next year

Economy

Thái Nguyên supports businesses to take advantage of UKVFTA to expand exports to UK

More on this story

Economy

Inter-bank rates touch 10-month high of over 5%

Following a sharp rise in the past few weeks, inter-bank rates have hit a 10-month high of more than 5 per cent per year due to decreasing liquidity in the banking system, said Bảo Việt Securities Co (BVSC).

Economy

Banks increase đồng interest rate to lure depositors

A number of commercial banks have increased their Vietnamese đồng deposit interest rates by 0.2-0.4 per cent per year to attract depositors at year-end.

Economy

VietABank contributes to hi-tech agriculture development

VietABank has offered a preferential loan totalling VNĐ500 billion (US$22 million) to support businesses in hi-tech agriculture.

Economy

Bảo Việt Group earns record $1 billion

Bảo Việt Group, listed on the HCM Stock Exchange as BVH, has become the first finance and insurance company in Việt Nam to earn revenues of US$1 billion.

Economy

HK firm builds clothes plant in Vĩnh Phúc

The Hop Lun Vietnam Company Limited of Hong Kong (China) on Thursday started construction of a clothing factory in the northern province of Vĩnh Phúc.

Economy

Most banks cannot up lending

Many banks won’t be able to offer loans despite the high demand for capital before Tết as they have used up their credit quotas, said Đầu tư Chứng khoán newspaper.

Economy

VN showing 2016 trade surplus

Việt Nam had a trade surplus of US$2.59 billion from the early this year until December 15, according to the General Department of Customs.

Economy

VN to increase liquid gas imports by 2025

Sharply decreasing Liquid Natural Gas (LNG) output and increasing prices of new gas resources are forcing Việt Nam to look to increase LNG imports.

Economy

Seminar advises on debt risks

Risks that companies face while exporting and measures to mitigate such risks and collect overseas receivables were discussed at a seminar in HCM City yesterday.