Monday, April 07, 2025

Pepper price today 4/4/2025: Brazilian black pepper price decreased

 Pepper price today 4/4/2025: Brazilian black pepper price decreased

Báo Nghệ An04/04/2025

Pepper price today April 4, 2025 in domestic market

Pepper prices today in some key growing areas remained unchanged compared to yesterday. Thereby, maintaining the domestic pepper price level at 157,000 VND/kg to 158,000 VND/kg.

In the Central Highlands region, pepper price today in Dak Lak remained unchanged compared to yesterday, currently at 158,000 VND/kg.

Pepper price today in Gia Lai is unchanged compared to yesterday, currently at 157,000 VND/kg.

Pepper price today in Dak Nong is unchanged compared to yesterday, currently at 158,000 VND/kg.

In the Southeast region, pepper price today in Ba Ria - Vung Tau is currently at 157,000 VND/kg, unchanged from yesterday. Dong Nai is unchanged from yesterday at 157,000/kg.

In addition, pepper price today in Binh Phuoc is unchanged compared to yesterday, currently at 158,000 VND/kg.

Pepper price today 4/4/2025: Brazilian black pepper price decreased

Currently, farmers in Gia Lai are actively harvesting pepper for the 2024-2025 crop year. Although domestic pepper prices are high, due to unfavorable weather, especially the prolonged cold spell during the flowering stage, productivity has decreased sharply, from 20% to 30% compared to the previous crop.

Gia Lai province currently has more than 7,500 hectares of pepper, mainly concentrated in districts such as Dak Doa, Chu Se, Chu Puh and Chu Prong. Vinh Linh pepper accounts for about 90% of the total area, the rest are Phu Quoc and Loc Ninh varieties. Of which, the pepper area currently being harvested is 6,157 hectares, with an average yield of about 3.5 dry tons/ha, for a total output of about 21,670 tons per year.

Gia Lai is also promoting the application of water-saving irrigation technology on more than 2,680 hectares and has 383 hectares of cultivation according to standards such as VietGAP, Organic and Rainforest. In the province, there are currently 5 facilities specializing in purchasing pepper and 9 facilities for preliminary processing and processing with a capacity of about 7,000 tons/year, meeting well the needs of processing and consumption.

In the Central Highlands and Southeast provinces, the harvest is being accelerated. Dak Nong has completed about 70% of the area, Dak Lak 40%, Lam Dong 60%. Provinces such as Gia Lai, Binh Phuoc, Dong Nai and Ba Ria - Vung Tau have also harvested about 50% of the area.

In Quang Tri, many farmers in districts such as Cam Lo and Vinh Linh are worried about crop losses due to massive pepper flower loss. The local agricultural sector identified the main cause as the prolonged cold and rainy season, which has resulted in low flower set rates, with many pepper gardens recording flower loss rates of up to 70-80%. In this situation, the agricultural sector recommends that people take proper care of their pepper gardens and promptly control pests and diseases to limit damage.

The decline in productivity this crop year has also been recorded in many localities such as Dong Nai, Gia Lai, Dak Lak and Ba Ria - Vung Tau. However, thanks to pepper prices increasing by more than VND10,000/kg compared to the beginning of the season, farmers are still optimistic.

In addition, this year the harvest is late, while many households have the mentality of keeping their goods and have more stable financial conditions, so they do not sell in bulk. This helps growers be more proactive in bringing goods to the market, creating stability for supply and selling prices.

Pepper price today 4/4 in the world market

In the world market, based on quotes from export enterprises and export prices in various countries, the International Pepper Community (IPC) has updated the prices of pepper of all types traded in the international market on April 1 (local time) as follows:

Indonesian Lampung black pepper prices remained stable compared to yesterday at USD 7,239/ton. In addition, Muntok white pepper prices remained stable compared to yesterday at USD 10,066/ton.

Brazilian black pepper ASTA 570 price decreased slightly compared to yesterday at 6,950 USD/ton (down 0.72%).

Malaysia's ASTA black pepper price remained unchanged from yesterday at $9,900/ton. Meanwhile, the country's ASTA white pepper price was also stable from yesterday at $12,400/ton.

Prices of all types of pepper in Vietnam remained stable compared to yesterday. Of which, the price of Vietnamese black pepper 500 gr/l reached 7,100 USD/ton; 550 gr/l reached 7,300 USD/ton.

Similarly, Vietnam's white pepper price remained unchanged from yesterday at $10,100/ton.

Source: https://baonghean.vn/gia-tieu-hom-nay-4-4-2025-gia-tieu-den-brazil-giam-10294400.html












Invitation to attend the Vietnam - Russia Business Connection Program 2025

 

Invitation to attend the Vietnam - Russia Business Connection Program 2025

In order to promote trade and investment cooperation between Vietnam and the Russian Federation, the Department of Trade Promotion in coordination with the Russian Import-Export Association (AEI) organized the Vietnam - Russia Business Connection Conference (B2B Meeting 2025).

The event is within the framework of the implementation of the Intergovernmental Agreement on Comprehensive Strategic Partnership between Vietnam and Russia, creating conditions for businesses of the two countries to strengthen cooperation, expand markets and seek business partners.

1. PURPOSE

– Connecting businesses, exchanging market information, seeking cooperation opportunities

– Update trade, tariff, import-export policies between the two countries

– Support businesses in establishing commercial partnerships

2. EVENT CONTENT

Participants:

– Representative of the Russian Import-Export Association (AEI)

– Russian enterprises in the fields of: (i) Chemical industry, construction materials, ecological cleaning products; (ii) Food, pharmaceuticals, natural cosmetics; (iii) Refrigeration equipment, agricultural products, seafood, rubber, fast-moving consumer goods (FMCG)…

Items to be imported from Vietnam: (i)  Food, fast-moving consumer goods (FMCG), household chemicals; (ii) Coconut milk, frozen pureed fruit, coconut charcoal; (iii) Coffee, cocoa, seafood, cosmetics, car tires, rubber.

3. REGISTER TO ATTEND

The Department of Trade Promotion respectfully invites interested businesses to attend.

🔸 Time: 09:00 – 04/04/2025

🔸 Location: 12 Nguyen Thi Minh Khai, Ward Da Kao, District 1, Ho Chi Minh City

➡️ Registration information: https://shorturl.at/9LHYt

➡️ List of AEI delegations: https://shorturl.at/nMnpG

👉 For details, please contact: Mr. Truc: 090 3115880; Email: truchh@vietrade.gov.vn

According to Ministry of Industry and Trade



Accompanying businesses to respond to US tax policies

 

Accompanying businesses to respond to US tax policies

In difficulty, there is always a potential opportunity to restructure, upgrade the value chain and move towards a more modern agriculture on the global trade map.

In the context that Vietnamese enterprises and agricultural products are facing great challenges from the new tax policy announced by US President Donald Trump, Minister of Agriculture and Environment Do Duc Duy provided information on the situation and response solutions in the meeting on the afternoon of April 7 with associations and enterprises exporting goods to the US as well as receiving recommendations and proposals from enterprises.

Government efforts to respond

The Minister said that in recent days, the Party, State and Government have implemented many flexible solutions to respond to changes in US tax policy. Although ministries and sectors have prepared carefully and had contingency plans in advance, the announced high tax rate still surprised many businesses. In fact, even within the US, there are conflicting opinions about this policy, making future developments unpredictable.

Not only is it a matter of tariffs, this policy also involves factors such as the two-way trade gap, non-tariff taxes and many other factors that the United States has a very good understanding of. This has led to many US businesses and trading partners having to suspend or cancel contracts with Vietnam.

Although the Government has made every effort to provide support, Minister Do Duc Duy said that we must always prepare for the worst scenario, including discussions and persuasion with US representatives in Vietnam.

No confrontation, together to overcome difficulties

Faced with great challenges, the Government and ministries and branches have determined the guiding principles as: calm, flexible, close to reality, accompanying businesses and proactively negotiating.

"Vietnam's stance is not to confront, but to seek comprehensive, long-term solutions, with special attention paid to negotiations," the Minister affirmed.

The Government always stands side by side with businesses and will continue to listen and offer advice to find practical solutions. At the same time, solidarity and consensus for the common interests of the industry community and the country will be the decisive factor in this difficult period.

In negotiations with the United States, we need to promote the existing advantages of Vietnamese agricultural products: good quality, competitive prices, not directly competing with US domestic production, and many items have no alternatives.

In addition, it is necessary to see challenges as opportunities to restructure production, industries and export markets. This is the right time to promote the development of high value-added products, towards a more sustainable and high-quality production model. The United States is still one of the large, potential and high-profit markets for Vietnamese agricultural products.

The Minister said that the Ministry of Agriculture and Environment has and will continue to implement solutions previously directed by the Government. In particular, negotiations with US partners such as the US Department of Agriculture and the US Embassy in Vietnam will be strongly promoted, in order to have a common voice with the US Government.

In particular, the Ministry will direct localities, businesses and farmers to maintain production plans without changes during this time. At the same time, it will support businesses in finding alternative markets and continue to record recommendations from businesses and associations to propose to the Government.

In addition, the Ministry will also review technical barriers to both the export and import of agricultural products, especially agricultural products from the United States. The Ministry will also coordinate with businesses to research and develop industries that produce agricultural inputs, such as animal feed and pesticides, to reduce input costs. At the same time, it will encourage deep processing, restructuring production, improving storage capacity, and increasing the competitiveness of goods.

Turn challenges into opportunities

In addition to long-term solutions, the Minister also acknowledged important recommendations from businesses and associations. These opinions will be received and considered for early implementation by the Ministry of Agriculture and Environment, such as: separate negotiations on agricultural tax packages with the United States, which have been initially discussed with the Government and the working group of Deputy Prime Minister Ho Duc Phoc.

Study the possibility of shifting the production chain, for example importing logs from the US, processing domestically, and exporting to China.

Review export taxes on agricultural, forestry and fishery products to markets outside the United States to ensure harmonization of interests.

Propose to the Ministry of Finance to shorten the VAT refund period, creating favorable cash flow for businesses.

Proposing to redefine the concept of "preliminary processing" for exported aquatic products, to ensure preferential tax policies, VASEP has committed to sending an official document soon.

Promote reduction of logistics costs, support businesses in transportation, storage and preservation of goods

Propose a comprehensive support package in case negotiations do not achieve positive results, including credit support, land rent exemption and reduction, tax payment extension, support for farmers in production and cultivation, and establishment of a Technology Development Fund for agricultural production.

The Minister requested that businesses and associations promptly complete petition documents and send them to the Ministry for synthesis and reporting to the Government in a systematic, synchronous and legally-based manner.

Despite facing great difficulties, the message from the Government is clear: not to be passive, not to be drawn into confrontation, but always ready to act with a proactive, responsible and courageous spirit.

With the determination and consensus of all levels, sectors and the business community, the leaders of the agricultural and environmental sectors believe that all will overcome this difficulty, maintain the market and develop sustainably in the future.

According to Nongnghiep.vn







Related News:

Monday, March 31, 2025

Pepper Market March 31, 2025

 

Pepper Market March 31, 2025: Pepper price decreased slightly at the beginning of the week

Pepper prices today (March 31) decreased slightly by 1,000 VND to 159,000 VND/kg. Immediately after the harvest, Dak Nong farmers focused on recovering and taking full care of pepper plants, aiming for success in the next crop.

In the world market

In the world market, pepper prices have not recorded any new fluctuations. The International Pepper Community (IPC) is listing the highest price of Kuching black pepper from Malaysia at 9,900 USD/ton; followed by Lampung black pepper from Indonesia at 7,239 USD/ton; while ASTA 570 black pepper from Brazil is the lowest at 7,000 USD/ton.

 Vietnam's export  black pepper price  fluctuates between 7,100 USD/ton for 500 g/l and 7,300 USD/ton for 550 g/l.

Type name

World black pepper price list

March 31 (Unit: USD/ton)

% change from previous day

Lampung Black Pepper (Indonesia)

7,239

Brazilian Black Pepper ASTA 570

7,000

Kuching Black Pepper (Malaysia) ASTA

9,900

Vietnamese black pepper (500 g/l)

7,100

Vietnamese black pepper (500 g/l)

7,300

At the same time of survey, the price of Malaysian ASTA white pepper reached 12,400 USD/ton, Vietnamese white pepper was 10,100 USD/ton and Indonesian Muntok white pepper reached 10,066 USD/ton.

Type name

World white pepper price list

March 31 (Unit: USD/ton)

% change from previous day

Muntok Indonesian White Pepper

10,066

ASTA Malaysian White Pepper

12,400

Vietnam white pepper

10,100

Update pepper information

Dak Nong Newspaper reported that right after the harvest, Dak Nong farmers focused on restoring and taking full care of pepper plants, aiming for success in the next crop.

According to the leader of Dak Nong Agricultural Development Department, post-harvest pepper care plays an important role and significance for the plant's resistance, especially in the current changing weather conditions.

Farmers are promoting the application of integrated pest management (IPM) and scientific and technical advances in production right from the beginning of the season to cut off the source of pests and diseases spreading to the next season.

During this period, in general, farmers need to let the pepper plants dry out and have time to sleep, rest, and differentiate flower buds. However, farmers should not neglect care, and should not expose the pepper roots to the sun, which will make the plants lose strength and become susceptible to fungal diseases later on.

People also need to use covering materials and root covers to effectively prevent drought; need to maintain moderate humidity, provide enough nutrients on-site, and promptly for plants.

Farmers should balance the types and amounts of fertilizers, paying attention to using more biological and microbial fertilizers because plants can easily absorb them in dry conditions.

By doing this, when the new flowering and fruiting season comes, the pepper plant will be ready to resist disease, especially in the rainy season, and grow fruit better.

Mr. Ngo Xuan Dong, Deputy Director of the Department of Agriculture and Environment of Dak Nong, said that through monitoring by the functional sector, in recent years, farmers' techniques for taking care of pepper gardens have become increasingly stable. The good news is that the trend of sustainable production, organic farming, and natural farming is increasingly being replicated by people.

Dak Nong currently has over 2,200 hectares of pepper meeting international standards such as Flo, Rainforest; 600 hectares of organic certification; 300 hectares of pepper meeting VietGAP certification.

The province continues to promote solutions for sustainable pepper development associated with linkage chains and product lines between farmers, cooperatives, businesses, especially large spice businesses in the world to improve quality and value.

Dak Nong pepper acreage ranks first in the Central Highlands and the whole country with 34,000 hectares. The average pepper yield of the province is about 2.4 tons/ha, the total annual output is about 70,000 tons.

According to VietnamBiz.vn

Agricultural product prices on March 28, 2025: Coffee unexpectedly drops sharply, pepper continues to be stable

 

Agricultural product prices on March 28, 2025: Coffee unexpectedly drops sharply, pepper continues to be stable

DNVN - The agricultural market on March 28, 2025 recorded a significant drop in coffee prices compared to the previous trading session, with a decrease of up to VND 2,000/kg in all regions. Meanwhile, pepper prices remained stable compared to yesterday and continued to remain high. In key areas, the average pepper price is currently at VND 159,400/kg.

Tạp chí Doanh NghiệpTạp chí Doanh Nghiệp28/03/2025

Agricultural product prices on March 26, 2025: Pepper prices reverse and plummet

Illustration photo. Photo: Internet

Coffee prices plummet

At the London exchange, at 5:00 a.m. on March 28, 2025, Robusta coffee prices continued to decline compared to the previous session, with the decrease fluctuating between 78 - 86 USD/ton, bringing the price down to around 5,172 - 5,485 USD/ton. Specifically, the May 2025 delivery contract reached 5,351 USD/ton; the July 2025 contract recorded 5,361 USD/ton; the September 2025 contract was priced at 5,327 USD/ton and the November 2025 contract stopped at 5,246 USD/ton.

In line with the trend, the price of Arabica coffee on the New York floor on the morning of March 28 decreased sharply compared to the previous session, decreasing from 9.45 - 13.20 cents/lb, fluctuating from 359.20 - 392.10.40 cents/lb. Of which, the contract for delivery in May 2025 was at 378.80 cents/lb; the contract for July 2025 was priced at 374.95 cents/lb; the contract for September 2025 stopped at 370.30 cents/lb and the contract for December 2025 closed at 362.85 cents/lb.

In the Brazilian Arabica coffee market, at the end of the trading session, prices decreased across all terms compared to the previous session, ranging from 452.85 - 483.25 USD/ton. Specifically, the contract for delivery in May 2025 reached 483.00 USD/ton; the contract for delivery in July 2025 was priced at 471.60 USD/ton; the contract for delivery in September 2025 was recorded at 465.55 USD/ton and the contract for delivery in December 2025 stopped at 452.85 USD/ton.

Domestic coffee market adjusted down

Updated at 5:00 a.m. on March 28, 2025, coffee prices in the Central Highlands provinces decreased sharply compared to the previous session, with a decrease of up to 2,000 VND/kg in the entire locality. The average purchase price is currently recorded at 133,400 VND/kg.

In more detail, coffee prices in Dak Lak were traded at VND133,400/kg; in Lam Dong, coffee prices reached VND132,400/kg; Gia Lai recorded a price of VND133,300/kg, while Dak Nong maintained at VND133,400/kg.

In the 2024–2025 coffee harvest in Kbang District, Gia Lai Province, the yield was quite high. Mr. Nguyen Van Trang, a farmer in Dak Roong Commune, harvested about 10 tons of coffee beans on an area of ​​3 hectares. After the 2025 Lunar New Year, he sold half of the yield at VND120,000/kg to cover debts and living expenses.

The remaining amount, equivalent to about 5 tons, was kept by Mr. Trang because he noticed that the coffee price kept increasing every week and month. According to him, this was a record high price in the coffee industry, so people decided to keep the goods, waiting for a better price before selling.

The leader of the Vietnam Coffee and Cocoa Association (VICOFA) said that when coffee prices reached VND130,000/kg in early March, most farmers in the Central Highlands and Southeast stopped selling. This forced purchasing units to raise prices to get supply.

It is forecasted that in the coming time, if the hoarding situation continues, coffee prices may increase to 140,000 - 150,000 VND/kg. However, this also poses a big challenge for processing and exporting enterprises as input costs are getting higher and higher.

Pepper prices remain stable

As of 5:00 a.m. on March 28, 2025, domestic pepper prices remained unchanged compared to yesterday, continuing to stay at a high level. Currently, the average purchase price in key areas is 159,400 VND/kg.

Specifically, in Gia Lai, pepper prices remained stable at VND159,000/kg after increasing sharply in the previous session. In Ba Ria - Vung Tau, pepper prices also remained at VND159,000/kg.

In Binh Phuoc, pepper prices continued to remain stable at 159,000 VND/kg.

In Dak Lak, after increasing in the previous trading session, pepper price today remained unchanged at 160,000 VND/kg.

In Dak Nong, the pepper market continues to be stable, pepper price is still purchased at 160,000 VND/kg.

World pepper prices remain high

According to data from the International Pepper Community (IPC), at 5:00 a.m. on March 28, 2025, the world pepper market did not fluctuate compared to the previous session, remaining at a high level.

Currently, Lampung black pepper price (Indonesia) is being traded at 7,229 USD/ton, while Muntok white pepper price is 10,052 USD/ton.

The Malaysian pepper market also recorded stability, with ASTA black pepper prices at USD 9,900/ton and ASTA white pepper reaching USD 12,400/ton.

In Brazil, pepper prices remained stable after the previous increase, currently reaching 7,000 USD/ton.

Vietnam's pepper export market continues to maintain a stable and high level. Specifically, Vietnam's black pepper export price is 7,100 USD/ton for 500 g/l; 550 g/l is 7,300 USD/ton; while white pepper is traded at 10,100 USD/ton.

Pepper industry maintains growth momentum

In recent years, the Vietnamese pepper industry has made significant progress. Pepper growers increasingly focus on organic and sustainable production. Many farmers have also proactively linked value chains and invested in deep processing to improve product quality, serving both domestic and export markets.

In the Central Highlands, the pepper harvest is progressing rapidly. In Dak Nong, about 70% of the area has been harvested; Lam Dong has reached about 60%; Dak Lak has only harvested 40%, while other localities have fluctuated around 50%. Although the harvest output is quite large, the actual supply is still limited due to the psychology of holding goods waiting for high prices. Meanwhile, businesses and traders are facing difficulties with working capital, warehouses and interest costs that increase seasonally.

In the first two months of the year, Vietnam’s pepper exports fell by 15.8% but the value increased by nearly 40%, reflecting a strong price trend. As domestic supply is scarce, many businesses have sought imports from other markets. Notably, Vietnam is currently Brazil’s largest customer, with a total import volume of more than 4,200 tons of pepper, worth nearly 26 million USD, nearly triple that of the same period last year.

It is forecasted that in the coming time, pepper prices will still have many positive prospects as demand from major markets such as the US and EU continues to be high, while domestic supply is limited due to farmers' tendency to hoard goods.


Lan Le (t/h)

Source: https://doanhnghiepvn.vn/kinh-te/gia-nong-san-ngay-28-3-2025-ca-phe-giam-manh-bat-ngo-ho-tieu-tiep-tuc-on-dinh/20250328100822917

Sunday, March 23, 2025

Can the upward trend in pepper prices be maintained in 2025?

 

Can the upward trend in pepper prices be maintained in 2025?

Declining production is expected to be the main driver for pepper prices in 2025.

Pepper prices  increase for second consecutive year 

In 2024, the pepper market recorded the second consecutive year of strong growth in price and  export  turnover . Accordingly, domestic pepper prices at the end of this year nearly doubled compared to the beginning of the year to 140,000 VND/kg.

 Source: Giatieu.com (H.My compiled)

Regarding consumption, Vietnam exported 250,600 tons of pepper of all kinds, earning 1.3 billion USD, down 5.1% in volume but up 45.4% in value compared to the previous year. The main reason is that the average export price of black pepper in 2024 reached 5,154 USD/ton, up 49.7% and white pepper reached 6,884 USD/ton, up 38.9% compared to last year.

Declining manufacturing activity has contributed to pushing up domestic and export prices in recent times.

 Source: General Department of Customs (compiled by H.Mị)

According to the Vietnam Pepper and Spice Association (VPSA), unfavorable weather conditions have negatively affected pepper production. In Dak Nong, the capital of Vietnam’s pepper, output was recorded at the same level as last year.

In addition, the trend of crop conversion is also affecting output. Typically, in Dak Lak province, the province with the second largest pepper area and output in the country, it is assessed that it has decreased as people switch to growing durian and there is not much new planting.

It is expected that farmers will start harvesting pepper after Tet and it will last until the end of April.

Talking to us at the VPSA summary conference held on January 16, Mr. Thai Nhu Hiep - Chairman of the Board of Directors and Director of Vinh Hiep Company Limited, said that in recent years, the Central Highlands region has had plants that have brought good economic efficiency, including coffee, durian, etc. As for pepper, although it also brings very high values, the cost of land improvement is very high, and this work is very difficult and risky. Therefore, the pepper growing area in Vietnam is increasingly narrowing.

Major pepper growing countries such as Indonesia and Brazil also recognize that growing  coffee   is more efficient and profitable. At the same time, coffee consumption is increasing while supply is decreasing. As for pepper, consumer demand has not increased, and price increases sometimes come from speculation and resale between traders.

“When prices are high, people can abstain from pepper but cannot abstain from drinking coffee,” said Mr. Hiep.

Supply is decreasing, supporting pepper prices

The Chairman of Vinh Hiep Company believes that the trend of increasing export value but decreasing export volume will continue in 2025 when the world's inventory is not much left. Meanwhile, in Vietnam, goods are mainly in the hands of speculators. They have been buying since the price was around 110,000 VND/kg. These people use money from taking profits from other agricultural products that have just experienced a hot period such as coffee, durian, ... to buy pepper.

“Speculators think that pepper prices could reach VND200,000/kg in 2025-2026. We cannot judge whether that view is right or wrong, but we can clearly see that output is gradually decreasing,” said Mr. Hiep.

According to VPSA's forecast, global pepper output in 2025 will continue to decrease compared to 2024, marking the fourth consecutive year of decline since 2022. This reflects the fact that pepper is no longer the main crop of many farmers, especially in the context of the significant increase in economic value of other crops such as durian, coffee and oil palm. In addition, climate change with extreme weather events has reduced productivity and increased the cost of maintaining pepper production.

“Global pepper prices in 2025 are expected to remain high due to reduced supply, while demand in major markets such as the US and Europe remains stable. Demand for pepper in the food and spice processing industries remains the main driver of the market,” VPSA said.

Regarding export activities, Mr. Hiep said that currently, businesses have also learned from the previous crop year when they only sign export contracts when they are sure they have purchased the goods.

“In the previous crop year, many businesses “short-sold” pepper, meaning they signed sales contracts and then purchased pepper from farmers. However, last year, farmers’ economic life improved a lot, so the pressure to sell pepper to make ends meet was not great. This put businesses at great risk when it was difficult to buy goods to deliver to  importing  businesses ,” Mr. Hiep shared.

According to VietnamBiz.vn