Economy

Wind turbines in the central coastal province of Binh Thuan - a locality with a high potential to develop the wind power sector further in Vietnam. “We have so far put three wind power projects into operation in Vietnam. We also expect to have another project come on stream by 2019 and do a lot more in the future”, Tommaso Rovatti Studihard, South East Asia sales director for wind power firm Vestas Asia Pacific, told VOV Online. Studihard further said Vestas is eager for the Vietnamese market with great wind resources. The country sees huge opportunities to have some gigawatts of wind power within the next five years, in the wake of the Government’s recent feed-in tariff (FiT) revision. Under the Decision 39/2018/QD-TTg dated September 10, the FiT for wind power rises from US cents 7.8/kWh to US cents 8.5 for onshore generation and US cents 9.8 for offshore, respectively. This decision took effect from November 1 this year. … [Read more...] about Amendments to power purchase agreement called for more FDI

Photo: Nhip Cau Dau Tu ( Investment Bridge Span) weekly By late 2017, Japan topped nations and territories in the world for pouring investment capital into Vietnam. However, during the first 5 months of the year, Japan had lost its leading position in foreign direct investment (FDI) capital into Vietnam as investment slowed.  FDI capital flow from Japan not in line with expectations According to statistics from the Japan External Trade Organization, Japan’s FDI capital flow into Vietnam reached US$1.446 billion in 2015 and US$1.672 billion in 2016. The figure continued to rise going into 2017 with investment capital reaching US$2.001 billion.  Although Japan remains among the two largest foreign investors in Vietnam, the recent decreased level of investment into Vietnam raise concerns, according to experts. Nguyen Thi Thu Trang, Director of the Integration WTO under the Vietnam Chamber of Commerce and Industry (VCCI), said many of Japan’s multinational groups … [Read more...] about Drastic changes needed for further FDI opportunities from Japan

In addition, the European Union-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), are to come into effect next year, offering them ample opportunities.  The free trade agreements are expected to improve competitiveness for local interior furniture companies, helping them to penetrate potential markets throughout the world, said Ha Cong Tuan, Deputy Minister of Agriculture and Rural Development, at a seminar on opportunities from EVFTA and CPTPP and the establishment of the world furniture center in Vietnam held by the Handicraft and Wood Industry Association of HCMC (Hawa) in HCMC on December 7. Tuan said the competitiveness of Vietnam’s furniture companies has increased, as many of them have invested in advanced and automated facilities, alongside improved designs, brands and administration management. Local furniture products can meet the demands of the world market, he said. Speaking at the seminar, … [Read more...] about Vietnam expected to become second largest furniture exporter

The terminal is a joint venture between Saigon Newport Corporation (a military-run business) and three foreign partners, namely Mitsui O.S.K Line (Japan), Hanjin Transportation (the Republic of Korea) and Wanhai Lines (China’s Taiwan). In 2018, TCIT achieved great successes such as receiving 527 ships of ten international routes, of which nearly 30 ships have capacity of more than 14,000 TEUs. The terminal is expected to handle more than 1.6 million TEUs in 2018, accounting for 55 percent of the market share of Cai Mep – Thi Vai deepwater port. At the ceremony to celebrate the 1.5M TEU Over the past time, TCIT has sought to improve the quality of services by strengthening loading capacity, solving customers' problems, simplifying customs procedures, and speeding both road and waterway freight from TCIT to Ho Chi Minh City. In the coming time, TCIT will implement E-port and EDO programs, closely cooperate with specialized agencies to promote customs … [Read more...] about TCIT handles 1 5 millionth TEU in 2018

Experts made the forecast following a report released by the General Department of Vietnam Customs stating that exports between January and mid-November made US$212.64 billion in revenue, a year on year rise of 15.1%. Telephones and their components, garments and textiles, along with footwear topped the list, surging by US$4.65 billion, US$3.68 billion, and US$1.28 billion, respectively. Exports on farm produce also soared by between 11 and 13%. A particular area of growth in the farming sector has been the export of rice, with exports receiving the green light from a number of Asian and African countries. Asian countries such as the Philippines are in need of an additional 500,000 to 800,000 tonnes of rice in order to meet domestic demand. Floods and poor weather conditions in Indonesia and a number of African countries has affected cultivation and therefore triggered a high demand for rice imports. In addition to the soaring demand, many Chinese traders are seeking Vietnamese … [Read more...] about Vietnam on course to beat export record