Trade

Vietnamese Ambassador to Austria Le Dung (L) and Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl (Photo: VNA) Prague (VNA) – Vietnam and Austria discussed measures to promote economic-trade collaboration during a recent working session between Vietnamese Ambassador to Austria Le Dung and Austrian Deputy Minister for Digital and Economic Affairs Michael Esterl. The Vietnam ese diplomat thanked Michael Esterl and his ministry for boosting cooperation between the two sides, affirming the Memorandum of Understanding on Industry 4.0 cooperation clinched between the Vietnamese Ministry of Industry and Trade and the Austrian ministry provides a sound basis for both sides to carry out collaboration activities in the coming time. Michael Esterl, for his part, laid stress on the significance of the regular policy and legal consultation between the Vietnamese Embassy and the Austrian ministry as it creates opportunities for both sides to exchange trade and investment policies and regulations as well as market information in each nation. He suggested both sides maintain this mechanism in the forms that suit COVID-19 situation such as holding virtual conference. The Vietnam-Austria business conference could be organised to update information and pen measures to support enterprises of both sides so that they can seek cooperation opportunities and expand investment in each country, he added." At the working session (Photo: VNA) Touching on cooperation in the time to come, he said Austria is pushing procedures to ratify the EU-Vietnam Investment Protection Agreement (EVIPA). Dung thanked Austria’s support, stressing Austrian businesses have many opportunities to land investment in Vietnam. With a population of 97 million, Vietnam is a potential market for Austrian firms to expand their business operation, while it serves as a gateway for Austrian products and services to get access to the 670 million-strong ASEAN market. …

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Bangkok (VNA) – Thailand 's cross-border trade is expected to recover to growth of 3-6 percent this year, spurred by COVID-19 vaccine distribution and the global economic recovery. According to Keerati Rushchano, Director-General of the Thai Foreign Trade Department, cross-border trade, which includes transit trade, is likely to generate 1.36-1.40 trillion baht (44.6-45.9 billion USD), up from 1.31 trillion baht in 2020. Last year, overall border trade, including transit trade, declined 1.7 percent from the year before mainly because of the pandemic and the closed border checkpoints to curb the spread of the novel coronavirus, in addition to the strong baht. Of last year's figures, exports represented 766 billion baht, down 2.16 percent year-on-year, while imports shrank by 1.05 percent to 553 billion baht, resulting in a trade surplus of 213 billion baht. Border trade with four neighbouring countries amounted to 760 billion baht, down 8.01 percent year-on-year. Malaysia was the biggest partner by value, with two-way trade totalling 249 billion baht (down 9.1 percent). It was followed by Laos at 190 billion baht (down 3.85 percent), Myanmar at 165 billion baht (down by 14.7 percent) and Cambodia at 156 billion baht (down by 3.15 percent). Transit trade, mainly with Singapore, Vietnam and southern China, rose 8.41 percent last year to 559 billion baht. Transit trade with southern China and Singapore went up by 20 percent and 17.2 percent, to value 238 billion baht and 88.7 billion baht, respectively. Transit trade value with Vietnam and other countries fell by 1.3 percent to 172 billion baht. Keerati pledged to accelerate negotiations with neighbouring countries to promote border trade by reopening more border checkpoints that were closed because of the outbreak. Only 39 of 97 border checkpoints are reopened./. VNA …

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The country’s three high-tech parks still have plenty of space to fill for new projects. Photo: Le Toan Hoa Lac High-tech Park (HHTP) is now surrounded with complete infrastructure and favourable transport links which were expected to be an important factor for investment attraction. According to the park’s Management Board, it attracted six projects with total investment of about VND9 trillion ($391 million) in 2020, including one foreign and five domestically-owned. They focus on research and development, manufacturing, and high-tech pharmacy. While the figure is higher than that of 2019, when the park lured in just four domestically-invested projects registered at VND7.46 trillion ($324 million), it was far lower than 2018, when it attracted 11 projects registered with VND17 trillion ($739 million), a record high over the past 20 years. Notable names involved included Nidec, Mitsubishi, and Hanwha Group. The result is lower than expected though the HHTP itself enjoys Decree No.74/2017/ND-CP which came into effect in 2017, governing special mechanisms and policies for the park only. Few social infrastructures such as workers’ housing, hospitals, trade centres, and other services have been licensed there. Industry insiders said that in the context that the country is promoting high-tech foreign investment and the trend of making business and investment in the local market among technology groups, the lacklustre foreign investment attraction of the HHTP has raised questions over how attractive it actually is. While COVID-19 is an obvious reason, others should be included, some added. Established in 1998, the filling rate of the park is now 40 per cent of its over 1,500 hectares. The HHTP boasts the longest history among the country’s three high-tech parks, and has the advantages thanks to Decree 74, which includes unique incentives such as the 10 per cent corporate income tax (CIT) within the first 30 years for a new investment project of at least VND4 …

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