In spite of being warned to cut the project from its new steel master plan to 2020 with vision to 2030, Japanese steelmaker Kyoei Steel confirms its determination to revive its delayed high-quality steel project in the northern province of Ninh Binh. Kyoei Steel's plant was supposed to come into operation in 2015 (Illustration) According to newswire Nikkei, the investor will pour $200 million into the project, the construction of which is expected to start by the end of this year, with the rolling mill slated to come online in 2019 and the steelmaking facility in 2020. Earlier in March 2012, Kyoei organised the ground-breaking ceremony of the project. According to the initial plan, the project was to come into commercial operation in 2015 with a capacity of 500,000 tonnes. It was expected to become the … [Read more...]

NDO – The ASEAN Economic Community (AEC) and the opportunities the community provides for residents and businesses were discussed at a seminar in Can Tho city on August 18. The event attracted the participation of representatives from the Ministry of Industry and Trade, Ministry of Foreign Affairs, the Steering Committee for Southwest Region and the leaders of the People’s Committees of cities and provinces in Mekong River Delta. Participants at the event were provided with an overview of the AEC, its role and operation, economic cooperation in the AEC, how the community will benefit Vietnamese businesses, in addition to Vietnam’s commitments while joining the AEC. They were also updated on the opportunities and challenges facing the Mekong River Delta, and Can Tho City in particular, since Vietnam joined the AEC. According to Vice Chairman of Can Tho city People’s Committee Truong Quang Hoai Nam, since Vietnam became a member of ASEAN in … [Read more...]

Vietnam National Oil and Gas Group (PetroVietnam) will complete the divestment from several subsidiaries by 2020, according to newswire Petrotimes. PetroVietnam will wholly or partially divest all but three subsidiaries Accordingly, PetroVietnam is permitted to retain its entire holdings in only three subsidiaries, namely the parent company PetroVietnam, National Southern Spill Response Centre (Nasos), and PetroVietnam Manpower Training College. PetroVietnam will have to divest part of or entire holdings in its remaining subsidiaries. Notably, from now to 2019, PetroVietnam will entirely divest PVI Holdings, Phuoc An Port Investment and Exploitation Oil and Gas JSC, Green Indochina Development JSC, SSG Real Estate JSC, PetroVietnam Trade Union Finance JSC, PetroVietnam Construction Joint Stock … [Read more...]

With the aim of building a dialogue channel for Vietnamese and Taiwanese green energy industries, as well as supporting Taiwanese companies to develop the Vietnamese green energy market, Vietnam Chamber of Commerce and Industry, Ho Chi Minh Branch (VCCI-HCM) recently collaborated with the Taiwan External Trade Development Council (TAITRA) to host the Conference on Green Energy Insights: Vietnam-Taiwan Trends and Development.” Speaking at the conference, Madam Karen Ma, Director of the Green Trade Project Office, Taiwan, said, in many Asian countries like India, Thailand, Singapore and Brunei, using green energies, including solar energy, is highly recommended and seen as an effective solution to ensure national and regional energy security. In particular, these countries have also developed complete legal frameworks to provide a solid foundation for green energy development in the future. … [Read more...]

Investors are seeking alternative opportunities in central coastal cities like Danang and Nha Trang, given the high property prices in Hanoi and Ho Chi Minh City. In anticipation of the trend, foreign developers with strong financial capacity have ramped up acquisitions or have been partnering with local developers to scale up projects there. Central Vietnam features a coastline of scenic beaches which have attracted a growing number of domestic and international tourists in recent years. Consequently, the coastal cities of Danang, Nha Trang, and Hoi An have become popular second-home markets, with completed infrastructure as well as a plethora of living and entertainment services. Many tourists, investors, as well as locals desire to own beachfront apartments or villas in the area to enjoy their weekend holidays. On top of this, coastal properties would … [Read more...]

Authorities in the southern province of Bình Dương and the representatives of South Korean companies operating in the province met on Wednesday to resolve difficulties faced by businesses in the area. illustration photo source: binhduong.gov.vn At the meeting, companies raised questions about human resources, product displays, business expansion, fire prevention, work safety, social insurance, wages and the environment. The authorities answered questions and offered solutions, promising the companies that they would continue to improve the investment environment. A representative of the province’s Department of Construction said that construction of 1,230 sq metres of social housing, including accommodations for workers would end in 2020. At the meeting, the province’s … [Read more...]

A delegation of 30 Tanzanian businesses attended the recent Vietnam-Tanzania Business Forum in Hanoi to meet Vietnamese companies. Visitors are engaged in agriculture, agricultural products (rice, pepper, tea, cashew nuts, coffee, etc.), fishing, garment and textile, transportation, agricultural machinery and equipment, pharmaceuticals, energy, electricity, telecommunications, consultancy, finance, and general import and export. The forum was organised by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Vietnamese agencies and Tanzania Investment Promotion Centre on the occasion of the visit to Vietnam by Tanzanian Minister of Industries, Trade and Investment and Minister of Agriculture, Livestock and Fisheries with the aim of seeking partners and opportunities of investment cooperation with Vietnamese businesses. Speaking at the forum, Dr Doan Duy Khuong, VCCI … [Read more...]

Representatives of the 21 Asia-Pacific Economic Cooperation (APEC) economies discussed investment in dynamic and healthy aging for sustainable growth at a multilateral forum opened in Ho Chi Minh City on August 15. The 250 participants were parliamentarians, government officials, experts, researchers and businesspersons from the APEC economies and international organisations. The forum took place on the sidelines of the third APEC Senior Officials’ Meeting and related meetings. Chairing the event’s opening session, Vietnamese Minister of Health Nguyen Thi Kim Tien said population change is currently one of the biggest demographic changes in the world with the rapid growth rate of old people, generating major opportunities and challenges and impacting all economic and social aspects of each country, community and … [Read more...]

LONDON: Britain said on Tuesday (Aug 15) it would seek a "temporary customs union" with the European Union after Brexit, in an opening gambit for trade negotiations that received a cool response from Brussels. Britain's membership of the EU customs union precludes it from striking its own trade deals. (Photo: AFP/Daniel Leal-Olivas) The government proposed to continue for around two years the kind of tariff-free arrangements that apply now to EU-UK trade in goods, to give businesses more time to adapt to new post-Brexit systems. But unlike under the current customs union, London said it wanted to be able to negotiate free trade agreements with non-EU countries during the interim period, which would then be implemented afterwards. Brexit minister David Davis told BBC radio it was "sensible" to have a … [Read more...]

The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 per cent of the tax on cars with nine seats or less with similar engine displacement, a move that would sharply increase their cost.   Speaking at a press conference in Hà Nội yesterday, Phạm Đình Thi, head of the finance ministry’s Tax Policy Department, said pickups mainly have engine displacement of between 2,000 and 3,000cc, so if the tax on the car with nine seats and less is currently 55 per cent of the car value, the tax on the pickups should be 33 per cent. The proposal was made after the Prime Minister required the ministry to study and check the tax on pickups in the region. The ministry found that regional countries usually levy special consumption tax on pickups … [Read more...]

NDO/VNA – Representatives of the 21st Asia-Pacific Economic Cooperation (APEC) economies discussed investment in dynamic and healthy aging for sustainable growth at a multilateral forum opened in Ho Chi Minh City on August 15. The 250 participants were parliamentarians, government officials, experts, researchers and businesspersons from the APEC economies and international organisations. The forum took place on the sidelines of the third APEC Senior Officials’ Meeting and in other related meetings. Chairing the event’s opening session, Vietnamese Minister of Health Nguyen Thi Kim Tien stated that population change is currently one of the biggest demographic changes in the world with the rapid growth rate of old people, generating major opportunities and challenges impacting all economic and social aspects of each country, community and family. The forum allowed policy makers, management officials, scientists and relevant … [Read more...]

NDO - Authorities of Tra Vinh province launched the Tra Vinh electronic trading platform on August 15 which can be found in the following link: http://travinhtrade.vn in a bid to boost trading activities. Nguyen Trung Hoang, Vice Chairman of Tra Vinh provincial People's Committee stated that the application of e-commerce aims to enhance the effectiveness of trade promotion activities in and outside the province. Hoang noted that the platform is an official and updated information exchange channel on goods and typical products of Tra Vinh province. Through the platform, Tra Vinh enterprises are able to promote their products, update market information, and seek market demand. Consumers will thus have a reliable address to choose quality products. Thus far, 15 enterprises with 50 typical products of Tra Vinh province have registered to participate in transactions on this platform. Tra Vinh electronic trading platform is directly … [Read more...]

2017 is considered a 4G LTE boom in Vietnam as three big operators, VNPT, Mobifone and Viettel, got licensed by the Ministry of Information and Communications to establish public telecommunication networks and provide 4G telecommunication services. The 4G race has officially exploded this year, promising a strong rivalry among operators to bring consumers high-speed, best quality 4G LTE experiences to customers. This information was released at the 4G LTE International Symposium and Exhibition on “4G LTE service diversification towards enhancing efficiency of consumer satisfaction” jointly held by the Ministry of Information and Communications, the Vietnam Internet Association and International Data Group (IDG). Speaking at the event, Deputy Minister of Information and Communications Pham Hong Hai said that 2017 is a good time to vigorously deploy 4G networks in Vietnam, … [Read more...]

After the Governments of Vietnam and Singapore agreed to lift the relationship to the so-called strategic partnership, the bilateral trade value has always accounted for a big share of total trade value of each side. Singapore has become Vietnam's largest trading partner in ASEAN and sixth in the world. The two-way trade value has annually increased about 12 per cent, reaching US$7.16 billion in 2016, accounting for 17.3 per cent of Vietnam’s trade value with ASEAN states. The two-way trade value amounted US$4.3 billion in the first six months of 2017, with US$1.5 billion for Vietnam and US$2.8 billion for Singapore. As a result, Vietnam ran a trade deficit of US$1.3 billion with Singapore. Vietnam’s imports from Singapore rose 10.58 per cent year on year in the first six months of 2017. Petroleum was a staple, accounting for 46 per cent of total turnover, or US$1.3 billion, representing an on-year growth of 43.77 per cent. The second … [Read more...]

As one of the leading brands in the Singaporean as well as the Asian gift and jewellery market, RISIS has been continuously expanding its business around the globe, and now it has opened a new showroom in Ho Chi Minh City, which promises to bring a fresh breeze of luxury with its high-quality and luxury items.  Gold-plated horses, the symbol of success and promotion, a popular corporate gift Visitors to Singapore always seize the chance to find luxurious and exquisite gifts from RISIS as mementos of lifelong personal and business relations. From now on, RISIS lovers no longer have to travel to Singapore since a plentiful choice of the company’s exquisite jewellery will be waiting for them right in Vietnam when visiting VietinBank Gold and Jewellery Showroom, located at Saigon Trading Centre, L1-15 Le Loi, … [Read more...]

Vietnam’s first polyester fibre manufacturing plant may soon resume production following the investor’s strong commitment.  PVTEX uses materials from Dung Quat Oil Refinery to make fibre The leaders of state-owned oil and gas giant PetroVietnam and state-owned textile and clothing conglomerate Vinatex recently met to discuss resuming the consumption of the fibre plant’s products. Based in Dinh Vu Economic Zone in the northern port city Haiphong, the plant has a total investment value of nearly VND7 trillion (about $325 million) and was planned to use feed from Dung Quat Oil Refinery in the central province of Quang Ngai to produce fibre. PetroVietnam owns 75 per cent of the plant. The meeting was a message for a possible resumption of operations at Dinh Vu Polyester Fibre Plant (PVTEX) which … [Read more...]

Dien Quang Lamp Joint Stock Company (DQC) saw a plunge in consolidated profit in the first six months of this year in general and the second quarter in particular. DQC's revenue and profit figures show a horrendous impact of a scandal involving MoIT's Deputy Minister Ho Thi Kim Thoa RELATED CONTENTS: Ministry orders to inspect plastic surgery clinic in HCM City Vinachem leaders facing disciplinary actions Binh Dinh's Chairman speaks up for FLC Group Numerous violations found in FLC’s million-dollar projects Dien Quang tactics to maintain leading position According to its … [Read more...]

Trade tensions between the United States and China heated up on Tuesday as Beijing warned that it "will not sit idle" if a US probe into its intellectual property practices leads to sanctions. President Donald Trump's decision to order the investigation comes on top of strains between the two nations over how to handle Beijing's ally North Korea. Trump on Monday signed a memorandum directing US Trade Representative Robert Lighthizer to determine whether Chinese policies hurt American investors or companies -- with retaliatory measures a possible outcome. "We will stand up to any country that unlawfully forces American companies to transfer their valuable technology as a condition of market access. We will combat the counterfeiting and piracy that destroys American jobs," Trump said. "Washington will turn a blind eye no longer," Trump said, vowing to safeguard copyrights, patents and other intellectual property that are "vital to our security and to our … [Read more...]

Vietnam currently has 408 investment projects in Laos with a total registered investment capital of US$3.7 billion, statistics show. Vietnam and Laos recently hosted the Conference on Professional Exchanges between Vietnam-Laos Planning and Investment Sectors 2017 took place in Da Nang City to further boost bilateral relations between the governments of the two countries. 2017 also marked a milestone year of Vietnam-Laos solidarity aimed to deepen the special friendship, solidarity and comprehensive cooperation between the two neighbours. Mr Nguyen Chi Dung, Minister of Planning and Investment of Vietnam, said, Vietnamese enterprises are continuing to invest and make a positive contribution to Laos’ socio-economic development. They have to date invested 408 projects worth US$3.7 billion in Laos. In addition, the Government of Vietnam still offers a grant of VND850 billion (US$30 million) to Laos. According to experts, aid projects have been implemented … [Read more...]

WASHINGTON: US President Donald Trump will sign a memorandum Monday that could lead to sanctions against China over its intellectual property practices, administration officials said on Saturday (Aug 12.) Trump will direct US Trade Representative Robert Lighthizer to determine whether any Chinese laws, policies or practices discriminate against or harm American innovators and technology companies. (Photo: AFP/Jim Watson) Trump will direct US Trade Representative Robert Lighthizer to determine whether any Chinese laws, policies or practices discriminate against or harm American innovators and technology companies, the officials said. If so, Lighthizer would have "broad powers" to seek remedial action. The officials, who spoke on condition of anonymity, bluntly accused China of "stealing our intellectual … [Read more...]