NDO - A high-ranking delegation of the Cambodian National Assembly (NA), led by President Heng Samrin, left Hanoi on June 26, concluding a four-day official friendship visit to Vietnam, undertaken at the invitation of Vietnamese NA Chairwoman, Nguyen Thi Kim Ngan. During his visit, President Heng Samrin held a talk with Vietnamese NA Chairwoman Nguyen Thị Kim Ngan, and met Party General Secretary Nguyen Phu Trong, President Tran Dai Quang, and Prime Minister Nguyen Xuan Phuc. He also met Secretary of the Hanoi municipal Party Committee Hoang Trung Hai, and received the President of the Vietnam-Cambodia Friendship Association. Cambodian NA President Heng Samrin also attended a grand ceremony to celebrate the 50th founding anniversary of Vietnam-Cambodia diplomatic relations (June 24, 1967); participated in a meeting between the presidents of the Vietnam Fatherland Front, the Lao Front for National Construction and the Solidarity Front for Development of the Cambodian … [Read more...]

Electronic wallet (e-wallet) services are becoming more popular in Viet Nam, with a number of new e-wallet services officially licensed in the last year and a half. A person uses the MoMo e-wallet. E-wallet services are becoming popular in Viet Nam.- Photo momo.vn Over the next five years, 24 per cent of banks’ market share in remittances and payments are expected to belong to financial technology companies (fintech), according to a global survey by PricewaterhouseCoopers (PwC). E-wallets are electronic accounts that allow users to pay online bills and service fees, and transfer money and receive money quickly. As an online payment form, through a mobile device, e-wallets help users make payments anywhere at anytime, saving money and time compared to other forms of payments. In remote areas, … [Read more...]

NDO – The following are some outstanding events that made the headlines over the past week selected by Nhan Dan Online. Over 866,000 candidates sit 2017 national high school exam More than 866,000 students nationwide from June 22-24 took part in the 2017 national high school exam - the largest test of the year - to obtain results for high school graduation and university admission. This year is the first year that the national exam is assigned to be hosted at venues held in 63 cities and provinces across the country. Localities have set up 63 exam councils to actively organise local examinations. There are a total of 2,364 exam venues, with 36,832 exam rooms and approximately 90,000 staff members and teachers facilitating the exams. This is also the first year, the exam has been developed and organised in a new way, except for the Literature test, in the essay form, the remaining tests - Foreign Languages, Natural Science (Physics, Chemistry, and Biology) and … [Read more...]

Vietnam's Ministry of Industry and Trade has asked the government to cut taxes on all automobile parts manufactured domestically in an effort to help local auto firms remain competitive when tariffs on vehicles imported from Southeast Asian countries are scrapped next year. Buyers currently have to pay a special consumption tax of 50 percent on new automobiles. If the new proposal is approved, buyers will only have to pay that rate on components that are manufactured overseas, providing at least half of the vehicle has been manufactured in Vietnam. This could be bad news for car importers, but local auto assemblers in Vietnam such as Truong Hai Auto Corporation and Hyundai Thanh Cong Viet Nam Joint Stock Company stand to benefit. By cutting the special consumption tax, VAT and other production costs will also fall, giving local auto assemblers a fighting chance when the import tax on vehicles is scrapped as part of the ASEAN FTA next year. Official customs data shows … [Read more...]

Vietnam's Ministry of Industry and Trade has asked the government to cut taxes on all automobile parts manufactured domestically in an effort to help local auto firms remain competitive when tariffs on vehicles imported from Southeast Asian countries are scrapped next year. Buyers currently have to pay a special consumption tax of 50 percent on new automobiles. If the new proposal is approved, buyers will only have to pay that rate on components that are manufactured overseas, providing at least half of the vehicle has been manufactured in Vietnam. This could be bad news for car importers, but local auto assemblers in Vietnam such as Truong Hai Auto Corporation and Hyundai Thanh Cong Viet Nam Joint Stock Company stand to benefit. By cutting the special consumption tax, VAT and other production costs will also fall, giving local auto assemblers a fighting chance when the import tax on vehicles is scrapped as part of the ASEAN FTA next year. Official customs data shows … [Read more...]

Hanoi has been taking major steps towards the government’s recommendations on improving the business climate towards transparency and international conformity. Nguyen Van Tu, director of the city’s Department of Planning and Investment, discussed with VIR’s Thu Trang areas of future administrative reform and how the city can leverage more investment for future development. What are the city’s messages delivered at the “Hanoi 2017 – Investment Co-operation and Development” conference on June 25 to businesses? Last year, Hanoi held an investment co-operation and development conference for the first time. This was a landmark event, affirming the important role of businesses as a driving force for the city’s development. At the conference, Hanoi pledged to continue to take initiatives in improving … [Read more...]

Hanoi (VNA) – Prices of oil and petrol products continued to decrease from 3:00pm on May 20, according to the latest adjustment of the Ministry of Industry and Trade and the Ministry of Finance the same day. The prices of RON 92 slightly dropped by 211 VND per litre, while that of E5 bio-petrol and diesel oil declined by 197 VND and 343 VND per litre, respectively. Following a joint decision by the ministries, RON 92 and E5 bio-petrol is sold at no more than 17,063 VND (0.75 USD) and 16,871 VND (0.74 USD) per litre, respectively. Meanwhile, the new ceiling prices of diesel 0.05S and kerosene are 13,260 VND (0.58 USD) and 11,792 VND (0.52 USD) per litre. The average global price of RON 92 during the last 15 days to May 20 was at 61,084 USD per barrel, down 1 USD compared to the previous price adjustment. The prices of petrol and oil are adjusted every 15 days by the two ministries depending on changes in the world market.-VNA … [Read more...]

Hanoi (VNA) – The Vietnamese Government will facilitate conditions for Japanese enterprises to land their investment in Vietnam, making contributions to promote friendship and cooperation relations between the two countries, said Prime Minister Nguyen Xuan Phuc. The PM made the statement during his meeting in Hanoi on May 20 with Japanese Minister of Economy, Trade and Industry Hiroshige Seko who is in Vietnam for the 23rd Meeting of Ministers Responsible for Trade (MRT 23) of the Asia-Pacific Economic Cooperation (APEC) forum. Lauding Japan’s role in Asia-Pacific region, the Vietnamese leader believed that Japan will make active contributions to the success of the APEC Ministers Responsible for Trade Meeting. Prime Minister Phuc also spoke highly of the exchange activities between the two countries, especially the first visit to Vietnam made by Japanese Emperor and Empress that marked a milestone in cooperation and friendship between the two sides. As part of activities to … [Read more...]

Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc gave reception in Hanoi on May 20 for US Trade Representative Robert Lighthizer who is in Vietnam for the 23rd Meeting of Ministers Responsible for Trade (MRT 23) of the Asia-Pacific Economic Cooperation (APEC) Forum. Vietnam and the US have enjoyed sound trade relations with robust achievements, the PM said, adding that Vietnam supports free trade on the basis of fairness and mutual benefits and treasures economic relations with the US. He highlighted the US’s crucial role in the Asia-Pacific region’s economic cooperation, hoping the US will promote its cooperation activities, particularly in the economy and trade, to contribute to the regional and global prosperity. In a meeting with the US-ASEAN Business Council, numerous US companies showed their interests in doing business in Vietnam thanks to local authorities’ favourable conditions for foreign enterprises, he said. The government leader spoke highly of the … [Read more...]

Chairman of the city’s People’s Committee Nguyen Duc Chung (Photo: VNA) Hanoi (VNA) - Hanoi’s leader has promised to solve all issues in the daily lives of all workers in the city soon, including shortages of housing, cultural activities, kindergartens and medical centres at industrial zones. Speaking at a dialogue between the city and nearly 1,000 workers representing more than 150,000 workers from industrial zones (IZ) and processing zones in the city at Noi Bai Industrial Zone on May 19, Chairman of the municipal People’s Committee Nguyen Duc Chung said he would direct sectors and agencies to work on the issues right after the meeting. At the dialogue, Chung talked to workers and listened to their questions and comments on lifestyle, insurance, healthcare and education. He affirmed that the city serves the people and businesses to the utmost in line with the Government’s instructions. He added that the Vietnam General Confederation of Labour has … [Read more...]

Canadian Minister of International Trade François-Philippe Champagne is scheduled to attend a meeting in Hanoi today, May 20, as part of a week-long trip to East and Southeast Asia to advance Canada’s progressive trade agenda. Canadian Minister of International Trade François-Philippe Champagne is scheduled to attend a meeting in Hanoi today, May 20, as part of a week-long trip to East and Southeast Asia to advance Canada’s progressive trade agenda. Minister Champagne is also slated to conduct a forest products trade mission during the May 20 - 26 trip, the Global Affairs Canada said in a press release ahead of the visit. According to his agenda, Champagne will take part in the Asia-Pacific Economic Cooperation Ministers Responsible for Trade Meeting in Hanoi on May 20 and 21 to promote Canada’s progressive trade approach and advance engagement with Asia Pacific. While in Vietnam, he will also meet with senior government and business leaders to … [Read more...]

Regional leaders gather in the biggest trade meeting since Trump took office, with Japan leading efforts to revive Trans-Pacific deal. Ministers from Asia-Pacific countries discussed the changing global trade landscape on Saturday after U.S. President Donald Trump upended the old order with an "America First" policy that has sparked fears of protectionism. It is the biggest trade meeting since Trump took office and brings together ministers from the United States, China, Japan and other Asia-Pacific Economic Cooperation (APEC) countries that account for more than 40 percent of world trade. At the opening in Vietnam's capital, Hanoi, Prime Minister Nguyen Xuan Phuc highlighted three decades of growth in APEC and said: "That's the proof of our group's effort on liberalization." A draft seen by Reuters of the meeting statement to be issued on Sunday also emphasized free trade. "In some of our communities there are increasing numbers of people questioning the benefits of … [Read more...]

Many markets conquered By the end of April, China, the US, Japan and the Republic of Korea were the four the largest buyers of Vietnamese fruit and vegetables, accounting for nearly 83% of the total export value. Markets that saw strong growth include Russia, Thailand and Malaysia. The growth of fruit and vegetable exports is currently the second fastest among farm produce, only after rubber, which grew 66% year on year to US$611 million. In terms of value, fruit and vegetable exports sit in third position, after seafood and coffee. According to Nguyen Van Ky, General Secretary of the Vietnam Fruit and Vegetable Association, Vietnam’s fruit and vegetables are now available in 50 countries and territories. In addition to established markets, the sector is expanding to more demanding markets such as the US, EU, Japan, Canada, Australia and New Zealand. Although Thailand is one of the leading fruit and vegetable exporters in Southeast Asia, the country imported a large amount of … [Read more...]

Excellencies APEC Ministers Responsible for Trade; Distinguished guests; Ladies and Gentlemen. On behalf of the Government of the Socialist Republic of Viet Nam – the host of APEC 2017, I have the great honor to deliver the opening remarks and warmly welcome Trade Ministers and all distinguished guests to the 23rd Meeting of Ministers Responsible for Trade (MRT 23) and related events. Since its inception in 1989, APEC has always been an important economic driver and growth engine of the Asia-Pacific region and the world. APEC has a combined population of more than 2.8 billion people, approximately 40 percent of the world population. After nearly three decades, APEC member economies have strongly expanded, accounting for approximated 60 percent of the world GDP and 49% global trade. The regional average tariff has been reduced from 11% in 1996 to 5.5% in 2016. Income and living standards have been improved for a large proportion of the population in the region. These outcomes … [Read more...]

Lauding the positive growth of the Vietnam-China comprehensive strategic partnership, especially in the economy, trade and investment, he noted that China has been the largest trade partner of Vietnam, while Vietnam has become the largest ASEAN trade partner of China. He said that during his China visit from May 11-15 to attend the “One Belt, One Road” Forum, leaders of the two countries reached important shared perceptions on orientations and major measures to strengthen political trust, foster bilateral friendship and cooperation, and maintain the healthy and stable development of the bilateral ties. He proposed that the two sides actively implement agreements and common perceptions reached by senior leaders of the two countries, thus promoting economic, trade and investment partnership in a stable, balanced and sustainable manner. The President lauded China’s affirmation in opening its market and creating favourable conditions for Vietnam’s agro-fisheries and … [Read more...]

HÀ NỘI - Hà Nội's top politician has promised to solve all issues in the daily lives of all workers in the city soon, including shortages of housing, cultural activities, kindergartens and medical centres at industrial zones. Speaking at a dialogue between the city and nearly 1,000 workers representing more than 150,000 workers from industrial zones (IZ) and processing zones in the city at Nội Bài Industrial Zone yesterday, Chairman of the city's People's Committee Nguyễn Đức Chung said he would direct sectors and agencies to work on the issues right after the meeting. At the dialogue, Chung talked to workers and listened to their questions and comments on lifestyle, insurance, healthcare and education. He affirmed that the city serves the people and businesses to the utmost in line with the Government's instructions. He added that the Việt Nam General Confederation of Labour has agreed to spend VNĐ700-800 billion (US$31.1-35.5 million) to build housing for workers in Hà Nội. … [Read more...]

HÀ NỘI - Representatives from 21 member economies of the Asia-Pacific Economic Co-operation (APEC) have shared their experiences in promoting trade and innovation, as well as exploring activities that APEC can undertake to boost innovative growth in the region. The discussion took place at the APEC Symposium on Trade and Innovation on Friday in Hà Nội, as part of the APEC Ministers Responsible for Trade (MRT) Meeting to be held on May 20-21. In his opening remarks, Minister of Industry and Trade Trần Tuấn Anh said trade, among other important enablers, plays an essential role in determining an economy's innovation policy and strategies; while innovation, in return, contributes to promoting trade among economies. "Given the evolution in the global and regional economy and the dramatic transformation brought about by the Fourth Industrial Revolution, economies are seeking to drive economic growth with innovation as one of the important enablers," Tuấn Anh said. Innovation - generally … [Read more...]

Viet Nam News HÀ NỘI - Việt Nam's first oil refinery operator Bình Sơn Refinery and Petrochemical Co Ltd (BSR) has planned its domestic initial public offering (IPO) with 5-6 per cent of its capital in the fourth quarter of the year. The information was announced on Thursday. BSR, which owns the US$3-billion Dung Quất Oil Refinery, added that the remaining shares would be offered to strategic investors. Trần Ngọc Nguyên, BSR's general director, said it has selected a consultancy firm to implement divestment plans at the three capital contribution units of PV Building, PMS and PVOS to prepare for the IPO. Answering a question on the modest rate of the IPO, Nguyên said BSR had carefully considered the number of offered shares and taken note of recommendations from the consultancy firm. Nguyên added that all information on business value and offered price would be announced next week after receiving approval from the Ministry of Industry and Trade. The IPO will be divided into two … [Read more...]

Van Phuc Riverside was formerly designed to be a cultural, leisure, and sports centre on a total area of 200 hectares in 1994. After more than two decades, however, the site has been transformed into a real estate project by a group of companies. RELATED CONTENTS: M&A in real estate hikes early in year 60 real estate projects under investigation Departure from initial investment purpose There are a lot of complaints from people regarding the Van Phuc Riverside project (Thu Duc district). Therefore, in March 2017, a representative of the Ho Chi Minh City People’s Committee issued Document No.1233/VP, requesting the Ho Chi Minh City Inspectorate to inspect the project and report any violation it finds. VIR found many abnormalities as early as the project planning. Accordingly, in 1994, the city’s chief architect got the approval for the detailed planning of the cultural, leisure, sports, and golf centre in Hiep Binh Phuoc commune (Thu Duc district) on a … [Read more...]

As one of the most prominent ministerial meetings in APEC’s framework, MRT 23 also saw the participation of ministers responsible for trade and senior officials from 21 APEC member economies as well as Director-General of the World Trade Organisation (WTO) Roberto Azevedo. In his opening remarks, PM Nguyen Xuan Phuc said since its inception in 1989, APEC has always been an important economic driver and growth engine of the Asia-Pacific region and the world. APEC has a combined population of more than 2.8 billion people, approximately 40% of the world population. After nearly three decades, APEC member economies have strongly expanded, accounting for approximated 60% of the world GDP and 49 percent of the global trade. The regional average tariff has been reduced from 11% in 1996 to 5.5% in 2016. Income and living standards have been improved for a large proportion of the population in the region. These outcomes have provided testament to the efforts of the region for trade … [Read more...]