Asian champs

Rules of origin To be eligible for tariff benefits under the agreement, products must meet the rules of origin used to determine its “nationality”. These rules are designed to encourage trade among member countries of a free trade agreement while limiting the usage of materials or products from non-member countries. The CPTPP’s regional cumulation means that all CPTPP-sourced materials are treated the same as locally sourced materials. If it meets these criteria, the product is known as an “originating good” and can qualify for preferential tariff rates. However, this does not mean that all the materials need to be sourced in CPTPP countries to count as originating goods. The CPTPP’s Product Specific Rules of Origin allows certain types of products manufactured in member states to use some non-originating materials (non-CPTPP sourced materials) while still qualifying for originating goods status under certain circumstances. Three main Product Specific Rules are applicable under … [Read more...] about CPTPP benefits Southeast Asian SMEs

Long Son Petrochemicals Company Limited (LSP) in Viet Nam. — Photo courtesy of SCG Southeast Asian conglomerate SCG reported sales revenue of VND11.1 trillion (US$482 million) in the Vietnamese market in the second quarter of 2022, up 13 per cent year-on-year. The increase was mainly thanks to the new partnership of Duy Tan, a rigid plastic packaging products producer of SCGP - the packaging business of SCG, the company said in its statement. In Q2, SCG’s total assets in Viet Nam topped VND151 trillion, a yearly increase of 24 per cent mainly in the chemicals business from Long Son Petrochemicals (LSP) and packaging business. Overall, SCG’s revenue from sales for the first half of 2022 rose 19 per cent year-on-year to $9 billion. “Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial … [Read more...] about SCG posts Q2 sales revenue increase in Viet Nam

The VFF’s General Secretary Le Hoai Anh (right) gives the national team jersey to new head coach Giustozzi Diego Raul. (Photo: VFF) HCM City (VNS/VNA) - Newly–appointed national team’s head coach Giustozzi Diego Raul is expected to lift Vietnamese futsal to new heights, starting with the 2022 AFC Futsal Asian Cup and then at the 2024 World Cup final. Raul, of Argentine nationality and born in 1978, led his native country to win the 2016 Futsal World Cup in Colombia. "My biggest wish and determination when coming to Vietnam is that, by the time I leave, Vietnamese futsal is in a better place,” Raul said in a meeting with the Vietnam Football Federation (VFF) in Ho Chi Minh City on August 2. “Titles are very important, but the determination to win it depends not only on me but also on the players, as well as many other factors. “I come to Vietnam and will immediately start work because in six weeks we have to win at the Asian Futsal Cup. Then, we will work out a plan … [Read more...] about Coach Giustozzi Diego Raul aims to raise level of Vietnamese futsal

After more than 20 years of accompanying Vietnamese golf, BRG Group is now operating a system of world-class golf courses with unique designs that attract hundreds of people each year. In order to maintain the highest standard and quality for all golf courses, BRG has partnered with world-renowned golf course designers including Jack Nicklaus. Therefore, BRG's golf courses all have distinctive styles and take full advantage of the natural beauty of each region. Even more so, the golf courses are operated by professional foreign PGAs with years of experience to guarantee the highest level of quality for golf enthusiasts. All of this has helped BRG's golf courses to be continuously honoured by the leading golf magazines in the world, most recently by Golf Digest Magazine's Top 100 World's Best Golf Courses for BRG Danang Golf Resort, where the BRG Open Golf Championship Danang 2022 will take place. Hole 18 at the Nicklaus course of BRG Danang Golf Resort, the venue … [Read more...] about BRG Group expands efforts in major golf events

This is the third time in a row that MB has been honoured in this award category, recognising the bank's continuous efforts in recent years in trading and providing derivatives products in the Vietnam market. In 2021, the scale of its portfolio and position in the market, the fast and powerful digital transformation process, and the high-quality human resources are the highlights that made MB be selected for the above-mentioned prestigious award, according to the evaluation of The Asian Banker. With a large portfolio and diverse product solutions, MB's interest rate and commodity derivatives business line has long been considered the top choice in the market for many years. The bank's revenue from foreign exchange and derivatives has grown constantly by an average of 40 per cent in the last three years, while the foreign exchange market share remained competitive among the top five financial institutions in Vietnam. Considering the awards based on the bank's results … [Read more...] about MB maintains its position as the market leader in Vietnam

The logo and mascot of the SEA Games and ASEAN Para Games to be hosted by Cambodia in 2023. (Source: VNA) Phnom Penh (VNA) – Cambodia is hoping to develop traditional sports in Southeast Asia into modern ones so that they can be included  in international events like the Southeast Asia n Games (SEA Games), Asian Games, and Olympics. The Cambodian Ministry of Education, Youth and Sports held a workshop from August 8 to 11 to discuss the preservation of traditional sports to improve the awareness of the ASEAN identity, as part of the Association of Southeast Asian Nations (ASEAN) action plan on sport for 2021 - 2025, said the ministry’s Under Secretary of State Bou Chumserey. A priority of the country, which holds the ASEAN Chairmanship in 2022, is to enhance cooperation in preserving traditional sports and draft an ASEAN statement on upholding the bloc’s identity through the protection and maintenance of traditional sports and games. Bou Chumserey expressed his hope … [Read more...] about Cambodia hopes to develop region’s traditional sports

The PM commended the ambassador’s active contributions to promoting the Vietnam-U.K. strategic partnership in all fields, diplomatic channels and people-to-people exchange. Mentioning the U.K.-Vietnam Free Trade Agreement (UKFTA), Chinh said the deal has played a role in forging the bilateral economic and trade ties, with two-way trade standing at nearly 6.6 billion USD last year, up 17.2% year-on-year. Vietnam always attaches importance to its relations with the U.K., he affirmed, suggesting the two sides step up the exchange of delegations at all levels, particularly the high level, and organize diverse activities to mark the 50th anniversary of the bilateral diplomatic ties in 2023. The two sides should closely coordinate to optimise commitments of the UKFTA in order to enhance the economic, trade and investment relations, he continued. The leader also suggested the British side increase the import of Vietnamese agricultural products, including seasonal fruit, and called on … [Read more...] about PM receives outgoing British ambassador

The leader cited forecast by Standard Chartered, VinaCapital, Hongkong and Shanghai Banking Corporation Limited (HSBC), and the Asian Development Bank (ADB) as saying Vietnam’s GDP will grow from 6.5% to 6.9% this year. Vietnam has maintained macro-economic stability and major balances, and put inflation under control, creating an important foundation for rapid, sustainable socio-economic recovery and development, he emphasized. Regarding tasks and solutions in the time ahead, the PM asked ministries and agencies to implement their set tasks and plans, and tackle both pending and emerging issues. Priorities should be given to consolidating institutions, he said, urging ministries, agencies and localities to focus on socio-economic recovery and development, economic restructuring, growth model reform and improving the economy’s resilience, along with cultural development, environmental protection, national defense and security, external affairs, and the communications work. … [Read more...] about Int’l organizations upbeat on Vietnam’s development prospects: PM

Vietnamese Minister of Foreign Affairs Bui Thanh Son attended the 55th ASEAN Foreign Ministers’ Meeting (AMM-55) which opened in Phnom Penh, Cambodia, on August 3 morning. The opening ceremony of the 55th ASEAN Foreign Ministers’ Meeting. (Photo: VNA) Addressing the opening ceremony, Cambodian Prime Minister Samdech Techo Hun Sen recalled the Association of Southeast Asian Nations (ASEAN)’s 55-year history and its beyond-expected achievements, making Southeast Asia a region of cooperation, development and trust. He underscored the regional and global uncertainties caused by multidimensional impacts of COVID-19, tensions among major countries and crises in Myanmar and Ukraine. Non-traditional challenges, such as climate change, natural disasters, energy security and food security, have put ASEAN and the region at large through such an ordeal, according to the PM. More than ever, ASEAN needs to unite, promote its centrality, and strive to build a … [Read more...] about 55th ASEAN Foreign Ministers’ Meeting opens in Cambodia

Dinh Viet Thang, head of the Civil Aviation Authority of Vietnam, said that it has received an official notice from Chinese authorities, asking airlines operating in Asia to avoid flying near the island of Taiwan from 11 a.m. Thursday until Friday. CAAV has informed Vietnamese airlines to adjust flight routes. "Airlines can still operate normally and decide on their own to postpone or cancel flights if necessary," Thang said. Vietnamese airlines which operate flights from Hanoi, HCMC to Taiwan have not yet announced flight cancelation or delays. China on Wednesday warned airlines operating in Asia to avoid flying in areas around Taiwan, promoting several Asian airlines to start adjusting their flight routes. Chinese Xiamen Airlines announced adjustments to several flights, citing "flow control" in Fujian. Korean Airlines is planning to re-route some routes to South Asia in order to avoid Taiwan's airspace while Cathay Pacific Airways pilots were advised to carry 30 minutes … [Read more...] about Vietnamese carriers advised to avoid areas near Taiwan