The Deputy PM made the statement during a reception on October 17 for Naser Al Hajri, Senior Vice President in charge of Southeast Asia operations at Mubadala Petroleum, a UAE oil and gas company with a primary geographical focus on the Middle East and Southeast Asia. Deputy PM Dung stated that the Vietnam-UAE relationship is developing well and the two sides have become important partners in the pillars of economic, trade and investment cooperation. The UAE currently has a multitude of investment projects in Vietnam while many Vietnamese are living and working in the UAE, making important contributions to the country’s socio-economic development. Praising Mubadala Petroleum’s current performance, Deputy PM Dung asked the company to continue expanding their business in renewable energy, in addition to oil. For his part, Naser Al Hajri said he expected further and closer cooperation with domestic and foreign partners in order to expand the company’s oil extraction … [Read more...] about UAE businesses encouraged to expand investment in Vietnam
Business
Ministries urged to accelerate reduction of conditions on business
At the working session with the Ministries of Finance, Planning and Investment, Transport, and Information and Communications, Minister Dung said that Party General Secretary Nguyen Phu Trong asked for stronger reforms of administrative procedures and apparatus of ministries at the recently concluded 8th plenum of the 12th Party Central Committee. Prime Minister Nguyen Xuan Phuc has also continuously emphasised the importance of the reduction of conditions on business and administrative procedures to remove difficulties for enterprises and people while fuelling economic growth. However, Minister Dung noted that only 1,517 of 6,191 business-conditions have been truncated and 1,700 of 9,926 lines of import-export goods subject to specialised inspections have been cut. The Government official noted that removed conditions on business and administrative procedures at ministries remain modest and fail to meet the set target of cutting 50% of the total number of conditions and procedures. In … [Read more...] about Ministries urged to accelerate reduction of conditions on business
Finnish firms seek business opportunities
Representatives from 20 Finnish firms have come to Vietnam to seek business opportunities, particularly in the area of waste-to-energy technology development. The delegation led by Minister of Economic Affairs Mika Lintilä includes Finnish companies operating in energy, water and waste management technology, bio-economy and digital technology. Finnish Minister of Economic Affairs Mika Lintilä (second from left) attends a meeting in Hanoi Minister Lintilä said this was his second visit to Vietnam. He hoped that Finland, which boasts waste-to-energy technologies, can help Vietnam, especially in the context of the country’s increasing energy demand. Vietnam has a total population of 93 million people. Every person discharges around 1.2 kilos of solid wastes per day with 16% of this being plastic, which is mostly poured into rivers and sea. Minna Vilkuna from BMH Technology Oy said that rapid urbanisation had brought about the rise in urban solid waste in … [Read more...] about Finnish firms seek business opportunities
Apple manufacturers looking to shift business from China to Vietnam
To avoid the US’ $200 billion tariff slapped on Chinese goods, smartphone giant Apple’s manufacturers are looking to shift business from China to Vietnam and other Southeast Asian countries. Apple manufacturers are looking to avoid US tariffs by moving away from China. Source: Shutterstock GoerJek—a Chinese firm assembling Apple’s non-cable earphones (AirPods)—has just notified its suppliers about its plan to transfer production and business operations to Vietnam. Nikkei stated that despite already running an iPhone earphone manufacturing facility in northern Vietnam, the firm still intends to run away from China due to the risk of suffering damage from the US-China trade war. In addition to GoerJek, other Apple assembly manufacturers also have similar intentions. Specifically, Cheng Uei, a Taiwanese firm specialised in manufacturing connecting wires and charger equipment for iPhones, and Petragon, the second largest iPhone assembly firm only … [Read more...] about Apple manufacturers looking to shift business from China to Vietnam
BUSINESS NEWS IN BRIEF 17/10
Hanoi Gift Show 2018 to draw more than 250 exhibitors Local airlines increase aircraft fleet Data from the Civil Aviation Administration of Vietnam (CAAV) show that the number of aircraft registered in Vietnam amounted to 175 as of September, up 14% year-on-year. Cat Lai customs work with 58 shipping firms over waste imports Customs officials at HCMC's Cat Lai Port have worked with representatives of 58 shipping companies that have transported over 3,000 containers of scrap to the port to determine their responsibilities and brief them of the Prime Minister’s Directive 27 on solutions to enhance control over imported waste, Thanh Nien newspaper reported, citing Pham Thi Leo, deputy head of Saigon Port Area 1 Customs Office. Leo said the customs agency was cooperating with these shipping companies in line with the 2014 Customs Law and 2005 Maritime Law. Shipping companies were asked to carry ineligible scrap imports out of Vietnam. They must assume responsibility for the waste … [Read more...] about BUSINESS NEWS IN BRIEF 17/10