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The proposed tariff cut is aimed to balance bilateral trade relations. The US has requested Vietnam to cut its import tariffs on a number of agricultural products in 2020 and afterwards, according to Vietnam’s Ministry of Finance (MoF). The items subject to tariff reduction include chicken and processed chicken meat, almond, grape, wheat, pork, potato, among others, aiming to balance bilateral trade relations. A reduction of import tariffs on these products would be included in the government’s revised Decree No.125 on amendments to certain articles of Decree No.122 on export duty schedule, preferential import duty schedule, and lists of commodities and their flat tax rates, compound tax rates and outside tariff quota rates. Specifically, tariff on chicken and processed chicken meat is proposed to be cut from the current 20% to 14.5% in 2020, and 0% in 2028. The US also requested Vietnam to reduce tariffs on fresh apples and grapes to 0% in 2020 while the tariffs on wheat, … [Read more...] about US asks Vietnam to cut import tariffs on agricultural products

The hottest event of HCM City’s real-estate market during the year end, the Novaland Expo, has wrapped up after attracting nearly 20,000 visitors over five days. Many Vietnamese and foreign investors and customers were impressed at the expo organised by the giant real-estate developer, Novaland Group. Novaland had on display all the key property segments it is developing. Among the most impressive sights for visitors were miniature versions of Sakura Beach and Korea Garden in NovaWorld Ho Tram in Ba Ria-Vung Tau, Aqua City project in Dong Nai, and NovaWorld Phan Thiet. As the event was winding up, more and more visitors began to come. Linh Dan, a customer from District 5, said: “I have visited many exhibitions organised by Novaland but this was the biggest ever.” She said she was really excited she came, revealing she had decided to invest in two more products after visiting the expo. About 20,000 visitors come to the Novaland Expo looking for new products and … [Read more...] about 5-day Novaland Expo leaves prospective buyers excited

The carrier’s shares were listed on the Ho Chi Minh Stock Exchange Tuesday after moving from UPCoM, or the Unlisted Public Company Market. It closed the session with a market capitalization of VND57 trillion ($2.45 billion). Nguyen Hoang Anh, chairman of the Committee for Management of State Capital at Enterprises (CMSC), told VnExpress the move to HoSE would facilitate the government’s divestment from the airline and help attract large investors. The CMSC has instructed Vietnam Airlines to draw up a divestment roadmap for 2019-20 enabling the state to sell 35.19 percent out of its current 86.19 percent stake, he added. Without elaborating, Vietnam Airlines chairman Pham Ngoc Minh said plans have been completed and sent to competent authorities for approval. The carrier is also planning to make private placements to large investors. It has a strategic partnership with ANA Holdings, a Japanese aviation corporation which holds an 8.77 percent stake in it, for … [Read more...] about Government plans to slash stake in Vietnam Airlines to 51 percent

On the Ho Chi Minh Stock Exchange (HoSE), on which the VN-Index is based, 204 stocks lost and 130 gained. The VN30-Index, representing Vietnam’s 30 biggest market cap stocks, fell 0.77 percent with 20 stocks losing and only 9 gaining. Six stocks fell above 2 percent this session. MSN shares of food giant Masan Group remained the highest losing stock for four of the last six sessions, having fallen by 6.45 percent. The stock had started its descent last Tuesday when Masan announced a merger deal with Vingroup, Vietnam’s biggest conglomerate, since losing a total 19.25 percent. NVL of real estate developer Novaland dropped 2.6 percent, and CTD of construction giant Coteccons, fell 2.5 percent. Most banking stocks fell, with BID of BIDV and CTG of VietinBank, two of Vietnam’s three biggest state-owned lenders by assets, shedding 0.3 and 0.5 percent respectively. In more positive news, BVH of insurance giant Bao Viet rose 3 percent, followed by REE of industrial appliance … [Read more...] about VN-Index drops 0.6 percent as blue chips sink

According to the General Department of Vietnam Customs, in the past ten months, Vietnam spent more than $1.5 billion to import vegetables and fruits, mainly fruits. The country imported fruits most from the US with the volume of fruits imported from the US rising by up to 70 percent. Fruits imported from South Africa surged by 39 percent, from New Zealand climbed by 38 percent, from China advanced by 36 percent and from Chile increased by 21 percent. The Ho Chi Minh City’s market alone had consumed around 800 tons of imported cherries in the first seven months of this year, of which, 349 tons were imported from the US and 250 tons from Australia. Similarly, as for blue berries, during the crop from July to the end of September this year, the volume of fresh blue berries imported from the US by air was up to 350 tons. Thanks to high import volume, prices of exotic fruits also became cheaper. The price of fresh blue berries was merely VND600,000 per kilogram while it was more than … [Read more...] about Exotic fruits flood into Vietnam