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The Hanoitimes - Suspension of flights between Vietnam and China leads to potential losses of 400,000 passengers per month and VND10 trillion (US$430 million) in revenue for Vietnamese airlines. Vietnamese airlines served 870,000 foreign passengers in February, a decline of 39.5% year-on-year, while the suspension of flight routes between Vietnam and China could lead to a potential loss of over VND10 trillion (US$430 million) in revenue for the aviation industry. Illustratiave photo. In total, local airlines served 3.7 million passengers in February, down 13.7% year-on-year, including 870,000 foreign and 2.8 million domestic passengers, down 0.7%, data from the Civil Aviation Authority of Vietnam (CAAV) revealed. Additionally, the number of passengers arriving at Vietnamese airports reached 8.1 million in February, down 11.6% year-on-year, including 2.4 millions of foreign passengers, down 29.8% and 5.7 million domestic passengers, falling by 0.7%. On February 1, the CAAV announced its suspension of all flights between Vietnam and China at the request of Prime Minister Nguyen Xuan Phuc, a key measure to prevent the spread of Covid-19 epidemic. As the number of flights between the two countries accounts for 26.1% of total number of international flights from airlines in Vietnam, the decision is predicted to cause losses of 400,000 passengers per month and over VND10 trillion (US$430 million) in revenue, stated the Ministry of Transport (MoT). Subsequently, national carrier Vietnam Airlines, budget airlines Vietjet Air, Jetstar Pacific and Chinese airlines have to cancel a combined 80 flights per day. Notably, Vietnam Airlines has canceled 1,000 flights to and from the Chinese market in February, causing a loss of VND200 – 250 billion (US$8.61 – 10.76 million) in revenue per week. The carrier also estimated a 50% decline in the number of its international passengers transport, and even 70 – 80%  in passengers from East Asia during the …

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The initiatives and priorities have outlined three major orientations - recovery, digitalization, and sustainability - with a particular focus on such important areas as trade facilitation, tourism, energy, information technology, minerals, and sustainable development. Of note, several initiatives inherit cooperation contents from 2020 when Vietnam took on the role of ASEAN Chair. Amid the complicated COVID-19 pandemic, delegates discussed ASEAN’s efforts to boost economic recovery while going ahead with the fight against the pandemic and the important task of boosting economic development, particularly the expansion of the ASEAN List of Essential Goods. Vietnam also shared its experience and efforts to control the pandemic and ensure economic development while carrying out its commitments within ASEAN and the ASEAN Plus frameworks. Together with discussions on intra-bloc economic cooperation, the participants also exchanged views on extra-bloc economic cooperation, such as reviewing the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) and collaboration between ASEAN and the EU. They said their countries are redoubling efforts to soon adopt the Regional Comprehensive Economic Partnership (RCEP) agreement to facilitate post-pandemic recovery. Within the framework of the retreat, the participants held a consultation with the ASEAN Business Advisory Council to make recommendations on health care and dealing with non-tariff measures, and enhancing public-private partnerships (PPPs) in ASEAN and between the grouping and its partners. …

[Read more...] about Ten initiatives, priorities adopted at 27th ASEAN Economic Ministers’ Retreat

Deputy Minister of Industry and Trade Tran Quoc Khanh attended the 27th ASEAN Economic Ministers’ Retreat held via videoconference on March 2 and 3, during which he and other delegates approved 10 initiatives and priorities for economic cooperation in 2021. Deputy Minister of Industry and Trade Tran Quoc Khanh attends the 27th ASEAN Economic Ministers’ Retreat (Photo: VNA) The initiatives and priorities have been built with three main orientations - recovery, digitalisation, and sustainability - with a focus on such important fields as trade facilitation, tourism, energy, information technology, minerals, and sustainable development. Of note, several initiatives inherit cooperation contents from 2020 when Vietnam assumed the role of ASEAN Chair. In the context of the COVID-19 pandemic continuing to have a serious impact, delegates discussed ASEAN’s efforts to recover economies so as to not only fight the pandemic but also boost economic development, particularly the expansion of the ASEAN List of Essential Goods. In particular, the retreat also reached consensus on 2021 agenda priorities in economy with 68 different contents, such as trade in goods, trade in services, investment, intellectual property, e-commerce, and consumer protection, among others. At the event, Khanh expressed his support for Brunei’s initiatives during its ASEAN Chairmanship Year 2021, and affirmed that Vietnam will continue cooperating closely with other ASEAN countries to realise the common targets of the ASEAN Economic Community. Vietnam also shared its experience and efforts to control the pandemic and ensure economic development while implementing its commitments within ASEAN and the ASEAN Plus frameworks. Together with discussions on intra-bloc economic cooperation, the participants also exchanged views on extra-bloc economic cooperation, such as reviewing the implementation of the ASEAN-India Trade in Goods Agreement (AITIGA) and …

[Read more...] about 27th ASEAN Economic Ministers’ Retreat adopts 10 initiatives, priorities