China asean country

An oil rig of Petrovietnam (Photo: VietnamPlus) Hanoi (VNA) – Forty-eight years since its establishment, the Vietnam Oil and Gas Group (Petrovietnam) has become a multi-billion-dollar enterprise and made breakthrough and comprehensive development strides. Petrovietnam was set up on September 3, 1975 with the goal of helping guarantee national energy security and serving as a pillar of economic support for national development. Shortly after the date of national reunification (April 30, 1975), on September 3 the same year, the Vietnam General Department of Oil and Gas, the predecessor of Petrovietnam , was established under the Council of Government in efforts to realise late President Ho Chi Minh’s aspiration to develop an oil and gas industry of the country. Nearly half a century has passed, Petrovietnam has managed to master the most cutting-edge technologies and build a complete oil and gas industry. From 1986 to 2022, it posted more than 400 billion USD in total … [Read more...] about Petrovietnam in step with 48 years of national development

illustration photo/ Photo Le Toan The very first logistics centre from Vietnam-Singapore Industrial Parks (VSIP) is now being constructed in the south-central province of Quang Ngai, and will be completed and put into use by the end of this year. Being built according to Lotus standards of the Vietnam Green Building Council, the 6-hectare Sembcorp Logistics Park will boast three modern single-storey warehouse blocks. Singapore’s Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, and its state-owned joint venture partner in Vietnam, Becamex IDC Corporation, in August also announced the addition of four new VSIPs. According to Charles Chong, director of Sembcorp in Vietnam, the country has developed strongly in recent years and will continue to be an important manufacturing country in the Asian region. “With the positive growth momentum of production activities and investment attraction, along with the government’s infrastructure upgrade plan, the … [Read more...] about Logistics investors heat up the market

Vietnam’s logistics industry has been one of the fastest-expanding areas boosted by the country’s GDP over the years, and the country’s rising manufacturing and e-commerce have also contributed to this growth. Pritesh Samuel - Head of Business Intelligence at Dezan Shira & Associates Vietnam’s aim to develop itself as an export-driven economy is another reason why logistics play a vital role in supporting economic growth and facilitating trade. In fact, the total export and import turnover of goods in the first six months of 2023 reached $316.65 billion. Aviation, maritime, and road networks contribute to the bulk of freight. Vietnam’s ports handled around 733.18 million tonnes of cargo in 2022, this increase was up by 4 per cent compared to 2021. Container throughput was estimated at 25.09 million TEU, up 5 per cent from 2021. The volume of cargo transported by road was 1.2 billion tonnes in 2021. Goods are mainly transported by road transport, which accounts … [Read more...] about The growth drivers for logistics arena

Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

Energy is one of the key pillars in Vietnam-Germany relations over the past decades with a series of projects and programs operated by The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) – the German Development Agency. A delegation of nearly 50 German companies led by Minister-President of the German state of Lower Saxony , Stephan Weil, has expressed their interest in renewable energy and energy efficiency , the field in which the Federal Government of Germany has cooperated with Vietnam for years. Vietnam's Prime Minister Pham Minh Chinh (R) and Minister-President of the German state of Lower Saxony , Stephan Weil, in Hanoi on October 1. Photo: VGP Other fields of potential cooperation that the Lower Saxony’s government and businesses want to focus on include vocational training, skilled labor migration, tourism, digitalization, and Industry 4.0. The issues were stated by Prime Minister-President Stephan Weil at … [Read more...] about Lower Saxony wants to invest in energy transition in Vietnam

Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the U.S. blocked the appointment of new judges to the WTO's Appellate Body due to complaints over judicial overreach, 29 cases have been left in limbo, delivering a heavy blow to the dispute settlement system. Those depositing cases include China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea and the United States. "No more fraud, no more pretending you're appealing,” former deputy director-general Alan Wolff told a WTO conference last month, urging countries to hold off on fresh appeals from 2024, when WTO members have pledged to address the issue. The WTO has warned a "polycrisis" of pandemic, military conflict in Ukraine and inflation is sapping faith in globalisation. The result is a growing disregard for global trading rules among WTO members. … [Read more...] about At WTO, growing disregard for trade rules shows world is fragmenting

Tra fish processing for export (Photo: VNA) HCM City (VNA) – The export value of aquatic products is estimated at 862 million USD in September, equal to that in the same period last year, and 16 million USD higher than that of August, according to the Vietnam Association of Seafood Exporters and Producers ( VASEP ). In the January-September period, the revenue reached 6.6 billion USD, down 22% year-on-year. VASEP's Communications Director Le Hang said that in September, some key exports like shrimp and tuna have seen good recovery to the levels of the same month last year. Notably, tra fish exports recorded a year-on-year growth rate of 9%. Hang said that in the first nine months of this year, shrimp exports fetched 2.55 billion USD, 25% lower than that of the same period of 2022. However, in recent months, exports to the two key markets of the US and China have increased, and some main markets in the Comprehensive and Progressive Agreement for Trans-Pacific … [Read more...] about Aquatic product exports see slight increase in September

The Vietnam Craft Village Festival 2023 will take place from November 9 to 12 in Hanoi to promote craft village products and tourism. Ninety award-winning products from the Hanoi Handicraft Design Contest 2023 will be showcased at the Vietnam Craft Village Festival 2023 , held on November 9 at the Imperial Citadel of Thang Long in Hanoi. Hanoi honors award-wining products from the contest at a ceremony. Photo: VGP The city's People's Committee awarded 90 winning products, including 6 first prizes, 18 second prizes, 24 third prizes, and 42 consolation prizes in six categories of handicrafts. With the theme of "Elevating Creativity - Spreading the Essence of Hanoi's Handicrafts", the contest attracted 146 organizations, individuals, and artisans who submitted 355 entries in the categories of ceramics, lacquer, bamboo, rattan, pearl inlay, stone, wood, art horn, silk embroidery, and other handicrafts. The city's handicrafts continue to uphold important … [Read more...] about Vietnam Craft Village Festival 2023 celebrates Hanoi award-winning products