China industrial steel inc

/ February 1, 2020

nCoV to cause long-term impacts on Vietnam – China economic relations

The Hanoitimes - This is the right timing for Vietnam to restructure economic sectors, said Minister of Industry and Trade Tran Tuan Anh. The ongoing outbreak of the new coronavirus (nCoV) in China is expected to cause negative impacts on its economic and trade relations with Vietnam in both short and long-terms, according to the Ministry of Industry and Trade (MoIT). Overview of the meeting. Source: MoIT. The MoIT expected such impacts to spread on three aspects: (i) Vietnam’s exports of fisheries and agricultural products to China; (ii) cooperation and business activities between enterprises from the two countries; (iii) negotiation process towards opening markets and addressing difficulties in exporting Vietnamese products to China. At a meeting on January 31, Minister of Industry and Trade Tran Tuan Anh requested government agencies to make a comprehensive assessment on impacts of nCoV to Vietnam’s trade activities, and work out solutions to enhance productivity, quality and added value of goods as well as national competitiveness. “This is the right timing for Vietnam to restructure economic sectors,” Anh said, adding Vietnam should continue to expand export markets and focus on potential ones. Anh also asked the Vietnam Directorate of Market Surveillance to instruct local producers to boost production of necessary medical equipment and products, ensuring stable prices of medical face masks in the market. The MoIT previously warned Vietnamese enterprises, particularly agriculture-related businesses, should look for alternative markets beyond China or find other delivery methods, as some border gates between the two countries have been closed due to the spread of the new coronaviru. China is currently one of major export markets for Vietnamese fisheries and agricultural products. The main farm export items to China include vegetables, cashew, coffee, rice, cassava products, rubber and aquatic products. Bilateral trade …

/ September 21, 2020

Support for domestic pharmaceutical industry to rise in Vietnam

Domestic pharmaceutical firms will play an increasingly dominant role in Vietnam. (Photo: gmp.com.vn) Hanoi (VNS/VNA) - The Vietnamese Government's support for the local pharmaceutical industry will remain steadfast, according to Fitch Solutions . Under a report released last week, the UK-based financial information group said this was in part driven by the authorities' push to meet domestic healthcare needs. In addition, the economic potential of the pharmaceutical sector will incentivise continued Government support for the domestic industry. Although the Government aims to increase the share of locally produced pharmaceuticals to 80 percent, an average of 55 percent of medicines in Vietnam are imported every year. One of the reasons for Vietnam’s reliance on imports is that most domestic companies lack research and development capabilities, and do not meet the European Union Good Manufacturing Practice (EU-GMP) or Pharmaceutical Inspection Co-operation Scheme Good Manufacturing Practice (PIC/S-GMP) standards required to manufacture high-quality generic drugs. Further, Vietnam imports more than 90 percent of drug inputs, half of which are from China. According to Fitch, partnerships with local firms are integral. As a result of Government initiatives, domestic pharmaceutical firms will play an increasingly dominant role in Vietnam. “This accentuates the need for multinational pharmaceutical companies to partner with local drugmakers to adapt to this trend. Finding a local company to start such a joint venture is an important first step to enter the market in Vietnam ,” Fitch said. Foreign companies often work with domestic companies, such as Diethelm Vietnam, Zuellig Pharma Vietnam, and Mega Lifesciences, to fill in different needs in the supply chain. Fitch forecast a shift from pharmaceutical production to a more research-based industry was likely. The boost in attractiveness of the Vietnamese market comes at a time when the business …

/ February 25, 2021

Vietnam needs US$320.6-billion for power industry by 2045

The Hanoitimes - Developing renewable energy sources are a priority of the National Power Development Plan VIII. The Ministry of Industry and Trade has predicted that Vietnam will need an investment of US$320.6 billion for developing the national power industry in the 2021-2045 periods. Cat Tuong solar project in the southern province of Long An. Photo: Cat Tuong company It is a major content in the draft National Power Development Plan VIII (PDP VIII) for which the Institute of Energy under the Ministry of Industry and Trade is collecting feedback from the relevant agencies. Vietnam’s electricity output is forecast to rise to 877 billion kWh by 2045 to meet the growing demand for economic expansion, according to the PDP VIII. By 2030, the power industry will need an investment of US$128.3 billion in building electricity generation and the power grid. The total investment in the 2031-2045 period will be some US$192.3 billion. Total installed capacity of electricity sources in Vietnam will reach 137.2GW by 2030, in which wind, solar and other renewable energies will make up the largest proportion (29%), followed by coal-fired thermal power (27%), gas thermal power (21%). Chart: Phi Nhat By 2045, the total installed capacity of power sources will gain nearly 276.7GW, in which wind, solar and other renewable energies account for the major portfolio (44%), besides gas thermal power (24%) and coal-fired thermal power (18%). The draft plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. Vietnam Electricity, the state-owned company, is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of power being bought annually during the 2016-2020 period. This northern neighboring market can sell up to 3,000MW of electricity or more to Vietnam from now until 2030. …