China trade surplus

Vietnamese Prime Minister Nguyen Xuan Phuc said he supports the efforts of China and ASEAN in developing their foundation of connectivity in terms of mutual trust, physical connection, and human connection. The Vietnamese head of government made the statement at the 21st ASEAN-China Summit held in Singapore on Wednesday, as part of the 33rd ASEAN Summit framework. The event also celebrated 15 years of strategic partnership between the two sides. PM Phuc underlined ASEAN and China should increase dialogue efforts and collaboration, as well as build mutual trust and uphold international law, contributing to the formation of codes of conduct for an open, transparent, and rules-based regional structure, according to the Vietnam News Agency . The Vietnamese premier said the East Vietnam Sea issue remains complex, causing concern for all sides involved and possible negative impacts on regional stability. He underscored that ASEAN and China should continue upholding the principles they had agreed upon, which involve boosting dialogues, building mutual trust and respecting international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS), in the peaceful settlement of disputes. The two sides should also avoid the militarization or complication of the situation, developing an effective and substantive code of conduct (COC), and fully and seriously implementing the Declaration on the Conduct of Parties in the East Vietnam Sea (DOC). At the summit, ASEAN and Chinese leaders reiterated the importance of their partnership and acknowledged the strong growth of their ties based on mutual trust, understanding, and respect, according to the Vietnam News Agency . The leaders lauded positive outcomes achieved in the ASEAN-China Year of Innovation 2018 and agreed to work together for an effective ASEAN-China Media Exchange Year 2019. China has for years been ASEAN’s biggest trade partner and top foreign investor, a political and …

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July alone saw the country’s squid and octopus exports reach a figure of US$4.3 million, an annual increase of 84%. At present, China represents the fifth largest import market for domestic squid and octopus, making up 7.6% of the nation’s total export value of squid and octopus. Furthermore, squid and octopus exports to the Republic of Korea (RoK) and China in July witnessed an increase, while exports to Japan and the EU have yet to record positive growth. Currently, the RoK remains the largest buyer of Vietnamese squid and octopus, accounting for 42.2% of overall sales. Indeed, exports to the RoK market surged by 20.4% in July. This comes following consecutive decreases in previous months, with squid and octopus exports to the RoK during the first seven months of the year suffering a decline of 10.6%, reaching approximately US$123 million. The Vietnam-Korea Free Trade Agreement, which took effect as of December 20, 2015, also contributes to significantly supporting export activities to the market. Moreover, Japan made up the second largest import market with a share of 23.7%, although the figure during the first seven months of the year also fell by 21%. Most notably, squid and octopus exports to the EU registered the sharpest drop, suffering a plunge of 44% against the same period from last year, reaching just over US$22 million. This can largely be put down to the illegal, unreported, and unregulated fishing yellow card, coupled with the impact of the novel coronavirus (COVID-19) epidemic. In the context of complicated developments relating to COVID-19 and the shortage of materials, the import demand of squid and octopus globally, in addition to Vietnamese squid and octopus exports, is predicted to continue declining in the near future. As such, the country’s exports of squid and octopus during the course of the year are likely to decrease by 18%, reaching a figure of roughly US$473 million. …

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The Hanoitimes - The issue was raised at a conference held between Vietnamese government agencies and major Japanese enterprises in Vietnam to address their issues. Japanese enterprises suggested the Vietnamese government further simplify investment procedures, specifically the process of obtaining investment, construction and hazardous waste treatment licenses, to facilitate investment from Japan. Overview of the meeting. Photo: MPI. The issue was raised at a conference held between Vietnam’s government agencies and major Japanese firms in Vietnam, including Hitachi Asia Vietnam, TEPCO Power Grid, JFE Engineering, MUFG Bank, JERA, among others, on August 20, with the aim of addressing issues that are directly related to Vietnam’s business environment and affect Japanese businesses’ decisions to expand operations in the country. Director of the Ministry of Planning and Investment’s Foreign Investment Agency Do Nhat Hoang. Photo: MPI. Director of the Ministry of Planning and Investment’s Foreign Investment Agency Do Nhat Hoang considered the conference an important channel to help the Japanese business community better understand Vietnam’s investment policies and business environment, and for the Vietnamese government to identify its shortcomings to continue attracting high quality foreign direct investment (FDI). Takeshi Masuyama, country head of MUFG Bank in Vietnam, said the bank would continue to cooperate with Hanoi-based Vietinbank to promote Japanese investment into Vietnam. Country Head of MUFG Bank in Vietnam Takeshi Masuyama. Photo: MPI. MUFG Bank is currently Vietinbank’s second largest shareholder with a 19.7% stake, behind the Vietnamese central bank with a 64.46% stake. Vietnam remains a safe and attractive investment destination in the eyes of foreign investors. Year to July 20, 1,620 new foreign-invested projects were approved with total registered capital of US$9.46 billion, up …

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