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The country expects to surpass Bangladesh to become the second largest textile and garment exporter to the world market after the EVFTA comes into effect. — Photo baodautu.vn Nguyen Hai Minh, EuroCham vice chairman, said the EVFTA has taken effect from August 1, but only 2 per cent of 8,600 local enterprises know the details of this FTA and about 20 per cent of them know about the agreement at all. The important thing is that they must really understand the content of this agreement and its conditions. … [Read more...] about VN businesses slow in preparing to enjoy preferential tariffs in EVFTA

Garment factory owner Trang has a headache on her hands. She began calling workers back to work two months ago and started seeing orders picking up again in early July when Vietnam weathered the first wave of the novel coronavirus outbreak. But after the first community case was detected in Da Nang on July 25, many customers called early this week to cancel orders that she’d expected to deliver in mid-August. The number of new orders from across many provinces and cities also began to drop. "I was trying to minimize losses from the first semi-lockdown earlier this year, and now this... everything stands still," the owner of the garment factory in Hanoi's Long Bien District said. … [Read more...] about Second COVID-19 wave could sink local businesses

Minh said some textile enterprises are choosing whether or not to meet the rules of origin to enjoy preferential tariffs in this FTA. At present, the main import material of Vietnamese textile enterprises is still from China, so if they do not change suppliers their products can not satisfy the origin requirements in the EVFTA. … [Read more...] about Local businesses slow in preparing to enjoy preferential tariffs in EVFTA

Hanoi (VNA) - Three subsidiaries of the State-owned Vietnam Oil and Gas Group (PetroVietnam) signed a business cooperation contract (BCC) on August 3 to carry out a chain of gas, power, and service port projects. The three are the PetroVietnam Gas Joint Stock Corporation (PV Gas), the PetroVietnam Power Joint Stock Corporation (PV Power), and the PetroVietnam Technical Service Joint Stock Corporation (PTSC). PTSC General Director Le Manh Cuong said the contract is to implement a chain of gas, power, and service port projects on the basis of business performance-based risk and profit sharing along with the optimisation of financial resources, personnel, and technical infrastructure. In the first phase, the three companies will invest in new infrastructure to supply re-gasified liquefied natural gas (LNG) to the Nhon Trach 1 and Nhon Trach 1A power plants. They will continue to consider investment in the Nhon Trach 5 power project in the second phase, with an expected capital … [Read more...] about PetroVietnam subsidiaries ink deal on projects

When EVFTA was about 10 days to become effective, the Copenhagen Infrastructure Partners (CIP) of Denmark, on behalf of the New Market Fund I, together with Asiapetro and Novasia Energy, signed a Memorandum of Understanding (MOU) with the People's Committee of Binh Thuan Province to develop La Gan offshore wind power projects. With an estimated total capital of US$10 billion, the project with a capacity of 3.5GW can enhance the position of Vietnam in the field of renewable energy in the world. And the successful cooperation between CIP, Asiapetro, Novasia Energy, and Binh Thuan in this project will be a foundation to attract other foreign investors to offshore wind power projects across the country. Earlier, Tesa announced that it would invest about 55 million euros, approximately $60.3 million, to open a high-tech adhesive factory specializing in serving for the electronics and automotive industries. According to the plan, Tesa will start production in 2023 with about 140 employees … [Read more...] about Opportunities to welcome high-quality FDI capital with EVFTA