Economic potential

President of the Vietnam Academy of Social Sciences (VASS) Prof Dr Nguyen Quang Thuan at the event (Photo: VNA) Moscow (VNA) – A delegation led by President of the Vietnam Academy of Social Sciences (VASS) Prof Dr Nguyen Quang Thuan attended an international symposium on Vietnam-Russia cooperation in Russia on June 4. The event, part of activities in the Vietnam Year in Russia and the Russia Year in Vietnam, was organised by the Institute of Economy under the Russian Academy of Sciences. Reports at the symposium analysed impacts of international situations and globalisation on the economies of Vietnam and Russia and compared the development models of the two nations. They also commented on Vietnam-Russia cooperation potential in the 21st century and within the framework of the Eurasian Economic Union - Vietnam free trade agreement. Participants said that as a scientific-technological power, Russia should bolster its science-technology strengths in the Vietnamese market … [Read more...] about Experts of Vietnam, Russia discuss cooperation in economic globalisation

According to forecasts of BMI Research, Vietnam’s food industry is expected to achieve annual growth of 10.9% in 2015-2020.  Vietnam’s food industry is expected to achieve annual growth of 10.9% until 2020. Numerous international players, especially those from countries that Vietnam signed free trade agreements with, have been seizing the opportunity to enter the Vietnamese food market to take advantage of the deals. Keith Colwell, Canadian Nova Scotia’s Minister of Agriculture and Minister of Fisheries and Aquaculture, said that Canadian food businesses have shifted their focus to Vietnam after developments in the Chinese market and thanks to tariff reductions under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). These companies want to bring high-end Canadian products like seafood, agricultural products and beverages to new markets like Vietnam, Colwell said, explaining that tariff reductions under the CPTPP have … [Read more...] about Trade deals trigger foreign investments in Vietnam’s food sector

Dung Quat Oil Refinery is developed at Dung Quat Economic Zone in the central province of Quang Ngai The $3 billion Dung Quat is the first-ever oil refinery in Vietnam with an annual capacity of 6.5 million tonnes of crude oil. The refinery applies cutting-edge technologies from the US and the EU and is capable of processing about 57 different types of crude oil with high API quality and low sulfur content. Over the past years, BSR has maintained the stable operation of the refinery at an average output of 103-105 per cent of its designed capacity. The refinery uses 85 per cent of locally-sourced materials and 15 per cent of imported materials. After years of research, BSR evaluated and selected 67 types of crude oil that meet technical standards for processing at Dung Quat. It can process crude oil from different regions of the world such as Azeri (Azerbaijan), Qua Iboe, Escravos, Bonny Light (Nigeria) as well as Te Giac Trang (White Rhino), Su Tu Den (Black Lion), and Chim Sao … [Read more...] about BSR seeks foreign partners for more multifaceted growth

Deputy Foreign Minister Le Hoai Trung (Photo: VNA) Hanoi (VNA) – The promulgation of Resolution 36-NQ/TW at the eighth session of the 12th Party Central Committee in October 2018 on the marine economic development strategy illustrates Vietnam’s broad strategic vision of turning the country into a strong maritime nation. In an article titled “Proactively enhancing and expanding external relations and international cooperation in maritime issues” published on Nhan dan (People) newspaper on January 11, Deputy Foreign Minister Le Hoai Trung said the resolution affirms Vietnam’s special attention to this matter. Trung, also head of the National Border Committee, said promoting foreign relations and cooperation in sea-related issues is one of the five major guidelines set in the resolution, aiming to build and maintain a peaceful, stable environment and legal order at sea as the basis for the safe and efficient use of maritime resources. Vietnam also wants … [Read more...] about Vietnam expands international cooperation in maritime issues

At the meeting, Mr. Nhan appreciated the well developing relationship between the two nations in many fields covering exchange of all level delegations, investment, education, agriculture, defense and development aid for the last past especially after the two countries upgraded their relationship to strategic partnership in 2018. Mr. Nhan believed that the relationship between Vietnam including HCMC and Australia will develop vigorously in the upcoming time. Vietnam-Australia cooperation not only benefits the two countries but also has strategic meaning to peace, stability and prosperity in Asia-Pacific. Vietnam hopes that the two sides will soon build an action program to implement the strategic partnership relationship in the phase of 2020-2030, as well as an enhanced economic cooperation strategy with the goal to take the two sides in the top ten trade partners of each other and double two-way investment. Vietnam always create the best conditions for Australian firms to invest in … [Read more...] about City Party Chief meets Australian Prime Minister in Canberra