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An employee talking to a client at a VPBank office in Ha Noi. The bank's shares jumped nearly 1.3 per cent on the last trading day of the week, helping cushion the loss of the market. — VNA/VNS Photo Benchmark indices were mixed on Friday with the VN-Index falling for a second day in a row, but both posted a weekly loss. On the Ho Chi Minh Stock Exchange (HoSE), the VN-Index declined by 2.26 points, or 0.22 per cent, to 1,045.14 points. It lost 14.79 points on Thursday after soaring more than 22 per cent on Wednesday. The breadth of the southern market was neutral, while liquidity improved over the previous session. Nearly VND10.3 trillion (US$436.2 million) was injected into the southern bourse, equivalent to a trading volume of more than 564.9 million shares. The benchmark pared losses as more large-cap stocks performed well. The VN30-Index rose 0.72 points, or 0.07 per cent, to close the week at 1,047.71 points. Sixteen of the 30 biggest stocks in market capitalisation on … [Read more...] about Market ends mixed on lingering risk-off mood

Viet Nam’s trade with 11 other major Asian markets could rise from US$326 billion to $465 billion by 2030. — Photo courtesy of UPS Viet Nam’s trade with 11 other major Asian markets could rise significantly in value by 2030, according to an industry study released by UPS. "Clearing the Runway for Intra-Asia Trade" sheds light on trade growth drivers, potential headwinds, and multi-stakeholder action required to unlock the 2030 opportunity. Trade in just 12 key markets (Australia, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand, and Viet Nam), known as the Asia 12, accounts for 88 per cent of intra-Asia trade today and could more than double in value from US$6.4 trillion in 2020 to $13.5 trillion in 2030. Viet Nam has rapidly grown into an important regional manufacturing hub. The country is expected to leverage this position further in the coming decade and trade value with the rest of the Asia 12 is forecast to rise … [Read more...] about Viet Nam’s trade with top 11 Asian markets is set to grow significantly

A trade promotion and cooperation conference between Viet Nam and Mexico was held on March 23 in HCM City. — VNS Photo Hong Linh More than 115 businesses have participated in a trade promotion and cooperation conference between Viet Nam and Mexico in HCM City. At the conference on March 23, Deputy Director of the Investment and Trade Promotion Centre (ITPC) Cao Thi Phi Van said Mexico was the second largest trade partner of Viet Nam in Latin America, and Viet Nam was the 8th largest trade partner of Mexico in Asia. Viet Nam had been taking advantage of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to reduce the export tax to Mexico. According to the General Department of Customs, bilateral trade in 2022 reached US$5.4 billion, an increase of 7.1 per cent compared to 2021. The trade value between HCM City and Mexico stood at $364 million, of which $300 million was the value of HCM City's exports. Viet Nam and Mexico have been increasing … [Read more...] about Conference to promote trade and cooperation between Viet Nam and Mexico

At the event (Photo: congthuong.vn) HCM City (VNA) – There is no shortage of room for Vietnam and Mexico to promote their commercial cooperation , especially in the fields of energy, telecommunications, high-tech agriculture and high value added industry, said experts at a workshop held in Ho Chi Minh City on March 23. Aiming at such promotion, the event was co-organised by the Investment & Trade Promotion Centre of Ho Chi Minh City (ITPC), the Mexican Embassy in Vietnam, and the Mexican Consulate General in the southern metropolis. Currently, Mexico is Vietnam's second largest trading partner in Latin America and Vietnam is Mexico's eighth in Asia, said ITPC Vice Director Cao Thi Phi Van at the workshop. The ties have been expanded continuously over the past years, notably after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) entered into force at the beginning of 2019, she added. As per statistics of the General Department of … [Read more...] about Vietnam, Mexico see ample room for trade cooperation: workshop

Last year 440,000 cars were manufactured in Vietnam and 176,590 were imported. But imports from the Association of Southeast Asian Nations member countries, mainly Thailand and Indonesia, doubling the period before 2018. According to data from the General Department of Vietnam Customs, last year the two countries accounted for 144,703 cars, or 83% of imports, that cost US$2.5 billion. Foreign carmakers with factories in Vietnam import 80-90% of their cars sold in the market. Imports of cars and car parts are expected to skyrocket in the next 10 years when the import tax is gradually reduced to 0% under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the European Union-Vietnam Free Trade Agreement. "In the context of integration, if the Government and ministries do not quickly have appropriate policies and solutions to encourage and support the development of the domestic auto industry, Vietnam will become a market for foreign firms, and … [Read more...] about Vietnam at risk of becoming captive market for imported cars: industry ministry

Coordinating Minister for Economic Affairs Airlangga Hartarto (Source: indonesia .postsen.com) Jakarta (VNA) - The Indonesian Government is committed to promoting inclusive and sustainable growth not only in the country, but also in the Indo-Pacific and ASEAN regions, according to Coordinating Minister for Economic Affairs Airlangga Hartarto. This commitment is manifested in Indonesia's efforts to establish good relations and strengthen economic cooperation both bilaterally and multilaterally, including its involvement in the Indo-Pacific Economic Framework for Prosperity (IPEF). Speaking at the Indo-Pacific Chamber of Commerce and Industry Business Forum in Nusa Dua Bali on March 18, Airlangga said that IPEF partners are united by a vision to innovate and bring new ideas to foster cross-border trade as well as cooperation in existing approaches. Stressing that the Indo-Pacific region is a driver of the world’s economic growth, he said the proactive engagement … [Read more...] about Indonesia pledges to boost inclusive growth in Indo-Pacific region

The independent recognition from IFR Asia reaffirms the expertise and solution-driven approach of Citi’s capital markets and advisory teams in developing and executing complex transactions for clients in an ever-changing and challenging macro-environment. IFR Asia said, “Citi’s pan-Asian footprint and diverse sector coverage made it a bastion of stability, while its commercial bank enabled it to give issuers more options amidst the rapidly changing market conditions.” Jan Metzger, head of Asia-Pacific Banking, Capital Markets and Advisory at Citi added, “This win is a recognition of the strength of Citi’s franchise, the competitive advantage of our global network, and the passion and energy of our teams. We would like to thank our clients for their trust in Citi, and for choosing us as their partner to support their banking requirements.” In Vietnam, on March 17 Citi was honoured at the Golden Dragon Awards 2023 for its role as an Outstanding Foreign-Invested … [Read more...] about Citi named Bank of the Year in Asia-Pacific

The award was based on a unanimous decision by the editors of IFR Asia, a leading regional capital markets magazine. The recognition from IFR Asia reaffirms the expertise and solution-driven approach of Citi’s capital markets and advisory teams in developing and executing complex transactions for clients in an ever-changing and challenging macro-environment. "Citi’s pan- Asian footprint and diverse sector coverage made it a bastion of stability, while its commercial bank enabled it to give issuers more options in rapidly changing market conditions," IFR Asia concluded in an editorial write up accompanying the award win. "This win is a recognition of the strength of Citi’s franchise, the competitive advantage of our global network and the passion and energy of our teams," Jan Metzger, head of Asia Pacific banking, capital markets and advisory at Citi, said. In Vietnam, the bank recently won the 2023 Golden Dragon Award for its role as an outstanding foreign enterprise promoting … [Read more...] about Citi wins award for bank of the year in Asia Pacific

Illustrative image (Photo: kpl.gov.la) Vientiane (VNA) – Laos’ total trade value in February was estimated at 962 million USD (excluding electricity export), according to Lao Ministry of Industry and Commerce. Of this, its export value stood at 505 million USD, mean a trade surplus of 48 million USD to the country. Laos’ key exports included cassava (85 million USD), mixed gold and gold bars (46 million USD), copper ores (35 million USD), and paper and related products (28 million USD). The country’s main imports consisted of diesel (83 million USD), mechanical equipment (31 million USD), vehicles (27 million USD), and steel and steel products (18 million USD). Vietnam ranked third among the Laos ’ export markets in the month with a total value amounting to 106 million USD. China remained the top export destination for the country and was followed by Thailand, with 173 million USD and 116 million USD, respectively. Vietnam was also the third among the … [Read more...] about Laos’ trade value reached 962 million USD in February

Fruits and vegetables on display at the Hortex Vietnam expo in HCM City last month. Africa and the Middle East are highly promising export markets for Vietnamese fruits and vegetables. — VNS Photo The Middle East and Africa have high demand for fruits and vegetables, offering Vietnamese firms a great opportunity to boost exports, according to the Ministry of Industry and Trade. Nguyen Minh Phuong, director of the ministry’s Asia-Africa market department, said the Middle East, which comprises 15 countries and has a population of around 400 million people, has a high per capita income. They import large volumes of agricultural products, including fruits and vegetables, she said. Africa too has huge demand for agricultural products, but because of the distances, Vietnamese firms only export to countries in the north of the continent, she said. Viet Nam’s exports of fruits and vegetables to the Middle East and North Africa (MENA) have soared from US$255.1 million in 2019 to … [Read more...] about Middle East, North Africa lucrative markets, fruit, vegetable exporters told