European market close

At a working session between Minister of Agriculture and Rural Development Le Minh Hoan and EC representatives (Photo: VNA) Binh Phuoc (VNA) – The People’s Committee of the south-eastern province of Binh Phuoc, dubbed as Vietnam’s “capital” of cashew and rubber trees, has issued a document on the implementation of an action plan framework in response to the European Union Deforestation-Free Regulation (EUDR). The regulation, approved by the European Commission (EC) on May 16, 2023, is the latest by the EU regarding green, sustainable development, specifically deforestation-free agricultural products. It sets mandatory due diligence rules for all operators and traders who place, make available or export the following commodities from the EU market: palm oil, cattle, wood, coffee, cocoa, rubber and soy. The rules also apply to a number of derived products such as chocolate, furniture, printed paper and selected palm oil based derivatives (used for example as components in … [Read more...] about Binh Phuoc takes action to comply with EU’s anti-deforestation regulations

The locality said it will quickly investigate, verify and handle any case of brokering and facilitating illegal operations in foreign waters by local fishing vessels and fishermen. The move is in anticipation of the fourth inspection by the E.C. delegation over Vietnam's efforts to combat IUU fishing from October 10-18. Over the past time, Tien Giang has kept close control of the fleet of fishing boats, including the total number of vessels, their registration, operational licenses, installation of the Vessel Monitoring System (VMS), and information updates on the National Fisheries Database (VNFishbase). Any violation of fishing regulations, especially that on VMS installation, has been strictly handled. Apart from seafood traceability, local competent forces have inspected the operations of businesses that specialize in processing aquatic products for export to the European market. Vice Chairman of the People’s Committee Phan Van Trong said Tien Giang has consolidated its … [Read more...] about Tien Giang working to handle shortcomings in IUU fishing

Giants lead green packaging future, illustration photo/ Source: freepik.com About 450 businesses from more than 30 countries and territories will gather for the 16th edition of ProPak in Ho Chi Minh City in November to establish a panorama of equipment and new technology in future food processing and packaging. The exhibition will offer a dynamic business platform that is shaping the future of the processing and packaging industries, particularly in an industry closely impacting the environment like packaging. Food packaging currently accounts for 30-50 per cent of the total packaging industry space, according to statistics from the Ministry of Industry and Trade, leading to a strong symbiotic relationship between the two fields of food and packaging. According to German data provider Statista, the packaging sector has been growing on-year with an average rate of 15-20 per cent, in parallel with the average increase of about 10 per cent of the food and beverages market over … [Read more...] about Giants lead green packaging future

Nghiem Xuan Da, chairman of the Vietnam Steel Association (VSA), said, "The CBAM is the latest challenge for Vietnam's steel industry amidst an already tough business climate as it tries to increase exports to Europe under the EU-Vietnam Free Trade Agreement (EVFTA)." The CBAM is the EU's landmark attempt to put a fair price on carbon emissions produced from carbon-intensive goods entering the EU. It aims to encourage cleaner industrial production in non-EU countries. According to the VSA, Vietnamese steel exports to the EU have been on a positive trajectory thanks to the implementation of the EVFTA in August 2020, along with the recent shortfall in steel supply to the EU. Steel exports in the first six months of 2023 reached 1.36 million tonnes, with export turnover reaching about $1 billion, an increase of 1.5 times compared to the same period in 2022. In response to the new policy, Posco Yamato Vina Steel (Py Vina), under South Korea's Posco Group, is researching a new … [Read more...] about CBAM may hinder EVFTA advantages for steel industry

The regulation, approved by the European Commission (EC) on May 16, 2023, is the latest by the EU regarding green, sustainable development, specifically deforestation-free agricultural products. It sets mandatory due diligence rules for all operators and traders who place, make available or export the following commodities from the EU market: palm oil, cattle, wood, coffee, cocoa, rubber and soy. The rules also apply to a number of derived products such as chocolate, furniture, printed paper, and selected palm oil-based derivatives (used for example as components in personal care products). They will be applicable to most companies from December 2024. Micro-enterprises and small-medium enterprises would have an additional six months to comply with the regulation's requirements. Binh Phuoc's key products like rubber, cashew nuts, coffee, pepper, durian, and wood and wood products are expected to be impacted by the requirements. Under the document, the chairwoman of the … [Read more...] about Vietnam’s cashew ‘capital’ takes action to comply with EU’s anti-deforestation regulations

Talking to First Secretary of the Communist Party of Cuba and President of Cuba Miguel Diaz-Canel, PM Pham Minh Chinh affirmed that the Party, State, Government, National Assembly, and people of Vietnam never forget Cuba’s wholehearted assistance for Vietnam’s struggle for national liberation, always treasure and stay determined to further intensify the traditional solidarity and comprehensive cooperation between the two countries, and support the just revolutionary cause of the Cuban people. He underlined Vietnam’s consistent stance of not supporting but demanding the unilateral sanctions against Cuba be removed. The PM held that the two sides should maintain close cooperation to enhance trade and investment links and develop their economic ties on par with the sound political relations as directed and wished by the countries’ Party and State leaders. President Miguel Diaz-Canel said the Cuba - Vietnam relations form a noble symbol of the comradeship and close-knit friendship, … [Read more...] about Vietnamese PM meets global leaders in New York

Central banks for the world's biggest economies have served notice that they will keep interest rates as high as needed to tame inflation, even as two years of unprecedented global policy tightening reaches a peak. The so-called "higher for longer" mantra is now the official stance of the U.S. Federal Reserve, European Central Bank and the Bank of England, as well as being echoed by monetary policy-makers from Oslo to Taipei. For central bankers first chastised for being late to spot the post-pandemic surge in inflation and then cautioned for overdoing their response, the prize of returning the global economy to stable prices without recession is now within sight. Their task is to convince financial markets not to undo their work with bets on early rate cuts, and to watch for new risks such as rising oil prices - while hoping governments help with budgets that do not further fuel inflation. "We will need to keep interest rates high enough for long enough to ensure that we get … [Read more...] about Global central banks unite in ‘higher for longer’ credo

Vietnamese Ambassador Dinh Toan Thang (Photo: VNA) Paris (VNA) - Since the establishment of a strategic partnership a decade ago (September 25, 2013-2023), Vietnam-France ties have been growing rapidly both in width and depth, Vietnamese Ambassador Dinh Toan Thang told the Vietnam News Agency in a recent interview on the occasion of the 10th anniversary of bilateral strategic partnership. The ambassador said France has always been one of the leading partners of Vietnam in Europe and the world, adding that France places great importance on Vietnam's position in the region, as evidenced by its ongoing strategies and policies in Southeast Asia and the Asia-Pacific. According to him, the traditional friendship with deep-rooted historical and cultural connections and the warm sentiments between French and Vietnamese people continue to be fostered and developed among people of all walks of life and circles. The locality-to-locality ties have also expanded, with four … [Read more...] about Vietnam-France ties grow strong: Ambassador

At the talks, which took place following an official welcome ceremony for the Vietnamese top legislator, Zhelyazkov affirmed that Vuong Dinh Hue’s visit is of significance as it marks a new step in the relations between the two countries. Zhelyazkov congratulated the great achievements Vietnam has recorded in reform, in which, he said, the Vietnamese legislature plays a crucial role. Bulgaria always attaches importance to the long-standing friendship and multi-faceted cooperation with Vietnam, which have been cultivated by generations of leaders of the two countries over the past more than seven decades, he stressed. For his part, Vuong Dinh Hue emphasized that the State, N.A. and people of Vietnam always remember the valuable, whole-hearted support of Bulgaria to Vietnam during its past struggle for national independence as well as the present cause of national construction and development. Bulgaria was one of the first countries to recognise and establish diplomatic relations … [Read more...] about Vietnam treasures traditional friendship with Bulgaria: top legislator

Keijo Norvanto, Ambassador of Finland to Vietnam On behalf of the Embassy of Finland to Vietnam and the Finnish business communities in Vietnam, I would like to congratulate Vietnam Investment Review on its 32 nd anniversary. I would like to express our appreciation to the VIR editors and its dedicated and talented reporters for their continuous work, introducing the Vietnam business environment and opportunities to Finnish businesses. Moreover, VIR ’s continuous cooperation with us provides the audience with Finnish experiences and know-how in education, circular economy, and other advanced technologies. The Vietnamese government committed to net-zero by 2050 and recently joined the Just Energy Transition Partnership declaration that aims to contribute to Vietnam’s sustainable development. In that, Finland possesses globally competitive technology and expertise in many areas, which will help Vietnam achieve the country-set targets. Additionally, our proven … [Read more...] about Defining the role of the press in business