Diversified export markets In 2017, Vietnam’s export-import reached a record US$425.12 billion, including US$214.02 billion in exports and US$211.1 billion in imports, putting the trade surplus at nearly US$3 billion. At the beginning of 2018, Prime Minister Nguyen Xuan Phuc asked the Ministry of Industry and Trade to target a 10-percent export increase, higher than the goal of 7-8 percent set by the National Assembly. The task was particularly challenging given the escalating US-China trade war, and challenges posed by non-tariff barriers for imported goods. To carry out its task, the Ministry of Industry and Trade slashed bureaucratic red tape for administrative procedures and business conditions in export-import activities, creating favorable conditions for business development. For example, Governmental Decree 107/ND-CP on rice export businesses now allows rice producers to export their products directly. Farmers, cooperatives and/or businesses with several dozen hectares of … [Read more...] about Vietnam’s exports, trade surplus hit new records
Free trade or fair trade
3rd Vietbuild expo to open in Ha Noi Up to 450 enterprises will showcase their products at more than 1,600 pavilions at the third Vietbuild international exhibition in Ha Noi from November 23 to November 27, following the success of the two previous events. Nguyen Tran Nam, head of the Vietbuild organising board and chairman of the Viet Nam National Real Estate Association, told a press conference held in Ha Noi on Monday that the five-day exhibition will see the participation of 273 domestic enterprises, 108 joint venture enterprises and 60 foreign enterprises from 22 countries and territories around the world. The exhibitors will introduce a range of new products in the areas of construction, building, real estate and interior and exterior design. Exhibitors participating in the event will have booths of between 36 and 160sq.m. Products on show will include modern technologies such as smart home systems and lighting technology. “Over the past 10 years, the … [Read more...] about BUSINESS NEWS IN BRIEF 22/11
US Trade Representative Robert Lighthizer said the administration notified Congress of its intent to negotiate the three separate trade agreements. A container ship is loaded with containers at Port Everglades on Jul 30, 2014 in Fort Lauderdale, Florida. (Joe Raedle/Getty Images/AFP) US officials announced on Tuesday (Oct 16) negotiations for separate trade agreements with Britain, the European Union and Japan as part of efforts by President Donald Trump's administration to rebalance global commerce. US Trade Representative Robert Lighthizer said the administration notified Congress of its intent to negotiate the three separate trade agreements. "We are committed to concluding these negotiations with timely and substantive results for American workers, farmers, ranchers, and businesses," Lighthizer said. The move follows the Trump administration's renegotiation of the North American Free Trade Agreement with Canada and Mexico and its push to correct what Trump maintains is an … [Read more...] about US sets new trade talks with EU, Japan, Britain
SANTIAGO - Eleven countries including Vietnam, Japan and Canada signed a landmark Asia-Pacific trade agreement without the United States on Thursday in what one minister called a powerful signal against protectionism and trade wars. The deal came as U.S. President Donald Trump vowed earlier in the day to press ahead with a plan to impose tariffs on steel and aluminum imports, a move that other nations and the International Monetary Fund said could start a global trade war. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will reduce tariffs in countries that together amount to more than 13 percent of the global economy - a total of $10 trillion in gross domestic product. With the United States, it would have represented 40 percent. “Today, we can proudly conclude this process, sending a strong message to the international community that open markets, economic integration and international cooperation are the best tools for creating economic … [Read more...] about Asia-Pacific nations sign sweeping trade deal without U.S.
U.S. President Donald Trump threatened retaliatory action against two major Asian trading partners Tuesday, warning of sanctions against China while vowing to revise or scrap a free trade deal with South Korea. Accusing Beijing of decimating American steel and aluminum industries, Trump said he was "considering all options," including tariffs and quotas. Trump recently received two Commerce Department reports concerning alleged Chinese subsidies for steel and aluminum exports -- materials that are vital for industries from construction to autos. He has another two months to decide on possible retaliatory action, but strongly indicated that he is leaning toward hitting back at Beijing. "I will make a decision that reflects the best interests of the United States, including the need to address overproduction in China and other countries," he said. Experts believe any U.S. sanctions would prompt China to respond with sanctions of its own, raising the specter of a trade war between the … [Read more...] about Trump threatens China sanctions, vows to rework South Korea trade deal