Government intervene in trade

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

"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, known as the Asia 12, accounts for 88% of intra-Asia trade today and could more than double in value from USD 6.4 trillion in 2020 to USD 13.5 trillion in 2030. Vietnam 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 from USD 326 billion to USD 465 billion by 2030. “Intra-Asia trade holds incredible potential over the coming decade, built off the immense economic success that key regional economies have accomplished in recent years,” said Michelle Ho, President for UPS Asia Pacific, Middle East and Africa. According to the study, four segments have driven the surge in trade among the Asia 12: retail, industrial … [Read more...] about Vietnam’s trade with top 11 Asian markets is set to grow significantly

Gabor Fluit, newly-appointed EuroCham chairman at the VBF 2023 The report of EuroCham to Vietnam's government at the VBF on March 19 highlighted the harmonisation of the Vietnam personal data protection regulations with EU regulations. "We would like to recommend having harmonisation of the Vietnamese personal data protection regulations with the EU Digital Service Act, Digital Market Act, and other international personal data protection laws. The objective is to ensure the safety of the users in the digital space through the regulation of the major technological platforms," noted the report. Besides this, the government should facilitate the free flow and exchange of data between Vietnamese and multinational European businesses and organisations safely and securely, such as by recognising internationally reputable third-party data security, privacy, and information management certifications. "We recommend that the government elaborate further on the different levels of … [Read more...] about EuroCham highlights digitisation in trade and economic development

Senior executives from 52 US firms are taking part in the biggest business mission ever organised by the US-ASEAN Business Council (USABC) to Vietnam this week as the two countries mark the 10-year anniversary of their Comprehensive Partnership (2013-2023). Ted Osius, president and CEO of the USABC, noted US firms have an increasing interest in ASEAN, especially in Vietnam, amid global economic difficulties, adding this is a vibrant and growing area. “American companies are seeing strong trends in the expansion of a global manufacturing hub and supply chain in Vietnam in such industries as semiconductors, fast-moving consumer goods, agriculture, the digital economy, finance, and healthcare. The US business community is also seeing renewed interest to cooperate in the aerospace, defence, and security sectors,” said Osius. Among them, Elon Musk's SpaceX is looking for opportunities to develop the satellite internet service market in Vietnam and the region in general. … [Read more...] about Largest-ever US trade delegation seeks more trade and investment

Vietnam considers the US as one of its most important partners and welcomes the US to support a strong, independent, and prosperous Vietnam. Vietnam aims to enhance the Comprehensive Partnership with the US, focusing on mutually beneficial outcomes that generate employment opportunities and growth for both nations. Overview of the meeting. Photos: Nhat Bac “Such an effort would contribute to supporting global and regional stability, cooperation, and development while promoting peace and harmony.” Prime Minister Pham Minh Chinh stressed the remarks during a meeting with a delegation of the US-ASEAN Business Council (USABC) today [March 22]. At the meeting, Chinh welcomed a delegation of over 50 large US enterprises to visit and work in Vietnam, coinciding with the 10th anniversary of the Vietnam-US Comprehensive Partnership (2013-2023). The Prime Minister expressed gratitude to the US Government and businesses for their support in providing vaccines and … [Read more...] about Vietnam continues to push for stronger ties with US: PM

Vice Chairman of the National Assembly Nguyen Duc Hai (R) receives Polish Minister of Foreign Affairs Zbigniew Rau. (Photo: VNA) Hanoi (VNA) – Vietnam always treasures and wants to promote its traditional friendship and comprehensive cooperation with Poland, one of its prioritised partners in Central Eastern Europe, Vice Chairman of the National Assembly (NA) Nguyen Duc Hai said while receiving Polish Minister of Foreign Affairs Zbigniew Rau in Hanoi on March 17. Welcoming the Polish official’s visit, Hai affirmed that the Vietnamese NA always supports the comprehensive cooperation between the two governments. The two sides shared delight at the growing partnership between the two countries, with many delegations exchanged, including high-level ones. As the COVID-19 pandemic has interrupted delegation exchanges between the two countries in recent years, the two sides should promptly resume the exchange of delegations, especially at high level ones, to further beef up … [Read more...] about Vietnam wants to beef up comprehensive ties with Poland: NA Vice Chairman

PM Pham Minh Chinh speaks at the event. (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh had a working session with a delegation of the US-ASEAN Business Council (USABC) in Hanoi on March 22, during which he said Vietnam wants to promote its comprehensive partnership with the US in a practical, effective, equal and mutually-beneficial manner. The delegation comprised leaders of over 50 leading US and world businesses like Netflix, Boeing, Apple, Coca-Cola, Pfizer, Abbott, Visa, Citibank, Meta, Ford, Fedex Express, among others. PM Chinh affirmed that Vietnam always considers the US one of the top important partners, adding that the Vietnamese Government always stays ready to listen to the US firms to deal with difficulties in the spirit of harmonising benefits and sharing risks. He said Vietnam is carrying out three strategic breakthroughs, including building and fine-tuning institutions, reforming administrative procedures and training human resources, … [Read more...] about Vietnam wants to further promote comprehensive partnership with US: PM

Illustrative image (Photo: AFP/VNA) Jakarta (VNA) - Indonesia may procure another 500,000 tonnes of rice from abroad this year to fill up the diminishing government rice reserves , the Trade Ministry has said. The announcement came despite the government having imported 500,000 tonnes of rice from countries including Vietnam, Thailand, and Pakistan starting last December. Trade Minister Zulkifli Hasan said the government had agreed to offer the option, arguing that the State Logistics Agency (Bulog) only had around a quarter of the required minimum reserves of 1.2 million tonnes. They decided at a meeting with the President that whenever necessary, they can import again as many as 500,000 tonnes, the minister told a recent session with Commission VI of the Indonesian House of Representatives . However, he noted, the government will not import rice in the near future as the harvest season is coming and the import of foreign rice may affect domestic prices. Rice … [Read more...] about Indonesia may import another 500,000 tonnes of rice in 2023

The cooperation aims to celebrate the 50th anniversary of the diplomatic relationship between Vietnam and Australia. The Australian Trade and Investment Commission (Austrade) is collaborating with businesses and government in Hanoi, Hue, and Danang to deliver the "Vietnam- Australia: Unlocking Opportunities in Education and Agrifood" roadshow series starting on March 27 in Hanoi with the participation of over 400 Australian and Vietnamese businesses, organizations, associations and institutions. The program aims to celebrate the 50th anniversary of the diplomatic relationship between Vietnam and Australia. Australian food and beverage showcase during the seminar took place on March 27 in Hanoi. Photo: Australian Embassy Vietnam At the kick-off event in Hanoi, Andrew Goledzinowski - Australia’s Ambassador to Vietnam shared that the program will deepen engagement and expand opportunities for Australian and Vietnamese partners in the agrifood and education … [Read more...] about Vietnam and Australia boost cooperation in education, agrifood

Malaysian Prime Minister Anwar Ibrahim (Photo: The Star) Kuala Lumpur (VNA) – Malaysian Prime Minister Anwar Ibrahim has called on Saudi Arabian business community to invest more in Malaysia as the latter is under a stable government with clear policies. Talking to Saudi and Malaysian businesspeople on March 23, he said the new government under his leadership is committed to making it easier to do business in the country with reforms that support business and the Madani agenda. He appealed to some of the business community, soon after Ramadan, to send delegations and meet their counterparts. All their necessary support will make a lot of difference for the Muslim world and hence promote more vibrant economies, he added. The leader mentioned Malaysia’s priorities in the current period, including digital technology, food security and infrastructure. Anwar is on a visit to Saudi Arabia from March 22-24. Saudi Arabia is Malaysia's largest trade partner and the largest … [Read more...] about Malaysian PM calls on Saudi Arabian firms to boost investment