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Thanh Cong Textile Garment Investment Trading JSC exported over one-third of its products to the United States in 2021. However, the company started to face challenges following the US’ blanket ban on all Xinjiang cotton. Last year, President Joe Biden signed into law the Uyghur Forced Labor Prevention Act. Vietnam’s cotton imports reach up to one million tonnes each year, Photo: Shutterstock Tran Nhu Tung, chairman of the company, said that the company has adopted regulations this year related to this act. Accordingly, buyers have to be responsible for export orders to the US which source Chinese cotton materials. Thanh Cong secures many large orders from the US. In 2022, the company sets a target to generate $179 million in revenues and $10.87 million in profit, up 120 per cent and 188 per cent respectively against last year. Tung noted that yarn exports are the main driving force for Thanh Cong. “There is a rapidly growing demand for yarn imports in the global … [Read more...] about Demand for cotton forces adjustments

What are the concerns surrounding the Uyghur Forced Labor Prevention Act (UFLPA) implementation among Vietnamese garment exporters to the US? Association chairman Vu Duc Giang Some of the concerns are real. Since the UFLPA became effective in June, Vietnam has witnessed certain impacts on its garment exports to the US. Vietnam has maintained its position as the world’s third-largest cotton importer with a volume of 1.5 million tonnes per year. This includes 800,000 tonnes of cotton imported from the US, accounting for 60 per cent of the total imports. In January 2021, US Customs and Border Protection announced a ban on raw fibres, apparel, and textiles made from Xinjiang-grown cotton, which also covers cotton products made in third countries. Customs will detain imported merchandise unless the importer can prove by clear and convincing evidence that the goods were not from Xinjiang. What is the status of the recommendations from the US on Chinese cotton? Vietnam … [Read more...] about Facilitating recovery of Vietnam’s yarn sector in midst of US policy enforcement

In the updated draft national master plan for the rest of the decade and with orientations to 2050 that was released last week, the section on the nation’s urban and rural network highlighted that Hanoi and Ho Chi Minh City are continuing to promote their effectiveness and spillover effects. It is hoped that they will develop dynamically and creatively in order to compete internationally. Vietnam’s planning orientation for the next few years aims to push development of satellite towns, Le Toan At last week’s conference on the national master plan held by the Ministry of Planning and Investment in Hanoi, Tran Hong Quang, director general of the ministry’s Vietnam Institute for Development Strategies (VIDS), revealed that the two biggest cities will focus on developing high-quality and high-value-added services in sci-tech, health, training, and IT, as well as restricting processing and manufacturing industries that use a lot of land and labour. “We should push the … [Read more...] about Modern slant found through key planning

From five grams of toothpaste to 10 millilitres of cooking oil, many Nigerians struggling with soaring prices now buy their basic necessities in small quantities packed in tiny plastic bags to be consumed on the same day. Consumer brands behind this "sachetisation of the economy" see it as a creative innovation, allowing consumption for all Nigerians, the majority of whom live on less than $2 a day. But critics see the development as an economic and ecological aberration, even as Africa's largest economy struggles with the inflationary fallout from Russia's war in Ukraine. In the streets of Lagos, the vibrant economic capital of Africa's most populous country, small sachets are now part of the decor: they colour its streets, packing the wood and tin shops found on the corner of most streets. Sitting on a stool, Ibrahim Atahire has been running his small grocery store for 30 years in a busy area of Obalende, a popular district of the megalopolis. "At my place, you can buy … [Read more...] about From coffee to toothpaste, Nigerians buy small as hardships bite

PANO - A scientific seminar, “Comrade Vo Chi Cong with Vietnam’s revolution and the hometown of Quang Nam-Danang”, held on August 5th in Tam Ky City, Quang Nam Province, demonstrated glorious life of late President of the State Council Vo Chi Cong. The seminar, hosted by the Central Party Commission for Communication and Education, Ho Chi Minh National Academy of Politics and Public Administration and Quang Nam Provincial Party Committee, was attended by Dinh The Huynh, Politburo member, Secretary of the Party Central Committee, Chairman of the Central Party Commission for Communication and Education. More than 60 papers, delivered by the Party and the State’s leaders, ex-leaders, scientists, historical witnesses, revolutionary veterans, further made clear the glorious revolutionary life of comrade Vo Chi Cong in different periods and at different positions. The seminar, once again, confirmed that comrade Vo Chi Cong, for more than 80 years, was a bright example on … [Read more...] about Scientific seminar highlights President Vo Chi Cong’s merits

Speaking at the 73rd session of the International Law Commission (ILC) on August 5, the ambassador, on behalf of the Asian States regional group, spoke highly of efforts by the commission as well as its contribution and support to developing countries. The 73rd session is the final meeting of the commission in the 2017-2022 tenure, which lasted up to six years due to the COVID-19 pandemic. The session took place from April 18 to June 3, and from July 4 to August 5. Vietnamese Ambassador Nguyen Hong Thao was re-elected to the International Law Commission (ILC) for the 2023-2027 tenure on November 12, 2021, with 145 out of 191 votes, ranking fourth among 11 candidates from Asia-Pacific. During the 2017-2022 tenure, Ambassador Thao was the first Vietnamese to be elected to the ILC. He actively joined and offered ideas to the committee's important discussions regarding environment protection in armed conflicts, atmosphere protection, response to rising sea level and international … [Read more...] about Vietnam makes active contribution to International Law Commission

During the visit, General Giang directly inspected the construction progress of the project and listened to reports delivered by the investor and the contractors about the results of the first phase of the project. Speaking at the working session with the investors and contractors, General Giang praised the collaboration among relevant agencies and functional organs of the defense ministry to ensure the project’s progress. He underlined that the project is significantly meaningful in terms of history and culture; therefore, he urged the investors to continue disseminating the importance of the project to relevant units and agencies, implementing the work in close line with legal regulations on managing construction investment and bidding, and avoiding wastefulness. Also, the defense minister required the contractors to ensure regulations of occupational safety and the construction’s quality as required. * The same day, General Giang worked with Army Corps 12 (Truong Son … [Read more...] about Defense minister inspects Vietnam Military History Museum’s project and Army Corps 2

The Korea and Vietnam Economic and Cultural Association (KOVECA) and the Association for Liaison with Overseas Vietnamese, along with ministries and localities, last week jointly held two Vietnam-Korea cooperation forums in both the northern and southern regions with the participation of 30 associations and 50 enterprises from South Korea. PM Pham Minh Chinh greets representatives of the RoK's associations and businesses at the dialogue in Hanoi on July 30. (Photo: VNA) The associations and enterprises are looking for investment opportunities in terms of urban and transport infrastructure, hospitals, renewable energy, high-tech, and career training. Previously, in the framework of a conference connecting the northern province of Thai Binh and South Korea in early July by Thai Binh People’s Committee, coordinated with the Ministry of Foreign Affairs and the Korean Embassy to Vietnam, an investment registration certificate was granted to South Korea’s SMT Company for the … [Read more...] about South Korean investors lavish attention on Vietnam