Vietnam has emerged as an attractive destination for foreign investors that intend to move their investment out of China due to their worries over high labour costs and escalating tariffs caused by the trade tensions. The US raised the pressure by lifting tariffs to 25 per cent from 10 per cent on the US$200 billion list of Chinese imports as negotiations on resolving the ongoing US - China trade war stalled last week. Meanwhile, President Trump stated he could impose 25 per cent tariffs on another US$300 billion worth of Chinese goods. China in turn has made clear that it will respond to US tariffs in a similar fashion. The Asian country is scheduled to levy retaliatory tariffs on some 5,000 imports from the US on June 1 onwards. Analysts believe that the trade war is currently at its peak and it could trigger a global crisis. Failure by the US and China to reach any agreement is likely to result in a slowdown in global trade and escalate the risk of a global recession. Dr. Le … [Read more...] about US – China trade tensions likely to benefit Vietnam
Indian president to pay state visit to vietnam
In an effort to encourage exports in the context of the trade war, the Chinese central bank PBOC has set the yuan/US dollar reference exchange rate at 6.8365 yuan per US dollar, the lowest level since January 2019. The weakened Chinese yuan has raised big concerns for Vietnam, because China is one of the biggest export markets of the country. This will make Vietnamese exports to China more expensive. Seafood, fruits, farm produce and rubber, the biggest export items, are expected to suffer the most. According to the Ministry of Agriculture and Rural Development (MARD), Vietnam exported $1.4 billion worth of vegetables and fruits in the first four months of the year, an increase of 7.2 percent over the same period last year. China is now the biggest consumer of Vietnam’s vegetables and fruits, amounting to 72 percent of Vietnam’s export value. China is now the biggest consumer of Vietnam’s vegetables and fruits, amounting to 72 percent of Vietnam’s … [Read more...] about Vietnam’s producers meet difficulties as yuan weakens.
Some of France’s Archives National d’Outre Mer (National Archives Overseas) most valuable documents about late President Ho Chi Minh are being displayed at an exhibition in Hanoi. The exhibition provides various angles on the life and career of President Ho Chi Minh through archives from the US, Russia, France and Vietnam The documents include a passport issued by the Chinese Consulate in Singapore to Tong Van So (another name of President Ho Chi Minh), portrait photos and fingerprints taken in 1931. They are on display at the exhibition 'President Ho Chi Minh: Life and Career through Vietnamese and International Archival Records', which opened on August 28 to commemorate the 50th anniversary of implementing his testament. The exhibition showcases more than 100 documents and images about President Ho Chi Minh’s life and career selected from archival and cultural agencies of Vietnam, the US, Russia and France. The exhibition provides different angles about … [Read more...] about Exhibition portrays President Ho Chi Minh through international archives
A concert featuring Vietnamese contemporary concerto and dance will be held at the HCM City Opera House on May 18 to celebrate the 129th birthday of President Ho Chi Minh on May 19. Concert to commemorate President Ho Chi Minh Khúc Khải Hoàn (Song of Victory) will open with a composition for wind instruments composed recently by veteran musician Trong Dai, a graduate of Tchaikovsky Conservatory of Music. He has written two orchestral compositions, but is more popular for the soundtracks of the movies Hà Nội Đêm Trở Gió (Hà Nội on a Windy Night) and Chị Tôi (My Older Sister). The performance will feature a three-movement Concerto for Violin written by People’s Teacher Hoang Cuong, former headmaster of the city’s Conservatory of Music. Cuong wrote the song between 2007 and 2010 featuring traditional music and children’s music. The concerto will be performed by his son, violinist Hoang Tuan … [Read more...] about Concert celebrates President Ho Chi Minh
Vietnam’s forex reserves had reached $73 billion, equal to the value of 14 weeks of imports, as of October 31. The State Bank (SBV) reported that despite the international market (the Chinese yuan has sharply depreciated and the US-China trade war continues), the domestic forex market is stable, liquidity is strong, and all legal demands for foreign currencies can be satisfied. The State Bank reported that despite the international market (the Chinese yuan has sharply depreciated and the US-China trade war continues), the domestic forex market is stable, liquidity is strong, and all legal demands for foreign currencies can be satisfied. As for foreign portfolio investment, the equitization and state’s divestment continue attracting foreign investors, helping Vietnam collect a big amount of foreign currencies. Earlier this year, Vietcombank sold its shares to foreign investors, collecting VND6.2 trillion ($270 million). Vingroup has recently successfully sold 15 … [Read more...] about Vietnam’s forex reserves increasing rapidly