Industry trade union

The meeting between officials of the Ministry of Industry and Trade and China's Yunnan province in Hanoi (Source: Ministry of Industry and Trade) Hanoi (VNA) – Minister of Industry and Trade Nguyen Hong Dien discussed measures to promote economic and trade ties between Vietnam and China’s Yunnan province, while meeting with Secretary of the Yunnan Party Committee Wang Ning in Hanoi. Dien said Yunnan province holds an important role in economic and trade ties as it has a large market and diverse goods demand while serving as a crucial gateway for Vietnamese products to enter the southwest of China. However, trade between Vietnam and Yunnan remains modest, accounting for less than 5% of the Vietnam - China trade, which hasn’t fully reflected the cooperation potential and demand of both sides or met expectations leaders from of the two countries, he went on. Proposing measures for fostering economic and trade links, the host official suggested Yunnan facilitate … [Read more...] about Minister talks enhancement of economic, trade ties with China’s province

A vehicle loaded with Vietnam ese goods goes through  Ma Thu Lang Border Gate to enter China .(Photo: VNA) Hanoi (VNS/VNA) - The Ministry of Industry and Trade (MoIT) is seeking public comments on a legal draft amending Decree No. 14 on cross-border commercial activities. The draft aims to plug some loopholes that have been exploited by traders to disguise their commercial activities as cross-border individual transactions (CITs). It is also part of the government's efforts to promote the movement of goods via official channels, putting an end to trade bottlenecks at border gates. The draft stipulates that traders who engage in commercial activities at auxiliary border gates or border crossing points must do so at the gates or points approved by provincial authorities. The traders and their companies are also required to carry a valid passport or equivalent papers while doing the trade. Vehicle drivers, in addition to the papers, are required to have a valid … [Read more...] about Ministry proposes draft on cross-border trade

The Department of Construction has launched an invitation for tender on public contracts in sewerage and water treatment equipment and services in 2019. Hanoi’s recent review on rental land and environmental protection at some industrial parks in Hanoi showed that just 21 among a total of 70 industrial parks, or 30%, operating in the city have installed centralized sewerage treatment plants, the Government Portal reported. Of them, nine industrial clusters have water treatment plants built with investors’ private funding and the 12 remaining were installed with public funding in accordance with the decision of the municipal People's Committee. Illustrative photo. The municipal Department of Industry and Trade has drafted a program on supporting technical infrastructure investment in the industrial parks in Hanoi during the period of 2020-2025 through collecting information on industrial parks’ infrastructure in the area. The Department of Construction has … [Read more...] about 30% of industrial parks in Hanoi have centralized wastewater treatment plants

Vietnam's economic growth continues to be affected by the challenging global economic environment. Vietnam's GDP growth is estimated to expand by 3.32% year-on-year in the first quarter of 2023, the second lowest economic expansion rate during the 2011-2023 period. Dinh Vu Port, Haiphong. Photo: Chien Cong/The Hanoi Times Director of the General Statistics Office Nguyen Thi Huong announced the figure at a press conference today [March 29]. According to Huong, Vietnam's economic performance in 1Q2023 was affected by ongoing complex and volatile changes in the global economy, including persistently high global inflation, slow recovery, and reduced consumption demand from major trading partners. "Of particular concern was the instability of some banks in the U.S. and Europe, which negatively impacted market confidence in the banking system. In addition, central banks continued to raise interest rates and tighten monetary policies, further complicating the … [Read more...] about Vietnam’s GDP growth expands by 3.32% in Q1

In a proposal to the government by the Private Sector Development Committee, port operators say that the current terminal handling charge (THC) in Vietnam is only 40-50% that of other countries in the region. Le Quang Trung, Deputy Chairman of the Vietnam Logistics Association, said that international shipping firms collect from their customers a THC of $140 per 20-foot container, but only pay Vietnamese seaport operators $45-52, or 37% of the total. Cambodian port operators, however, get as much as $90 per container, and operators in Singapore receive $115. According to international norms, 80% of the THC must go to the port operator, and therefore Vietnamese operators should get $80-100 per container instead of $45-52 as current, Trung said. Port operators have therefore proposed that the Ministry of Industry and Trade raise the THC in Vietnam gradually to reach the same level as other regional countries. A 15-20% increase annually for four or five years will bring THC in … [Read more...] about Port operators want container fee raised

Australian enterprises, participating in the Australia-Vietnam Energy Transition Business Forum held in Hanoi on Tuesday, said they are willing to help Vietnam develop systems and equipment to produce large energy-storage batteries domestically to reduce their prices. At the forum jointly held by the Australian Trade and Investment Commission (Austrade), the Electricity and Renewable Energy Authority under the Ministry of Industry and Trade, and the Vietnam Electricity Group (EVN), the energy transition of the two countries and Australia’s new energy technology and solutions were introduced. The event was among those to celebrate the 50th anniversary of the diplomatic relations between Vietnam and Australia. Building energy storage systems in Vietnam Renewable energy needs large storage equipment which meets safety standards and is eco-friendly. A typical solution in Australia is the energy storage battery. This is a feasible solution to optimize the renewable energy … [Read more...] about Australian firms willing to transfer energy-storage battery tech to Vietnam

The CEO and Regional Head, Client Coverage, Americas, Standard Chartered, shared his view on Vietnam's significance for US businesses and why Vietnam is potential for foreign investors. Vietnam has gone from being a frontier economy in ASEAN to a flourishing, cost-effective industrial nation. Firms and investors looking for new markets to grow, source, or manufacture their products – especially in Asia – should consider Vietnam’s long-term potential and stay updated on its opportunities. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas, Standard Chartered. Photo: Standard Chartered In recent years, Vietnam has benefited from the trade tensions between the US and China. With US companies adopting a ‘China plus one’ approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine percent between 2018 and 2021. It is, however, important to note that Vietnam has been an alternative to China … [Read more...] about The significance of Vietnam for US businesses and why they should take notice: Standard Chartered

Vietnam has benefited from the trade tensions between the United States and China. With US companies adopting a China-plus-one approach to their supply chains, the percentage of exports from Vietnam to the US has risen by approximately nine per cent between 2018 and 2021. Steven Cranwell, CEO and Regional Head, Client Coverage, Americas It is, however, important to note that Vietnam was an alternative to China for general manufacturing in Asia long before the pandemic, and its long-term prospects remain bright. Despite the uncertainty of global economic conditions, many remain confident in Vietnam’s outlook. The country’s business-friendly atmosphere, its strategic location as a gateway to other fast-growing markets, the plentiful supply of skilled labour, and the competitive costs and incentives are compelling propositions for companies looking to expand their manufacturing in the region. While Vietnam has yet to host an Apple plant, the country is already home to … [Read more...] about The significance of Vietnam for US businesses and why they should take notice

The expos are expected to attract 230 companies, 50% higher than that of last year’s shows, said Nguyen Ba Vinh, Director of Minh Vi Exhibition and Advertisement Services Co., Ltd., the expos’ organizer. They are from 20 countries and territories, and India continues to be the country of honor at the expos, with many Indian companies taking part, he said. Speaking at a press briefing on March 28 to introduce the four expos, Luu Hoang Ngoc, Deputy General Director of Vietnam Chemicals Agency under the Ministry of Industry and Trade, said paint, paper, rubber and plastic industries played an important role in supporting the development of many other industries. Rapid development of a rich and diverse range of products in recent years also raised concerns about their harmful effects on the environment and human health. This required authorities, organizations and businesses to join hands to find solutions for this issue, he said. "Green economy, circular economy and sustainable … [Read more...] about Ho Chi Minh City to host international paper, coatings, rubber, and plastic expos

What is the role of banks in green growth? Banks will have a crucial role in driving green growth in Vietnam. One of the main roles will be enabling project financing. Billions of dollars worth of investments will flow into the renewable energy sector over the next few years. Banks will help facilitate that flow. This is critical moving forward. Over the past five years, Vietnam has issued $220–230 million of green bonds. On a cumulative basis, three other countries, namely Indonesia, Thailand, and Malaysia, have issued over $40 billion of green bonds in the same period. The issuance of those bonds is done by banks. What we've observed in these countries is the setup of a clear regulatory framework that provides the ability to issue those bonds on a larger scale. This has not been at the top of the list of priorities for banks in Vietnam, which are focusing on other essential things. What can the Vietnamese banking sector do to accelerate green growth? I think it … [Read more...] about Vietnamese banks urged to embrace green financing