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Britain on Friday said it had struck a deal to join an 11-country trans-Pacific trade pact which includes Japan and Australia as it looks to deepen ties in the region and build its global trade links after leaving the European Union. Prime Minister Rishi Sunak said Britain had agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in a move his office said was the biggest trade deal since Brexit. A previous government impact assessment estimated the deal would add just 0.08% to GDP in the long term, but Britain has strategic - not just economic - motives, as it can now influence whether applicants China and Taiwan may join the group. "Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies," Sunak said, adding the deal demonstrated "the real economic benefits of our post-Brexit freedoms." Britain has been looking to build trade ties following its departure from the EU in 2020, … [Read more...] about Britain, building post-Brexit ties, to join trans-Pacific trade pact

Illustrative image (Source: AFP/VNA) Bangkok (VNA) – Thailand’s Commerce Ministry has projected the country's export sector to gradually recover in the latter part of the year. The rebound of the service and tourism sectors should also boost demand from trading partners , the ministry said. However, global economic uncertainty and an inflationary environment will inevitably affect Thai exports in the first half of the year. Thai outbound shipments are expected to contract in the first and second quarters, as importers still maintain large stockpiles, said Phusit Ratanakul Sereroengrit, director-general of the International Trade Promotion Department . The ministry reported on March 30 the customs-cleared value of exports dipped for the fifth month in a row in February, falling 4.7% year-on-year to 22.4 billion USD while imports increased by 1.1% to 23.5 billion USD, resulting in a trade deficit of 1.11 billion USD. For the first two months of 2023, Thai … [Read more...] about Thailand’s export expected to recover in H2 of 2023

Vietnam ese Deputy Minister of Foreign Affairs Le Thi Thu Hang (R) and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi (Photo: VNA) Rome (VNA) – Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and Italian Undersecretary for Foreign Affairs and International Cooperation Maria Tripodi co-chaired the fifth political consultation between the two ministries to discuss orientations to promote the bilateral Strategic Partnership in the coming time. The two sides expressed their delight that the consultation was held on the occasion of the 50th anniversary of the establishment of the bilateral diplomatic ties, and the 10th founding anniversary of the Strategic Partnership. They highly appreciated outstanding results in bilateral economic cooperation with the two countries becoming each other's important trading partner in the region. Two-way trade reached more than 6.2 billion USD in 2022, up 11% year-on-year, thanks to … [Read more...] about Vietnam, Italy agree on orientations to enhance Strategic Partnership

Illustrative image (Photo: Antara) Jakarta (VNA) – As part of the first ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) 2023 in Bali on March 30, Indonesia organised a high-level seminar themed “Aligning Policies for Climate Transition” to support the message of sustainable development, one of the ASEAN priority economic deliverables (PED) this year. Speaking at the event, Governor of Bank Indonesia (BI) Perry Warjiyo said central banks play a crucial role in building a framework for green finance transformation, highlighting transparency and sustainability, as well as developing policies and mechanisms towards the goal of achieving net zero emissions to mitigate climate change . He stressed that the ASEAN countries need technical support in the green transition process, in which the role of central banks is not only to promote but also carry out green finance, especially through financing the transition. Delegates at the event discussed … [Read more...] about High-level ASEAN seminar talks aligning policies for climate transition

An art performance at the ceremony (Photo: VNA) HCM City (VNA) – The People’s Committee of Ho Chi Minh City organised a ceremony on March 23 to celebrate the 50th anniversary of the diplomatic ties between Vietnam and Italy (March 23, 1973-2023). In his remarks, Chairman of the People’s Committee Phan Van Mai highlighted the increasingly close ties between the two countries, saying over the past 50 years, the bilateral relationship has grown actively across spheres, both bilaterally and multilaterally. The good traditional friendship has also been consolidated and enhanced, the official added. Notably, during the COVID-19 pandemic, Vietnam presented Italy with more than 300,000 masks, while Italy donated 2.8 million doses of vaccines to the Southeast Asian nation. This vividly demonstrates the intensive and effective strategic partnership and friendship between the two countries, he said. HCM City, for its part, has actively worked to promote cooperation with … [Read more...] about 50th anniversary of Vietnam-Italy diplomatic ties celebrated in HCM City

Cat Lai Port in HCM City. Viet Nam will focus on enhancing the competitiveness of the logistics sector. — VNA/VNS Photo Viet Nam will focus on enhancing the competitiveness of the logistics sector and removing bottlenecks in the sector in order to promote trade and investment with India, an official has said. Speaking at a meeting on Thursday in HCM City, Pham Thi Ngoc Thuy, director of the Office of the Private Economic Development Research Committee, said there was immense potential for improvement in bilateral trade between Viet Nam and India, especially in the logistics sector. Viet Nam’s heavy investment in infrastructure development has created significant opportunities for logistics enterprises, she said. In addition to logistics, other key investment sectors include hi-tech agriculture, food processing, renewable energy, the supporting industry, healthcare, education, infrastructure, and tourism, among others. Bilateral trade between the two countries has grown … [Read more...] about Viet Nam to enhance competitiveness of logistics sector

Tourists from Laos are welcomed at the Da Nang International Airport after Laos Airlines resumed Vientiane-Da Nang direct flights. — VNS Photo Cong Thanh The central city welcomed 150 tourists from Vientiane, Laos on the first direct flight after a two-year hiatus caused by the COVID-19 pandemic. The arrival signifies a promising growth in tourism, investment and trade between Laos, northeast of Thailand and central Viet Nam. The airline began its schedule with two flights per week on Thursday and Sunday before increasing to daily flights in the future. The group of Lao tourists will visit destinations in Da Nang and the UNESCO-recognised world heritage sites in Hoi An, My Son Sanctuary and Thua Thien-Hue Province. It’s the third city that Laos Airlines has resumed its post-pandemic flights to after HCM City and Ha Noi. Laos Airlines said it would help connect and attract more visitors from Korea and China to Viet Nam through the Vientinane-Da Nang air route. Da Nang … [Read more...] about Laos Airlines connects post-pandemic flight with Da Nang

Vietnamese steel industry calling for wider investment from overseas entities, photo Le Toan Posco Yamato Vina Steel JSC, a joint venture between South Korea’s Pohang Iron and Steel Company and Japan’s Yamato Holdings, is contemplating constructing a second facility in Vietnam. Lee Youngwoo, general manager of Posco Yamato Vina, wants to “establish a robust sales network” across Vietnam while enhancing scrap supply security. In 2020, Posco Yamato Vina was the first to manufacture wide H-shaped steel in Vietnam. According to Lee, the business built a representative office in Haiphong last year in order to “create additional prospects for collaboration” with clients. In the southern province of Ba Ria-Vung Tau, Posco Yamato Vina operates a steel mill with a capacity of one million metric tonnes per year and produces section steel with a capacity of 500,000 tonnes per year. Following a lack of foreign investment in steel manufacturing in recent years, many observers see Posco … [Read more...] about Vietnamese steel industry calling for wider investment from overseas entities

An HDBank transaction office in HCM City. HDBank hopes to maintain its high growth momentum in the coming years. — Photo courtesy of HDBank The Ho Chi Minh City Development Joint Stock Commercial Bank has announced its 2022 results audited by PwC, which shows profit before tax of nearly VND10.27 trillion (US$437.18 million), its highest ever and up 27.2 per cent from the previous year and 105 per cent of the target approved by shareholders. The non-performing loans (NPL) ratio was low, while operational safety indicators were among the best in the industry. The operating income for the year topped VND22 trillion ($936.39 million), up 31.1 per cent. Its credit, services, card, and digital banking businesses all saw high growth. The total number of credit cards it issued quadrupled while their transaction value nearly tripled, and the number of e-banking transactions doubled with their value growing by six times to VND761 trillion ($$32.39 million). The return on equity and … [Read more...] about HDBank outstanding loans to property sector, corporate bond holdings among industry lowest