Singaporean Minister-in-charge of Trade Relations S Iswaran and European Commissioner for Internal Market Thierry Breton sign the EU-Singapore Digital Partnership on February 1, 2023. (Photo source: Channelnewsasia) Brussels – The European Union (EU) and Singapore on February 1 signed in Brussels the EU-Singapore Digital Partnership (EUSDP) that will lead to a digital trade agreement to enable consumers and businesses to transact online more seamlessly and at lower costs. The pact aims to boost participation in the digital economy by imparting relevant skills to workers in both jurisdictions and transforming their businesses and public services. Other areas of collaboration include digital trade facilitation, trusted data flows, electronic payments and standards. The deal will also focus on emerging areas such as artificial intelligence, digital identities, and 5G/6G communication networks. Signatories were Singapore’s Minister-in-charge of Trade Relations S. Iswaran and … [Read more...] about EU-Singapore launch digital partnership
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Garment, footwear exports aim to reach 80 bln USD by 2025
Illustrative photo (Source: VNA) Hanoi (VNS/VNA) – Vietnam’s textile, garment and footwear sectors aim to achieve a total export value of 77-80 billion USD in 2025 and 106-108 billion USD in 2030, according to the strategy for the development of Vietnam’s textile and footwear industry. Under the development strategy approved by the Government, for the long term, the garment, textile, leather and footwear sectors are still key export industries of the economy. The sectors will continue to promote investment in the production of materials and auxiliary materials, as well as supporting industries. They will encourage the production of fabrics from domestically produced yarn to reduce imports, and form a complete supply and value chain in the region. For the leather and footwear industry, Nguyen Duc Thuan, Chairman of Lefaso, said domestic enterprises need to actively adapt to the requirements of the market and brands on sustainable development standards for products. They … [Read more...] about Garment, footwear exports aim to reach 80 bln USD by 2025
Thai economy may grow 4% this year
Performers participate in a street parade celebrating the Songkran Festival in Ayutthaya, Thailand. (Photo: Xinhua/VNA) Bangkok (VNA) – Thailand 's economy could grow as much as 4% this year, the fastest rate in five years, thanks to the recovery of the tourism sector and domestic consumption, Thai Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on February 1. GDP ), Supattanapong, who is in charge of economic affairs, told a seminar. economic growth outlook for 2023 at 3.8% but cut its 2022 growth estimate to 3% from 3.4% as exports weakened. Official GDP figures for 2022 will be released by the Thai government on February 17. VNA … [Read more...] about Thai economy may grow 4% this year
Singapore’s inflation remains high in 2023: Economists
Singapore’s inflation remains high in 2023: Economists (Photo: VNA) Singapore (VNA) – Based on latest data from Singapore ’s Ministry of Trade and Industry and Industry (MTI), many economists have forecasted that the country’s inflation will remain high in 2023, despite signs of reduction from global price pressures. In 2022, overall inflation came in at 6.1%, up from 2.3% a year ago, while core inflation, which excluded accommodation and private transport, came in 4.1% year on year, an increase of 0.9% year on year. Singapore's overall inflation is forecast at 4.5-5.5% in 2023, while core inflation is forecast at 2.5-3.5% after excluding impacts of increase in Goods and Services Tax (GST). Monetary Authority of Singapore (MAS) and the MTI have also warned about risks that could lead to high inflation rates being “persistent than expected”, especially after China reopened its market. However, both MAS and the MTI are still optimistic about the second half of … [Read more...] about Singapore’s inflation remains high in 2023: Economists
Durian export to China: long-term vision needed
A protocol between Vietnam and China stipulates the management of fruit growing areas, packaging, inspection and quarantine for Vietnamese durian exported to China. Illustrative image (Photo: VNA) Hanoi (VNA) – The first batch of durian exported through the official channel to China was sent from the Central Highlands province of Dak Lak on September 17, more than two months after the Ministry of Agriculture and Rural Development and China’s General Administration of Customs of China signed a protocol on phytosanitary requirements for Vietnamese durian exported to China. The protocol signing came after four years of negotiation, allowing the official export of Vietnamese durian to China and creating a significant opportunity for Vietnamese farmers to raise the value of the fruit. This, however, is just an initial step. According to Nguyen Thi Thu Huong, Deputy Director of the Plant Protection Department under the Ministry of Agriculture and Rural Development (MARD), … [Read more...] about Durian export to China: long-term vision needed