VietNamNet Bridge - Chinese wooden furniture enterprises are considering setting up their production bases in Vietnam, raising worries among domestic manufacturers. Vietnam's woodwork exports may bring $8 billion in 2017 Chair of Tianjin Furniture Association Gao Xiu Zhi told the local press on the sidelines of an event on trade and investment promotion with Beijing, Tianjin and Hebei held in HCMC December 6 that the member companies of the association now want to relocate their production to Vietnam. Vietnam’s woodwork exports in 2017 may bring $7.8-8 billion, higher than the targeted $7.3-7.5 billion. The US, China, Japan, the EU and South Korea are the biggest export markets. A report shows that China exports $10 billion worth of woodworks to the US, much higher than Vietnam’s export turnover of $2 billion. RELATED NEWS Vietnam wooden furniture products now target high-end market Wooden furniture manufacturers see great opportunities in 2017 … [Read more...] about Chinese furniture manufacturers relocate to Vietnam
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The weaknesses of Vietnam agriculture
VietNamNet Bridge - Startups in the agriculture sector are focusing on making products and ignoring projects on seed production. Vietnam has to import plant varieties Duong Hoa Xo, deputy director of the HCMC Agriculture Department, said though there are many institutes and schools in the city, no new seed variety has been created for many years. In the long term, the risk of losing export markets for Vietnam farm produce could occur because of technical barriers set by import countries. Product quality has decreased because of the degeneration of seeds. At a recent conference, a leader of MARD (the Ministry of Agriculture and rural development) said, in the long term, the risk of losing export markets for Vietnam farm produce could occur because of technical barriers set by import countries. Product quality has decreased because of the degeneration of seeds. RELATED NEWS Vietnam masters rice-seed production technology Agricultural seed market worth billions of … [Read more...] about The weaknesses of Vietnam agriculture
Party chief’s visit to deepen Vietnam-France strategic partnership
The visit, which will be made at the invitation of French President Emmanuel Macron, takes place at a time when the two countries are celebrating the 45th founding anniversary of diplomatic ties. Vietnam and France officially set up diplomatic ties on April 12, 1973. The two nations decided to establish the Strategic Partnership in 2013. In recent years, the two sides have maintained the exchange of high-ranking visits and various cooperation mechanisms. Notably, apart from organising the Vietnam-France Defence Policy Dialogue, the two countries have also maintained high-level economic dialogues and financial and economic forums. France was the first Western country to have a defense attaché in Vietnam in 1991. In November 2009, the two ministries of defence signed an agreement on annual rotating organisation of the Vietnam-France Joint Committee on National Defence Cooperation, which was renamed “the Defence Policy … [Read more...] about Party chief’s visit to deepen Vietnam-France strategic partnership
Vietnam reaps fruits of 30 years of FDI
VietNamNet Bridge - Thirty years have elapsed since Vietnam ratified the Foreign Investment Law in 1987. Foreign investors committed to invest $312.9 billion by the end of 2017, of which $170 billion was disbursed. The chair of the Vietnam Association of Foreign Invested Enterprises Association (VAFIEs), Nguyen Mai, commented that foreign invested enterprises (FIEs) have made great contributions to Vietnam’s export turnover by exporting valuable processed and manufactured products. According to the Foreign Investment Agency, $3.34 billion worth of FDI was committed in the first two months of 2018, while disbursed capital was $1.7 billion, an increase of 9.7 percent over the same period of 2017. “The topic for daily discussions in the provinces with large foreign invested projects like Bac Ninh is not how to eliminate hunger and reduce poverty, but how to settle social problems arising during industrialization and migration,” Mai said.Hi-tech … [Read more...] about Vietnam reaps fruits of 30 years of FDI
US encourages Vietnam to buy more of its weapons, diversify from Russia: report
The U.S. State Department has expressed an interest in boosting its weapons trade with Vietnam two years after it lifted an embargo, saying it’s time Vietnam distances itself from “historical suppliers” like Russia. The U.S. is encouraging Vietnam to diversify from typical suppliers like the Russians and look “into buying U.S. equipment that would, one, give them more capability and, two, help strengthen our partnership for the interoperability and the greater interaction with our military,” a State Department official said, as cited by the Virginia-based magazine Defense News. Vietnam increased its military spending by almost 400 percent between 2005 and 2014, according to the U.S. Department of Commerce. But it has not considerably stepped up purchases of American-made weapons, even after the United States fully lifted its weapons ban in 2016, said Tina Kaidanow, the State Department’s principal deputy assistant secretary of state for … [Read more...] about US encourages Vietnam to buy more of its weapons, diversify from Russia: report