Preferential agreement and free trade agreement

Rice is loaded in HCM City before being exported to Malaysia. — VNA/VNS Photo Dinh Hue The Vietnamese and Malaysian economies are of a similar size and complement each other, Trade Counselor Le Phu Cuong at the Vietnamese Embassy in Malaysia said. In an interview with a Vietnam News Agency correspondent based in Kuala Lumpur on the occasion of the 50th anniversary of the countries’ diplomatic relations (March 30, 1973 - March 30, 2023), Cuong said Viet Nam boasts advantages in terms of labour and development potential, while Malaysia's are in capital and deep integration into the world economy. Malaysia’s market is not that large but is diverse. Its consumers’ characteristics are generally similar to Viet Nam, he said, adding that its Halal requirements are the biggest difference to note. According to the official, the two countries’ trade and investment relations have developed for a long time since Viet Nam integrated into ASEAN and became a production location for many … [Read more...] about Vietnamese, Malaysian economies boast similarities, complement each other: trade counsellor

Minister of Industry and Trade Nguyen Hong Dien said that Vietnam will continue its coordination with other nations involved in the wide-reaching agreement (CPTPP) to soon round off negotiations on the UK’s accession to the trade deal. Kinks to iron out to prepare for British involvement in trans-pacific agreement, illustration photo/ Source: VNA “Vietnam reaffirms its strong support for the UK to join the CPTPP which, in addition to the positive impacts of the UK-Vietnam Free Trade Agreement (UKVFTA), will help both nations to further increase their trade and investment ties. The UK’s participation in the deal will also bring about wonderful trade opportunities for each member,” Dien said. The CPTPP, established in 2018, includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Brunei is the sole member yet to see the agreement come into force. The trade area represents 13.5 per cent of the global economy, a total … [Read more...] about Kinks to iron out to prepare for British involvement in trans-pacific agreement

The MoU is inked by Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and San Marino Minister of Foreign Affairs, International Economic Cooperation and Telecommunications Lucca Beccari at the headquarters of the San Marino Embassy in Rome, Italy, on March 29. (Photo: VNA) Rome (VNA) – The Vietnamese Ministry of Foreign Affairs and the Ministry for Foreign Affairs, International Economic Cooperation and Telecommunications of San Marino have signed a memorandum of understanding (MoU) on enhancing political consultations . The document was inked by Vietnamese Deputy Minister of Foreign Affairs Le Thi Thu Hang and San Marino Minister of Foreign Affairs, International Economic Cooperation and Telecommunications Lucca Beccari at the headquarters of the San Marino Embassy in Rome, Italy, on March 29. Both sides affirmed that the signing of the MoU marks a new milestone in the bilateral relationship and creates momentum to promote the Vietnam-San Marino friendship … [Read more...] about Vietnam, San Marino ministries reach agreement on political consultations

Vietnam and Israel are boosting high-tech agricultural development cooperation, photo: Le Toan According to the Vietnamese Ministry of Industry and Trade (MoIT), Vietnam and Israel have concluded final negotiations of the Vietnam-Israel Free Trade Agreement (VIFTA), and both want to sign the deal as soon as possible – with both nations celebrating 30 years of diplomatic relations this year. Negotiations began at the end of 2015 and preparations for the signing are now being made. Currently, both countries have already exchanged their requirements on opening doors to their respective goods markets. Both sides have also determined their expectations on the levels and roadmaps of tariff reductions, especially for the groups of goods that can bring about big benefits and are their own competitive advantages. For Vietnam, the key exports include electronics, agro-forestry-fishery products, garments and textiles, footwear, machinery, and wooden products. Meanwhile, for Israel, they … [Read more...] about Israel and Vietnam heading to deal

While Vietnam’s export of several key agro-forestry-aquatic products endured a sharp drop of 14.40 percent on-year in the first quarter of 2023 due to the impact of rising inflation globally, seafood exports were hardest hit with the on-year fall of 29 percent. Illustrative photo A report from the Ministry of Agriculture and Rural Development (MARD) showed that the country made just USD11.20 billion in export turnover of agro-forestry-aquatic products, including USD1.79 billion from seafood exports in the first three months of this year. Vietnam produced nearly 1.90 million tonnes of seafood products during the period, an increase of 1.40 percent compared to the same period last year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), the decline in Vietnam's seafood exports was due to changes in regulations on export quotas, and policies in some key markets. Sales to the United States, which was the largest … [Read more...] about Seafood exports hardest hit amid reduced global demand

Inspectors examine a container at Cai Lan Port in Quang Ninh Province. More ports need to be built to promote inter-regional ties. — VNA/VNS Photo The Red River Delta is a region of geopolitical, economic, cultural, and social importance to Viet Nam, according to Minister of Planning and Investment Nguyen Chi Dung. The minister made the remarks at the seminar "Promoting investment, trade, and services to strengthen inter-regional ties" held on Thursday in Thai Binh Province. He said in more than 15 years the region saw a remarkable economic advancement with an average annual growth rate of 8.93 per cent, far higher than the country's norm. In 2022, its GDP hit VND2.89 quadrillion (US$123 billion), contributing to nearly one-third of the national GDP. Its income per capita was 1.3 times as high as the national average, at VND123.4 million per annum. Despite the impressive economic growth, the region still faces some major obstacles. First, its transition to a … [Read more...] about Red River Delta national powerhouse: minister

Vietnam is expected to ship about 6.5-7 million tonnes of rice abroad this year. (Photo: VNA) Hanoi (VNA) – Vietnam is expected to ship about 6.5-7 million tonnes of rice abroad this year thanks to the return of markets like Indonesia, Bangladesh, and China , according to the Ministry of Industry and Trade (MoIT). Vietnam now sees a sharp increase in rice orders from the Philippines and China. Acccording to Pham Thai Binh, General Director of Trung An Hi-tech Agriculture Joint Stock Company in the Mekong Delta city of Can Tho, the company has signed an order to export 2,000 tonnes of rice to China and is under negotiation for another batch of 20,000 tonnes. Illustrative photo (Photo: VNA) Statistics from the General Administration of Vietnam Customs show that in the first two months of this year, China imported 152,640 tonnes of rice from Vietnam worth 90 million USD, a year-on-year increase of 86% in volume and 120% in value. Vietnamese rice exported to China … [Read more...] about Vietnam expected to export 7 million tonnes of rice this year: Ministry

Participants at the meeting (Photo: The Ministry of Industry and Trade) Hanoi (VNA) – Solutions to promote trade cooperation between Vietnam and Australia and the implementation of the Australia-Vietnam Enhanced Economic Engagement Strategy (EEES) were tabled at an online meeting on March 30 in Hanoi. During the 4th session of a trade working group within the framework of the Ministerial-level Vietnam- Australia Economic Partnership Meeting, the two sides focused on reviewing the implementation of cooperation contents agreed at the 3rd session and discussed issues related to regional and multilateral cooperation , as well as supply chain cooperation. Both sides expressed their delight at the impressive growth of bilateral trade recently. Australia became the 7th largest trade partner of Vietnam in 2022 with two-way trade hitting 15.7 billion USD. The positive results were attributed to efforts of both sides in promoting economic and trade cooperation, fully … [Read more...] about Vietnam, Australia seek to expand trade cooperation

In an interview granted to the Vietnam News Agency, Anh said that the 50-year journey that the two countries have taken is marked with an important milestone when they lifted their ties to a strategic partnership on August 7, 2015, making Vietnam the only strategic partner of Malaysia among the ASEAN countries. The upgrade showed the in-depth development of the bilateral relations with strong political trust, while reflecting a new chapter in their comprehensive cooperation over all fields such as politics, diplomacy, economy, trade, culture, defense - security, science - technology and sustainable development, she said. The two sides are currently working together to implement the action plan to realize their strategic partnership in the 2021-2025 period, paving the way for the further growth of the bilateral relations in the future. Anh noted that over many years, Malaysia has been one of the leading trade and investment partner of Vietnam among the ASEAN member states. … [Read more...] about Vietnam-Malaysia ties expand across all pillars over 50 years: Diplomat

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. "Joining the CPTPP trade bloc puts the UK at the centre of a dynamic and growing group of Pacific economies," Sunak said in a statement, adding the deal demonstrated "the real economic benefits of our post-Brexit freedoms." Britain has been looking to build global trade ties following its departure from the EU in 2020 and has looked to pivot toward geographically distant but fast-growing economies. It is deepening its ties in the Indo-Pacific as its foreign policy framework casts China as an "epoch defining challenge". Other members of CPTPP are Brunei, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Britain is the first new member to join the group. Membership will supplement existing bilateral Free Trade Agreements (FTAs) Britain has with … [Read more...] about Britain agrees to join trans-Pacific trade pact