Between January and October, the country’s crude oil imports rose 80.6 percent from a year earlier to 6.8 million tons, valued at $3.2 billion, according to Vietnam Customs. As much as 96 percent of crude was imported from Kuwait and the rest from Brunei. Crude oil output in the first ten months of this year fell 7.2 percent from a year earlier to 9.3 million tons, according to the General Statistics Office. Coal output rose 10.5 percent to 37.9 million tons. Coal imports doubled year-on-year to 36.8 million tons valued at $3.25 billion in the first 10 months of this year, according to data released by Vietnam Customs. The majority of imports were from Australia, Indonesia, Russia, China and Japan, it added. Vietnam has been warned that it needs to stop investing in new coal-fired power plants due to their environmental impacts, according to a report released earlier this month by the Ministry of Industry and Trade in collaboration with Denmark’s energy … [Read more...] about Coal, crude oil imports see upsurge
Russia china joint naval exercise
Vietnam has emerged as an attractive destination for foreign investors that intend to move their investment out of China due to their worries over high labour costs and escalating tariffs caused by the trade tensions. The US raised the pressure by lifting tariffs to 25 per cent from 10 per cent on the US$200 billion list of Chinese imports as negotiations on resolving the ongoing US - China trade war stalled last week. Meanwhile, President Trump stated he could impose 25 per cent tariffs on another US$300 billion worth of Chinese goods. China in turn has made clear that it will respond to US tariffs in a similar fashion. The Asian country is scheduled to levy retaliatory tariffs on some 5,000 imports from the US on June 1 onwards. Analysts believe that the trade war is currently at its peak and it could trigger a global crisis. Failure by the US and China to reach any agreement is likely to result in a slowdown in global trade and escalate the risk of a global recession. Dr. Le … [Read more...] about US – China trade tensions likely to benefit Vietnam
The dong/dollar exchange rate has fluctuated sharply in recent days after the US decided to impose tariff of 25 percent on $200 billion worth of imports from China. The decision, plus the retaliation by China to raise the tax rate from 5 percent to 25 percent on $60 billion worth of imports from the US, has shaken the world’s merchandise, finance and forex markets. The Vietnam dong has also been spiraling in the whirlwind. Phan Minh Ngoc from Intelligence Service Partners said there won’t be a single upward or downward of the dong value, because there are many factors which may have contradictory effects on the forex market. This means that both the appreciation and depreciation of the dong may occur in the short term. In theory, China, which bears tax first and is believed to be at a disadvantage in the trade war, would depreciate its currency, or let the currency get weaker, to mitigate the effects of US taxation. The Chinese yuan has depreciated from 6.738 yuan per … [Read more...] about How will VND/USD exchange rate perform in US-China trade war?
SEOUL — South Korea's presidential advisory panel hosted an international forum here on Thursday on the country's push for stronger ties with Southeast Asian nations. Held under the theme of "ASEAN and Korea: Partnership for Prosperity," it came ahead of a major summit between the two sides to take place in Busan later this month. "South Korea hopes to become a partner with ASEAN nations for a deeper level of co-operation in various fields," Lee Jay-min, vice chairman of the National Economic Advisory Council (NEAC), said in his opening speech. That's a reason why the South Korean government has adopted the New Southern Policy as one of its top priority policies, he added. Two years earlier, President Moon Jae-in announced the core diplomatic initiative aimed at upgrading Seoul's partnerships with ASEAN to the level of those with four major regional powers: the United States, China, Japan and Russia. Moon plans to hold a two-day "commemorative summit" with his counterparts from … [Read more...] about S. Korea hosts int’l forum on partnership with ASEAN
Hanoi’s economy has made remarkable and comprehensive development steps An attractive and efficient investment destination The capital city’s focus on attending and hosting multilateral cooperation forums allowed it to exchange knowledge and experience with other cities and countries, paving the way to solving common challenges, and offered opportunities to meet international partners to attract more investment for the city’s development. In 2018, for example, Hanoi hosted a series of major economic events, such as the Hanoi 2018 Investment and Development Cooperation Conference; the Greater Mekong Sub-region Summit; the World Economic Forum on ASEAN; and the Industry 4.0 Summit and Expo 2018. The gatherings and expos provided an opportunity for Hanoi to introduce its preferential investment and cooperation policies and emerge as an attractive and efficient investment destination. In 2018, Hanoi attracted US$7.501 billion in foreign direct investment (FDI), … [Read more...] about Hanoi boosts international integration