The Hanoitimes - Hanoitimes continues with the second part of Vietnam`s top 10 economic events that showed Vietnam`s strong efforts in global economic integration. 6/ Halt of ratification of special economic zone bill Illustrative photo. The draft law of the special administrative-economic zone (SEZ) was submitted to the fourth plenum of the National Assembly for review last October and supposed to be ratified in the fifth session in June. The draft law was expected to create breakthroughs in mechanisms and preferential incentives to boost economic development and investments in three SEZs in Van Don, Bac Van Phong and Phu Quoc in the context of growing global uncertainties, while safeguarding national security and sovereignty. However, it has stirred controversial opinions over the necessity of land leasing duration up to 99 years and tax incentives. This resulted in the National Assembly's decision to delay the voting on the draft law until a … [Read more...] about Vietnam’s top 10 economic events in 2018 (P.2)
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Vietjet launches Vietnam-Japan direct air serviceBy Le Anh Flight attendants and passengers on board Vietjet’s first direct flight from Hanoi to Osaka – PHOTO: VIETJET HCMC – Vietnam’s budget airline Vietjet on November 8 launched a direct air service connecting Hanoi City and Osaka (Japan), helping to boost tourism and trade between the two countries. Jeremy Goldstrich, corporate executive vice president and chief operating officer of Kansai Airports, where Vietjet made its debut flight from Hanoi to Osaka, said, “We are honored that Kansai Airport was chosen as Vietjet’s first destination in Japan from Hanoi and soon from HCMC. “Hanoi is an amazing city and is also the gateway to world-famous tourist destinations such as Halong Bay, Ninh Binh and Sapa,” Goldstrich noted, adding that Vietjet’s flights with affordable ticket fares would help more people travel between the two countries. Using A321neo aircraft, the … [Read more...] about Vietjet launches Vietnam-Japan direct air service
The Hanoitimes - Despite accounting for some 65 percent of Vietnam’s market share, foreign animal feed producers are continuously expanding production to further dominate the country’s fertile market. Vietnam’s animal feed market has attracted many foreign feed companies, such as Thailand’s C.P, the US’s Cargill, South Korea’s CJ, Holland’s De Heus, Singapore’s Haid and Malaysia’s Emivest, thanks to its two-digit growth in the past two decades. Vietnam consumes some 16 million tons of animal feed yearly The Vietnamese livestock industry currently needs about 16 million tons of animal feed worth some US$6 billion yearly. By 2020, the demand will increase to 25 million tons, valued at US$10.5 billion. Despite the rising domestic production, Vietnam still has to spend US$3 billion for importing animal feed and raw materials for production yearly. With an annual growth rate of 10-15 percent, the feed industry remains attractive … [Read more...] about Foreign players dominate Vietnam’s animal feed market
Viet Nam is set to play a pivotal role in Southeast Asia’s future economic landscape and emerge as one of the region’s most important countries. Its explosive annual growth of nearly 8 per cent in the noughties has retrenched only to around 6.5 per cent on average since 2010. Strong growth should continue, not least due to a young, dynamic and well-educated labour force, which is nonetheless very competitively priced. The country also represents a highly attractive domestic market of 90 million citizens with middle-class aspirations – hence all the trade envoys visiting this beautiful place. Viet Nam also enjoys a crucial – and hard-won - place in the world’s supply chains, in large part due to the authorities’ very proactive approach to global trade. Investment into the country has been encouraged across a number of sectors, from electronics to farming. Meanwhile, a flurry of some 16 free trade agreements have helped Vietnamese exports explode, … [Read more...] about How will Trump’s trade tariffs affect Asian growth?
Asian stocks dropped sharply at the open on Tuesday (Apr 3), following Wall Street lower as fears of a trade war between the United States and China battered market sentiment. Traders came back from the Easter holiday in bearish mood AFP/Drew Angerer Tokyo led the declines, with the benchmark Nikkei 225 index shedding 1.51 per cent in early trade. China followed suit, with the main Shanghai Composite Index falling 1.05 per cent. Seoul was down more than half a percentage point and Hong Kong was off one percentage point. Traders were spooked by Chinese retaliatory action on trade with the US, as the government in Beijing slapped tariffs on 128 US imports worth US$3 billion, including fruit and pork. In addition to that move, US President Donald Trump again threatened to tear up the North American Free Trade Agreement, tweeting that Mexico was doing too little to counter illegal immigration into the United States. Investors also took their cue from US markets which tumbled on … [Read more...] about Trade war fears push Asian stocks lower