Development gap hinders linkages in APEC auto industry Addressing the opening ceremony of the 26th APEC Automotive Dialogue (AD26) in Hanoi on May 11, Le Huu Phuc, Director of the MoIT's Department of International Relations, said that APEC should give priority to assisting developing economies in boosting the auto industry. He called for APEC member economies to cooperate effectively in capacity building to study auto industry policies, focusing on priority areas such as market access, human resources and infrastructure, technology incentives as well as environment standards for sustainable development. Regarding the fourth industrial revolution, Phuc said it will lead to the restructuring of the global manufacturing system, not only in technology but also in management and placing of new business models. New technology trends may disrupt value chains, possibly shifting a significant part of global production from developing to developed countries, he said, adding that access to … [Read more...] about BUSINESS NEWS 15/5
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BUSINESS NEWS IN BRIEF 1/3
Turkey urged to ease trade defence against Vietnamese goods At a consultation session on the free trade agreement with Turkey from February 20-25, 2017, the Vietnamese Ministry of Industry and Trade (MOIT) asked the Turkish side to consider and recognise Vietnam's market economy and minimise the application of trade defence measures against Vietnamese goods. The MOIT expressed concern that Turkey's increasing application of trade defence measures against Vietnam's export items in recent times has been adversely affecting trade exchange between the two countries. The Vietnam Competition Authority on February 28 revealed that Turkey has initiated anti-tax avoidance and anti-dumping investigations over partially oriented yarn (POY) imported from a number of countries, including Vietnam. Accordingly, POY items imported from China, India, Malaysia, Indonesia, Thailand, Chinese Taipei and Vietnam in the period of January 1, 2010 - December 31, 2016 will be put under investigation. POY is … [Read more...] about BUSINESS NEWS IN BRIEF 1/3
BUSINESS NEWS 1/3
Vinalines' port activity surges According to a VIR source, SP-PSA, a joint-venture port of Vinalines and Singapore-based PSA, saw its volume of bulk goods increase 32.7 per cent on-year to 1.54 million tonnes last year. Container throughput reached 67 twenty-foot equivalent units (TEUs). The port located in the Cai Mep-Thi Vai area of the southern province of Ba Ria-Vung Tau made revenue of $3.07 million in the year, up 33.47 per cent on-year. SSIT, a joint venture between Vinalines and US-based Carrix/SSA, handled 3.8 million tonnes of goods during the period, doubling its 2015 volume. The port, also in Cai Mep-Thi Vai, reported revenue of over $5 million, up 85 per cent on-year. 2016 also saw business improvements at Cai Lan International Container Terminal (CICT), located in the northern province of Quang Ninh. This joint venture also has Carrix/SSA as a partner. CICT accommodated over 3.82 million tonnes goods in bulk last year, up 38.9 per cent, while revenue rose 22.6 per … [Read more...] about BUSINESS NEWS 1/3
BUSINESS IN BRIEF 29/5
Rubber companies in despair as price falls As rubber companies totally depend on export price, they are likely to fail in achieving their business targets for this year, with rubber prices currently at their lowest. Losing trend in the global rubber market started from 2012, mainly caused by the economic crisis, especially the sovereign-debt crisis in Europe which urged these countries to cut spending, seriously affecting automobile industry, leading to a slump in the rubber processing industry. Experts forecast that rubber prices would rebound in the first quarter of this year as global economy showed signs of recovery and China was expected to gradually regain growth while rubber supply declined, as rubber trees entered a low-productivity period. However, things happened differently. At the end of the first quarter of this year, RSS rubber future price on Tocom trading floor fell 16 percent compared to that in the beginning of this year, due to the ongoing European debt crisis, … [Read more...] about BUSINESS IN BRIEF 29/5
BUSINESS IN BRIEF 30/1
Vietnam currency seen stable this yearStrong remittance inflows, rising foreign exchange reserves and anti-dollarization efforts will help stabilize the exchange rate between the U.S. dollar and the Vietnam dong this year, according to news website An Ninh Tien Te.In a report on the economic outlook in 2018, the National Financial Supervisory Commission (NFSC) said the weak U.S. dollar made the dollar-dong exchange rate relatively stable last year. In late 2017, the USD Index dropped by 9.1% compared to early 2017 although the U.S. Federal Reserve (Fed) had hiked interest rates several times.Besides, the interest rate differential between Vietnam dong and U.S. dollar was kept at a high level of 6-7% and foreign currency mobilization increased by only 4% compared to end-2016.According to NFSC, a large amount of foreign currency was sold or changed into Vietnam dong. Large trade surplus, rising foreign direct investment, consumer optimism and macroeconomic stability also helped the State … [Read more...] about BUSINESS IN BRIEF 30/1