Lately, Vietnam has joined in negotiating and signing a number of FTAs. At present, the country has committed to 17 FTAs, of which, ten have so far been signed and come into effect. Some Vietnamese businesses say they have not seen the practical benefits from the FTAs between Vietnam and other countries. Nguyen Hai Minh, director of Tan Phat Spare Parts Import-Export Joint Stock Company says his company has become involved in many import-export markets with several domestic and foreign partners. Although he has heard about FTAs, there is a lack of clarity surrounding the real impacts of these agreements upon businesses. Ngo Chung Khanh, deputy head of the Multilateral Trade Policy Department under the Ministry of Industry and Trade, explains that regarding trade ties, Vietnam has to cooperate 60-70% with partners in the East Asia region but suffers huge losses. For example, Vietnam’s trade deficit with the East Asian region was estimated at nearly US$70 billion last year, with … [Read more...] about Businesses need to discover full benefits of FTAs to spur exports
Trade deficit how to reduce
Indonesia’s central bank (BI) slashes interest rates on September 19 for the third month in a row (Photo: AFP/VNA) Hanoi (VNA) – Indonesia’s central bank (BI) slashed interest rates on September 19 for the third month in a row as Southeast Asia's biggest economy is affected by the US-China trade war and slow global growth. BI lowered its key lending rate to 5.25 percent, prompting speculation that more cuts could be ahead as central banks around the world relax monetary policies. BI governor Perry Warjiyo said this is a pre-emptive measure to boost the momentum of growth amid a global economic slowdown. The move comes after the US Federal Reserve announced its second interest rate cut of the year as it pointed to a slowing world economy and the US-China trade tensions. Last week, the European Central Bank unveiled a massive stimulus programme rate cut to goose the sluggish eurozone economy. Indonesia’s economic growth was 5.05 percent in the second … [Read more...] about Indonesia reduces rates again due to low growth
Deputy Prime Minister of Thailand Somkid Jatusripitak (Source: AFP/VNA) Bangkok (VNA) - The Thai Government has ordered the Board of Investment (BoI) to devise a relocation package for foreign investors wishing to shift from China to Thailand as a result of the US-China trade dispute. Amid the ongoing US-China trade tension, the race to attract foreign investors among the Association of Southeast Asian Nations (ASEAN) is heating up, said Deputy Prime Minister Somkid Jatusripitak. Somkid explained that the new promotional packages need to be specially tailored to suit the specific needs of investors from different countries. For example, those from the Republic of Korea (RoK) mostly want to invest in areas in the proximity of existing factories owned by RoK companies. So, Thailand needs to make sure that it has vacant space in the industrial zones, he said. Thailand must prepare customised packages with detailed investment privileges that suit the need of each company. They … [Read more...] about Thailand mulls new packages for foreign investors hit by trade war
Trade Vietnam suspends plywood transshipments to U.S. By Thanh Thom Friday, Nov 15, 2019,10:30 (GMT+7) Vietnam suspends plywood transshipments to U.S.By Thanh Thom Employees work on a wood processing line at a local company. Vietnam has suspended the transshipment of plywood products to the United States for fear of punitive measures against domestic plywood products – PHOTO: THUY DUNG HCMC – The Ministry of Industry and Trade has decided to suspend the import of plywood products for re-export to the United States from December 27 this year over concerns about possible origin fraud and unauthorized transshipments. The ministry’s Import and Export Department said in a statement that the ministry has submitted a scheme to the prime minister for approval, aiming to strengthen the effort to prevent the circumvention of trade remedies and origin fraud. The scheme sets out various measures to control import … [Read more...] about Vietnam suspends plywood transshipments to U.S.
The National Assembly (NA) will discuss four draft laws at the ongoing 8th sitting of the 14th NA on November 15.(Photo: VNA) Hanoi (VNA) – The National Assembly (NA) will discuss four draft laws at the ongoing 8th sitting of the 14th NA on November 15. Lawmakers will listen to proposals and reports assessing the revised Law on Investment and revised Law on Enterprises, then discuss the bills in groups in the morning. According to a report presented by the NA Law Committee at the 38th meeting of the NA Standing Committee, amendments to the investment law focus on principles to apply the investment law, relevant laws and international treaties, sectors banned from business investment, conditional business sectors, preferential treatment and support for investment, capital contribution, and procedures to grant and revoke investment licenses, among others. The amendment aims to legalise the Party’s policy, ensure the comprehensiveness of the legal system while removing … [Read more...] about Legislators to discuss four draft laws