Trade envoys brexit

Workers of Viet Vuong 3 company in Ben Tre province (Photo: VNA) Ottawa (VNA) – The Vietnam Trade Office in Canada is focusing on helping Vietnamese businesses make the most of CPTPP's principles of origin in the garment and textile sector through connection activities and provision of information about the Canadian market, according to Trade Counsellor Tran Thu Quynh at the Vietnamese Embassy in Canada. She said after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in December 2018, Canada immediately eliminated 42 tariff lines on Vietnamese textile and garment products, and after five years of implementation, the export value of Vietnamese textile and garment products increased by 100% compared to that in 2018. At the Apparel and Textile Sourcing Canada 2023, held in Toronto in late August, Vietnam’s Viet Vuong company received attention from the organisers and the Canadian Textile Industry Association, thanks to its … [Read more...] about Trade Office helps Vietnamese firms grasp opportunities in Canadian market

The agriculture sector saw growth in exports of 26.4 per cent to $369 million for livestock products in the first nine months of this year. — VNA/VNS Photo Việt Nam's agriculture sector achieved a trade surplus of US$8.04 billion in the first nine months of 2023, an increase of 22.5 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development. However, the total export and import turnover in the first nine months decreased by 7.5 per cent year-on-year to $68.92 billion. Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến said that during the nine months, the total export turnover was estimated at $38.48 billion, down 5.1 per cent over the same period last year because the export value of several main export products decreased sharply. Of which, the value dropped by 21.7 per cent to $6.67 billion for seafood exports and 20.6 per cent to $10.44 billion for forest product exports. The sector saw growth in exports of 16.7 … [Read more...] about Agriculture sector achieves trade surplus of $8b in nine months

Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the U.S. blocked the appointment of new judges to the WTO's Appellate Body due to complaints over judicial overreach, 29 cases have been left in limbo, delivering a heavy blow to the dispute settlement system. Those depositing cases include China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea and the United States. "No more fraud, no more pretending you're appealing,” former deputy director-general Alan Wolff told a WTO conference last month, urging countries to hold off on fresh appeals from 2024, when WTO members have pledged to address the issue. The WTO has warned a "polycrisis" of pandemic, military conflict in Ukraine and inflation is sapping faith in globalisation. The result is a growing disregard for global trading rules among WTO members. … [Read more...] about At WTO, growing disregard for trade rules shows world is fragmenting

Auramon Supthaweethum, Director-General of the Ministry of Commerce’s Department of Trade Negotiations. (Photo: https://elevenmyanmar.com/) Bangkok (VNA) – Thailand ’s Ministry of Commerce is aiming to finalise Free Trade Agreements (FTAs) with the United Arab Emirates (UAE), Sri Lanka and the European Free Trade Association (EFTA) in the second and third quarters of 2024. As reported by the English-language daily newspaper The Nation, Auramon Supthaweethum, Director-General of the ministry’s Department of Trade Negotiations, said the three markets are significant, with a combined trade value of up to 31 billion USD annually. Accordingly, the Thailand-UAE FTA negotiations are in progress and are expected to conclude within this year following four rounds of talks. Products expected to benefit include food, textiles, clothing, leather goods, wood products, rubber, and plastics, as well as such services as transportation, finance, and business consultancy. The … [Read more...] about Thailand eyes concluding three FTAs next year

Lower-than-expected growth in advanced economies and China could reduce external demand for Vietnamese exports. Vietnam's economic growth for 2023 is set to hit 4.7%, primarily influenced by weak domestic and external demand . Production of aircraft components at MHI Aerospace Vietnam. Photo: Pham Hung/The Hanoi Times The World Bank released the forecast in its latest East Asia and Pacific October 2023 Economic Update. However, there's optimism for a recovery in the following years, with growth expected to reach 5.5% in 2024 and 6.0% in 2025. The main driver of this growth will be domestic demand, although at a slower pace than in previous years. In terms of inflation, the Consumer Price Index (CPI) is projected to average 3.5% this year, largely due to scheduled increases in civil servant salaries. In the following years, assuming stable energy and commodity prices, inflation is expected to decline to 3.0% in both 2024 and 2025. On the fiscal side, … [Read more...] about Vietnam’s GDP growth forecast to expand by 4.7% in 2023: WB

SZ newspaper runs a story about Minister-President of the Lower Saxony state Stephan Weil's visit to Vietnam (Photo: VNA) Berlin (VNA) – Lower Saxony (Niedersachsen), the second biggest state of Germany, is keen on promoting cooperation with Vietnam, especially in economy, and wants to receive more Vietnamese workers, Minister-President of the state Stephan Weil has been quoted by SZ, Germany's largest broadsheet newspaper, as saying. Lower Saxony is interested in further beef up economic collaboration with Vietnamese partners. German firms who want to diversify their market, he held, highly valuing the role of Vietnam in the context that the EU-Vietnam Free Trade Agreement (EVFTA) has took effect in several years. VNA … [Read more...] about Germany’s Lower Saxony state interested in expanding partnership with Vietnam

Follow us to see the latest news about Vietnam. Kon Tum - Ngoc Linh Ginseng Festival to be held every two years The event will include activities such as an exhibition showcasing Ngoc Linh ginseng and other medicinal herbs related to the development of tourism and the life of ethnic communities. Distinctive tourism products related to Ngoc Linh ginseng and other " One Commune One Product " (OCOP) products and various cultural and sports activities will be displayed. Vietnam hosts world's first post-pandemic meeting of instant noodle producers Acecook Vietnam production line. Photo courtesy of the company The first post-pandemic meeting of the World Instant Noodle Association was recently held in Ho Chi Minh City. This is also the first meeting of the association in Vietnam. The meeting brought together 13 companies from 11 countries and two research institutes. Acecook Vietnam was the only Vietnamese noodle producer to attend the event. Vietnamese … [Read more...] about Vietnam news in brief – October 3

Under the golden sunshine and fresh breeze, the Hanoi Autumn Festival was successfully held over the weekend, attracting large crowds of visitors. With the theme "Hanoi Autumn: Come to Love," the Hanoi Autumn Festival 2023 was successful as its diverse program of activities attracted about 80,000 visitors, according to the head of the Tourism Promotion Department. On October 1, the Hanoi Autumn Carnival, part of the Hanoi Autumn Festival, was held in a lively and colorful way in the pedestrian area of Hoan Kiem Lake. A booth selling banh cuon (steamed rice crepe) at the Hanoi Autumn Festival. Photo: Moc Mien/The Hanoi Times Held under the theme "Bright Colors of Autumn," the festival featured performances by art groups and the presence of women dressed in ao dai (traditional long robes), which added a charming touch to the event. Nguyen Thi Chanh, head of the Muong Gong Club in Phu Man commune, was happy that her ancient gong … [Read more...] about Hanoi Autumn Festival is a success: 80,000 people attend

The index closed 1.1 points higher after rising 1.7 points Friday. Trading on the Ho Chi Minh Stock Exchange (HoSE), on which the index is based, dropped 18% to VND11.5 trillion ($473.25 million). The VN30 basket, comprising the 30 largest capped stocks, saw 16 tickers gained. GVR of Vietnam Rubber Group led with a 4.6% increase, followed by VRE of retail real estate arm Vincom Retail, up 2.9%. VNM of dairy giant Vinamilk rose 1.9% and MSN of conglomerate Masan Group closed 1.4% higher. Twelve blue chips fell. TPB of private TPBank dropped 2% and GAS of state-owned Petrovietnam Gas closed 1.5% lower. Foreign investors were net sellers to the tune of VPB of private lender VPBank and VIC of private conglomerate Vingroup. The HNX-Index for stocks on the Hanoi Stock Exchange, home to mid and small caps, gained 0.18% while the UPCoM-Index for the Unlisted Public Companies Market dropped 0.10%. … [Read more...] about VN-Index gains marginally

illustration photo/ Photo Le Toan The very first logistics centre from Vietnam-Singapore Industrial Parks (VSIP) is now being constructed in the south-central province of Quang Ngai, and will be completed and put into use by the end of this year. Being built according to Lotus standards of the Vietnam Green Building Council, the 6-hectare Sembcorp Logistics Park will boast three modern single-storey warehouse blocks. Singapore’s Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, and its state-owned joint venture partner in Vietnam, Becamex IDC Corporation, in August also announced the addition of four new VSIPs. According to Charles Chong, director of Sembcorp in Vietnam, the country has developed strongly in recent years and will continue to be an important manufacturing country in the Asian region. “With the positive growth momentum of production activities and investment attraction, along with the government’s infrastructure upgrade plan, the … [Read more...] about Logistics investors heat up the market