Trade wars

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

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

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

  The Royal Family of Belgium. The vast majority of Belgians are very attached to their Royal Family, symbols of unity in the country. — Photo courtesy of the embassy On the occasion of King’s Day, Ambassador of Belgium to Việt Nam Paul Jansen sends a message to Việt Nam News readers to celebrate. Since 1866, the day of Saint Leopold, November 15, has been chosen to celebrate the Belgian Kings, from Leopold the First who ascended the throne on July 21, 1831, until King Philippe who has been reigning since July 21, 2013. The vast majority of Belgians are very attached to their Kings and the Royal Family, symbols of unity in our country, and of our identity. But Belgium wants also to be an active and responsible player in the global world of today. It is a little known fact that Belgium was at the origin of the European integration process by being co-founder of the Belgium-Luxemburg Economic Union in 1921 and of … [Read more...] about Ambassador shows optimism for Việt Nam, Belgium’s ties