Us indias biggest trading partner

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

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

What have been some successful stories involving your members thus far in Vietnam? Tharabodee Serng-Adichaiwit, vice chairman of the Thai Chamber of Commerce in Vietnam Thailand has become the ninth-biggest foreign direct investment of Vietnam with nearly 690 projects and $13 billion so far. While Thai investment properly kicked off in the early 1990s here, Bangkok Bank started investment in Vietnam way back in 1961 with its first branch in the former Saigon. We believe that with the growing potential of Vietnam itself and our continuous promotion to Thai investors, one day Thai investment could enter the top five. This will also to help the two countries to achieve the bilateral trade goal of $25 billion by 2025, and ultimately bring our two countries closer in sub-regional, regional, and multinational cooperation. Most big Thai conglomerates already have a presence in Vietnam, such as C.P., SCG, Bangkok Bank, IVL, Red Bull, and more. Thai investment is also … [Read more...] about A land of promise for Thai investors

Energy is one of the key pillars in Vietnam-Germany relations over the past decades with a series of projects and programs operated by The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) – the German Development Agency. A delegation of nearly 50 German companies led by Minister-President of the German state of Lower Saxony , Stephan Weil, has expressed their interest in renewable energy and energy efficiency , the field in which the Federal Government of Germany has cooperated with Vietnam for years. Vietnam's Prime Minister Pham Minh Chinh (R) and Minister-President of the German state of Lower Saxony , Stephan Weil, in Hanoi on October 1. Photo: VGP Other fields of potential cooperation that the Lower Saxony’s government and businesses want to focus on include vocational training, skilled labor migration, tourism, digitalization, and Industry 4.0. The issues were stated by Prime Minister-President Stephan Weil at … [Read more...] about Lower Saxony wants to invest in energy transition in Vietnam

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

The EU official began implementing the transition period of the Carbon Border Adjustment Mechanism ( CBAM ) from October 1. As a result, iron and steel, cement, and fertiliser manufacturers in Vietnam are required to report total verified greenhouse gas (GHG) emissions embedded in goods exported to the EU. At an event on green steel production at the end of September, Nghiem Xuan Da, chairman of the Vietnam Steel Association, said that the country is taking the first steps to build a carbon-neutral roadmap for the steel industry. "Towards 2025, the steel industry aims to reduce GHG emissions by 10-30 per cent by optimising processes, energy, raw materials, and technology. In 2025-2030, the industry will use low-carbon materials and increase the amount of hydrogen gas in steel factories by 30 per cent," Da explained. Despite the ambition to reduce GHG emissions, the CBAM will pose a major challenge for Vietnamese steel exporters, according to Da. In the first six months of 2023, … [Read more...] about CBAM heralds new journey for sustainable energy use

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency. - Party General Secretary Nguyen Phu Trong put forth requests for members of the 13th-tenure Party Central Committee while opening the committee’s eighth session in Hanoi on October 2 morning. In his speech, the Party chief stressed that this time’s session, lasting until October 8, will consider and make decisions about many big, complex, and sensitive issues highly important to the fulfillment of the 13th Party Central Committee’s political tasks from now until the end of the tenure. Read full story - 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. Weil described Vietnam as an important partner of the European Union … [Read more...] about ☕ Afternoon briefing on October 2

Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

The deal is set to boost competition in Vietnam's retail market, as rapid urbanization draws domestic and foreign investors looking to expand or gain a foothold in the country of 100 million. Proceeds will go to strengthen Masan's financial position, said the fast-moving consumer goods firm, which runs more than 3,200 supermarkets and minimarts in the southeast Asian nation. "Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market," Bain partner Barnaby Lyons said in the joint statement. The investment would be in the form of convertible dividend preference shares priced at 85,000 dong ($3.50) each, which can be converted into ordinary shares in a one-for-one ratio, Masan added. "We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs," its chief executive, Danny Le, said in the statement. Last week Reuters reported that Singapore's sovereign wealth fund, … [Read more...] about Bain Capital invests $200M in Vietnam conglomerate Masan

The transaction is an equity investment in the form of Convertible Dividend Preference Share (CDPS) to be issued at a price of VND85,000 ($3.49) per share, which can be converted into ordinary shares at a 1:1 conversion ratio. In addition to the normal dividends payable (if any) to the company’s shareholders, the CDPS has no preference dividend for the first five years, then followed by a 10 per cent preference dividend at par value of each outstanding CDPS per annum from the sixth anniversary onwards. On the tenth anniversary of the issuance, the outstanding CDPS will be mandatorily converted into ordinary shares of Masan Group. Masan is also in discussion with other investors to upsize the investments to up to $500 million, which is subject to prevailing market conditions and the company’s capital needs. Proceeds from the transaction will be used to strengthen the company’s financial position and de-lever its balance sheet. This marks Bain Capital’s first-ever investment in … [Read more...] about Bain Capital leads Masan Group’s equity funding round