At a meeting in Singapore (Source: VNA) Singapore (VNA) – A Vietnamese delegation led by Deputy Minister of Industry and Trade Tran Quoc Khanh attended the ASEAN Economic Community Council Meeting and the Preparatory Meeting of the ASEAN Economic Ministers’ Meeting in Singapore on November 12. Deputies discussed issues regarding economic and trade cooperation, as well as intra-bloc investment; reviewed Singapore’s priorities and initiatives for 2018; and updated the progress of activities towards achieving the ASEAN Economic Community 2025 goals. Such contents will be submitted to the 33rd ASEAN Summit and related meetings from November 13-15. Ministers agreed on the fourth protocol amending the ASEAN Comprehensive Investment Agreement, which will promote the construction of an open, free, and transparent investment region that is pointed towards global integration. Regarding the ASEAN Trade in Services Agreement – one of Singapore’s … [Read more...] about Vietnam attends ASEAN economic meetings in Singapore
Vietnam asean economic community
Bright prospects for Vietnam-Japan economic cooperation
In recent years, the bilateral trade value has been growing steadily towards a more balanced relationship. Vietnam’s exports to Japan have seen encouraging growth. In 2017, five key Vietnamese exports to Japan, namely garments, machinery, transport vehicles, seafood and timber products, all increased compared with the previous year, with each reaching at least US$1 billion. In the opposite direction, most of Vietnam’s imports from Japan are to be used for manufacturing activity. In 2017, three of Vietnam’s imports from Japan with respective values of at least US$1 billion were machinery, computers and electronics, and steel and iron. Japan is a large importer of seafood, garments, footwear products and processed food, which are Vietnam’s strengths, while Japanese machines and accessories have long established their reputation in Vietnam. Japanese cuisine served in the Japanese style in Japanese restaurants in Vietnam is helping to bring the two countries … [Read more...] about Bright prospects for Vietnam-Japan economic cooperation
Bright prospects for Vietnam-Japan economic ties
The Japanese-invested Toyota factory in Phuc Yen city, Vinh Phuc province (Photo: VNA) Hanoi (VNA) – Thriving economic cooperation has been a highlight of the Vietnam-Japan extensive strategic partnership, with bilateral trade value growing steadily towards a more balanced relationship in recent years. Vietnam’s exports to Japan have seen encouraging growth. Last year, five Vietnamese export staples – namely garments, machinery, transport vehicles, seafood, and timber products – posted positive increases in revenues, with each bringing home at least 1 billion USD. Meanwhile, most of Vietnam’s imports from Japan are used for production activities. Three imports from Japan with turnover surpassing 1 billion USD in 2017 were machinery and spare parts, computers and electronics, and steel and iron. Japan is currently a big importer of seafood, garments, footwear products, and processed food, which are sectors that Vietnam holds strengths in. Additionally, … [Read more...] about Bright prospects for Vietnam-Japan economic ties
50th ASEAN Economic Ministers Meeting opens in Singapore
Delegates take a photo at the opening (Photo: VNA) Singapore (VNA) – The 50th ASEAN Economic Ministers (AEM 50) Meeting and Related Meetings kicked off in Singapore on August 29 with the participation of economic leaders from 10 ASEAN member states and partner countries. The Vietnamese delegation, led by Deputy Minister of Industry and Trade Tran Quoc Khanh, participated in the meetings. In his speech at the opening ceremony, Singaporean Prime Minister Lee Hsien Loong highlighted the establishment and development of the Association of Southeast Asian Nations (ASEAN). He said the bloc has tremendous economic potential with a strong market of over 630 million people. The grouping’s GDP growth has averaged 5.4 percent in recent years, well above the global average, and is projected to expand around this rate over the next five years, he noted. ASEAN is forecast to become the fourth-largest economy in the world by 2030, just behind the US, China and the European … [Read more...] about 50th ASEAN Economic Ministers Meeting opens in Singapore
ASEAN urged to attract more private capital in infrastructure
In a keynote speech delivered at the 8th World Bank-Singapore Infrastructure Finance Summit on April 5th, Heng said these infrastructure development opportunities come as member states strive towards the ASEAN Economic Community (AEC) 2025 vision, which has infrastructure linkages as one of its primary goals, and amid rapid urbanisation within the region.Citing figures from ADB, the minister said Southeast Asia’s infrastructure investment needs will total USD2.8 trillion between 2016 and 2030, or about USD184 billion annually.Heng noted that much of the responsibility for infrastructure spending has traditionally fallen on the shoulders of the governments. While ASEAN must continue to prioritise infrastructure spending to sustain growth, it needs to look beyond the public sector to finance these expenditures, he added.Singaporean Minister of Finance Heng Swee Keat delivers a speech at the 8th World Bank-Singapore Infrastructure Finance Summit (Source: … [Read more...] about ASEAN urged to attract more private capital in infrastructure