Vietnam automotive industry report

International experiences contribute to building harmonious and stable labor relations, protecting the legitimate rights and interests of employees in Vietnam's retail industry. UNI Global Union - Asia and Pacific Regional Office (UNI APRO) is committed to working closely with the Vietnam General Confederation of Labor (VGCL) to improve the quality of Trade Union activities in the country’s chain of retail stores. UNI APRO's Secretary Rajendra Acharya Kumar made his statement at a workshop held in Hanoi this week. The secretary highly valued the activities of the Vietnamese trade union in protecting the legitimate rights and interests of employees as well as their welfare amid the Covid-19 pandemic. UNI APRO's Secretary Rajendra Acharya Kumar (left) and Standing Vice President of the VGCL Tran Thanh Hai at the workshop held in Hanoi. Photo: Hai Nguyen He said UNI APRO has signed framework agreements with multinational corporations and wishes to cooperate … [Read more...] about UNI APRO, Vietnam exchange experience in trade union activities

Kevin Coppel, Asia-Pacific managing director (left ) and Christine Li, Asia-Pacific head of research for Knight Frank in Singapore When the US-China trade tensions bubbled over in 2018, corporates found it increasingly difficult to carry out business in China due to sourcing uncertainties and rising costs. This trend only worsened in the face of the pandemic and resulting border closures. Businesses responded by pursuing opportunities to set up bases outside of China while still retaining a stake in one of the world’s strongest economies. The China+1 strategy thus emerged. It is based on diversifying its supply base into other countries in order to minimise the risk of disruptions arising from geopolitical tensions, trade wars and tariffs, as well as rising labour costs. These companies are not abandoning China but rather giving themselves options, enjoying the best of what China and other economies have to offer. In pursuit of the China+1 strategy, the spotlight is naturally … [Read more...] about Will Vietnam become a big geopolitical beneficiary?

Vietnam expecting to spend even more on imports - illustration photo Southeast Asia is facing rising inflation, a problem that is exacerbated by the failure of energy and food prices to fall. Last month, the Monetary Authority of Singapore (MAS) tightened monetary policy for the third time since October to deal with inflation that is expected to heat up. According to analysts, the MAS has redefined the midpoint of the popular exchange rate policy band and slightly increased the slope of currency appreciation to help the Singapore dollar strengthen against the currencies of other countries. However, the MAS did not change the width of its policy band – a move the institution usually would take when markets are volatile. As a result, the Singapore dollar rose about 0.5 per cent to $1.35 after the MAS’ move. The agency considered the possibility that core inflation would pick up sharply in the coming months, before being revised later this year, due to the sharp increase in … [Read more...] about Vietnam expecting to spend even more on imports

Petrol retail prices in the country have been adjusted many times over the past few months, Photo: Le Toan In Vietnam, gasoline prices continue to increase, and after the adjustment on May 11 by the Ministry of Industry and Trade (MoIT) and the Ministry of Finance, each litre of E5 RON92 petrol increased by 6.5 US cents to $1.26 per litre while RON95 climbed by 6.7 US cents to $1.30 per litre. On May 17, the price of US WTI crude oil remained at a high level of over $114 per barrel while Brent oil maintained its upward momentum at $114.28 per barrel. Before the next adjustment, which was due on May 21, petrol prices in Vietnam were forecast to continue to increase to higher levels. The ministries first adjusted gasoline prices on January 11 due to a decrease in global supply, production output by Kazakhstan and Libya, and oil inventories of the United States. According to Decree No.95/2021/ND-CP, effective from January, there will be three adjustments each month to the … [Read more...] about Vietnam riding the wave of inflationary unpredictability

Kim Højlund Christensen, Danish Ambassador to Vietnam With the return of tourism and trade activities, can you see any movement from business and investment promotion delegations that are going to visit Vietnam? The Vietnamese government’s recent decision to lift entry restrictions and especially to resume the visa-exemption travel programme for countries, including Denmark, is great news and positively welcomed by the Danish business community. Many Danish companies are already planning their visits to Vietnam this month and early next month to meet with their local business partners in person. At present, there are over 130 Danish companies represented in Vietnam. Therefore, there will be a large number of business visitors and delegations from headquarters in Denmark or other locations in the region coming here in the near future to visit their production facilities or to find new investment opportunities. Besides that, we also expect to have trade delegations visit our … [Read more...] about Danish investors pinpointing rising potential of Vietnam’s green energy

Amid growing challenges of global food security, Vietnam would further enhance the exports of food and agricultural products. Vietnam seeks to contribute to peace and stability in Asia and the world and remains steadfast in pursuing an independent foreign policy based on multilateralism and active integration into the global community. Deputy Prime Minister Pham Binh Minh at the event. Source: VNA “The Vietnamese Government considers the people at the center and engine for growth, and is committed to ensuring social justice and advancement, along with a healthy cultural and social environment.” Deputy Prime Minister Pham Binh Minh gave the remarks at the 27 th International Conference on the future of Asia held in Tokyo on May 26. This year’s event, themed “Redefining Asia’s role in a divided world,” focuses on discussing the regional and global situation, for which leaders from countries such as Japan, Vietnam, Laos, Thailand, Singapore, and Cambodia … [Read more...] about Vietnam seeks to contribute to peace and stability in Asia

Illustrative photo:SGGP/ Viet Chung The Office of the Ministry of Industry and Trade this morning informed that gasoline, an essential goods, directly affecting the production activities of enterprises as well as people’s livelihoods.  The gasoline price hugely affects the Consumer Price Index (CPI) which impacts the whole country’s macroeconomy. From the beginning of the year up to now, the local and international gasoline markets have been uncertain affecting the fuel supply and prices in the local market. Currently, the whole country has 38 wholesalers of gasoline, 329 gasoline distributors and nearly 17,000 retail gas stations. In order to strengthen state management in the field of gasoline business , prevent violations in petroleum business activities, and support the authorities in regulating the supply and demand of gasoline, it is necessary to apply information technology in updating data for petroleum trading enterprises across the country related to gasoline … [Read more...] about Vietnam puts gasoline database system into operation to avoid violations

National Assembly Chairman Vuong Dinh Hue (R) and Speaker of the Indian Lok Sabha (the lower house) Om Birla in a meeting in Hanoi in April 2022 (Photo: VNA). Hanoi (VNA) - The Vietnam Academy of Social Sciences (VASS) and the Indian Council of World Affairs (ICWA) on May 26 jointly organised a dialogue themed “Strengthening the Vietnam-India comprehensive strategic partnership". India n Ambassador to Vietnam Rranay Verma said the two countries have been committed to addressing common challenges such as climate change and poverty, towards promoting sustainable development and inclusive growth. comprehensive strategic partnership between the two nations has helped open new cooperation areas including aerospace, biotechnology, automobile industry, and renewable energy; and promoting the establishment of cooperation mechanisms in encryption technology, UN peacekeeping, and trade and investment. dialogue , delegates from the two countries focused their discussion on ways … [Read more...] about Vietnam, India boost comprehensive strategic partnership

Animals Asia is carrying out a plan to build its second bear sanctuary in Vietnam which has just been approved by the local Ministry of Agriculture and Rural Development. Visitors watch a bear in Tam Dao National Park in northern Vinh Phuc Province. Photo by Animals Asia According to Animals Asia, the new centre will be built in the Bach Ma National Park, located between the cities of Hue and Danang. It will be a home for 300 gall bears. With this new centre, Animals Asia hopes to rescue these last 300 Vietnamese gall bears, bringing a memorable end to the bear bile industry in Vietnam. The new centre will have a total area of 12.7 hectares with 12 houses for bears and 12 semi-wild areas. The project has an investment of about USD 10.50 million funded by AAF and is expected to be completed by 2026. The second bear sanctuary is planned while the first one located in Tam Dao National Park in northern Vinh Phuc Province is getting overloaded after being … [Read more...] about Second bear rescue centre to be built in Vietnam

Tam Nong Market in Tram Chim Town, Dong Thap Province used to be a hotbed of wildlife trafficking in southern Vietnam. Nowadays, however, the flood of endangered wildlife flowing into local markets from nearby Tram Chim National Park and Cambodia seems to have slowed, but across the region traffickers still breed and butcher rare animals. Any animal in demand Though the wildlife trade in Dong Thap is not what it once was, some vendors at Tam Nong Market still deal in rare animals. Tam is one of these vendors. Keeping a watchful eye of the turtles for sale at her stall, she agreed to deliver a large shipment of endangered turtles to an undercover reporter, provided that they would be set free at pagodas. Tai, a vendor at the market who primarily deals in both live and frozen copperheads and banded kraits, claims himself as the biggest wildlife seller in Tam Nong. Turtles up for sale at the Thanh Hoa bird market in Long An Province, southern Vietnam. Photo: … [Read more...] about Wildlife trafficking rife in southern Vietnam