Brazil begins AD sunset review on Vietnam’s rubber tyres for bicycles A rubber tyre for bycicles (Illustrative photo: Ministry of Industry and Trade) The Department of Commercial Defence (Decom) under Brazil’s Ministry of Industry, Foreign Trade and Services has initiated a sunset review of the anti-dumping duty order on new rubber tyres for bicycles classified under NCM 4011.50.00 from Vietnam, India, and China. Decom initiated anti-dumping duties against the product in December 2014, with duties imposed on Vietnam’s rubber bicycle tyres standing at 0.59-2.8 USD per kg. The department required exporters of relevant countries to respond to questionnaires indicating the information necessary to the investigation on Decom’s portal decomdigital.mdic.gov.br. They shall have a 30-day deadline for response, counting from the date of notification. The deadline can be extended up to 30 days based on request of relevant sides, the Brazilian authority added. … [Read more...] about BUSINESS NEWS IN BRIEF 14/3
Vietnam tobacco import export company
Vietnam gets to grips with CPTPP
Through the ratification of the CPTPP, Vietnam will be able to attract even more foreign investment to key technology sectors, Photo: Le Toan Tran Hoang Ngan has spent days studying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He is not a negotiator of the deal, but a National Assembly (NA) member from Ho Chi Minh City recently provided with documents related to the agreement, before it was officially discussed at the NA last week. Initially, the deal was formed in 2005 as the Trans-Pacific Partnership (TPP) by Brunei, Chile, New Zealand and Singapore. The US joined the TPP in 2008, and Vietnam quickly followed suit. In January 2017 the US withdrew from the deal, which was then inked in March 2018 under the new name of the CPTPP. “Why was Vietnam invited to join the TPP, though its per capita income is only $2,380, while the average of other member states is $30,000?” asked Ngan, who is also a senior economist. “I think member … [Read more...] about Vietnam gets to grips with CPTPP
National Assembly set to ratify historic trade deal
Nguyen Viet Thang, head of X26 JSC’s Planning Division based in Hanoi, greeted the news on November 12 that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be officially adopted by the National Assembly (NA). Vietnam will be the sixth nation to ratify this milestone deal, after Australia, Japan, New Zealand, Mexico, and Singapore. Last week, New Zealand adopted this deal. Brunei, Canada, Chile, Malaysia, and Peru are also expected to ratify the deal in the near future. “Our company has been awaiting the adoption of the CPTPP for a long time. If the deal is adopted by all 11 member states, we will be able to export more due to the import tax exemption, which will become true upon the deal’s entry into force,” Thang told VIR. Currently, the average rate is 12-18 per cent, depending on the market and product, Thang said, adding that the company has been “seeking more partners in other CPTPP nations, and contracts will be … [Read more...] about National Assembly set to ratify historic trade deal
BUSINESS NEWS IN BRIEF 18/10
Singaporean enterprises seek opportunities in Vietnam A Singaporean mission of nearly 20 firms will visit Vietnam from October 15 to 19 to sound out cooperation prospects. The trip is jointly held by the Vietnam Trade Office in Singapore, the Malaysia-Singapore Chamber of Commerce and Industry and the Singapore Business Federation. According to the organizers, the Singaporean delegation includes representatives of large corporations, such as Sembcorp, which has developed seven Vietnam-Singapore industrial park projects in Vietnam, and NTUC, the retailer accounting for more than half of Singapore’s market share. Besides visits to corporations and industrial parks in Vietnam, there will be trade promotion meetings in HCMC and Can Tho City so that enterprises of the two countries can seek partners and export goods. Representatives of the South Agency of the Ministry of Industry and Trade, the HCMC Department of Industry and Trade and the Vietnam Trade Office in Singapore will also … [Read more...] about BUSINESS NEWS IN BRIEF 18/10
BUSINESS NEWS IN BRIEF 1/9
Vinatex completes 65% of yearly revenue target Viet Nam National Textile and Garment Group (Vinatex) has completed 65 per cent of the yearly target set for total revenues with its eight-month result (excluding VAT) reaching over VND31.45 trillion (US$1.34 billion). This figure also represented a rise of 7 per cent against the same period last year, the textile group reported in a filing to the Ministry of Planning and Investment. In August alone, it earned VND4.48 trillion in revenue, down 5 per cent year-on-year, of which turnover of the parent company and subsidiaries with its holdings of over 50 per cent capital reached almost VND1.74 trillion. Revenues from other affiliate companies in which the group holds less than 50 per cent capital reached a combined VND2.74 trillion. Vinatex attributed the growth in total revenues to increases in sales of fibre products (96,051 tonnes, up 9.5 per cent year-on-year), fabric of all kinds (100.7 million m3, up 18.6 per cent) … [Read more...] about BUSINESS NEWS IN BRIEF 1/9