Vietnams successes

Projects such as Bunge’s agribusiness are expected to increase in number through stronger US ties. Photo: Le Toan In his first few days in office five years ago, President Donald Trump withdrew from the Trans-Pacific Partnership, which was a pillar of the Barack Obama administration’s pivot towards Asia. The remaining 11 member states have since reframed the agreement as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and President Joe Biden’s commitment to rebuilding relations with allies has sparked speculation about the US returning to the fold. Fitch Solutions under global ratings firm Fitch Group told VIR in a statement that Vietnamese trade would receive a surefire boost should new Biden decide to rejoin the CPTPP. “Biden stated in 2019 that the US should renegotiate parts of the CPTPP and re-assemble a coalition to counterbalance China’s perceived expansionist policies. The Trump administration withdrew from the original deal in 2017 under the pretext that it would harm US workers. A scenario where the US rejoins the CPTPP would deliver substantial tailwinds to Vietnamese exports to the US from lower tariffs in major export categories,” Fitch said. In fact, the CPTPP may offer great windfalls to the US. Statistics from law firm Duane Morris Vietnam LLC showed that the population of the CPTPP countries exceeded 513 million people as of October 2020. The CPTPP countries account for nearly 45 per cent of US total exports and 37.6 per cent of US general imports in 2014. By cutting over 18,000 taxes in regards to CPTPP, there would be a great benefit for American importers and exporters by enabling them to enter new markets. As the United States International Trade Commission estimates, the US exports of goods and services to the world would expand by $27.2 billion by 2032 thanks to the CPTPP, while US imports would expand by $48.9 billion. Oliver Massmann, general director of Duane Morris Vietnam LLC, pointed out …

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Soonthorn Xayachak (centre), Secretary of the LPRP Central Committee and head of the committee’s Commission for External Relations, at the videoconference (Photo: VNA) Hanoi (VNA) – Outcomes of the 11th National Congress of the Lao People’s Revolutionary Party (LPRP) were informed to the Communist Party of Vietnam (CPV) at a video conference on February 26. At the event, Soonthorn Xayachak, Secretary of the LPRP Central Committee and head of the committee’s Commission for External Relations, who is the Special Envoy of General Secretary of the LPRP and Lao Prime Minister Thongloun Sisoulith, said that the LPLP’s 11th National Congress was a success, becoming an important milestone to a new development period of the revolution of Laos. The congress approved a Political Report of the 10th LPRP Central Committee, along with socio-economic development in the 2021-2025 period, as well as the amendment and supplementation of the LPRP Charter, and reviewed the leadership of the 10th LPRP Central Committee. The congress also elected the 11th LPRP Central Committee. Soonthorn Xayachak thanked the CPV Central Committee, CPV General Secretary and State President Nguyen Phu Trong as well as leaders of the Party, State and major agencies of Vietnam for extending congratulations to the congress and their Lao counterparts. He also thanked Vietnam for supporting Laos in organising the congress, while congratulating the CPV on the success of its 13th National Congress. Hoang Binh Quan, head of the CPV Central Committee’s Commission for External Relations and Special Envoy of Party General Secretary and State President Nguyen Phu Trong (Photo: VNA) For his part, Hoang Binh Quan, head of the CPV Central Committee’s Commission for External Relations and Special Envoy of Party General Secretary and State President Nguyen Phu Trong, showed his delight at the fruitful results of the LPLP’s 11th National Congress and the election of deputies to the 9th Lao …

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Vietnam needs over US$128 billion for power investment next 10 years A drone is used to inspect a power transmission system in Vietnam. The country will need an estimated US$128.3 billion for developing the power system in the next decade The Institute of Energy, under the Ministry of Industry and Trade, on February 22 continued to collect feedback over the plan from the relevant agencies. According to the plan, during the 10-year period, Vietnam will need to pour some US$12.8 billion on average into the power sector per year. The total investment for the following 15 years from 2031 to 2045 will be some US$192 billion, including some US$140 billion for power sources and US$52 billion for the grid. The draft zoning plan also revealed that Vietnam will continue to import electricity from China, Laos and Cambodia in the next 10 years. The State-run Vietnam Electricity Group is purchasing electricity from China through two 220kV power lines, with 1.5 billion kWh of power being bought annually during the 2016-2020 period. This northern neighboring market can sell up to 3,000 MW of electricity or more to Vietnam from now until 2030. Petrol prices rise under latest adjustment The Ministries of Industry and Trade and Finance revised petrol prices upwards as of 3pm on February 25, marking the first increase since the traditional Lunar New Year (Tet) holiday. The retail price of E5RON92 bio-fuel rose nearly 700 VND to 17,031 VND (0.74 USD) per litre at a maximum, while that of RON 95 increased over 700 VND to 18,084 VND per litre. Diesel 0.05S and kerosene, meanwhile, are now no more than 13,843 VND and 12,610 VND per litre, up by around 800 VND and 700 VND, respectively. According to the two ministries, the prices of petrol and oil in the global market have been rising strongly for 15 days, hence the adjustment. The two review fuel prices every 15 days to ensure domestic prices are in keeping with the global market./. Aquatic product …

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