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VIETNAM BUSINESS NEWS JULY 3

Taiwan increases rubber imports from Vietnamese market

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Vietnam's rubber market share in Taiwan (China)’s total rubber imports during the opening five months of the year witnessed an upward trajectory compared to the same period from last year, according to details given by the Ministry of Industry and Trade.

Throughout the reviewed period, Taiwan (China) imported 117,760 tonnes of rubber worth US$261.9 million, a rise of 10.1% in volume and 27.8% in value compared to the same period from last year with Thailand, Japan, the United States, Indonesia, and Vietnam being the five largest market suppliers of rubber to the Taiwanese market.

Vietnam became the fifth largest rubber supplier to the Taiwanese market with 11,950 tonnes worth US$23.59 million during the five-month period, up 78% in volume and up 132.1% in value against the same period from last year.

Vietnamese rubber market share in Taiwan (China)’s total rubber import volume also accounted for 10.2% and experienced a rise compared to the figure of 6.3% recorded during the same period from last year.

The Taiwanese market in recent times has tended to increase rubber imports from Vietnam, while simultaneously reducing imports from a number of major markets such as Thailand, Japan, the Republic of Korea, and Malaysia.

Farm produce reach Europe via Vietnam’s e-commerce platform

Over three tonnes of Bac Giang lychees meeting GlobalGAP standard recently passed customs clearance at Frankfurt airport, Germany thanks to a transaction via the Vietnamese e-commerce platform Voso.

It was the first time an agricultural product of Vietnam had been shipped to Europe through the “cross-border e-commerce” model on a platform developed and operated by the Southeast Asian nation, via a cooperation programme among the Ministry of Industry and Trade’s Vietnam E-Commerce and Digital Economy Agency, Voso and Viettel Post.

Voso launched its Voso Global last March, offering high-quality Vietnamese farm produce to consumers in foreign markets, especially overseas Vietnamese. They could place orders and make payments via an international payment system. Products will be carried by air to Germany via Viettel Post’s partners and delivered to customers within 4-5 days.

Head of the Vietnam E-Commerce and Digital Economy Agency Dang Hoang Hai said previously, Vietnam exported farm produce to Asia and Europe, mostly via international e-commerce platforms like Amazon.

Now via Voso, Vietnam’s e-commerce industry has made a stride in bringing fresh and quality products to demanding markets like Europe.

General Director of the Viettel Post Tran Trung Hung said in the immediate future, the agency will partner with Voso to build its Vietnamese and English versions, thus better serving overseas Vietnamese in Europe and European consumers.

As the European Union – Vietnam Free Trade Agreement already took effect, exporters, local enterprises, cooperatives and individuals with quality products could have more chances if they optimise cross-border e-commerce./.

‘Vaccine passport’ pilot to open up recovery opportunities for tourism: experts

Tourism experts said if Vietnam succeeds in piloting the ‘COVID-19 vaccine passport’ policy, the sector can bounce back, welcoming back both domestic and foreign visitors.   

Associate Professor Dr Tran Dac Phu, senior advisor at the Public Health Emergency Operations Centre under the Health Ministry, said the passport is actually a certificate for a person having fully vaccinated against the disease following recommendations of vaccine producers or State management agencies.

Vietnam needs a strategy to recognise vaccine passports with other countries in bilateral or regional forms, he said, adding that in the immediate future, the mechanism will be piloted with a few countries posting high vaccination rates, and with vaccines of high immunogenicity, which are approved by reputable health organisations.

Nguyen Van Gia, an expert in tourist destination development, noted the application of vaccine passports has contributed to eradicating travel barriers and creating a driving force for socio-economic growth by reopening tourism. In Europe, Italy, Greece, Spain, Croatia and Iceland have opened their doors for tourists from the US.

Nguyen Tien Dat, Director of the AZA Travel Company, suggested piloting vaccine passports first in the domestic market before extending to foreign markets. He said the first destination can be Phu Quoc island and foreign visitors can be received via golf or resort tours.

Although many countries around the world have implemented vaccine passports, the World Health Organization (WHO) has yet to support the idea of issuing such passports to promote travel. The WHO believes that now is not the time to use vaccine passports, because there are still many unknowns related to the vaccination effectiveness in preventing COVID-19, while the supply of vaccines remains limited.

Deputy Minister of Health Tran Van Thuan said the mechanism will only be effective when herd immunity, is realised, meaning 70 percent of the population is vaccinated.

The Ministry of Health has set out three options for the implementation of the vaccine passport scheme that targets three groups – Vietnamese people stuck abroad; foreigners entering Vietnam to invest and do business; and international tourists.

Currently, the rate of vaccination against COVID-19 in Vietnam is to low for herd immunity. In such condition, the implementation of vaccine passports for foreign arrivals without tight monitoring is likely to cause an uncontrolled spreading of the disease in the community./.

Tien Giang export turnover surges 20.3 percent

The Mekong Delta province of Tien Giang earned 1.6 billion USD in export value in the first six months of 2021, up 20.3 percent year on year, according to the provincial Department of Trade and Industry.

Of the province's total export value, FDI enterprises accounted for 84.4 percent. Businesses in industrial parks and clusters also earned over 1.4 billion USD from exporting goods, up 13.67 percent over the same period last year.

Besides, groups of goods seeing export growth ensuring stable work and income for labourers were metal products with an export turnover of 350.2 million USD, up 21.7 percent; garment products, 240 million USD, a 2.1 percent increase; footwear and leather products, 250.5 million USD, up 17.7 percent.

In addition, businesses in the province also exported 53,000 tonnes of processed aquatic products, raking in 130 million USD, up 1.3 percent and 2.6 percent in volume and value, respectively.

In order to achieve sustainable export growth, Tien Giang will focus on developing key export industries such as garment-textiles, shoes and leather products, bags, food and beverages. The province will also maintain and support the development of products of local competitive advantages like agricultural products and processed aquatic products.

Tien Giang will also create optimal favourable conditions for exporters in the issuance of Certificates of Origin (C/O) as well as promptly provide information related to the issuance of C/ O for export enterprises./.

Leading bank sponsors thermal power project in Quang Binh

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will provide a credit worth 27.1 trillion VND (1.18 billion USD) for the Quang Trach 1 thermal power project in the centreal province of Quang Binh.

To this effect, the bank and Vietnam Electricity (EVN) signed a comprehensive cooperation agreement and financial credit contract supporting the project in Hanoi on June 30.

Total investment of the project is 41.13 trillion VND, using capital from EVN (30 percent) and domestic commercial loans (70 percent) funded by Vietcombank.

It is expected to be kicked off in the third quarter of this year and completed in 2025.

EVN assigned the Power Project Management Board No 2 as the representative of the investor of the project along with projects at the Quang Trach Power Centre with a total area of about 48.6 hectares in Vinh Son village, Quang Dong commune, Quang Trach district.

The project includes two power units with a total installed capacity of 1,200 MW, when put into operation, the plant will provide the national electricity system with an annual output of about 8.4 billion kWh, contributing to ensure the safety of national energy security and improving the safety and stability of the power system.

The Quang Trach 1 thermal power plant is considered to be the driving force for economic growth for Quang Binh province and the North Central region, thereby contributing to create favourable conditions for the local development of supporting industry, contributing about 1.2 trillion VND per year to the state budget, and creating stable and long-term jobs for local workers, especially highly-qualified workers./.

Over 31.8 trillion VND raised through G-bond auctions in June

On the primary market, the State Treasury mobilised more than 31.8 trillion VND (1.38 billion USD) via 18 government bond (G-bond) auctions on the Hanoi Stock Exchange (HNX) in June, down 28 percent month-on-month.

Interest rates for 7-, 10-, 15-, and 20-year bonds decreased by 0.01-0.09 percent annually, while those for bonds with 30-year maturity remained unchanged.

In the first six months of 2021, the State Treasury raised 141.493 trillion VND through G-bonds, or equivalent to 40.4 percent of the yearly target.

On the secondary market, bonds worth over 270.9 trillion VND were sold in June. The average trading value reached 12.314 trillion VND per session, up 16.7 percent on-month.

The total volume traded via repos made up 28.73 percent of the total.

Foreign investors’ purchase accounted for 1.54 percent of the total value in June, with net sales exceeding 3.71 trillion VND./.

Vietnam’s incentives introduced to Singaporean investors

Singaporean firms were briefed on Vietnam’s investment environment and incentives to attract foreign investors at a webinar held by the Singapore Business Federation (SBF) on June 2.

Speaking at the webinar from the FYIstival ASEAN edition, Vietnamese Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said Vietnam is the investment destination of more than 140 countries and territories worldwide.

Singapore has been Vietnam’s biggest investor, with about 5.64 billion USD or 36.9 percent of total foreign investment in Vietnam in the first half of this year, the official added.

Vietnam wishes to continue its cooperation with Singaporean enterprises operating in such potential sectors as digital technology, innovation and creation, and digital economy which Vietnam is focusing on.

The country is also building a number of financial centres to lure Singaporean investors, according to Ngoc.

Do Nhat Hoang, Director of the ministry’s Foreign Investment Agency, suggested foreign firms consider investment in processing and manufacturing, high-quality services, and logistics.

Singaporean Ambassador to Vietnam Jaya Ratnam also suggested Singaporean enterprises invest in education, financial technology, e-wallet and e-commerce in Vietnam.

FYIstival ASEAN edition is the fourth in a series of curated country and region-centred briefing sessions targeted at Singapore companies and has to date covered internationalisation opportunities in Africa, South Asia, and Japan.

Running from May to August 2021, the FYIstival ASEAN edition covers six ASEAN markets – Cambodia, Indonesia, Malaysia, Philippines, Thailand and Vietnam – through a series of 14 virtual events./.

Inflation still under control: meeting

Inflation is still under the Vietnamese Government’s control although it is on the rise in many regions in the world, heard a meeting jointly held by the Institute of Economics and Finance (IEF) and the Finance Ministry in Hanoi on July 2.

The General Statistics Office (GSO) reported that the country’s consumer price index (CPI) in the first half of this year advanced 1.47 percent year-on-year, which is the lowest since from 2016.

Nguyen Ba Minh, head of the IEF, said the Government’s support packages for people and groups affected by the COVID-19 pandemic have helped to curb the index growth.

Besides, low basic inflation and dropping food prices have played a role in balancing the index, given the high prices of oil and gas and construction materials, according to Nguyen Duc Do, deputy head of the institute.

Nguyen Xuan Dinh, from the Price Management Department under the Finance Ministry, and other experts at the meeting shared the view that this year’s index growth rate of 4 percent is within the Government’s control.

However, they said, more attention is needed due to complexity in the second half of this year.

Do said if the CPI is maintained at around 0.27 percent in the remaining months of this year, inflation would rose from 2.41 percent at present to 3.28 percent at the end of this year, and this year’s inflation would stand at 2.12 percent.

Inflation would average 2.53 percent this year if the CPI increases only 0.5 percent in the remaining months, he pointed to another scenario.

Other experts stressed the need to keep a close watch on prices of essential goods and control the prices of such products as steel, oil and gas, aviation and health care services, land and real estate.

The Price Management Department will also step up credit control in sectors with potential risks like real estate and stock market./.

HCM City: IIP advances 5.9 percent in H1

Ho Chi Minh City’s Index of Industrial Production (IIP) advanced 5.9 percent year-on-year in the first half of 2021, though new COVID-19 outbreaks are ravaging the country’s southern economic hub, causing the index to shrink 5.3 percent month-on-month in June.

H1’s IIP of the city’s four key industries – mechanics, electronics and information technology, chemistry and rubber, and food processing – picked up 6.2 percent from the same period last year, according to the municipal Department of Industry and Trade. Electronics posted the relatively high growth of 15.6 percent, while chemistry, and food and beverage increased 2.6 percent and 1.2 percent, respectively.

Growth of more than 15 percent were also seen in multiple other industries, including wood processing and timber and bamboo production, electric device manufacturing, and printing.

In the first six months of the year, the city’s sales of products of the manufacturing and processing rose by 7 percent year-on-year, supported by strong gains of metal production (45.6 percent), motor vehicles (25.4 percent), and coke production and refined petroleum products (16 percent).

The inventory, however, grew 16.2 percent year-on-year during the period, with significant increases recorded in leather and related products (258.5 percent), chemistry (76.3 percent), electric devices (64.5 percent) among others./.

Australia provides 2 million USD to strengthen trade opportunities with Vietnam

The Government of Australia is helping to strengthen trade opportunities with Vietnam through a pilot progamme, according to Australia’s Minister for Trade, Tourism and Investment Dan Tehan.

Under the Australia-Vietnam Enhanced Economic Engagement Grant (AVEG) pilot programme, the Australian Government is providing 2.5 million AUD, or close to 2 million USD, to 28 small-scale projects to create economic opportunities and deepen business cooperation, Tehan said in a statement released on July 1.

The AVEG would open doors for Australian industries ranging from agriculture to education, digital technologies to small- and medium-sized enterprises (SME) supply chain, he said.

The funding includes 99,475 AUD to scale up the technology of organic food production, certification, and trade between the two countries; 56,160 AUD to provide 20 female entrepreneurs in Vietnam with international education and experience to build their capacity as entrepreneurs; and 95,000 AUD to help 300 Australian businesses to grow and diversify their exports and supply chains to Vietnam.

“Australia is working with Vietnam to grow our trade relationship, with an aim to become top ten trade partners and double investment,” Tehan said. “Strengthening our trade relationship will create jobs and opportunities in both countries.

“The Australian Government is committed to further strengthening our economic relationship with Vietnam and unlocking opportunities for Australian businesses,” he said.

Over the past two decades, the two-way trade relationship has grown on average by 8.6 percent each year./.

Vietnam’s export turnover surges 28.4 percent in H1

Vietnam’s export turnover of goods in the first six months of 2021 hit 157.63 billion USD, up 28.4 percent year-on-year, according to the General Statistics Office (GSO).

The country’s export value in June alone reached 26.5 billion USD, up 1.2 percent compared to the previous month and 17.3 percent over the same period last year.

Notably, five groups of products reported export turnover of over 10 billion USD in the Jan-June period, accounting for 58 percent of the total export value.

During the reviewed period, Vietnam spent 159.1 billion USD on imports, up 36.1 percent year-on-year.

As a result, Vietnam experienced a trade deficit of 1.47 billion in the first half of 2021 as compared to a trade surplus of 5.86 billion USD in the same period last year, the GSO said.

According to the Ministry of Industry and Trade (MoIT), when the third wave of COVID-19 outbreaks hit the country at the beginning of the year, it has closely followed the market situation and proactively implemented a series of solutions to remove difficulties and promote production and business, towards realising growth goals.

Vu Ba Phu, Director of the MoIT’s Vietnam Trade Promotion Agency, said the ministry has paid special heed to stepping up trade promotion through business-matching events, and taking measures to fully tap benefits from free trade agreements (FTAs) Vietnam signed with partners, thus further boosting its exports./.

Leading bank sponsors thermal power project in Quang Binh

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) will provide a credit worth VND27.1 trillion (US$1.18 billion) for the Quang Trach 1 thermal power project in the centreal province of Quang Binh.

To this effect, the bank and Vietnam Electricity (EVN) signed a comprehensive cooperation agreement and financial credit contract supporting the project in Hanoi on June 30.

Total investment of the project is VND41.13 trillion, using capital from EVN (30%) and domestic commercial loans (70%) funded by Vietcombank.

It is expected to be kicked off in the third quarter of this year and completed in 2025.

EVN assigned the Power Project Management Board No 2 as the representative of the investor of the project along with projects at the Quang Trach Power Centre with a total area of about 48.6 hectares in Vinh Son village, Quang Dong commune, Quang Trach district.

The project includes two power units with a total installed capacity of 1,200 MW, when put into operation, the plant will provide the national electricity system with an annual output of about 8.4 billion kWh, contributing to ensure the safety of national energy security and improving the safety and stability of the power system.

The Quang Trach 1 thermal power plant is considered to be the driving force for economic growth for Quang Binh province and the North Central region, thereby contributing to create favourable conditions for the local development of supporting industry, contributing about VND1.2 trillion per year to the state budget, and creating stable and long-term jobs for local workers, especially highly-qualified workers.

Vietnam, Australia look to beef up agriculture cooperation

Representatives of the agriculture sector of Vietnam and Australia have agreed to accelerate work to allow the import of more farm produce of each other at the recent third Vietnam – Australia agriculture forum.

At the event, held online on June 30, the Vietnamese side called on Australia to open its market for unprocessed shrimp and fresh passion fruit of Vietnam. Meanwhile, the Australian side hoped that it can export deer and kangaroo meat, and peach to Vietnam.

Vietnamese Deputy Minister of Agriculture and Rural Development Le Quoc Doanh proposed that the two sides continue to share information on fruit flies in Australia’s for-export fruit cultivation areas.

He also suggested the specialised quarantine agencies of the two sides continue to hold meetings to solve problems.

Cooperation in science- technology and policy, logistics, and innovation in agriculture were also high on the agenda of the forum.

Vietnam is interested in digital transformation and the application of new technologies in agricultural governance, Doanh said, expressing the hope that Vietnam can learn from Australia’s comprehensive innovation experience in agriculture production, traceability of origin, and trade promotion.

He proposed to include agriculture innovation and logistics in working contents of the two countries’ working groups on policy and technical support.

Doanh praised recent efforts made by working groups of the two ministries, requesting the two sides jointly support these groups to operate more effectively and practically in the time to come, towards promoting agriculture development in each country.

For his part, Secretary of the Department of Agriculture, Water and the Environment Andrew Metcalfe shared his agreement with Deputy Minister Le Quoc Doanh's opinion, saying that he hopes the two sides will expand cooperation beyond the trade of farm produce./. 

Dong Nai’s industrial production expands 7.54 percent

The southern province of Dong Nai, a magnet for foreign investment, enjoyed a year-on-year rise of 7.54 percent in the index of industrial production (IIP) in the first half of 2021.

According to the provincial People’s Committee, thanks to its COVID-19 prevention and control efforts, Dong Nai’s industrial production remained stable as local enterprises focused on expanding production and business and looked for contracts to boost production and export. As a result, the IIP in June increase by 11.63 percent compared to the previous month, helping the index in the first half surge 7.54 percent year-on-year.

In the period, 21 out of 25 major industrial products, including coffee, cloths, clothes, shoes, paints, washing machines, and wooden furniture in the province reported increases in their output.

The production of wooden furniture; leather and leather products; and garment and textile saw impressive growth, with 13.9 percent, 12.7 percent and 6.8 percent, respectively.

In the remaining months of 2021, Dong Nai will carry out solutions to continue maintaining and stabilising industrial production, and successfully completing socio-economic development and defence-security tasks.

Accordingly, the province is drastically implementing measures to combat the pandemic to protect local people's health and lives, and maintain production and business and ensure economic growth.

Dong Nai will maintain support for businesses in a practical and effective manner, and issue mechanisms and policies encouraging them to invest in agriculture and rural development and assisting those hit hard by the pandemic.

It will also step up trade promotion, improve the investment and business climate, take advantage of opportunities brought about by new-generation free trade agreements./.

EU, UK firms introduced to opportunities in Vietnam

The multinational financial group HSBC held a webinar on July 1 to introduce business opportunities in the Association of South East Asian Nations (ASEAN) for European Union and UK businesses.
 
Participants at the event said amid rising labour costs, concern over supply chains and geo-political tension, foreign firms are moving their production facilities to ASEAN member states, with Singapore, Indonesia and Vietnam receiving over 80 percent of new capital flows in 2019. 

Nguyen Manh Hai, Counsellor in charge of investment at the Vietnamese Embassy in Germany, highlighted growth opportunities in Vietnam as well as chances that the EU and UK firms could grasp.

He said Vietnam has long pursued the policy of shifting its economic structure towards improving growth quality, labour productivity and economic competitiveness.

At the same time, the country has also stepped up institution reform to better pool resources and create a new driving force for development. It encouraged the growth of export-oriented and foreign-invested sectors.

Apart from positive impacts of new-generation free trade deals such as the EU-Vietnam Free Trade Agreement (EVFTA), the UK-Vietnam FTA (UKVFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP), socio-political stability in Vietnam also made it attractive for foreign enterprises, he said.

He added that the Vietnam is working on a strategy on foreign investment cooperation for the 2021-2030 period, which will include a road map to attract new-generation foreign direct investment.

Hai went on to announce several investment promotion activities that Vietnam will hold in the time ahead, one of which is the piloting of vaccine passport in the northern province of Quang Ninh this month. 

Vietnam is also planning to hold the Vietnam Digital Investment Forum 2021 scheduled for the third quarter and build a portal to introduce opportunities in economic and industrial zones, besides several other investment promotion forums and seminars.

According to Hai, Vietnam ran a trade surplus of over 29.3 billion USD with the EU last year. Two-way trade between Vietnam and the EU reached 49.78 billion USD last year, down just 0.1 percent year-on-year despite the COVID-19 pandemic. The EU is the second largest importer of Vietnam, behind the US.

Vietnam imported goods worth 14.64 billion USD from the EU last year, up 4.27 percent annually.

Discussions at the webinar focused on growth trend, competitive edges and technological advances in ASEAN, especially Vietnam as the next global manufacturing hub./.

Ho Chi Minh City’s retail revenue down in June

The total retail sales of goods and consumer services in Ho Chi Minh City in June was estimated at over 81.4 trillion VND (3.53 billion USD), down nearly 8 percent month-on-month and 5.1 percent year-on-year, reported the municipal Statistics Office.

The office attributed that to social distancing measures in Go Vap district and Thanh Loc ward, District 12, resulting in limited retail activities.

Specifically, retail revenue topped 48.3 trillion VND (2.1 billion USD), down 4.7 percent monthly and up 1.9 percent yearly.

Revenue from dining and lodging services slumped by 20 percent and 25 percent, respectively.

Tourism receipts reached 80 billion VND, down 71.5 percent monthly and 18.4 percent yearly.

However, the total retail of goods and services still went up 7.3 percent annually to more than 541.6 trillion VND in the first six months of this year.

The city has built a plan to ensure goods supply for local residents and follow pandemic prevention and control measures in trade./.

PM asks central bank to study pilot implementation of cryptocurrency

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam to study and carry out pilot implementation of cryptocurrency based on blockchain technology in the 2021-23 period.

This was highlighted in the Prime Minister’s Decision No 942/QD-TTg about the e-Government development strategy towards a digital Government.

Cryptocurrency based on blockchain is among core technologies Vietnam hopes to develop and master, as well as artificial intelligence (AI), big data, augmented reality and virtual reality (AR/VR), which are expected to create significant breakthroughs as well as favourable conditions for building a digital Government.

There are no specific definitions for cryptocurrency and virtual assets in Vietnam. For many years, the State Bank had stressed that cryptocurrencies, including Bitcoin, are not legally recognised in Vietnam and the use of cryptocurrencies as a means of payment is also not legally recognised and protected in the country.

The central bank asked credit institutions not to use cryptocurrencies as a type of currency or a means of payment.

To date, the central bank has not granted licences for any cryptocurrency trading platforms.

The Ministry of Finance set up a group to study virtual assets and cryptocurrencies under Decision No 664/QD-BTC dated April 24, 2020 to propose policies and management mechanisms.

According to Huynh Phuoc Nghia, deputy director of the Institute of Innovation under the University of Economics HCM City, it’s time for the Government to study and carry out pilot implementation for cryptocurrency. “Digital money is an inevitable trend.”

Currently, traditional currencies, including the US dollar, euro and yen, had greater influence on the world currency basket and international trade. However, in the race to develop and apply new technologies, there was chance for countries like Vietnam to rise and have a new influence on the global financial system.

The pilot implementation will help the Government find positive and negative aspects, if any, while developing a more appropriate management mechanism, Nghia said, adding that while cashless payments are ncreasing in Vietnam, the recognition of digital currencies by the central bank will help accelerate this process.

The study of cryptocurrency needs to be accelerated to gain advantages in the race, Le Dat Chi, deputy head of the university’s Finance Faculty, said. He cited a survey which found that central banks around the world are having three different responses to cryptocurrency. The first group, which includes 65-68 central banks, are piloting cryptocurrency use; the second is starting to develop a plan for pilot implementation; and the third group are still observing. Vietnam is moving from the third group to the second group.

However, there are risks to financial and monetary security, Chi said.

Nguyen Hoa Binh, Chairman of NextTech Group, said that it is necessary to have an official definition for cryptocurrency.

There are different words which might cause confusion, including virtual currency, digital currency, cryptocurrrency, electronic money and digital money./.

Indonesia not impose anti-dumping tax on cold steel sheets from Vietnam, China

The Indonesian Government has decided not to impose anti-dumping taxes on cold steel sheets originating from Vietnam and China.

In February, Indonesia’s Anti-Dumping Committee (KADI) announced the final results of an anti-dumping investigation into cold steel sheets imported from the two above countries which was launched in 2019.

The products subject to investigation have codes 7210.61.11, 7212.50.23, 7212.50.24, 7212.50.29, 7225.99.90, 7226.99.19 and 7226.99.99.

KADI also proposed imposing anti-dumping taxes of 3.01-49.2 percent on Vietnamese products and 3.07-55.43 percent on Chinese ones.

In May, local media said the proposal had been sent to the Government and was under discussion at the National Centre of Activities (PKN)./.

Source: VNA/VNS/VOV/VIR/SGT/Nhan Dan/Hanoitimes

VIETNAM BUSINESS NEWS JULY 2

VIETNAM BUSINESS NEWS JULY 2

Vietnam makes great strides in clean energy development: Asiatimes

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