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The expected date for the KTC to issue its final conclusion has extended to August 27 this year, as the investigating agency needs more time to consider additional information related to manufacturers and importers.
According to the Trade Remedies Authority of Vietnam, the investigation began on October 29, 2021, with a preliminary conclusion issued on April 22, 2022.
The preliminary conclusion determined that the dumping margin of Vietnamese enterprises was from 10 to 14.78 percent and Chinese firms from 15.95 to 42.03 percent.
However, the KTC recommended not applying temporary measures in this case because there were no clear signs that the imported goods caused significant damage to the domestic industry.
Vietnamese, Indian localities boost trade and investment ties
The Trade Office at the Vietnamese Embassy in India and the Confederation of Indian Industry (CII) have co-organised a virtual conference to promote trade and investment ties between Vietnamese localities and India’s Andhra Pradesh state.
According to data from the Indian Ministry of Commerce and Industry, trade turnover between the two nations reached 14.13 billion USD in the fiscal year 2021-2022 (April 2021-March 2022), creating a solid premise for achieving the 15 billion USD target set by leaders of the two countries.
During the conference, speakers answered questions related to the business climate and tax incentives for investing in priority areas in Vietnam, particularly the central coastal city of Da Nang.
Vietnam’s labour force accounts for 60 percent of the population, with a minimum monthly wage lower than in neighboring countries and in the region. These advantages may attract foreign investors to the country.
The conference was one of 50 trade and investment promotion events marking the 50th founding anniversary of diplomatic relations between Vietnam and India.
RoK’s investment into Vietnam property market increases
Vietnam's real estate is an increasingly attractive sector for investors from the Republic of Korea (RoK), according to Savills Vietnam.
There have been several notable investments this year. Lotte E&C invested 900 million USD into Lotte Eco Smart City Thu Thiem, and YSL Group is implementing a 300-hectare industrial project in Nam Binh Xuyen, Vinh Phuc province.
Thanks to its focus on sustainability, Nam Binh Xuyen Green Park is set to be a leading investment destination for domestic and foreign businesses in Vinh Phuc, according to Savills Vietnam.
Logistics real estate is popular with Korean investors, especially those looking to develop cold storage or smart warehouses.
Vietnam's real estate is increasingly popular with Korean investors. The proportion of investment reached 13 percent by the end of November 2021.
In May, many countries, including the US, Japan, the RoK and Vietnam, joined discussions on creating a new Asian-Pacific economic initiative. The discussions led to the creation of the Indo-Pacific Economic Framework (IPEF), which will create opportunities for Vietnam within the region.
Trade between Vietnam and the RoK continues to thrive. In early 2022, the Ministry of Finance hosted a conference with the Korean Embassy and the Korean Chamber of Commerce to discuss tax and customs policies and administrative procedures. Both countries decided to amend the Double Taxation Agreement to improve trade flows.
According to the Ministry of Planning and Investment, since 2020, the RoK has been one of the leading FDI source countries. Manufacturing and processing investments have accounted for most Korean deals.
In the first five months of 2022, the RoK ranked second with an investment capital of over 2.06 billion USD, representing a 12.6 percent year-on-year increase.
With 112 new projects in 2022, the RoK had the greatest share or 19.4 percent. It also contributed the most additional capital.
Mozambican Assembly facilitates operation of Viettel: President
The Mozambican Assembly will improve policies and laws to facilitate the investment and operation of Viettel and other foreign firms, its President Esperanca Laurinda Francisco Nhiuane Bias pledged while visiting Viettel in Hanoi on June 21.
Expressing her interest in digital transformation in which Viettel is taking the pioneering role in Vietnam, Bias suggested the group share its experience in this regard, and coordinate with Movitel, a joint venture between Viettel and Mozambique’s company SPI, to promote digital transformation in the Mozambican legislature.
Colonel Tao Duc Thang, Viettel Chairman and General Director, told the guest that Viettel has a presence in 10 countries across three continents, comprising Laos, Cambodia, Myanmar, Timor-Leste, Cameroon, Tanzania, Burundi, Peru, Haiti and Mozambique.
The group has been operating in Mozambique for 10 years through Movitel, which has total investment of more than 600 million USD, 70 percent from Viettel, and has been seen as an effective cooperation project between the two countries.
Operational since May 2012, Movitel has taken the lead in the African nation with 6 million subscribers, covering more than 85 percent of the population in all 11 provinces.
Viettel, which has played a key role in digital transformation in the Vietnamese National Assembly and Government, wishes to help the Mozambican legislature in this sphere via its joint venture, Thang stressed.
Vietnam attends India International Garment Fair
Sixteen Vietnamese firms are participating in the 67th India International Garment Fair (IIGF), the biggest of its kind in the South Asian country.
Their participation aims at studying the market and new consumption demand, and connecting with potential partners.
Beginning in Uttar Pradesh state on June 20, the event is hosting about 350 exhibitors to introduce the latest collections that are popular around the world.
IIGF is always on the must-visit list of global buyers in the field.
Due to the impact of the COVID-19 pandemic, its last two editions were held online.
Garment-textile exports forecast to face challenges in second half
Vietnam’s garment-textile exports are likely to encounter a host of challenges in terms of both market and supply chain in the second half of this year despite positive results in the first half, heard a seminar in Ho Chi Minh City on June 21.
Vu Duc Giang, Chairman of the Vietnam Textile and Apparel Association (VITAS), said garment-textile exports in the first six months were estimated at 22 billion USD, up 23 percent year-on-year.
He attributed the results to the utilisation of free trade agreements, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) that has boosted the domestic industry over the past five years with its regulations on product origin.
Giang said escalating inflation in the US and Europe would affect orders in the third and fourth quarters of the year. Meanwhile, the ongoing Russia-Ukraine conflict, along with surging oil and gas prices and transportation costs, would push up production prices.
Echoing Giang’s views, Than Duc Viet, General Director of Garment 10 Corporation, said the adverse impacts of COVID-19 can be seen in the disruption of supply chains and logistics services. Given this, domestic enterprises said they have kept a close watch on the market to adjust their production plans, diversified material supplies, and sought new clients to maintain production.
Retail petrol prices up slightly in latest adjustment
Retail petrol prices were up by nearly 500 VND per litre from 3pm on June 21 following the latest adjustment by the Ministry of Industry and Trade and the Ministry of Finance.
The retail price of E5RON92 bio-fuel increased 185 VND to a maximum of 31,302 VND (1.35 USD) per litre, while that of RON95 rose 498 VND to 32,873 VND (1.42 USD) per litre.
The prices of diesel 0.05S and kerosene, meanwhile, went up 999 VND and 946 VND to 30,019 VND and 28,785 VND per litre, respectively.
This is the seventh consecutive price increase since April 21. In total, the price of RON 95-III and E5 RON 92 bio-fuel surged by about 5,500 VND and nearly 5,000 VND per litre, respectively.
Electronics manufacturer gets licence in Da Nang
An investment licence has been granted to the US company Vector Fabrication Inc. for a Micro-Electro-Mechanical Systems (MEMS) and printed circuit board (PCB) factory with an investment of 60 million USD in the central city’s high-tech park after a one-year survey of locations in central Vietnam.
Head of the Da Nang Hi-tech Park and Industrial Zones Authority (Da Nang HPIZA), Pham Truong Son, said the factory, which will be built on 40,000sq.m, would begin the first phase in the first quarter of 2025.
Son said the US investor from California designed its capacity of 52,000 products, including two-layer, 4-layer and multi-layer PCBs per year for two investment phases, while the manufacture of MEMS would be slated for the first quarter of 2027.
He said the project was one of a series of investments starting with surveys at the central city’s industrial zones and high-tech parks during the outbreak of COVID-19 in the city in 2021.
Last year, Da Nang HPIZA also agreed to an investment proposal from Intex Development Company, a member of Intex Group from the US, for the development of a 12-million USD factory at Hoa Khanh Industrial Zone to produce 1.9 million water filter boxes for above ground pools and 2.4 million water and air pumps per year.
The park authority also received an investment proposal by Arevo Inc from the US for a 3D printer manufacture project at Da Nang Hi-Tech Park with a total investment of 135 million USD.
Arevo, based in Silicon Valley, is pioneering composite production through digitalisation and automation and the world's first high-speed additive manufacturing system capable of creating sizable, continuous carbon fibre composite structures on demand.
Meanwhile, United States Enterprises will build a semiconductor for operation in 2023. It will focus on machining and fabrication specialists for quartz, ceramic, silicon, and other materials such as aluminium oxide, mono and poly-crystalline silicon, and sapphire.
The city has called for more investment from Silicon Valley and the US in healthcare, high-tech industries, artificial intelligence, education, real estate and automation.
The Universal Alloy Corporation was the biggest investor from the US that officially operated the first stage of the 170 million USD Da Nang-based Sunshine Aerospace components manufacturing plant in 2020.
Hung Yen approves eight new projects
The Management Board of the Industrial Parks of Hung Yen province has granted investment registration certificates for seven projects with domestic investment capital and one project with foreign investment capital, with a total registered investment capital of 40.6 million USD, since the beginning of this year.
In addition, it has also granted an investment registration certificate for the investment project of construction and infrastructure business of the expanded Thang Long II Industrial Park (phase 3), with a total investment capital of 98 million USD.
Fifteen new investment projects have been put into production and business activities in industrial zones in the province from the beginning of the year, creating new jobs for about 5,000 workers.
The management board has also adjusted to increase investment capital for 16 projects, with total investment capital increased by over 144.7 million USD.
Total newly and additionally adjusted capital from the beginning of the year to date is about 215 million USD.
The domestic budget revenue of enterprises in industrial zones is estimated at 1.4 trillion VND (60.9 million USD), reaching 53 percent of the target assigned by the provincial People's Committee for this year and equaling 116 percent of that of the same period last year.
Tuna export to Canada soars
Vietnam’s tuna industry has bounced back strongly post-pandemic as export soared 72 percent year-on-year to 259 million USD in the first quarter of 2022, the highest in five years, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).
The figure is 1.6 times that the same period of 2019, before the pandemic struck.
Shipments to the markets of Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) members rose by 49 percent in March. The three-month figure surged 40 percent to 30.4 million USD.
Canada was an emerging buyer, importing some 14 million USD worth of tuna from Vietnam from January – March, up 70 percent from a year earlier and doubling that of 2019. Canada accounted for nearly 5 percent of Vietnam’s total tuna export, making it the second largest importer of the Southeast Asian country, only after the US, and the biggest among the CPTPP markets.
Vietnam was Canada’s second largest supplier, after Thailand, that made up some 12 percent of Canada’s total import. Vietnam also made itself known as the biggest provider of frozen tuna to Canada.
Given that both countries are signatories to the CPTPP, there is still plenty of room for Vietnam’s tuna products to expand its presence in Canada largely thanks to preferential duties under the trade deal, the VASEP anticipated. Export to Canada will be likely to be on a further rise in the coming time, it said.
Travel firms make plans for summer vacation
Travel companies in Vietnam have made plans to meet the rising demand for visitors as the summer holiday peaks.
Tran Quoc Bao, deputy general director of Saigontourist, a leading tour operator, said it expects to serve more than 280,000 customers and the number may be higher because the demand for domestic and outbound tours is still growing strongly.
“Summer is the peak season of the year, so we focus all financial and human resources to diversify services, invest in renovating most products in line with the current market situation,” he was quoted by Tuoi tre (Youth) newspaper as saying.
Up to 160 package tourism products have been built to match market trends, meeting the requirements of resort tourism, Bao said.
According to Huynh Phan Phuong Hoang, deputy general director of Vietravel, there has been a sharp rise in the number of tours but the way Vietnamese tourists travel this year has also surprised the market.
Many families are willing to spend on high-class tours, demanding more stringent requirements on the quality of accommodation facilities and food services, she said.
Hoang said that by the end of May, tours that let travelers stay at 4-5 star hotels have been booked in some destinations such as Phu Quoc, Da Lat or Sa Pa.
Tran Thi Bao Thu, marketing and communications director of Fiditour, said the demand for tours to the seas and highlands has risen strongly, adding visitors must book tours early to ensure their places and reasonable prices.
The price of air tickets to domestic destinations during the summer holiday is on the rise in line with a hike in petrol prices.
The tickets of flights from Hanoi and Ho Chi Minh City to Phu Quoc, Nha Trang, Hue and Quy Nhon are reported to be nearly four times that of two years ago.
According to the aviation businesses, the summer holiday is forecast to record an unprecedented increase in demand for air travel in the past three years since the outbreak of the COVID-19 pandemic
A representative of budget carrier Vietjet said ticket booking for summer vacations on domestic flights increase sharply, even higher than that for Liberation and Reunification holidays. The operating frequency in mid-July is up to 450 flights per day, including domestic and international ones, instead of 200-300 flights as before.
Industrial and export processing zones urged to upgrade to attract FDI
Vietnam's industrial parks and economic and export processing zones need to overcome weaknesses to attract further high-quality foreign direct investment, experts have said.
Vietnam has established 335 industrial parks (IPs) on a total area of 97,840ha, of which 260 are already operational with an occupancy rate of over 76 percent, while 75 are under construction, according to the Department of Economic Zones Management. The country is also home to 17 economic zones (EZs), covering nearly 850,000ha.
These zones have thus far attracted over 9,780 foreign-invested projects with a total registered capital of 194.69 billion USD, and 109.79 billion USD of the sum has been disbursed. At the same time, they also lured 1,387 domestically-funded projects worth over 1.46 trillion VND, and 533 billion VND have been implemented.
According to Chairman of the Vietnam International Arbitration Centre (VIAC) Vu Tien Loc, as Vietnam moves towards industrialisation and modernisation, IPs and EPs have played an important role in attracting investment in manufacturing and contributing to the State budget.
However, their development has many weaknesses, such as a lack of large zones and a shortage of adequate infrastructure to develop key industries and modern services, making it difficult to attract major investors from Europe and North America.
Many localities thought that their IPs, EPZs and EZs only needed to provide businesses with premises and factories rather than offer them an ecosystem and international standard business support area, Loc said.
Dang Hung Vo, former deputy minister of Natural Resources and Environment, said the majority of investment into Vietnam's IPs and EZs mainly came from Singapore, Japan, the Republic of Korea and Taiwan instead of from Europe and North America as there were still too few large-scaled IPs which would comprise mixed-use industrial-urban-service areas, in the country.
Vo said many large IPs in the world had mixed-use industrial-urban-service areas. For example, the Shanghai Xinzhuang Industrial Park (SHXIP), in which half of the investors came from Europe and North America.
Bui Le Anh Hieu from Long Hau JSC, which owns the Long Hau Industrial Park in Long An province, said many IPs had been planned with the empty ground or rudimentary factories and lacked the necessary connections and services for production. Hieu also outlined investment location, logistics infrastructure, time, and rental costs as three significant issues investors care about.
He suggested that more institutional reforms were needed, especially on upgrading services to create better conditions for investors to attract high-quality FDI in IPs and EPZs.
Vietnam encourages development of eco-industrial parks
Developing eco-industrial parks towards net zero emissions was the focus of discussions during a recent seminar held in Hai Phong city’s Nam Cau Kien industrial zone by the Mekong ASEAN Magazine under the Vietnam-ASEAN Association for Economic Cooperation Development.
This was the first among a series of activities to promote green growth, to be held by the magazine.
Delegates exchanged views on eco-industrial parks and preferential policies to encourage their development, the circular economy model in eco-industrial parks, benefits of the parties when participating in this kind of park, investors' concerns when choosing locations for their production and business, and the role of solar energy in the development of the parks.
Vuong Thi Minh Hieu, a representative from the Ministry of Planning and Investment, said that Vietnam will encourage the sustainable and inclusive development of eco-industrial parks, as an effort to carry out the National Strategy on Green Growth for 2021-2030, and realise the commitment to reduce net emissions to zero by 2050.
The country will continue mobilising both domestic and international resources to duplicate the eco-industrial park model in the national scale, she added.
Vietnamese tra fish sector likely to enter new development cycle
Vietnam’s tra fish (pangasius) export revenue expands about 90 percent in the first six months of this year compared to the same period last year, signaling a new development period for the sector.
According to the Vietnam Association of Seafood Exporters and Producers (VASEP), in the first half of 2022, tra fish processing factories have operated at their top capacity to meet export orders. So far, tra fish export revenue is estimated at 1.4 billion USD.
The association reported that growth has been recorded in all the 117 export markets, especially China (124 percent) and the US (131 percent).
Particularly, good signs have been seen in the markets covered by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) such as Mexico (71 percent), Canada (86 percent), Australia (19 percent) and Japan (64 percent). To date, CPTPP is the second largest export market of Vietnamese tra fish after China, Hong Kong (China), and the US.
The demand for fish from CPTPP markets has risen strongly in the first six months of this year to 170 million USD, up 64 percent year on year. The export revenue of frozen tra fish to the markets is forecast to increase 35 percent to more than 110 million USD in the second quarter of this year.
With the current strong development trend, along with the recovery of import markets, Vietnam’s tra fish export is expected to recover strongly this year with a revenue of 2.6 billion USD.
To this end, experts held that the sector needs great efforts in all stages of the production chain.
Medtech 4.0 promotes digital transformation in health sector
More than 1,300 leaders from hospitals, doctors and healthcare specialists attended the medical technology (Medtech 4.0) exhibition and conference held in Hanoi on June 20.
The event aimed to deploy information technology applications to promote the digital transformation of the health sector.
With the theme "Implementing comprehensive information technology applications, promoting the realisation of digital transformation goals in hospitals", the exhibition is an opportunity for IT solution providers to approach, learn, introduce technology solutions and advise on investment models and applications for hospitals and medical examination and treatment facilities.
More than 50 leading healthcare companies and providers in Vietnam, including Viettel, VNPT, Siemens Healthineers, VinBrain, FPT IS, Informed from VMED Group, Thabis, SpeedMaint, Thien Phuc Hung, IV Meditech, MoMo and Samsung will share new solutions at the event.
Vietnam, Japan to hold business matching webinar next week
The 2022 Vietnam – Japan business matching webinar on food products will take place commence from June 23 – 24 to help Vietnamese firms promote their products and seek opportunities for exports in Japan.
The event will be co-hosted by the Department of Trade Promotion (Vietrade) under the Ministry of Industry and Trade (MoIT), the Trade Office of Vietnam in Japan, and the ASEAN-Japan Centre (AJC).
During the event’s plenary session, speakers will give an overview of potential business and investment opportunities in the food industry between the two countries and provide updates on the Japanese market for processed food.
There will also be business-matching sessions for enterprises from the two sides.
Data from the MoIT shows that Vietnam’s exports to Japan totalled 9.34 billion USD in the first five months of 2022, a year-on-year increase of 12.8 percent.
The number of Vietnamese people living in Japan has been on a rise, reaching around half a million in 2021. As a result, imported food products from Vietnam has gained increasing popularity in Japan.
Last year, Vietnam shipped some 1.8 billion USD worth of agricultural and aquatic products to Japan, with significant growth seen in coffee (25.5 percent), vegetables (20 percent), cashew nuts (39 percent) and pepper (56 percent).
Vietnamese agricultural and aquatic products are available at a number of major retail chains in Japan, such as AEON, Donkihote and Itoyokado.
HCM City calls for investments in nearly 200 projects
The Ho Chi Minh City People’s Committee has approved a list of 197 projects worth 43 billion USD calling for investments in 2022, as proposed by the municipal Department of Planning and Investment.
The projects include the HCM City-Moc Bai expressway with total investment capital of 15.9 trillion VND (684.31 million USD), two elevated roads with combined investment of 32.9 trillion VND, and 12 urban railway projects valued at more than 427.37 trillion VND.
There are also environment projects, water and waste treatment, and flooding handling ones worth 40 trillion VND, along with others on urban development and housing with combined investment of some 52 trillion VND.
The southern metropolis is also luring investment in industry, trade-services, education-training, healthcare, culture-sports, and tourism.
The committee asked the department to publicise the list and report to the Ministry of Planning and Investment in line with regulations.
Source: VNA/SGT/VNS/VOV/Dtinews/SGGP/VGP/Hanoitimes
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