South Korea and the U.S. reached no agreement on renegotiating their free trade pact -- decried by President Donald Trump as a "horrible deal" -- a top Seoul official said Tuesday after meeting U.S. counterparts. The U.S. administration under Trump has been seeking to revise the pact, signed by former President Barack Obama and which Trump slammed as a "job killer". "For many, many years, the United States has suffered through massive trade deficits... we'll be changing that," Trump said during a June 30 summit with new South Korean President Moon Jae-In. South Korea -- Asia's fourth-largest economy and the seventh-largest trading partner of the U.S. -- has maintained there is no clear link between the pact and the U.S. trade deficit. Trade officials from both sides gathered in Seoul on Tuesday after Washington called a meeting, but failed to reach "any agreement", Seoul's trade minister Kim Hyun-Chong told reporters. "We did not agree with the unilateral demand by … [Read more...]

Indonesia will buy 11 Sukhoi fighter jets worth $1.14 billion from Russia in exchange for cash and Indonesian commodities, two cabinet ministers said on Tuesday. The Southeast Asian country has pledged to ship up to $570 million worth of commodities in addition to cash to pay for the Suhkoi SU-35 fighter jets, which are expected to be delivered in stages starting in two years. Indonesian Trade Minister Enggartiasto Lukita said in a joint statement with Defense Minister Ryamizard Ryacudu that details of the type and volume of commodities were "still being negotiated". Previously he had said the exports could include palm oil, tea, and coffee. The deal is expected to be finalized soon between Indonesian state trading company PT Perusahaan Perdangangan Indonesia and Russian state conglomerate Rostec. Russia is currently facing a new round of U.S.-imposed trade sanctions. Meanwhile, Southeast Asia's largest economy is trying to promote its palm oil products amid threats … [Read more...]

NDO/VNA – Promoting trade and investment, and reforming the investment climate in APEC member economies, were discussed at a meeting of the Investment Experts’ Group (IEG) in Ho Chi Minh City on August 21, within the framework of the third APEC Senior Officials’ Meeting. The two-day meeting held under the aegis of the Committee of Trade and Investment saw the presence of officials from 21 APEC members and experts from international organisations. IEG Convener Maxim Berdichevsky said one of the big topics is the examination of the next generations’ trade investment issues, which have been identified by APEC members as a matter for the future. “We want to make it easy for investors to move their capital within the region in order to optimise the supply chain and investment,” he told reporters. At the meeting, delegates also debated the latest domestic investment policy approaches to improving the investment climate. Australia … [Read more...]

NDO/VNA – Promoting trade and investment, and reforming the investment climate in APEC member economies, were discussed at a meeting of the Investment Experts’ Group (IEG) in Ho Chi Minh City on August 21, within the framework of the third APEC Senior Officials’ Meeting. The two-day meeting held under the aegis of the Committee of Trade and Investment saw the presence of officials from 21 APEC members and experts from international organisations. IEG Convener Maxim Berdichevsky said one of the big topics is the examination of the next generations’ trade investment issues, which have been identified by APEC members as a matter for the future. “We want to make it easy for investors to move their capital within the region in order to optimise the supply chain and investment,” he told reporters. At the meeting, delegates also debated the latest domestic investment policy approaches to improving the investment climate. Australia … [Read more...]

The two-day meeting held under the aegis of the Committee of Trade and Investment saw the presence officials from 21 APEC members and experts from international organizations. IEG Convener Maxim Berdichevsky said one of the big topics is the examination of next generations’ trade investment issues, which have been identified by APEC members as a matter for the future. Meeting of the Investment Experts’ Group (IEG) in HCM City on August 21.  “We want to make it easy for investors to move their capital within the region to optimize the supply chain and investment,” he told reporters. At the meeting, delegates also debated the latest domestic investment policy approaches to improving the investment climate. Australia proposed exchange of experience related to foreign investment with a particular focus on engagement with internal (business, Government, and wider community) and external … [Read more...]

The imposition of temporary safeguard duties on DAP and MAP fertiliser imports into Việt Nam, which came into effect on August 19, is an effort to help protect the domestic fertiliser industry but might push up production costs for farmers. Bags of fertiliser are loaded on to a truck. According to the Vietnam Fertiliser Association, with a designed capacity of about 660,000 tonnes of DAP per year, Vietnamese enterprises could satisfy about 80 per cent of local demand. - Photo VNA Under the Ministry of Industry and Trade’s Decision No 3044/QĐ-BCT, the temporary safeguard tax has been set at VNĐ1,855,790 (US$82) per tonne, and is effective from August 19, 2017 to March 6, 2018, or until the MoIT releases a decision to impose an official measure. The imposition of taxes is also in line with the international rules of … [Read more...]

In a recently released conclusion to a meeting on tax law adjustments, Deputy Prime Minister Vương Đình Huệ asked that the Ministry of Finance’s (MoF) controversial new amendment drafts to tax laws be adjusted to meet both the national growth plan and the current economic climate. Workers at the HCM City Tax Department instruct tax payers during registration. - VNA/VNS Photo Hoàng Hải The MoF sought to make changes to the laws on Value Added Tax (VAT), Special Consumption Tax (SCT), Corporate Income Tax (CIT), Personal Income Tax (PIT) and Natural Resources Protection Tax (NRPT). Regarding the recent drafts, the Deputy PM said that revisions and amendments based on public and experts’ opinions, in compliance with other newly issued regulations from the National Assembly (NA), … [Read more...]

According to the Department of Industry and Trade, this year’s event is expected to involve 3,000 trade centers, supermarkets, convenience stores and traditional markets and 5,300 business households, a significant increase from last year. Customers shop at a supermarket in Ho Chi Minh City. Photo: vietnamnews.vn They will organize around 12,000 promotions focused on consumer products, electronics, fashion, foodstuff, cosmetics, telecom services, interior decoration items, tourism services, hotels, and others. Besides offering discounts, participating establishments will also offer freebies, lucky draws and free samples. The department said all 24 districts had completed the task of putting up banners to promote the program. There are usually many programs during the month, including an online promotion week, a promotional month fair at the Phu Tho Indoor Stadium, the Diem hen Sai Gon (Saigon … [Read more...]

NDO/VNA – Officials from the member economies of the Asia-Pacific Economic Cooperation (APEC) forum have highlighted the benefits of establishing competition chapters in free trade agreements (FTAs) and Economic Partnership Agreements (EPAs). They gathered at a workshop on FTA Negotiation Skills on Competition of the Committee on Trade and Investment (CTI), which took place in Ho Chi Minh City on August 19, as part of the third APEC Officials Meeting (SOM 3). CTI Chairwoman Marie Sherylyn Aquia stated in her opening remarks that there is a strong relationship between trade and competition policies due to their similarities in objectives. Both trade and competition policies seek to enhance welfare by providing for a more efficient allocation of resources, whether in lowering trade barriers or through promoting competition, she said. The official noted that new, comprehensive economic or trade agreements now feature specific provisions … [Read more...]

NDO/VNA – Officials from the member economies of the Asia-Pacific Economic Cooperation (APEC) forum have highlighted the benefits of establishing competition chapters in free trade agreements (FTAs) and Economic Partnership Agreements (EPAs). They gathered at a workshop on FTA Negotiation Skills on Competition of the Committee on Trade and Investment (CTI), which took place in Ho Chi Minh City on August 19, as part of the third APEC Officials Meeting (SOM 3). CTI Chairwoman Marie Sherylyn Aquia stated in her opening remarks that there is a strong relationship between trade and competition policies due to their similarities in objectives. Both trade and competition policies seek to enhance welfare by providing for a more efficient allocation of resources, whether in lowering trade barriers or through promoting competition, she said. The official noted that new, comprehensive economic or trade agreements now feature specific provisions … [Read more...]

In spite of being warned to cut the project from its new steel master plan to 2020 with vision to 2030, Japanese steelmaker Kyoei Steel confirms its determination to revive its delayed high-quality steel project in the northern province of Ninh Binh. Kyoei Steel's plant was supposed to come into operation in 2015 (Illustration) According to newswire Nikkei, the investor will pour $200 million into the project, the construction of which is expected to start by the end of this year, with the rolling mill slated to come online in 2019 and the steelmaking facility in 2020. Earlier in March 2012, Kyoei organised the ground-breaking ceremony of the project. According to the initial plan, the project was to come into commercial operation in 2015 with a capacity of 500,000 tonnes. It was expected to become the … [Read more...]

NDO – The ASEAN Economic Community (AEC) and the opportunities the community provides for residents and businesses were discussed at a seminar in Can Tho city on August 18. The event attracted the participation of representatives from the Ministry of Industry and Trade, Ministry of Foreign Affairs, the Steering Committee for Southwest Region and the leaders of the People’s Committees of cities and provinces in Mekong River Delta. Participants at the event were provided with an overview of the AEC, its role and operation, economic cooperation in the AEC, how the community will benefit Vietnamese businesses, in addition to Vietnam’s commitments while joining the AEC. They were also updated on the opportunities and challenges facing the Mekong River Delta, and Can Tho City in particular, since Vietnam joined the AEC. According to Vice Chairman of Can Tho city People’s Committee Truong Quang Hoai Nam, since Vietnam became a member of ASEAN in … [Read more...]

Vietnam National Oil and Gas Group (PetroVietnam) will complete the divestment from several subsidiaries by 2020, according to newswire Petrotimes. PetroVietnam will wholly or partially divest all but three subsidiaries Accordingly, PetroVietnam is permitted to retain its entire holdings in only three subsidiaries, namely the parent company PetroVietnam, National Southern Spill Response Centre (Nasos), and PetroVietnam Manpower Training College. PetroVietnam will have to divest part of or entire holdings in its remaining subsidiaries. Notably, from now to 2019, PetroVietnam will entirely divest PVI Holdings, Phuoc An Port Investment and Exploitation Oil and Gas JSC, Green Indochina Development JSC, SSG Real Estate JSC, PetroVietnam Trade Union Finance JSC, PetroVietnam Construction Joint Stock … [Read more...]

With the aim of building a dialogue channel for Vietnamese and Taiwanese green energy industries, as well as supporting Taiwanese companies to develop the Vietnamese green energy market, Vietnam Chamber of Commerce and Industry, Ho Chi Minh Branch (VCCI-HCM) recently collaborated with the Taiwan External Trade Development Council (TAITRA) to host the Conference on Green Energy Insights: Vietnam-Taiwan Trends and Development.” Speaking at the conference, Madam Karen Ma, Director of the Green Trade Project Office, Taiwan, said, in many Asian countries like India, Thailand, Singapore and Brunei, using green energies, including solar energy, is highly recommended and seen as an effective solution to ensure national and regional energy security. In particular, these countries have also developed complete legal frameworks to provide a solid foundation for green energy development in the future. … [Read more...]

Investors are seeking alternative opportunities in central coastal cities like Danang and Nha Trang, given the high property prices in Hanoi and Ho Chi Minh City. In anticipation of the trend, foreign developers with strong financial capacity have ramped up acquisitions or have been partnering with local developers to scale up projects there. Central Vietnam features a coastline of scenic beaches which have attracted a growing number of domestic and international tourists in recent years. Consequently, the coastal cities of Danang, Nha Trang, and Hoi An have become popular second-home markets, with completed infrastructure as well as a plethora of living and entertainment services. Many tourists, investors, as well as locals desire to own beachfront apartments or villas in the area to enjoy their weekend holidays. On top of this, coastal properties would … [Read more...]

Authorities in the southern province of Bình Dương and the representatives of South Korean companies operating in the province met on Wednesday to resolve difficulties faced by businesses in the area. illustration photo source: binhduong.gov.vn At the meeting, companies raised questions about human resources, product displays, business expansion, fire prevention, work safety, social insurance, wages and the environment. The authorities answered questions and offered solutions, promising the companies that they would continue to improve the investment environment. A representative of the province’s Department of Construction said that construction of 1,230 sq metres of social housing, including accommodations for workers would end in 2020. At the meeting, the province’s … [Read more...]

A delegation of 30 Tanzanian businesses attended the recent Vietnam-Tanzania Business Forum in Hanoi to meet Vietnamese companies. Visitors are engaged in agriculture, agricultural products (rice, pepper, tea, cashew nuts, coffee, etc.), fishing, garment and textile, transportation, agricultural machinery and equipment, pharmaceuticals, energy, electricity, telecommunications, consultancy, finance, and general import and export. The forum was organised by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with Vietnamese agencies and Tanzania Investment Promotion Centre on the occasion of the visit to Vietnam by Tanzanian Minister of Industries, Trade and Investment and Minister of Agriculture, Livestock and Fisheries with the aim of seeking partners and opportunities of investment cooperation with Vietnamese businesses. Speaking at the forum, Dr Doan Duy Khuong, VCCI … [Read more...]

Representatives of the 21 Asia-Pacific Economic Cooperation (APEC) economies discussed investment in dynamic and healthy aging for sustainable growth at a multilateral forum opened in Ho Chi Minh City on August 15. The 250 participants were parliamentarians, government officials, experts, researchers and businesspersons from the APEC economies and international organisations. The forum took place on the sidelines of the third APEC Senior Officials’ Meeting and related meetings. Chairing the event’s opening session, Vietnamese Minister of Health Nguyen Thi Kim Tien said population change is currently one of the biggest demographic changes in the world with the rapid growth rate of old people, generating major opportunities and challenges and impacting all economic and social aspects of each country, community and … [Read more...]

LONDON: Britain said on Tuesday (Aug 15) it would seek a "temporary customs union" with the European Union after Brexit, in an opening gambit for trade negotiations that received a cool response from Brussels. Britain's membership of the EU customs union precludes it from striking its own trade deals. (Photo: AFP/Daniel Leal-Olivas) The government proposed to continue for around two years the kind of tariff-free arrangements that apply now to EU-UK trade in goods, to give businesses more time to adapt to new post-Brexit systems. But unlike under the current customs union, London said it wanted to be able to negotiate free trade agreements with non-EU countries during the interim period, which would then be implemented afterwards. Brexit minister David Davis told BBC radio it was "sensible" to have a … [Read more...]

NDO/VNA – Representatives of the 21st Asia-Pacific Economic Cooperation (APEC) economies discussed investment in dynamic and healthy aging for sustainable growth at a multilateral forum opened in Ho Chi Minh City on August 15. The 250 participants were parliamentarians, government officials, experts, researchers and businesspersons from the APEC economies and international organisations. The forum took place on the sidelines of the third APEC Senior Officials’ Meeting and in other related meetings. Chairing the event’s opening session, Vietnamese Minister of Health Nguyen Thi Kim Tien stated that population change is currently one of the biggest demographic changes in the world with the rapid growth rate of old people, generating major opportunities and challenges impacting all economic and social aspects of each country, community and family. The forum allowed policy makers, management officials, scientists and relevant … [Read more...]