China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier. Beijing and Washington agreed they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to close the $335 billion annual U.S. goods and services trade deficit with China. A joint statement issued at the conclusion of intensive trade talks in Washington did not indicate whether the two countries would delay or drop their tariff threats on billions of dollars worth of each country’s goods, which has sparked fears of a wider trade war and roiled financial markets. “There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” the joint statement said. “To meet the growing consumption needs of the Chinese people and the … [Read more...] about China agrees to import more from US, no sign of $200 billion figure
Billion dollars house
China agrees to import more from U.S., no sign of $200 billion figure
China has agreed to significantly increase its purchases of U.S. goods and services, the two countries said on Saturday, but made no mention of a $200 billion target the White House had touted earlier. Beijing and Washington agreed they would keep talking about measures under which China would import more energy and agricultural commodities from the United States to close the $335 billion annual U.S. goods and services trade deficit with China. A joint statement issued at the conclusion of intensive trade talks in Washington did not indicate whether the two countries would delay or drop their tariff threats on billions of dollars worth of each country’s goods, which has sparked fears of a wider trade war and roiled financial markets. “There was a consensus on taking effective measures to substantially reduce the United States’ trade deficit in goods with China,” the joint statement said. “To meet the growing consumption needs of the Chinese people and the … [Read more...] about China agrees to import more from U.S., no sign of $200 billion figure
S.Africa’s Zuma to face court in graft case
DURBAN, South Africa — South Africa’s former president Jacob Zuma is due to appear in court in Durban on Friday to face corruption charges linked to a multi-billion dollar 1990s arms deal that dogged his time in government. Zuma’s supporters are expected to rally at the city’s High Court to protest his prosecution which was announced just four weeks after he resigned under mounting pressure from the ruling African National Congress (ANC) party. It is expected that Zuma will be formally charged with 16 counts of corruption, money laundering and fraud during the hearing which is likely to be brief and procedural. On Thursday night more than 100 ardent Zuma backers rallied in Albert park in a gritty suburb of Durban to protest his innocence and demand a halt to the prosecution. "There is an unfairness in the judiciary," warned bishop Timothy Ngcobo, one of the organisers of Thursday’s gathering. "We believe God did stand with Jesus Christ when … [Read more...] about S.Africa’s Zuma to face court in graft case
Vietnam’s three most newsworthy divorce settlements
Divorce disputes of public figures have always received ample publicity, especially where assets worth millions of dollars or thousands of jobs hang in the balance. VIR listed the three most noteworthy cases of divorce property settlement in Vietnam. The two founders of Vietnam's coffee juggernaut Trung Nguyen have been struggling for three years with no end in sight $65-million separation of coffee magnates In April 2015, Dang Le Nguyen Vu, founder, president, and general director of $65-million coffee giant Trung Nguyen Group, abruptly dismissed Le Hoang Diep Thao, permanent deputy general director of Trung Nguyen and also Vu’s life partner who was the co-founder of the coffee empire. In October 2015, general director Vu hosted a last minute board of directors (BOD) meeting with the main purpose to eject Thao from her position at the company. The extraordinary meeting took place without the presence of Thao as the main target of the meeting, aiming to replace her as … [Read more...] about Vietnam’s three most newsworthy divorce settlements
Technology application—a new trend in HR training ahead of CPTPP
Vietnam needs to address the growing demand for skilled workforce For years, a shortfall of skilled workforce has remained a thorny issue for both domestic and FIEs in Vietnam. As shown in the Provincial Competitiveness Index (PCI) 2017, only 31 per cent of nearly 1,800 FIEs are satisfied with the labour quality in Vietnam. The Vietnamese workforce over the age of 15 is 53.5 million strong, but only 9.99 million people or 18.6 per cent are skilled workers, meaning unskilled workers make up 81.4 per cent of the country’s total workforce. The local workforce also lacks many necessary skills, like problem solving, IT, especially foreign language skills, and adaptability. Moreover, the levels of innovation and creativity among skilled local employees are still low. Looking at the competitiveness of businesses in Vietnam, it is easy to see how low quality workforce bridles the GDP growth rate. Every year, Vietnam's labour productivity increases by 3 per cent on average, while GDP … [Read more...] about Technology application—a new trend in HR training ahead of CPTPP
Facilitative Government fosters trust among businesses
Such is the view delivered by Nguyen Duy Hung, President of Saigon Securities Inc. (SSI) and Chairman of the PAN Group, in an interview granted to the Thoi Nay (Today), a publication of Nhan Dan Newspaper, on the issue. Q: What are the most conspicuous changes in 2017, a transitional year of a new cabinet term? A: Since the 12th Congress of the Communist Party of Vietnam, a new Government has been formed with a strong message delivered by the cabinet leader to the business community and investors, both at home and abroad, on the determination to build a “facilitative Government of integrity and action.” At the annual Vietnam Business Forum (VBF 2017), PM Nguyen Xuan Phuc stated that every dollar invested in the economy not only brings benefits to businesses and investors, but is also a “vote of support” for the Government’s efforts in reforming and developing a helpful and dedicated administrative system, and a source of encouragement for the Government … [Read more...] about Facilitative Government fosters trust among businesses
BUSINESS IN BRIEF 28/1
One more project in the red for VinachemA Laos-based potassium salt mining and processing project is the fifth million-dollar loss-making project of Vietnam National Chemical Group (Vinachem) and the thirteenth of the Trade and Industry sector.The total investment of this Vinachem project is $522 million, including $105 million from Vinachem, $113 million from Vietnam Development Bank (VDB), $161 million from Bank for Investment and Development of Vietnam JSC (BIDV), and $143 million from VietinBank.The project’s scope of exploration is 10 square metres. It is expected to be built within five years and start exploration from 2020, producing 320,000 tonnes annually. However, after two years of construction, the project has stalled in 2017.In 2017, the 20 subsidiaries of Vinachem recorded a total profit of nearly VND2.2 trillion ($100 million), but four projects had a negative revenue of VND2.115 trillion ($93.2 million). Earlier, in the first days of 2018, Deputy Prime … [Read more...] about BUSINESS IN BRIEF 28/1
Greater efforts needed to develop affordable housing
* More steps needed to develop low-cost housing: PM This fact shows that the potential of this segment still remains vast, especially in Hanoi and Ho Chi Minh City. However, the affordable housing market has been showing signs of slowing down recently, making many people’s dreams of a stable life seem distant from reality. A few years ago, the Government issued a VND30 trillion (US$1.32 billion) housing credit package, creating favorable conditions for the development of the affordable housing segment and contributing to meeting the housing demand for the majority of the people and gradually stabilising the property market. But since the expiry of this support package, the affordable housing segment has also “sunk” as a result. The implementation of the next support funding sources is taking place quite slowly, making the supply of affordable housing even scarcer. Over the past year, there have been only a few newly launched affordable housing projects, especially … [Read more...] about Greater efforts needed to develop affordable housing
Bien Hoa real estate: Land prices seen rising sharply at year-end
Bien Hoa real estate: Land prices seen rising sharply at year-end By the end of 2017, the billion-dollar capital flows are massively flocking to Bien Hoa after the decision to extend the Metro Line No. 1 to the center of Bien Hoa City, causing land prices here to increase “dizzily”. The decision to extend the Metro line to Bien Hoa is expected to create a positive sign for the Bien Hoa property market. Surging trades At present, Bien Hoa housing prices are increasing sharply. In many areas, prices simultaneously increased by 20 - 30% in comparison with early November, and doubled or even tripled versus early 2016. Likened to Nguyen Hue Avenue in Saigon, Vo Thi Sau Street - home to many high-end buildings occupied by most expats in Bien Hoa City – has its vacant land price currently being traded at VND60-90 million dongs per square meter, rising by 50% - 60% compared to the beginning of 2016. In recent weeks, land prices here have continually increased after the … [Read more...] about Bien Hoa real estate: Land prices seen rising sharply at year-end
Vietnam plans for a half-a-billion-dollar museum: Is it worth the cost? Most Recent News
NDO – When life becomes stressful, I often visit museums to seek a moment of tranquillity in life. The Vietnam National Museum of History is one of these places. In each country, treasures that represent the typical cultural values and techniques, or that mark a turning point in the national development process, are considered as the demonstrating the country’s culture. The Vietnam National Museum of History houses the largest number of characteristic national treasures in the country, including Ngoc Lu and Hoang Ha bronze drums – the most symbolic traces of the Dong Son civilisation, a blue and white ceramic vase decorated with an elegant swan motif – a typical product of the world-recognised Chu Dau pottery village, and golden seals dating back to the Nguyen dynasty (1802-1945). In such quiet place, I can get a sense of the glory of the past, as well as the messages passed down from the aged-old artefacts. However, I am saddened at the same time as I realise … [Read more...] about Vietnam plans for a half-a-billion-dollar museum: Is it worth the cost? Most Recent News