A Vietnamese factory processing tra fish for exports (Illustrative image. Source: VNA) Hanoi (VNS/VNA) - Vietnamese and Chinese enterprises are encouraged to tap into the great bilateral trade potential driven by the two countries’ open trade policies, experts have said. Vietnam values and gives priority to strengthening economic and trade cooperation with China, and hopes to receive greater investment from China and the overseas Chinese community, said Nguyen Noi, Deputy Director of the Foreign Investment Agency under the Ministry of Planning and Investment. “I’m pleased to see that many leading Chinese corporations are expanding their investments in the fields of electronics, renewable energy and IT, applying modern technology and bringing more value in line with Vietnam’s foreign investment orientation,” Noi told a conference on Vietnam-China trade and investment last week. China continued to be Vietnam’s … [Read more...] about Vietnam, China have room to grow trade ties: experts
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Both Vietnam and Bangladesh appear to be well-positioned as clothing manufacturing hubs and will be obvious choices as clothing retailers with exposure to the US shift their production out of China. (Illustrative photo: VOV) US President Donald Trump has most recently threatened to levy new tariffs on US$300 billion worth of Chinese imports to the US. Unlike previous rounds of tariffs that largely targeted industrial and commercial products, this round is expected to cover all US imports from China and hit consumer goods such as toys, footwear, and apparel. Fitch Solutions, a macro research unit of Fitch Group, noted that on May 5 President Donald Trump announced the US would increase tariffs on US$200 billion worth of Chinese goods to 25 per cent, a rise from 10 per cent. In response, China reacted by imposing tariffs of between 5 and 25 per cent on US$60 billion of US goods. A study by the US’ National Retail Federation shows that the threatened US$300 … [Read more...] about Trade war to benefit Vietnam’s fashion sector
During the meeting, leaders of relevant ministries, localities, and businesses analysed the opportunities and challenges of the timber industry and proposed solutions to help the sector further develop in the near future. Vietnam is currently the second largest timber exporter in Asia, behind only China and still considered to be one of the world’s top five largest timber exporters. By the end of the year, the sector is expected to record export turnover of US$11 billion, with revenue from the domestic market reaching approximately US$3 billion. The timber industry is now home to 5,400 businesses which provide stable employment for over 500,000 people. VIFORES has made a significant contribution to spurring the development of the Vietnamese wood sector by providing policy consultancy, boosting trade promotion activities, as well as developing technical standards in the field of wood processing. In addition, the association has also played a critical role in enhancing … [Read more...] about Vietnamese wood exports likely to reach US$20 billion by 2025
The CBU (complete built unit) imports to Vietnam in the first seven months of the year were five times higher in number than in the same period last year. Minister and Chair of the Government Office Mai Tien Dung has said that the government will soon amend Decree 116/2017 on conditions to manufacture, assemble, import and trade cars and maintenance services. It is expected that provisions related to car imports will be removed. Instead of examining cars by consignments as currently regulated, the government would amend the legal document, so that imports would be examined by vehicle type, while pre-customs clearance examinations would be replaced by post examination. Car importers believe that once the decree is amended, it will be easier for CBU imports to enter Vietnam. According to a representative of Thaco, ‘examination by type’ means that state agencies will take samples to test emissions and safety, and the results of the tests will be applied to the next … [Read more...] about Will car imports ‘crush’ domestically assembled cars?
Various types of confectionery containing cannabis have been found being sold online in Vietnam, prompting competent authorities to tighten control over such products. A lot of online stores have been selling and advertising candies, lollipops, and chocolate with cannabis flavor on social media. These products do not bear any brands or labels, while shop owners advertise them as “exotic foods” to attract buyers, who are mainly young people liking to experience new things. The cannabis lollipops often sell for VND27,000-35,000 (US$1.17-1.51) apiece. These shops also offer white and dark chocolate that contains cannabis oil or seeds. Most sellers claim their confectionery is imported from Europe and restocked once every two weeks. H.N., one of the sellers, said that the products come at an affordable price because they only contain a small amount of cannabis. N. stated she began selling the type of confectionery in late 2018 and has delivered about 70 orders so far. … [Read more...] about In Vietnam, cannabis candies traded widely online