U.S. President Donald Trump's latest attacks on China and the European Union will shape the discourse on global trade conflicts and competitive devaluation as Group of 20 finance ministers meet in Buenos Aires this weekend. Trump's protectionist policies that have seen him slap steep tariffs on steel and aluminum, angering allies such as the EU, Canada and Mexico, already looked set to fashion discussions between finance ministers and central bankers from the world's 20 leading economies during two days of meetings. That is even more the case after his latest Twitter outburst on Friday saw him accuse the EU and China of "manipulating their currencies and interest rates lower," while he also took aim at the U.S. Federal Reserve for hiking interest rates, complaining that it eroded "our big competitive edge." China and the U.S. have no plans for bilateral talks, according to U.S. Treasury Secretary Steven Mnuchin, who has vowed to "respond to concerns on U.S. trade policies" when he … [Read more...] about Trump ups ante ahead of G20 discussions on global trade tensions
Import restrictions south africa
BUSINESS IN BRIEF 24/6
Wood exports continue expanding in first months of 2018 An upturn has been seen in exports of wood and wooden products, with export value in the first five months of 2018 reaching 3.3 billion USD, up 8.2 percent from the same period last year. The top four markets were the US, China, Japan and the Republic of Korea (RoK), together accounting for 78.1 percent of total export revenue. Strong growth was seen in the RoK and the US markets, with 45.3 percent and 9.7 percent respectively. In the first four months of 2018, Vietnam earned 1.1 billion USD from exporting wood and wooden products to the US, 367.3 million USD from China, 350.7 million USD from Japan and 288.8 million USD from the RoK. However, Nguyen Quoc Khanh, President of the Handicraft and Wood Industry Association of Ho Chi Minh City, warned that the US, the largest market for Vietnamese wood and wooden products, has prioritised the domestic wood sector by reducing corporate income tax from 35 percent to 25 percent. He … [Read more...] about BUSINESS IN BRIEF 24/6
BUSINESS IN BRIEF 21/6
Digital economy offers SMEs a bright new world of opportunity With the application of digital technologies and e-commerce, small and medium-sized enterprises (SMEs) will be able to compete on a more level playing field with major enterprises when accessing the market. Mr Trinh Duy Hoang, from Vietanalytics Market Research Company said the digital economy has developed rapidly in Vietnam but there remains limited application of digital technologies in small and medium-sized enterprises (SMEs). According to Mr Hoang, digital technologies have become perceived as ‘strange’ by many businesses and there has still only been a small-scale rollout of these technologies in production activities due to high investment costs. From the perspective of Mr Hoang, the biggest hindrance for businesses is the human resource factor. Currently, newly-emerging tech start-ups in Vietnam are mostly SMEs which originate from households. Especially, these businesses have not improved the capacity … [Read more...] about BUSINESS IN BRIEF 21/6
World News in Brief: March 22
* The US Federal Reserve on March 21 raised the benchmark interest rate by 25 basis points, its first rate hike in 2018 “in view of realized and expected labor market conditions and inflation. The Fed decided to raise the target range for the federal funds rate to 1.5 to 1.75 percent. * African leaders agreed on March 21 to form a US$3 trillion continental free-trade zone encompassing 1.2 billion people, but its two biggest economies, Nigeria and South Africa, did not sign up, diminishing its impact. * Peru's Vice President Martin Vizcarra will be sworn in as president, likely at around 11 a.m. or noon on March 23 (1600-1700 GMT), after current President Pedro Pablo Kuczynski offered his resignation ahead of an impeachment vote, the head of Congress said. The move came after the country's legislative blocs had agreed to accept Kuczynski's resignation in a plenary session. * Facebook Inc Chief Executive Mark Zuckerberg said on March 21 that his company made mistakes in how it … [Read more...] about World News in Brief: March 22
Vietnam: Get used to it!
An article published just before Tet by a local contributor about eating dog meat stirred up quite a few feelings among the expats and foreigners who responded to the story on both Facebook and the Tuoi Tre news website. More than a few of my Vietnamese friends were upset and outraged by some of the reactions expressed by foreign readers. There were demands for the story to be withdrawn and lots of derogatory, plain nasty generalizations about the Vietnamese thrown as well. But do the Vietnamese also have the right to express their point of view without getting shouted at by the foreigners in text? And are they really such barbarians in the traffic, super polluters and insensitive noisy, smelly neighbors? Now, there are no surprises that the issue of eating dog meat arouses such passions between locals who see it as part of their way of life and Westerners who see it as a horrible thing to do. Frequent culture shock when two groups rub up against each other’s lifestyles and … [Read more...] about Vietnam: Get used to it!
Vietnam attempts to swerve tax hike on steel exports to US
The U.S. Commerce Department has recommended that President Donald Trump impose steep curbs on steel and aluminum imports from certain countries, including Vietnam, according to Reuters. The long-awaited unveiling of commerce's "Section 232" national security reviews of the two industries contained global tariff options of at least 24 percent on all steel products from all countries, and at least 7.7 percent on all aluminum products from all countries. The recommendations were presented to Trump after he authorized the probes under a 1962 trade law that has not been invoked since 2001. He has until April 11 to announce his decision on steel import curbs and by April 20 to decide on aluminum restrictions. U.S. Commerce Secretary Wilbur Ross emphasized that Trump would have the final say, including on whether to exclude certain countries, such as NATO allies, from any actions. Commerce recommended a steel tariff of at least 53 percent on all steel imports from 12 countries - Brazil, … [Read more...] about Vietnam attempts to swerve tax hike on steel exports to US
US Commerce Department proposes hefty import curbs on steel, aluminum from Vietnam, China
The U.S. Commerce Department has recommended that President Donald Trump impose steep curbs on steel and aluminum imports from China and other countries ranging from global and country-specific tariffs to broad import quotas, according to proposals released on Friday. The long-awaited unveiling of Commerce's "Section 232" national security reviews of the two industries contained global tariff options of at least 24 percent on all steel products from all countries, and at least 7.7 percent on all aluminum products from all countries. The recommendations were presented to Trump last after he authorized the probes under a 1962 trade law that has not been invoked since 2001. He has until April 11 to announce his decision on steel import curbs and by April 20 to decide on aluminum restrictions. U.S. Commerce Secretary Wilbur Ross emphasized that Trump would have the final say, including on whether to exclude certain countries, such as NATO allies, from any actions. "The president has … [Read more...] about US Commerce Department proposes hefty import curbs on steel, aluminum from Vietnam, China
Flower fanatics prepare for Da Lat festival
Thirty flower businesses will showcase their blossoms in the streets of Da Lat in early January.Bui Van Sang, the owner of one of Da Lat’s most well-known tourist sites, the Valley of Peaches, and the son of late Da Lat flower artisan Muoi Loi who devoted his whole life to flowers, said his farm is preparing 100 peach trees to be displayed around Da Lat’s Xuan Huong Lake during the 2010 Flower Festival to be held in the city on January 1-4.Sang is among hundreds of flower-growers that will join 30 flower business firms in showing off their flowers at the festival which is the first of a series held to welcome the millennial anniversary of capital Ha Noi, said Truong Van Thu, deputy chairman of the Lam Dong People’s Committee, at a recent press briefing in Ha Noi."The festival will be different this year. Instead of the flowers being displayed solely inside the city as previously, the displays will be expanded along the 25km from Lien Khuong Airport to the city centre … [Read more...] about Flower fanatics prepare for Da Lat festival
Illegal waste imports difficult to control, manage: agencies
VietNamNet Bridge - Large amounts of hazardous waste are still transported illegally across borders from developed to developing countries, including Vietnam. Waste is transported to VietnamBorder gate officers often open containers imported from a developed country and see hazardous waste and old electronic components inside.A report from the secretariat of the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes showed that 50 million tons of hazardous waste is generated every year globally and 8 million tons are shipped among countries. These figures are discovered illegal shipments, while the real number could be higher. Most of the hazardous waste is carried from Europe to Africa and some Asian countries.A large amount of old TV sets and electronics from Japan has been carried to China and Vietnam. The waste traded among countries is most recyclable, especially scrap metal, including nonferrous metals, ferrous metals, slag and metal residues … [Read more...] about Illegal waste imports difficult to control, manage: agencies