Companies including SK Hynix of South Korea and Mitsubishi Electric, Toshiba Machine Co. and Komatsu of Japan began plotting production moves since July, when the first tariffs hit, and the shifts are now under way, company representatives and others with knowledge of the plans told Reuters. Others, such as Taiwanese computer-maker Compal Electronics and South Korea’s LG Electronics, are making contingency plans in case the trade war continues or deepens. The company representatives and other sources spoke on condition of anonymity because of the sensitivity of the issue. The quick reactions to the U.S. tariffs are possible because many large manufacturers have facilities in multiple countries and can move at least small amounts of production without building new factories. Some governments, notably in Taiwan and Thailand, are actively encouraging companies to move work from China. The United States imposed 25 percent duties covering $50 billion of Chinese-made goods in July, and … [Read more...] about Asian firms shuffle production around the region as China tariffs hit
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South Korean visitors at Da Nang International Airport in Da Nang. Photo by VnExpress/Nguyen Dong More than 7.89 million foreign tourists came to Vietnam in the first half of this year, 27.2 percent higher than in the same period last year. A massive 2.56 million of this number were Chinese, up 36.1 percent, and over 1.7 million were South Korean, up 60.7 percent. In 2017, visitor numbers had risen sharply, by 29.1 percent, to reach an all-time high of 12.9 million, according to the General Statistics Office. Again South Koreans and Chinese had accounted for the lion’s share. In this scenario, the mission to diversify Vietnam’s tourism markets has a long way to go. This year the numbers of tourists from the third and fourth largest markets, Japan and Europe, were 404,000 and 1.08 million, up 6.6 percent and 11 percent year-on-year. The overwhelming dependence on two markets has raised concerns in the industry that tourism could be hit hard if there is a crisis like the … [Read more...] about Vietnam tourism’s overwhelming reliance on Chinese, S.Koreans worrying: experts
Southeast Asia faces a "cooling crisis" as more and more people crank up inefficient air-conditioning to cope with rising temperatures and worsening air pollution, researchers said. More than 420 managers and experts from government agencies and multinational companies in Indonesia, Malaysia, Singapore, Thailand, the Philippines and Vietnam took part in a survey on cooling systems and energy efficiency, conducted by Eco-Business and released at a Bangkok conference on Monday. Energy demand from members of the Association of Southeast Asian Nations (ASEAN) climbed 70 percent from 2000 to 2016, with air-conditioning accounting for a large part of household electricity demand, the report said. The trend is likely to continue as populations grow, cities expand and wealth levels increase. "The domestic aspect of electricity consumption has grown massively - more so than industry and the service sector in ASEAN - and as a result the air-conditioning bill is going through the roof," said … [Read more...] about Shivering in the tropics: Southeast Asia faces ‘cooling crisis’
Workers pile up rice pallets at the Kien Giang Import and Export Company Limited in Kien Giang Province before shipments to regional markets. (Photo: VNA) Hanoi (VNS/VNA) - As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 percent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 percent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing 213.8 billion USD to the year’s turnover of 408 billion USD, per the MoIT’s data. Hai was … [Read more...] about FTAs: boon or bane for businesses?
High-grade rice sold on the cheapBy Pham Thai - The Saigon Times DailyHCMC – The high-grade 5% broken rice accounts for half of the 3.4 million tons of rice Vietnam exported in the first six months, but its prices are at the nadir in comparison with the levels of other rice-exporting countries.Truong Thanh Phong, chairman of the Vietnam Food Association (VFA), said the rice export markets of Vietnam witnessed drastic and complicated changes in the first half of the year.Indonesia was the biggest purchaser of Vietnamese rice last year, but this year it has yet to place any orders, Malaysia’s situation is unchanged while exports to Africa face harsh competition with India, said Phong at a review conference on rice export in the year’s first half held in HCMC on Thursday.China replaced Indonesia as the major rice importer in the first six months, said Phong. To date, local enterprises have signed deals to export 1.2 million tons of rice and have delivered some 900,000 … [Read more...] about High-grade rice sold on the cheap
As 2018 brings newer and bigger free trade agreements (FTAs), Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market. Tran Thanh Hai, Deputy Director of the Ministry of Industry and Trade’s (MoIT) Import-Export Department, told Vietnam News Agency (VNA) that from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent. As part of the Government’s policy to increase economic self-reliance and promote sustainable imports and exports, exports of Vietnamese goods to FTA markets grew strongly in 2017, contributing US$213.8 billion to the year’s turnover of $408 billion, per the MoIT’s data. Hai was optimistic that Vietnamese businesses will benefit more from bilateral and multilateral FTAs with partner countries such as Hong Kong, Japan and the Republic of Korea (RoK). … [Read more...] about VN’s FTAs: Boon or Bane?
With Vietnam planning to signigicantly increase its number of coal plants over the next decade, potentially posing great risks to the environment, international experts have advised the country to work on a cleaner path forward. Coal-fuelled power plants are scheduled to account for a greater portion of the local energy mixLast week, John Kerry came to Hanoi to attend an international conference on green energy and sustainable economic growth for Vietnam. The former US Secretary of State now acts as a senior energy expert, working with Vietnam’s government on an alternative to its coal plan. The aim is an alternative that could provide the same amount of electricity, but use hydroelectric dams and solar panels instead of fossil fuels.“It is a scheme that would help save Vietnam billions of dollars, prevent pollution-related deaths, and keep greenhouse gases (GHGs) out of the atmosphere,” Kerry said.Under Vietnam’s revised Power Development Plan, the ratio … [Read more...] about Experts decry Vietnam’s risky coal compulsions
HCM CITY — Việt Nam achieved its highest ever cashew exports in a year in 2017 with shipments worth US$3.52 billion. It exported 353,000 tonnes, representing a year-on- year increase of 23.8 per cent in value and 1.9 per cent in volume, according to the Ministry of Agriculture and Rural Development. The US, the Netherlands and China remained the biggest buyers, accounting for 35 per cent, 15.6 per cent and 12.9 per cent of the shipments. Exports to many markets rose sharply, including Russia (up 56.3 per cent), the Netherlands (44.7 per cent), Thailand (41.4 per cent), the US (27 per cent), and the UK (24.8 per cent). Average export prices were up by over 22 per cent. While demand rose in the world market, supply was down significantly in many countries, including Việt Nam, pushing prices up, according to cashew companies. Demand is expected to continue increasing, enabling Vietnamese firms to boost exports in future, according to the Việt Nam Cashew … [Read more...] about Việt Nam achieves record cashew exports
Earlier in November 2017, the State also divested VND257 billion (US$11.3 million) worth of its stakes in the Vietnam Dairy Products Joint Stock Company (Vinamilk), thereby fetching VND8.73 trillion (US$384.12 million). So, after Vinamilk, Sabeco has marked a significant milestone in the process of State capital divestment in State-owned enterprises (SOEs), which is one of the important moves to restructure SOEs in line with the set direction.One of Vietnam’s fiscal challenges is the rapid increase in public debt, close to the permitted debt ceiling; the inefficient use of public debts; and the shrinking room for fiscal policy. Meanwhile, the open and extensively integrated economy with an increasingly fierce competitive environment requires that financial instruments as well as the budget must be strong enough to effectively perform the role of directing, regulating, distributing and supporting the economy. Therefore, in reform priorities, it is essential to effectively … [Read more...] about Vietnam accelerates divestment from State-owned enterprises
Among the Top 10 pharmaceutical companies in Vietnam, Traphaco Joint Stock Company and DHG Pharmaceutical Joint Stock Company have the strongest financial strength and achieve the highest communication scores. According to experts, the two industry-leading drug-makers have positioned their brands in the pharmaceutical market in Vietnam. According to the Top 10 Prestigious Vietnam Pharmaceutical Company Report 2017 released by Vietnam Report Joint Stock Company, the prestige of pharmaceutical companies is based on research on impacts of financial performance, corporate image in the media and valuation by industry specialists. Financial capacity is shown on the latest financial statement (total assets, total revenue, profit after tax and capital performance); communication prestige is assessed by Media Coding methodology - encoding the company's articles on influential media channels; specialist surveys; pharmacist/drugstore surveys; and business surveys conducted in December 2017 … [Read more...] about Development Potential of Vietnam Pharmaceutical Industry