Tariff cuts

Hanoi (VNA) – It is businesses that decide whether the EU-Vietnam Free Trade Agreement (EVFTA) can bring about economic benefits, heard a seminar in Ho Chi Minh City on June 6. Chu Tien Dung, Chairman of the HCM City Union of Business Association, said the agreement’s terms regarding tariff cut and market opening have paved the way for businesses. However, the enterprises’ completion of the set targets depends on their preparations of human and material resources, he added. The official suggested the businesses study commitments, especially those on product origin and technical standards, made by Vietnam and partners, in order to get tax incentives. At the same time, they should scope out foreign markets to understand their taste and demand, which can help them make orientations for their production, he said. Johnathan Hanh Nguyen, Chairman of IPP Group, pointed to the lack of connectivity between enterprises in utilising opportunities to be generated by the … [Read more...] about Businesses have significant role to play in optimising EVFTA: seminar

There should be no fresh hiring or setting up of new agencies except in the healthcare and education sectors, and they should be based on government decisions, he said. … [Read more...] about Government workforce to be cut by 4,000 next year

An oversupply of renewable energy, especially during midday peak sun hours, and the overload on the transmission line from the central region to the north are among the biggest power management challenges this year, Nguyen Duc Ninh, director of the National Load Dispatch Center (NLDC), said at a Tuesday meeting. … [Read more...] about Vietnam to cut 2021 renewable energy output

The Section 301 investigation - named after a provision in a U.S. trade law - was the same tool that Lighthizer used to launch a sweeping tariff war against China, which has left punitive U.S. tariffs on $370 billion worth of annual Chinese imports and prompted many companies to shift supply chains out of China. Vietnam has been a major beneficiary of investment from those companies seeking to avoid U.S. tariffs on China. … [Read more...] about US says Vietnam’s currency actions ‘unreasonable’ but holds off on tariffs

The ministry informed the press that the USTR’s report provided comprehensive information regarding the case, including the reasons for and purposes of the investigation. The report did not mention or recommend imposing tariffs or any sanctions on Vietnam’s exports, the ministry said, noting that the efforts made at all levels, from Government leaders to officials of ministries, sectors, agencies, associations and businesses of both Vietnam and the US have brought about positive outcomes. The ministry, as chair of the Vietnam section in the Vietnam-US Trade and Investment Framework Agreement (TIFA) Council and the agency authorised to work with the US in handling the case, welcomed the conclusion of the USTR’s report. The USTR’s decision has a positive meaning for bilateral trade, Vietnam’s business and investment environment and co-operation between the two countries, the Ministry of Industry and Trade said. According to the ministry, immediately … [Read more...] about US won’t impose tariffs or sanctions on Vietnam’s exports