Schwab to advise local firms to boost trade links with U.S.By Mong Binh - The Saigon Times DailyHCMC - Former U.S. Trade Representative Susan Schwab is on her way back to Vietnam to give local businesses advice on how to step up exports to the U.S. and expand trade links with partners in America and other major markets.The important points of Schwab’s upcoming trip were clarified by Anna Nguyen, president and chief executive officer of Link Work Unlimited International Event, which is organizing the trip, at a news briefing in HCMC on In addition to meetings with Government officials, Nguyen said Schwab would spend much of her time chairing international conferences in Hanoi on December 1 and in HCMC two days later.Schwab will point out measures for Vietnamese exporters to spur their sales to the U.S. and other major markets without having to face trade lawsuits and barriers, and the opportunities for market penetration and expansion in the context of global economic slump.She is … [Read more...] about Schwab to advise local firms to boost trade links with U.S.
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The U.S. will continue engaging closely with the government of Vietnam to push forward intellectual property rights protection, U.S. Ambassador Michael Michalak said last week. Many things should be done despite progress in building and implementing an IPR legal framework by Vietnam, Michael Michalak told a roundtable discussion on the issue in Vietnam with the U.S. companies. “I agree that Vietnam has made progress, however, significant problems persist, as the country’s enforcement regime is still weak,” the U.S. diplomat noted. The U.S. Trade Representative (USTR) in late April this year released the 2008 Special 302 Report, which named Vietnam among 36 other economies, which remain on the watch list with 9 countries being placed on this year’s priority watch list, the Vietnam Investment Review newspaper said. China and Russia are taking the lead. The U.S. embassy will work closely with key officials in Vietnamese ministries and … [Read more...] about U.S. Continues Pushing Intellectual Property Right Protection in Vietnam-Diplomat
The U.S. Trade and Development Agency (USTDA) will provide a non-refundable technical assistance package worth $718,600 for Vietnam to implement the national one-stop-shop customs mechanism project. Finance Deputy Minister Do Hoang Anh Tuan and the U.S. Ambassador to Vietnam Michael W. Michalak signed the agreement on the issue in Hanoi on Sept 15. The project is aimed to help Vietnam’s national steering committee and agencies on the ASEAN single window (ASW) mechanism to be well-prepared for the implementation of an overall plan on this field approved on October 21, 2009. It also is expected to facilitate trade, increase tax collection and enhance State management on Vietnam’s import-export activities as well as to ensure the country’s commitments to the Agreement and Protocol to establish and implement the ASW mechanism. The project will focus on researching and assessing the existing legal framework, information technology systems and … [Read more...] about U.S. Supports Vietnam One-stop-shop Customs Mechanism
Under "steel surplus" attack Rising shipments from China made Vietnam’s steel imports hit an all-time record high of 1.94 million tons in March, jumping 76 percent from a year before. Chinese steel imports to Vietnam in the first quarter rose 70 percent year on year to 2.9 million tons, accouting for 61 percent of Vietnam’s total imports in the period, statistics showed. Vietnam has even turned to safeguards to protect the domestic market against the wave of steel imports from its northern neighbour. The Ministry of Industry and Trade decided earlier last month to impose temporary tariff increases on steel imports, with a 23.3 percent duty imposed on steel billet and 14.2 percent on steel bars, effective from March 22 to October 7. China, the world's top steel producer and exporter, is also the fifth-largest importer of steel, buying an equivalent of 13.57 million tonnes of crude steel last year. China's steel production hit a record high last month as rising prices, and … [Read more...] about Global steel crisis: Vietnam imposes higher tarrif while U.S. leads calls to end China’s excess supply
Representatives of the United States, Canada, the European Union, Japan, Mexico, South Korea, Switzerland and Turkey agreed that urgent steel industry restructuring was imperative, and must be market driven, according to a joint statement released by the U.S. Department of Commerce. They also agreed that their governments should not provide subsidies or other support that sustain loss-making steel plants or encourage additional capacity. In a separate statement, U.S. officials said they would continue to lobby for action on steel with trade partners. "It is our shared goal that other economies, including China, will come to recognize the value of these actions and will join our collective effort to address the causes of the current excess capacity problem," Secretary of Commerce Penny Pritzker and U.S. Trade Representative Michael Froman said in a separate statement. "The United States will continue to engage bilaterally and multilaterally with trading partners, including China, to … [Read more...] about U.S., other countries call for urgent action on steel overcapacity
National Assembly Vice Chairman Do Ba Ty receives for Chairman of the U.S House Foreign Affairs Sub-Committee on Asia and the Pacific Ted Yoho, Ha Noi, October 16, 2017 At the reception, Mr. Yoho, hailed Viet Nam as a significant trade partner of the U.S. He expressed his belief that bilateral relationship will further grow intensively and extensively, and suggested that both sides need to deal with existing issues to look towards a brighter future of later generations.In turn, National Assembly Vice Chairman Do Ba Ty said ties between Viet Nam and the U.S. have developed across the fields of politics, economy, trade, science-technology, culture, education, national defence-security since 2013. … [Read more...] about NA Vice Chairman Do Ba Ty receives U.S.Congressman
Illustration photo It exported US$18.86 billion of commodities to the U.S. while importing only US$4.3 billion.This meant the U.S. remained the largest importer of Viet Nam among its 200 trading partners.Garments led the shipment of 40 items exported to the U.S, earning US$6.3 billion, accounting for 33.4%. It was followed by footwear with US$2.36 billion, phones and accessories US$1.53 billion, computers, electronics and spare parts US$1.5 billion and wood products US$1.45 billion.Among 43 commodities imported by Viet Nam, phones and accessories ranked first with US$842.8 million. Machines, equipment and tools followed with US$587 million and fabrics with US$527 million. By Thuy Dung … [Read more...] about VN sells more goods to U.S.
Of the ten ASEAN member states, Viet Nam has to date emerged as the largest exporter to the U.S. market, enjoying an expansion of 13 times in export turnover. Meanwhile, the U.S. was the 7th largest investor in Viet Nam.According to Mr. Nguyen Dinh Luong, former chief negotiator for the BTA recalled that two-way trade recorded only US$ 1.51 billion in 2001 when the BTA yet took effect. However, one year later, the BTA became effective and trade swung, seeing volume rocketting to US$ 2.89 billion, up 1.85 times. The trade revenue hit over US$ 35 billion in 2014, making the US one of the leading traders and partners of Viet Nam.In addition, Vietnamese goods to the US rose 36 times, valued from US$ 800 million in 2000 to nearly US$ 29 billion in 2014. Viet Nam outstripped other ASEAN peers namely Thailand, Malaysia, Indonesia to become the biggest exporter to the US and … [Read more...] about VN-U.S. economic ties enjoy spectacular boom
Especially, the recent visit of U.S. President Barack Obama is not only aimed at celebrating the Comprehensive Partnership but also promoting the common visions of the future of the bilateral relations.According to the America Market Department, under the Ministry of Industry and Trade (MoIT), in the first four months of 2016, the U.S. was the second largest trading partner of Viet Nam with the two-way turnover reached US$13.92 billion, accounting for 13.3% of the Southeast Asian nation’s total exports and imports turnover, an increase of 13.5% compared to the same period of 2015.The two-way trade value is heading to a new height thanks to a number of measures, including the Trans-Pacific Partnership (TPP), boosting bilateral trade and investment cooperation which has been discussed and agreed by the two countries’ top leaders, said Director General of the America Market Department Nguyen Duy Khiem.Viet Nam is focusing on seven major commodity groups exported to the U.S. … [Read more...] about VN, U.S. tighten links to increase trade turnover
This is part of the book entitled “Việt Nam’s Cooperation Index 1995-2009” published recently by the National Committee for International Economic Cooperation (NCIEC). The country’s nine biggest trade partners include ASEAN, China, Japan, the Republic of Korea, New Zealand, the European Union, the US and Canada. The book says that the trade cooperation between Việt Nam and its nine biggest trade partners expanded faster than that of the country with the rest of the world. Of these partners, the U.S. investment activities have developed dramatically in recent years, boosting its investment index with Viet Nam to 20 times against 1995. Australia is the most attractive destination for Vietnamese overseas study, while ASEAN makes up the biggest tourism market share of Việt Nam, and Japan is the largest ODA donor to the country. Meanwhile, cooperation ties … [Read more...] about Biggest trade partners overwhelm country’s total trade volume