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Vietnam posts US$816m January trade surplus: customs

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Vietnam’s trade surplus stood at US$816 million in January compared with the government’s previous estimate of an US$800 million deficit for the month, customs data showed on Monday. Exports in January rose 12.4 per cent from the previous month to US$22.1 billion, while imports rose 4 per cent to US$21.3 billion, the customs department said. Smartphones, garments and electronic home ... Read More »

No huge pressure on exchange in 2019: forecast

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HÀ NỘI: Experts have forecast minimal pressure on exchange rates in 2019, with little chance of significant volatility. According to a recent report by SSI Securities Corporation, the continued devaluation of Chinese yuan could pressure the Vietnamese đồng. However, after overcoming the most difficult period – beginning of the US-China trade war, market members and management agencies are now prepared. ... Read More »

VN’s supporting industries strive to be best in ASEAN

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HÀ NỘI: Vietnamese enterprises have the potential to participate in regional and global production value chains on par with the leading countries in ASEAN, because Việt Nam has been a top priority choice of multinational corporations. However, in order to realise this goal, in addition to their own efforts, businesses also need the support of the State. In the draft ... Read More »

Tea exports down in volume and value

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Việt Nam exported 120,000 tonnes of tea in 2018, earning revenue of US$219 million, a year-on-year decrease of 8.4 per cent in volume and 3.4 per cent in value, respectively. The figure was revealed by the Import and Export Department, under the Ministry of Industry and Trade (MoIT). Among the ten main export markets of Vietnamese tea in 2018, Pakistan ... Read More »

Malaysia ranks 12th among Việt Nam’s foreign investors in 2018

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Malaysia ranked 12th among the countries and territories investing in Việt Nam in 2018 with total registered capital hitting US$435.54 million, according to the Vietnamese trade office in Malaysia. The country pumped $254.76 million into 41 new investment projects in Việt Nam from the start of 2018 to December 20, while its investors added $27.47 million in total to their ... Read More »

Vietnam set for $5.7B CPTPP boost

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ACCORDING to calculations by the National Centre for Socio-Economic Information and Forecasting under Vietnam’s Ministry of Planning and Investment, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will boost Vietnam’s GDP by $1.7 billion and exports by more than $4 billion by 2035, up 1.32 per cent and 4.04 percent respectively. Vietnam officially became the seventh member of the ... Read More »

EU: Postpone Vote on Vietnam Free Trade Agreement

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The European Parliament and the European Council should postpone the ratification of the proposed EU-Vietnam Free Trade Agreement until the Vietnamese government takes concrete steps to improve its increasingly abusive human rights record, Human Rights Watch said today. In Vietnam’s latest move to restrict rights, a new draconian cybersecurity law went into effect on January 1, 2019. The European Commission, ... Read More »

Vietnam court orders Grab to compensate money-losing rival

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HANOI: A court in Vietnam has ordered the ride-hailing app Grab to pay a taxi company more than US$200,000 for losses incurred due to competition — a judgement Grab called “a giant step backwards” for the country’s tech community. The Singapore-based company, which launched its service in Vietnam in 2013, has been embroiled in a lawsuit with Vinasun, a major ... Read More »

VN, Cambodian trade fair in Dak Nong

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ĐẮK NÔNG: More than 100 businesses from 13 cities and provinces nationwide, and some others from Cambodia’s Mundulkiri province are displaying their products at the Việt Nam-Cambodia international trade fair. The fair that opened in Gia Nghia town, Việt Nam’s Central Highlands province of Đắk Nông, accommodates 300 booths introducing achievements in industry, agriculture and trade. Apart from local specialties, ... Read More »

Seafood export earnings surge 6.8 percent in 11 months

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HÀ NỘI: Việt Nam’s seafood export turnover reached US$852 million, raising the total value for the first 11 months to $8.1 billion, a year-on-year increase of 6.8 per cent. Main contributors to the increase were tra fish ($2 billion), tuna and cuttlefish ($600 million) and octopus ($609 million). The Agro Processing and Market Development Authority (AgroTrade) under the Ministry of ... Read More »

VN, India eye textile co-operation

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HCM CITY: Trade between India and Việt Nam in textiles has grown significantly, but there is still huge untapped potential, the Indian consul general in the city has said. In his opening remarks at a business interaction event titled “Textiles: India-Việt Nam Co-operation”, K Srikar Reddy said Việt Nam was among the top five textile and clothing exporting countries along ... Read More »

Japan, VN to deepen cooperation in the new global context

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HÀ NỘI: Japan and Việt Nam should deepen bilateral co-operation, not only in investment and trade but also work to improve relationships in the future, Director of the Central Institute for Economic Management (CIEM) Nguyễn Đình Cung told a forum yesterday. Cung was at the CIEM’s Việt Nam – Japan Policy Research Forum in Hà Nội. He said: “Being the ... Read More »

PV Power targets output of more than 5.6 billion kWh in Q4

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HÀ NỘI: PetroVietnam Power Corporation (PV Power) targeted to reach a production output of more than 5.6 billion kWh in the last quarter of this year to fulfill the full year’s plan. The company reported that it produced a total output of 16.038 billion kWh from January to the end of September, meeting 74 per cent of the plan for ... Read More »

Vietnam to Ratify Pacific Rim Trade Pact

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HANOI: Vietnamese President Nguyen Phu Trong on Friday submitted a Pacific Rim trade pact to the National Assembly for approval, the government said. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership will take effect at the year’s end after Australia became the sixth nation to ratify it, earlier this week. President Donald Trump pulled out of the pact just days ... Read More »

Cigarette smuggling persists

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HCM CITY: Cigarette smuggling has caused a loss of thousands of billions of Vietnamese đồng each year for the state, according to figures released by the Việt Nam Tobacco Association at a symposium held yesterday. The tobacco industry contributes around VNĐ20 trillion (US$864.76 million) to the State revenue annually, and has created jobs for millions of workers, helping eliminate hunger ... Read More »

Vietnam to ratify Pacific trade pact next month

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HANOI: Vietnam said on Thursday (Oct 18) it will ratify a sprawling Pacific trade pact that US President Donald Trump pulled out of last year, calling the deal a “disgrace” for American jobs. The 11 remaining countries agreed to push ahead with a watered-down version without the world’s largest economy, rebranding the pact as the CPTPP (Comprehensive and Progressive Agreement ... Read More »

Border residents join smuggling foreign currency and goods

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QUẢNG NINH: Customs officials at Móng Cái Border Gate in the northeastern province of Quảng Ninh have seen their efforts to fight to smugglers hamstrung by border residents engaging in the illegal trade. Head of the province Customs Department Bùi Văn Khắng told Hải Quan (Customs) newspaper that smugglers disguised themselves as border residents to carry goods and money between ... Read More »

VN rice exports reaches new heights

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HÀ NỘI — Rice production and exports has shifted towards quality and added value, promoting safe production and applying high technology while organic agriculture has been given special attention for development. That was the message from Deputy Prime Minister Vương Đình Huệ delivered at the 10th World Rice Conference held in Hà Nội on Thursday. Huệ said agriculture and rural ... Read More »

After 30 years, FDI still pays dividends for VN

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It has been 30 years since Việt Nam promulgated the Law on Foreign Investment on December 29, 1987. This was an important milestone that made it possible for Việt Nam to open up its economy and integrate with the world. Many global leading companies have entered Việt Nam, such as Coca-cola, Intel, Canon, Samsung, Toyota, FedEx and others. More importantly, ... Read More »

Vietnamese student charged with drug smuggling at Australian music fest

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A Vietnamese student is facing jail term for supplying drugs at an Australian music festival where two people died of suspected overdose. Vo Dang Khoa Phan, 22, pleaded guilty of delivering drugs to Defqon. 1, a music festival near West Sydney, at a trial on Tuesday. The U.K.-based news website Daily Telegraph reported that Phan has been granted bail and ... Read More »