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Government to crack down on trade fraud

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The Government will adopt stricter penalties to prevent foreign goods being exported to the other markets under Vietnamese labels to avoid tariffs. Experts forecast that firms exporting goods from countries subject to high tax rates would find ways to illegally transfer the goods to Việt Nam and then export them to the US, Europe and Japan to circumvent the ongoing ... Read More »

Đắk Lắk eyes $66 million hi-tech farming complex

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ĐẮK LẮK: A hi-tech agricultural complex, expected to cost US$66 million, will be developed in the Central Highlands province of Đắk Lắk late this year. The complex’s construction follows a Memorandum of Understanding signed on Tuesday in Buôn Ma Thuột City between the provincial People’s Committee and Hùng Nhơn Group from the southern province of Bình Phước and the De ... Read More »

Take a chance on Việt Nam: PM Phúc wants Swedish investment

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STOCKHOLM — Việt Nam hopes that Swedish investors and businesses will cooperate with and invest in the Southeast Asian nation, Prime Minister Nguyễn Xuân Phúc has said. The PM on Monday told the Việt Nam-Sweden business forum in Stockholm that the Southeast Asian nation is reforming its institutes and restructuring its economy, while promoting the private sector, so the time ... Read More »

Auchan retail chain to leave Việt Nam

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HÀ NỘI — French supermarket group Auchan Retail had decided to sell 18 loss-making stores in Việt Nam, vietnamplus.vn cited CEO Edgar Bonte as saying. Those outlets generated 45 million euros (US$50.4 million) in revenue in 2018 but still suffered losses. The French group entered Việt Nam in 2015 and has developed a total of 21 stores in the country. ... Read More »

Vietnam Airlines offers 7.5 million seats in summer

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HÀ NỘI — The national carrier Vietnam Airlines will provide more than 7.5 million seats (equivalent to nearly 36,000 flights) on domestic and international routes, increasing by nearly 600,000 year-on-year, from June 1 to August 31, serving increasing travel demand in this summer’s peak. In the peak three months, the carrier will offer more than 4.8 million seats for domestic ... Read More »

Việt Nam, China have room to grow trade ties: experts

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Vietnamese and Chinese enterprises are encouraged to tap into the great bilateral trade potential driven by the two countries’ open trade policies, experts said. Việt Nam values and gives priority to strengthening economic and trade co-operation with China, and hopes to receive greater investment from China and the overseas Chinese community, said Nguyễn Nội, deputy director of the Foreign Investment ... Read More »

Vietnam Braces for Hard Landing Amid World Trade Tensions

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HO CHI MINH CITY — If a rising tide lifts all boats, then Vietnam may find that there is a related saying in economics: when the tide goes out, you will see who was swimming naked. The Southeast Asian country has fared fairly well amid the trade frictions around the world, with its foreign investment and gross domestic product continuing ... Read More »

VN poised to become manufacturer of established global brands

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Việt Nam’s garment and textile sector is set to expand its market share globally, taking advantage of free trade agreements (FTAs) to become “a manufacturer of the world’s established brands”, a trade and investment official has said. Phạm Thiết Hòa, director of the HCM City Investment and Trade Promotion Centre (ITPC), told Việt Nam News that an increasing number of ... Read More »

State Treasury to mobilise VNĐ80 trillion of G-bonds in Q2

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The State Treasury of Việt Nam has announced plans to auction Government bonds through the Hà Nội Stock Exchange (HNX) in the second quarter with a total issuance of VNĐ80 trillion (US$3.43 billion). Specifically, the State Treasury plans to issue VNĐ10 trillion of five-year bonds; VNĐ5 trillion of seven-year bonds; VNĐ26 trillion of 10-year bonds; VNĐ30 trillion of 15-year bonds; ... Read More »

Forestry exports on the rise

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HÀ NỘI: The forestry industry showed a strong increase in export value in the first four months of the year, according to the Việt Nam Forestry Administration. Forestry exports were estimated to have hit US$3.3 billion in the period, a year-on-year increase of 17.8 per cent, including $875 million in April alone. Key markets for Vietnamese forestry products included the ... Read More »

1.45 million promotional Vietjet tickets up for grabs

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HCM CITY: Vietjet is offering passengers 1.45 million super-saving tickets starting from zero dollars between now and Friday to celebrate its newest international route from HCM City to Bali. The discounted fares, which are available at www.vietjetair.com from noon to 2pm, are for all of Vietjet’s domestic and international routes and those of ThaiVietjet – a joint venture of Vietjet ... Read More »

For Vietnam, Trade War a Sword That Cuts Both Ways

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HO CHI MINH CITY, VIETNAM — Look at a list of the top four countries in Asia that could be hurt as China’s economy slows down and its ongoing trade war with the United States heats up. Then look at a list of the top four countries in Asia that stand to benefit from these tensions and from the diversion ... Read More »

Vietnam’s trade surplus reaches US$536 million in first quarter

FILE - In this Feb. 23, 2015 file photo, container ships wait to be unloaded at the Port of Los Angeles. China has raised tariffs on $60 billion of U.S. imports in an escalation of their trade battle following a deadline for President Donald Trump’s latest increase. (AP Photo/Nick Ut, File)

In the January-March period, Vietnam’s exports were estimated at US$58.51 billion, up 4.7% against the same period of last year, while imports rose 8.9% to US$57,98 billion. Domestic enterprises exported goods worth US$17.05 billion, while the revenues gained by foreign-invested companies reached US$41.46 billion, making up more than two thirds of the country’s total exports. The first three months of ... Read More »

FDI reaches nearly $11 billion in three months

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HÀ NỘI: Foreign direct investment (FDI) commitments in the first quarter of the year reached a three-year record of US$10.8 billion, up 86.2 per cent year-on-year, according to the Foreign Investment Agency (FIA). During the reviewed period, FDI disbursement also saw a positive increase of 6.2 per cent to $4.12 billion, the FIA, which is under the Ministry of Planning ... Read More »

Vietnam police seize 300kg of meth in mansion bust

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HANOI: Vietnam police busted a massive meth ring in a Ho Chi Minh City mansion allegedly run by a Chinese national who used a textile company as a cover for the operation, police and state media reported on Thursday (March 21). Police on Wednesday stormed the luxury property in Vietnam’s largest city, guarded with private security and outfitted with cameras, ... Read More »

VN stocks to keep rising this week

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HÀ NỘI: Investors may keep betting on bank stocks this week, securities firms said, but selling pressure may weigh on the market’s overall performance as local stocks are considered as being overbought in recent days. The benchmark VN Index on the Hồ Chí Minh Stock Exchange climbed 1.91 per cent last week to end at 1,004.12 points, the highest level ... Read More »

State to explore fee cuts for shipping companies

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HÀ NỘI: The Việt Nam Maritime Administration has requested that associations, seaport companies and shipping companies be exempted or allowed to pay reduced service fees for containers stored at seaports for a long time. The proposal was laid out in document No 646/CHHVN-VTDVHH, issued on March 7 to create favourable conditions for the owners of the containers to release the ... Read More »

Vietnam Sustains FDI Growth Amid US-China Trade War

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Strong FDI figures in 2018 mark the sixth straight record year, following a string of strong realised FDI capital figures, estimated at $17.5bn in 2016, $15.8bn in 2015 and $14.5bn in 2014. Growing FDI inflows have buttressed strong economic growth in Vietnam, which was reported as 7.08% in 2018 by the MPI, following 6.8% growth in 2017, 6.2% in 2016 ... Read More »

Vietnam’s export of marine products to reach $3.5 billion this year

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According to Nguyen Thi Thu Sac, VASEP’s deputy chairwoman and chairwoman of its marine products committee, tuna exports still have room to grow thanks to imported raw fish and Viet Nam’s trade agreements with a number of countries. Tuna exports are forecast to top $1 billion this year, $350 million higher than last year, she said. Exports of other fish, ... Read More »

Vietnam targets $4.2b shrimp exports

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To achieve this target, the area of tiger shrimp farms this year needed to be maintained at about 620,000 hectares with an output of about 330,000 tonnes. In 2019, the industry would increase the output and export value of white-leg shrimp with farms covering 105,000ha with an output of about 530,000 tonnes. Since January, localities in the Mekong River Delta ... Read More »