Business

Belgium ready to partner with Vietnam in innovation: PM Alexander De Croo

Published

4 months ago

June 1, 2023

Belgium stands ready to partner with Vietnam in innovation, Belgian Prime Minister Alexander De Croo affirmed on May 24.

Belgium ready to partner with Vietnam in innovation: PM Alexander De Croo hinh anh 1

Belgian Prime Minister Alexander De Croo. (Photo: VNA)

Brussels – Belgium stands ready to
partner with Vietnam in innovation, Belgian Prime Minister Alexander De Croo affirmed
on May 24.

Affirming this to the Vietnam News Agency
(VNA) on the sidelines of a press conference announcing Belgium’s new international
branding campaign that highlights its openness for innovation, Croo pointed out
that both countries have their own strengths, which would benefit the bilateral
innovation cooperation.

The leader also emphasised the long-standing collaboration
between the two countries, saying despite a host of challenges, Belgium has
still invested much in Vietnam.

Primarily targeted at economic decision makers and
the broader research community, the Belgian campaign, titled “”Embracing
Openness”, will run until April 2026 with a total funding of 1 million EUR (1.07 million USD).

The campaign is based on people from other countries
who will talk about their experiences with Belgium and Belgians in their own
language, with stories that focus on the three pillars of the campaign:
innovation, partnerships, and diversity.

Its goal is to contribute positively to the
reputation of Belgium on the international stage. The campaign will also be
promoted through Belgian embassies and diplomatic posts across the world./.

Source: https://en.vietnamplus.vn/belgium-ready-to-partner-with-vietnam-in-innovation-pm-alexander-de-croo/253593.vnp

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Business

Vietnam probes wind towers imported from China, weighs anti-dumping tax

Published

1 hour ago

October 1, 2023

TienphongNews

Vietnam probes wind towers imported from China, weighs anti-dumping tax

Wind turbines in Quang Tri Province. Photo by VnExpress/Hoang Tao

Vietnam’s industry ministry has launched an investigation that could lead to anti-dumping duties on wind towers originally from China, following a complaint by domestic producers, the government said on Saturday.

Producers in Vietnam have claimed that dumping of Chinese-origin towers has caused “significant damage” to them, the government said in a statement, without elaborating.

“In case of necessity, based on preliminary investigation results, the trade ministry can apply temporary anti-dumping measures to prevent dumping activities that hurt domestic manufacturing,” the statement added.

The government gave no timeline for completing the investigation.

Neither Vietnamese customs nor the statistics office provide data on wind tower imports.

According to the trade ministry, local producers were proposing an anti-dumping tax rate of 97%.

Wind towers imported to Vietnam currently enjoy a most-favored nation (MFN) tariff of 3%.

Vietnam is looking to boost wind energy as it begins the transition to becoming carbon-neutral by mid-century, aiming for wind, most of it onshore, to account for 18.5% of the total power mix by 2030.

The Chinese embassy in Hanoi did not immediately respond to a request for comment outside of business hours.

Source: https://e.vnexpress.net/news/industries/vietnam-probes-wind-towers-imported-from-china-weighs-anti-dumping-tax-4659468.html

Business

Development of Vietnamese brands in CPTPP member markets under discussion

Published

4 hours ago

October 1, 2023

TienphongNews

Solutions to promote the development of Vietnamese brands in member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement were discussed at a seminar hosted by the Cong Thuong (Industry and Trade) magazine in Hanoi on September 27.

Development of Vietnamese brands in CPTPP member markets under discussion hinh anh 1

At the event (Photo: VNA)

Hanoi – Solutions to promote the development of Vietnamese brands
in member countries of the Comprehensive and
Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreement were discussed at a seminar hosted by the Cong Thuong (Industry and Trade) magazine in Hanoi on September
27.

Ngo Chung Khanh, Deputy Director of the Multilateral Trade Policy
Department under the Ministry of Industry and Trade (MoIT), said Vietnam has enjoyed stable
growth in its exports to Canada and Mexico since the CPTPP agreement took effect in January 2019, even during the
COVID-19 pandemic or amidst geopolitical fluctuations in the world.

Additionally, Vietnam’s trade surplus with the two markets usually accounts for
one-third to half of the combined trade surplus with countries, Khanh stressed.

Khanh pointed out ample room to promote exports to Canada,
Mexico and Peru, but noting that the image of Vietnamese brands in these
markets still remains modest.

According
to Trade Counselor Tran Thu Quynh from the Vietnam Trade Office in Canada, the
North American country is now one of Vietnam’s 10 most important trading
partners globally.

According to data from the Canadian government, including
transshipment through the US, Vietnam’s exports to Canada in 2022 increased by
26.4% in trade value compared to 2021.

Notably, five years after the implementation of the CPTPP,
Vietnam’s exports to Canada rose to 9.9 billion USD in 2022 from 4.1
billion USD in 2018.

The data from Vietnam Customs indicates that Vietnam’s export
value to Canada increased by a remarkable 110% over five years, meaning that Canada
is one of the billion-USD markets with the highest export growth among the
CPTPP member countries.

Quynh said CPTPP serves as a lever to encourage businesses from
both countries to pay more attention to each other’s product structures and
markets. It also helps promote the further development of supply chains, and transportation
and logistics services between Vietnam and Canada.

However, the utilisation of preferential tariffs under
the CPTPP still remains low. Up to over 60% of Vietnam’s exports to the country are products from foreign-invested
firms with their own brands, while Vietnamese businesses primarily export raw
materials or processed products.

Quynh advised domestic exporters to promote connection in production,
investment and development of technology and brand with Canadian partners, towards
effectively exploiting the CPTPP agreement.

According to Quynh, apart from supporting businesses in trade
promotion activities, participating in trade fairs and exhibitions, and seeking
orders, the Vietnam Trade Office in Canada always pays heed to raising awareness of how to utilise the CPTPP in Canada, and benefits and opportunities
provided by the trade agreement.

It also collaborated with Canadian ministries and sectors to hold
seminars, thus helping local firms understand more about opportunities to
partner with Vietnamese companies, she added./.

Source: https://en.vietnamplus.vn/development-of-vietnamese-brands-in-cptpp-member-markets-under-discussion/268696.vnp

Business

HSBC says Vietnam remains an appealing destination for global enterprises

The HSBC Global Connections survey found that Vietnam’s economic resilience and competitive wages rank foremost in attracting international firms.

Published

5 hours ago

October 1, 2023

TienphongNews

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According to the study, 27 percent of respondents ranked Vietnam’s trained labor as one of the most appealing features for foreign enterprises, highlighting the country’s desirability as a manufacturing base.

The same percentage is drawn to Vietnam’s expanding consumer market, emphasizing the allure of rising consumer income. Meanwhile, 23% believe that the country’s rising digital economy is a crucial selling factor for foreign corporate expansion.

Many respondents stated they were drawn to the country because of its high smartphone penetration rate and thriving start-up scene.

According to Tim Evans, CEO of HSBC Vietnam, the country, which has become known for its quick economic growth, also stands out as one of the best performers in the ASEAN area due to its excellent economic resilience during and after the COVID-19 pandemic.

Tim Evans noted that the country’s resiliency, together with its hardworking, competent workforce and attractive cost structures, continues to attract significant foreign direct investment (FDI).

However, Vietnam is more than an “FDI in, export out” story. The country’s rapidly increasing middle class is also a great potential for multinational corporations eager to get into the consumer story that will see Viet Nam become the world’s tenth largest consumer market by 2030, he observed.

“Despite some short-term headwinds, Vietnam remains an attractive destination for foreign businesses, and we continue to see very strong interest in the Viet Nam story from customers across the HSBC network,” said the CEO of HSBC Viet Nam. According to new research commissioned by HSBC, international businesses from nine major economies are becoming more enthusiastic about their growth prospects in Southeast Asia.

They anticipate 23.2 percent growth in the region’s sales over the next 12 months, compared to 20.1 percent in the previous year’s survey, and 4-5 times the pace of GDP development in Southeast Asia. This demonstrates foreign firms’ growing trust in the region.

HSBC commissioned an online survey of 3,509 enterprises from nine markets: mainland China, India, the United Kingdom, France, Germany, the United States, Australia, Hong Kong, and GCC countries (United Arab Emirates, Saudi Arabia, Bahrain, Qatar, Oman, and Kuwait).

Respondents to the survey were key decision-makers from companies with an annual revenue of at least $5 million that are already doing business in Southeast Asia or are considering doing so. The survey was open from July 25 through August 2, 2023.

Source: https://e.nhipcaudautu.vn/economy/hsbc-says-vietnam-remains-an-appealing-destination-for-global-enterprises-3355005/