Business

Canada announces final dumping margins for upholstered furniture from Vietnam

Published

2 years ago

August 14, 2021

The Canada Border Services Agency has assigned final dumping and subsidizing margins for upholstered seating from China and Vietnam sold in the Canadian market – PHOTO: CONGTHUONG.VN

HCMC – The Canada Border Services Agency (CBSA), pursuant to paragraph 41 of the Special Import Measures Act, has announced the final determination on its investigation into the dumping and subsidizing of certain upholstered seating from Vietnam and China.

Among eight Vietnamese enterprises that are cooperating in the investigation, only one has been subjected to an anti-subsidy duty of 3.7%, while the rest don’t have to pay.

These enterprises comprise Delancey Street Furniture Vietnam Co., Ltd., Koda Saigon Co. Ltd., Motomotion Vietnam Limited Company, Timberland Co., Ltd., UE Furniture Vietnam Co., Ltd., Vietnam Hang Phong Furniture Company Limited, Wanek Furniture Co., Ltd. and Wendelbo SEA Joint Stock Company.

Meanwhile, the anti-subsidy duty for non-cooperating businesses is 5.5%.

In terms of anti-dumping duties, most of the enterprises that cooperate in the investigation are subjected to duty rates ranging from 10 to 20%, much lower compared with the 20-90% rates in the CBSA’s preliminary determinations. The rate for those who didn’t cooperate in the investigation is up to 179.5%.

The Vietnamese Ministry of Industry and Trade attributed this positive result to the close cooperation between the ministry, the relevant agencies and the local authorities to collect information and answer questions from the Canadian side.

The fact that Canada believed that the majority of Vietnamese enterprises do not receive subsidies from the Government shows the transparency of the country’s policy and law enforcement. It also reflects that Vietnam’s industries are operating in an equally competitive market, said the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam.

Regarding Chinese companies, CBSA imposes anti-subsidy duties from 1.1% to 81.1% and anti-dumping duties between 9.3% and 188%.

Alongside the CBSA’s investigation into dumping and subsidizing, the Canadian International Trade Court (CITT) is continuing its inquiry into the question of injury to the domestic industry and will make an order or finding by September 2, 2021. Provisional duties will continue to be applied on imports of the goods concerned until the date of the CITT’s order or finding.

CBSA in December 2020 initiated investigations into the dumping and subsidizing of certain upholstered domestic seating originating in or exported from China and Vietnam. The probe was triggered by a complaint filed by Palliser Furniture Ltd. of Winnipeg, Manitoba, alleging it has been negatively impacted due to an increased volume of dumped and subsidized imports from Vietnam and China.

The complaint was supported by Canadian manufacturers Elran Furniture Ltd., Jaymar Furniture Corp., EQ3 Ltd. and Fornirama Inc.

On February 19, the Canadian International Trade Tribunal said it found reasonable indication that the dumping and subsidizing of certain upholstered domestic seating, originating in or exported from Vietnam and China, has caused injury or is threatening to cause injury to Canada’s domestic furniture manufacturing industry.

On May 5, the CBSA, pursuant to subsection 38 of the Special Import Measures Act, made preliminary determinations on dumping and subsidizing with respect to certain upholstered domestic seating from Vietnam and China. The goods are classified under the following tariff classification numbers: 9401.40.00.00; 9401.61.10.10; 9401.61.10.90; 9401.71.10.10 and 9401.71.10.90.

During the investigation period of the case from June 2019 to the end of September 2020, exports of upholstered seats from Vietnam to Canada reached approximately US$135.6 million, accounting for over 10.08% of Canada’s total imports of this product.

According to the CBSA, the Canadian market for upholstered domestic seating has been estimated at US$675 million annually.

Source: https://english.thesaigontimes.vn/83682/canada-announces-final-dumping-margins-for-upholstered-furniture-from-vietnam.html

Business

PM orders close coordination to remove obstables to property market

Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to promote the development of and remove obstacles to the real estate market.

Published

1 hour ago

March 31, 2023

TienphongNews

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He asked ministries, agencies and People’s Committees of provinces and centrally-run cities to strictly follow the Government’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of the market.

The Ministry of Construction (MoC), the Ministry of Finance (MoF), and the State Bank of Vietnam (SBV) must coordinate closely with each other and with relevant agencies to help businesses overcome difficulties and make the market revive.

Real estate enterprises must adjust the product structure and market segments as well as offer more reasonable prices; pay special attention to the development of social housing and houses for workers that are suitable to people’s income. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handle legal problems, especially in projects with corporate bonds and bank loans, and capital mobilised from buyers, the Government leader stressed.

He also urged the MoC to soon complete a project on building at least one million social housing apartments for low-income earners and workers in industrial parks in the 2021-2030 period.

The MoF was asked to carry out harmonious, reasonable and effective measures to support enterprises to restructure bond debts, interest rates, payment terms and conditions in accordance with regulations.

PM Chinh also urged the central bank to soon implement the credit programme worth around 120 trillion VND (5.1 billion USD) to assist commercial banks in providing perferential loans for investors and buyers of projects building social housing and houses for workers, and reconstructing old apartment buildings.

Local People’s Committees were required to soon approve master plans, as well as land use plans and housing development plans and programmes for five years and annually; and organise meetings with each enterprise to help them deal with difficulties.

Source: Nhân Dân

Source: https://e.nhipcaudautu.vn/real-estate/pm-orders-close-coordination-to-remove-obstables-to-property-market-3351578/

Business

Masan Group draws down first tranche of its $650 mln syndicated loan

Masan Group has announced the successful disbursement of its $375 million, the underwritten tranche of its $650 million syndicated loan signed in February 2023.

Published

2 hours ago

March 31, 2023

TienphongNews

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The Vietnamese conglomerate aims to fully utilize the 2023 Syndicated Loan via a greenshoe option of $275 million later in the year. The transaction was arranged and underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and United Overseas Bank.

Despite recent volatility in the global banking market, Masan was able to fully draw down the underwritten portion of the 2023 Syndicated Loan, ensuring a healthy financial profile. The loan is priced at 3.5% over the U.S Dollar Secured Overnight Financing Rate, or approximately 8.0% per annum.

With a 5-year tenor, the 2023 Syndicated Loan will extend Masan’s debt maturity profile and strengthen Masan’s liquidity ratios. As interest rates decline and the capital market stabilizes, management will continue to optimize Masan’s balance sheet, reduce interest expense, and deleverage via strategic corporate actions.

In a challenging macro environment, the ability to generate stable cash flows from the manufacturing and retailing consumer staple products (such as groceries, instant noodles, seasonings, etc.) businesses and proven track record of accessing multiple capital markets will allow the Company to win market share and invest in future growth.

With its cash position, Masan is well positioned to continue investing in new innovations as well as expanding the consumer-retail platform while maintaining a healthy balance sheet.

Source: https://e.nhipcaudautu.vn/companies/masan-group-draws-down-first-tranche-of-its-650-mln-syndicated-loan-3351607/

Business

VSIP joins hands with 9 Vietnamese provinces to develop smart IPs

Published

5 hours ago

March 30, 2023

TienphongNews

Vietnam – Singapore Industrial Park J.V. Co. (VSIP) on Saturday signed memoranda of understanding (MOU) with nine Vietnamese provinces to develop smart and sustainable industrial parks (IPs).

VSIP is a joint venture between Becamex IDC Corporation, under the People’s Committee of Binh Duong, just outside Ho Chi Minh City, and Sembcorp Development Ltd., a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider.

The signing ceremony was part of the ‘Binh Duong: Initiation – Connection – New Development’ program, attended by Deputy Prime Minister Le Minh Khai, leaders of ministries, agencies and localities, and hundreds of investors.

It was also an expansion of a broader MOU between Becamex and Sembcorp Development inked during Vietnamese Prime Minister Pham Minh Chinh’s state visit to Singapore early last month.

Smart and sustainable IPs will be considered in nine provinces, including Binh Phuoc, Tay Ninh, Binh Thuan, Khanh Hoa, Thua Thien-Hue, Ha Tinh, Thanh Hoa, Thai Binh, and Nam Dinh, based on the VSIP model in Binh Duong.

Deputy PM Khai hailed the green industrial park model, the association of industrial development with urban areas and services, and the synchronicity of traffic and social infrastructure in Binh Duong Province.

This helps Binh Duong, together with Ho Chi Minh City and Dong Nai and Ba Ria – Vung Tau Provinces, become key pillars of the southern key economic zone and contribute significantly to the state budget and Vietnam’s development.

The deputy prime minister asked the nine provinces to learn from Binh Duong’s experience in developing Vietnam-Singapore Industrial Parks in the coming time, especially in site clearance to prevent complaints and lawsuits and ensure benefits for enterprises, the state, and local residents.

Vo Van Minh, chairman of the Binh Duong People’s Committee, said the province would cooperate closely with the nine provinces and accompany investors and enterprises to develop industrial park projects soon.

They will jointly mull over the conversion from IPs in association with urban areas and services to smart service urban areas, enhance the application of science and technology to increase the added values of products, and bring practical benefits to enterprises and residents.

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Earlier on the same day, Deputy PM Khai and his governmental delegation visited the VSIP 1 in Thuan An City, Binh Duong Province. This is the first VSIP which was developed in 1996 and covers an area of 500 hectares.

VSIP last month obtained approval from the Vietnamese government to set up its second IP in the north-central province of Nghe An, or its 13th IP in Vietnam.

Among the 12 operating VSIPs, three are located in Binh Duong and the remaining facilities are in Hai Phong, Hai Duong, Bac Ninh, Quang Ngai, and Can Tho, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about US$18.4 billion in investment from 882 investors from 30 countries and territories, and created jobs for around 288,000 workers.

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction of the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction on the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

The Binh Duong People’s Committee on Saturday also handed over investment certificates to enterprises.

In the year to March 15, the province attracted $437 million in foreign direct investment, raising the total foreign investment so far in the province to $39.7 billion, poured into nearly 4,100 projects.

The province also concluded cooperation agreements with large domestic firms, such as Deo Ca, Sungroup and FPT, to develop infrastructure, hospitality tourism, and digital transformation.

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