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Sankei Building, Capital Place sign deal on property management services

Representatives of Capital Place Hanoi (L) and Visaho JSC (R) shake hands at the signing ceremony on June 29 – PHOTO: COUTERSY OF THE SANKEI BUILDING

HCMC – Real estate investor The Sankei Building via its Vietnam-based subsidiary, namely Visaho JSC, has signed an agreement to provide property management services for Capital Place, an international grade A office development in Hanoi.

Under the deal, The Sankei Building will provide various services including operation management, occupier engagement, facilities management, sustainability and environmental management for the development.

Capital Place will offer 100,000 square meters of net leasable area across two 37-story office towers with international-standard designs when it is open in the third quarter of this year.

Located in Ba Dinh District and near the Japanese Embassy in the capital city of Hanoi, Capital Place will offer tenants spectacular views of Hanoi’s skyline. It is the first office development in Hanoi to be LEED certified (international standard certification for green architecture) for its large green space and sustainable features.

With great values from design to synchronous infrastructure, at the Vietnam Property Awards 2019, Capital Place won four awards for many categories: Best Office Development, Best Office Architectural Design, Best Universal Design Development and Best Green Development.

Founded in 1951, The Sankei Building develops a wide range of property-related businesses, from development to operation of apartments, hotels, resorts, and focusing on office buildings from buying to selling activities.

Source: https://english.thesaigontimes.vn/77390/sankei-building-capital-place-sign-deal-on-property-management-services.html

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Vietnamese enterprises seek to export consumer goods to China

Enterprises at the teleconference. Vietnamese enterprises are seeking cooperation opportunities with their peers in Zhejiang Province of China to export consumer goods to the Chinese market. — VNA/ Photo

HÀ NỘI — Vietnamese enterprises are seeking cooperation opportunities with their peers in Zhejiang Province of China to export consumer goods to the Chinese market.

Speaking at an online conference on July 9, Vũ Bá Phú, director of the Trade Promotion Department, said that in recent years, China has been continuously the largest export market of Việt Nam among more than 200 countries and territories having import and export activities with the Southeast Asian country.

In the first five months of this year alone, in the context of the complicated developments of the COVID-19 pandemic, the two countries promptly took many measures to maintain trade as well as implemented initiatives to promote business exchanges via online platforms, bringing bilateral trade to more than US$44.35 billion, up nearly 2 per cent over the same period in 2019.

According to Phú, Việt Nam has close and direct trade relations with many provinces and cities of China, with Zhejiang, with a population of 57 million, being a very important trading partner.

In order to support Vietnamese and Chinese enterprises to promote bilateral trade, Phú said his agency has opened a trade promotion office in Hangzhou, the capital of Zhejiang province.

This is Việt Nam’s second trade promotion office in China, established in 2018 after the first one in Chongqing, helping Zhejiang firms seek long-term business and investment collaboration opportunities with Vietnamese counterparts.

Sharing the view with Phú, Zheng Rongxin, head of the Chinese council’s Hangzhou branch, expressed his wish that the two sides will enhance their friendship and cooperation to maintain a mutually beneficial trade environment.

After the conference, businesses of both sides engaged in an online session during which Vietnamese companies introduced Zhejiang importers to Việt Nam’s high quality products such as fresh and dried fruits, aquatic products, beverages and natural rubber gloves.

The conference was co-organised by the Trade Promotion Department under the Vietnamese Ministry of Industry and Trade and the China Council for the Promotion of International Trade – Hangzhou branch, the event drew the participation of nearly 50 Vietnamese and Zhejiang enterprises.

The online trading session will last until July 10.

According to the statistics of Việt Nam Customs, in the past two years, two-way trade turnover between Viet Nam and China reached more than $100 billion per year. —

Source: https://vietnamnews.vn/economy/749430/vietnamese-enterprises-seek-to-export-consumer-goods-to-china.html

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Selling pressure pushes back stock market rally

Employees monitor share prices at HCMC Securities Corporation – PHOTO: THANH HOA

HCMC – Strong selling pressure dragged the local stock market down today, July 10 with the benchmark VN-Index of the Hochiminh Stock Exchange losing 5.25 points, ending its streak of five consecutive winning sessions.

Closing the day, the VN-Index fell by 0.6% against the session earlier to 871.21 points, with losers doubling gainers by 258 to 131. Trading volume on the southern bourse dropped by 4.87% to 291 million shares while value dipped by 7.63% to VND4.84 trillion.

Major drags on the stock market included property firm VHM, which declined by 1.7% to VND79,400, lender TCB down 2.4% to VND20,450, retailer VRE down 1.8% to VND27,150 and gas stock GAS down 1.2% to VND74,300.

Many other bluechips such as lender CTG, tech firm FPT, steelmaker HPG, real estate developer NVL and mobile phone retailer MWG inched down approximately 1%.

Brewery SAB, the biggest gainer of the previous session, grew a fractional 0.5% today to close at VND206,000.

Real estate stock HQC still took the lead on the southern bourse by liquidity with 18.86 million shares traded, closing the day up 1.76% to VND1,730.

On the Hanoi Stock Exchange, the HNX-Index lost 0.5 points, or 0.43%, to end at 115.66 points, with 70 gainers and 77 losers. Trading volume dipped by 34.15% to 30.47 million shares while value fell by 20.85% against the previous session to VND328 billion.

Similar to the Hochiminh Stock Exchange, the northern market saw many bluechips lose ground, such as lender ACB down 1.2% to VND24,000, property firm CEO down 5.9% to VND8,000 and stone manufacturer VCS down 1.1% to VND63,900.

Property group HUT was the most actively traded stock on the northern bourse with 2.72 million shares changing hands. Securities company SHS came second with 2.68 million shares traded.

Source: https://english.thesaigontimes.vn/77551/selling-pressure-pushes-back-stock-market-rally-.html

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Current US-Vietnam economic relations ‘unimaginable’ in 1995: BTA chief negotiator

Current US-Vietnam economic relations 'unimaginable' in 1995: BTA chief negotiator

Nguyen Dinh Luong, Vietnam’s chief negotiator for the U.S.-Vietnam bilateral trade agreement (BTA). Photo by VnExpress.

No one had thought trade turnover between Vietnam and the U.S. would ever reach $80 billion when negotiating the bilateral trade agreement in 1995, he said.

Import-export turnover between both countries was only $450 million at the time, said Nguyen Dinh Luong, Vietnam’s chief negotiator for the U.S.-Vietnam bilateral trade agreement (BTA) signed on July 13, 2000.

The U.S.-Vietnam Comprehensive Partnership, which set an overarching framework for advancing the bilateral relationship between the two countries, launched by former U.S. President Barack Obama and former President of Vietnam Truong Tan Sang in 2013, was also an “unimaginable outcome”, he said.

Negotiation of the sweeping trade agreement had been particularly difficult, as Luong had only ever negotiated with socialist countries, which had similar institutions and legal systems with Vietnam, it was added.

“At the time, our leaders had objectivized negotiations to normalize economic and trade relations with the U.S. to fully normalize relations with the country which Vietnam only had normalized diplomatic relations. The BTA would also set the basis for Vietnam’s accession to World Trade Organization (WTO),” he noted.

“The biggest obstacle to reaching an agreement was trust. The legacy of the war was heavy and painful. Both leaders and the people were wary of accepting the return of U.S. presence, suspecting a ploy to harm Vietnam, while the Americans, who had lost the war, had doubts about Vietnam’s goodwill,” he added.

The BTA was initially scheduled for signature in September 1999, in Auckland, New Zealand, but this did not take place for lack of mutual trust. Negotiators from both countries had struggled to build social consensus for the agreement, particularly for Vietnam, when the people had little access to information on WTO or BTA, and it was taboo for the press to praise the U.S., Luong said.

Between 1995 and 2000, Vietnam’s negotiators had also extensively researched U.S. history, culture, politics, law, as well as agreements that the U.S. had signed with other countries to understand their negotiation partners.

The BTA’s value was forcing Vietnam to abandon its subsidized, planned and monopolized economy, which had been a mess, for having trivialities such as a two-price system for domestic and foreign consumers of items like electricity, water, or air and rail travel. It gave Vietnam impetus to play by international rules, and reform its legal system to satisfy these requirements, he said.

“The BTA conferred to Vietnamese exports to the U.S. most-favored-nation (MFN) status, meaning if any of the two parties gave better concessions, privileges, or immunities to goods of another country, it must also confer them to the other.”

“After 25 years, the U.S. and Vietnam had grown from enemies to friends. The economy had been the keystone to this development. As economic growth speeded up, the more we interacted, understood and built trust with each other. We have even gone on to cooperate on issues such as national security and defense,” Luong maintained.

Geopolitics had also been key in the two countries’ partnership, with Vietnam now playing an important role, a country whose support the U.S. cannot ignore when implementing its foreign policy in Asia, he added.

The way forward

Vietnam should not be too optimistic over the prospects of the U.S. shifting its supply chain from China to Vietnam as a result of the novel coronavirus pandemic (Covid-19) impacting China’s economy, and U.S.-Sino trade tensions, as profits plays a key role in their decision-making, regardless of U.S. President Trump’s or anyone else’s policies, he stressed.

“There will likely not be an exodus of corporations to Vietnam as some people predicted. Talk of the U.S.’s intentions to restructure its global supply chain has only been an idea, I have not seen any concrete policy for this yet.”

Vietnam still has challenges to face in order to attract more FDI from the U.S., such as creating a good and transparent legal and business environment for U.S. firms, who do not like to gamble but prefer to have long-term strategies, to invest, he added.

And with each U.S. presidential era comes a different approach to globalization. Under Bill Clinton and Barack Obama, the U.S. had always promoted globalization, allowing their corporations to access the openness and resources of the world economy, a strategy that had brought great benefits to the U.S. economy, Luong explained.

“However, President’s Trumps tenure has brought changes. He believes America should stop subsidizing the world, U.S. corporations should stop moving out to benefit other countries, and that America should come first.”

“He does not abandon globalization but his policy is protective. However, the U.S. economy cannot be separated from the global economy. Therefore, President Trump wants to rewrite the rules,” Luong said.

“It is not immediately possible for him to fix the rules of the game formed by global economic organizations, so President Trump is trying to change things bloc by bloc, country by country, such as the North American Free Trade Agreement, South Korea, Japan, and soon the U.K. and EU.”

At present, Vietnam’s biggest problem with the U.S. is the latter’s trade deficit with it, which came to around $40 billion last year. “The U.S. had put forward this issue, but had not been too heavy on us.”

Vietnam has been proactive in showing interest in improving the situation, and both sides have set up mechanisms to jointly review trade relations.

“Vietnam is also been actively buying more American goods, from agricultural products, to aircraft. But it would be better to continue improving our business environment to attract investment from America, to help economic and trade relations become more balanced and sustainable,” Luong said.

Recent statistics show trade revenue between Vietnam and the U.S. had climbed to $19.5 billion in the first quarter of 2020, with Vietnam enjoying a trade surplus of $12.4 billion, according to the General Department of Vietnam Customs.

Vietnam’s trade turnover is likely to have reached $238.4 billion in the first half this year, down 2.1 percent year-on-year, according to the government portal.

Source: https://e.vnexpress.net/news/business/economy/current-us-vietnam-economic-relations-unimaginable-in-1995-bta-chief-negotiator-4129155.html

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