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Vietnam to begin work on international financial center in earnest

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Vietnam to begin work on international financial center in earnest

An employee counts U.S. banknotes at a bank in Hanoi. Photo by VnExpress/Giang Huy.


After years of delay, Vietnam will begin implementing this year a plan to establish an international financial center in the country.

The country now has “a once in a lifetime opportunity” to establish an international financial center (IFC), and major cities like Ho Chi Minh City and Da Nang should start hiring consultancies and building detailed plans to report to the government and the Politburo, the main decision making of the Communist Party, Minister of Planning and Investment Nguyen Chi Dung said at a recent forum.

An international financial center will attract international capital and increase government revenues, he said.

An international financial center comprises a region or city with full-service financial centers with direct access to large capital pools from banks, insurance companies, investment funds, and listed capital markets.

It enables a host of companies, institutions and individuals from around the world to meet complex needs like financing supply chains and managing risk.

Dung cited the Cayman Islands in the Caribbean Sea as an example. Forty years ago, the territory had a GDP of zero, but after an international financial center was established, it sees capital flows of up to $2 trillion a day.

Authorities do not collect tax but collect up to $300 million from service fees a day, he said.

Vietnam even has more advantages in terms of geographical location, population and economic scale, the minister stressed.

HCMC is only three hours away from most countries and territories in ASEAN and Northeast Asia, and the country’s time zone does not coincide with any of the 21 existing international financial centers in the world, he noted.

Vietnam will lose its opportunity if it doesn’t make a move now as another international financial centers could be established faster in the same time zone, he said.

HCMC authorities have several times in the past expressed their desire to become an international financial center but never succeeded due to a lack of policy support and high-quality human resources. It has made this one of its goals in its 2021-2030 development plan (with vision until 2045).

Source: https://e.vnexpress.net/news/business/economy/vietnam-to-begin-work-on-international-financial-center-in-earnest-4218770.html

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VinFast eyes global market, to open car plant in US

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VinFast eyes global market, to open car plant in US

An VinFast car is tested in a factory in the northern Hai Phong City. Photo by VnExpress/Minh Tuan.


VinFast plans to set up an automobile plant in the U.S. as part of its strategy to start selling there in 2022, Bloomberg reported on Tuesday.

The company, a subsidiary of conglomerate Vingroup, did not provide details about when it will be set up or where.

Bloomberg quoted its CEO Thai Thanh Hai as saying: “VinFast’s vision is to become a global smart electric car company and the U.S. is one of the first international markets that we will focus on.

“We will initially develop high-end models for the U.S.”

The company also plans to open 35 showrooms and service centers this year in California state where it has received a license to test autonomous vehicles on public streets.

Malaysian newspaper The Star quoted Hai as saying VinFast believes it can win over American and other overseas customers leery of buying an automobile from a Vietnamese company they know little or nothing about by offering top-quality vehicles with high safety standards and advanced technology.

The company has R&D centers in Australia, Germany and the U.S.

VinFast, founded by Vietnam’s first billionaire Pham Nhat Vuong, began selling cars with BMW-licensed engines in 2019.

Last year it sold 31,500 units, all in Vietnam, where 296,634 cars were sold in all.

Source: https://e.vnexpress.net/news/business/companies/vinfast-eyes-global-market-to-open-car-plant-in-us-4242502.html

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Van Don airport resumes operations today

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Passengers carry out flight procedures at the Van Don International Airport in the northern province of Quang Ninh. The airport has been allowed to resume operations starting today, March 3, after nearly one month of suspension to contain the spread of Covid-19 – PHOTO: NDLO

HCMC – The Ministry of Transport has issued a decision allowing the Van Don International Airport in Quang Ninh Province to resume operations starting today, March 3, after nearly one month of suspension to contain the spread of Covid-19.

The airport has implemented multiple restriction measures and raised the Covid-19 alert level higher than the common standards to ensure the safety of passengers and the airport’s staff members, reported Nguoi Lao Dong newspaper.

Earlier, the ministry decided to shut down the airport in 15 days from January 29 to February 13 to combat Covid-19, as an airport security staff member tested positive for the coronavirus. The ministry later extended the airport’s closure to February 21 and then to March 3.

On February 28, Nguyen Xuan Ky, secretary of the Quang Ninh Province Party Committee, affirmed that the coronavirus cluster at the airport was completely brought under control.

Accordingly, local carriers later announced their plans to resume air services on routes linked to the Van Don airport.

The national flag carrier Vietnam Airlines will operate one weekly flight on the HCMC-Van Don route on Wednesdays between March 3 and 17 and plans to increase it to three flights per week on Wednesdays, Fridays and Sundays from March 18 to December 31 this year. The flights will depart from HCMC at 1 p.m. and from Van Don at 3:45 p.m.

Low-cost carrier Vietjet announced that it will resume air services on the route with four weekly flights this month.

Source: https://english.thesaigontimes.vn/80766/van-don-airport-resumes-operations-today.html

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USTR names three notorious markets for counterfeiting and piracy in Vietnam

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Market surveillance officers suddenly inspect a store at Ben Thanh Market in District 1, HCMC – PHOTO: PLO

HCMC – The Office of the United States Trade Representative (USTR) has included Vietnam’s traditional markets of Ben Thanh and Dong Xuan and online platform Shopee in the list of online and physical markets that reportedly engage in or facilitate substantial piracy or counterfeiting.

The 2020 Review of Notorious Markets for Counterfeiting and Piracy (Notorious Markets List, or NML) of USTR focuses on examining the use of e-commerce platforms and other third-party intermediaries to facilitate the importation of counterfeit and pirated goods into the United States.

“The rapid growth of e-commerce platforms has helped fuel the growth of counterfeit and pirated goods into a half trillion-dollar industry. This illicit trade has an enormous impact on the American economy by eroding the competitiveness of American workers, manufacturers and innovators,” stated the report.

Commenting on this report, the Vietnam Directorate of Market Surveillance under the Ministry of Industry and Trade said the report was done carefully, earnestly and constructively. Related parties can use this report to encourage the private sector and governments to take proper measures against piracy or counterfeiting.

“However, NML neither gives specific evidence on the violations nor reflects the official standpoint of the U.S. Government about the protection and enforcement of intellectual property rights in related countries,” said Nguyen Ky Minh, deputy chief of office at the Vietnam Directorate of Market Surveillance.

For Shopee, the report mentions the entire Shopee platform that covers many countries including Singapore, Malaysia, the Philippines, Thailand, Indonesia, Brazil and Vietnam.

According to the Vietnam Directorate of Market Surveillance, Shopee in Vietnam (Shopee.vn) has the mechanism to resolve complaints about intellectual property rights as well as solutions to manage the products and vendors on its platform.

Regarding the Dong Xuan and Ben Thanh markets, two hotspots of piracy or counterfeiting for many years, the directorate issued Plan No. 3972 in 2019 to address the problems at these two famous traditional markets.

The number of vendors selling counterfeit goods at these markets has dropped significantly over the past two years. Beside this, thanks to sudden inspections by the local authorities and strict sanctions, many stores selling counterfeit products have been closed.

Source: https://english.thesaigontimes.vn/80765/ustr-names-three-notorious-markets-for-counterfeiting-and-piracy-in-vietnam.html

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