Cooperation

The Ministry of Finance would cooperate with the US in identifying fields and goods with high risks of origin fraud or illegal transshipment for information sharing and communication.

Prime Minister Nguyen Xuan Phuc has approved an action plan for the implementation of the Customs Mutual Assistance Agreement (CMAA) between Vietnam and the US, aiming to further strengthen bilateral cooperation on security and the facilitation of lawful trade.

The customs cooperation agreement between Vietnam and the US would strengthen bilateral cooperation on security and the facilitation of lawful trade.

Under the plan issued on July 17, the Ministry of Finance (MoF) is responsible for cooperating with the US in identifying priority fields and goods subject to information sharing, which includes goods with high risk of origin fraud or illegal transshipment.

Additionally, the MoF would draft a plan for cooperation with the US in each phase, as well as for customs staff training to meet the requirements of each side.

CMAAs are bilateral agreements between countries that are enforced by their respective customs administrations. They provide the legal framework for the exchange of information and evidence to assist countries in the enforcement of customs laws, including duty evasion, trafficking, proliferation, money laundering and terrorism-related activities. CMAAs also serve as foundational documents for subsequent information sharing arrangements.

US Deputy Chief of Mission in Vietnam Caryn McClelland and Vietnamese Vice Minister of Finance Vu Thi Mai signed the CMAA in Hanoi last December.

At the ceremony, Mai said the agreement would help customs authorities in the two countries timely identify trade fraud activities, which is a significant issue amid growing trade relations between the two countries.

Meanwhile, the establishment of a communication channel under the agreement is instrumental in the fight against trade frauds and illegal transshipment, preventing losses to state revenue and ensuring fair and safe business environments, Mai added.

Trade between the two countries in the 2010 – 2019 period grew by an average of 16.3% annually, in which Vietnam’s export growth to the US was over 16% per year and imports rose 16.5%.

The US continues to be Vietnam’s largest export market and the third largest trading partner, Mai said.

According to ITPC Director Nguyen Huu Tin, Vietnam and the US have enjoyed impressive strides forward in economic cooperative ties, with the US being Vietnam’s largest export market and Vietnam being the US’s 6th-largest importer.

The US has shifted to purchasing products from emerging countries, including Vietnam.

Vietnam has affirmed its position as an important trade partner of the world’s largest economy, Tin said.

For the first time in 26 years of relations, the US is Vietnam’s largest export market, he said, adding that two-way trade in the first quarter topped 25.9 billion USD, up 33.5 percent year-on-year, with Vietnam’s exports estimated at 22.2 billion USD.

The two governments and business communities have made efforts in the past to bolster cooperation in a practical fashion and based on the complementary nature of the two economies.

Vietnam is stepping up its economic reform and international integration while enhancing win-win cooperation with the US. Meanwhile, the US has attached much importance to ties with Vietnam and encouraged its companies to set up value chains with the country and expand investment.

Thanks to the good control of COVID-19 in Vietnam, Vietnamese firms have a huge advantage over foreign rivals struggling to fight the pandemic, Tin stressed, while suggesting that improving business and production capacity and capitalising on the US market will provide opportunities for Vietnam’s economy to develop further in the time to come.

Evaluating the cooperative potential between Vietnam and the US, Alexander Tatsis, Economic Officer at the US Consulate General in HCM City, said they have witnessed advancements in their trade and foreign relations over more than two decades.

He highlighted that the US’s demand for high-quality Vietnamese products has been increasing due to changes in the global supply chain, and US firms sees Vietnam as a potential, safe investment destination post-pandemic.

Meanwhile, AmCham Vietnam Executive Director Mary Tarnowka said that Vietnamese staples like tropical fruit, rice, and fish sauce are now popular in the US.

Pointing to the complementary nature of the two economies, she underscored that Vietnam has good production capacity in the fields of agriculture, seafood, and wood processing, among others, while the US is the world’s leading materials supplier and has the strongest purchasing power.

Vietnam is an important link in the global supply chain, and the country’s development has positive impacts on the US market, she said.

Ken D. Duong, Director of the TDL International Law Firm, suggested Vietnamese firms select suitable measures to effectively access the US market, adding that small businesses should export products via popular e-commerce platforms in the US, as this helps them cut costs at a time when the number of online shoppers is increasing amid COVID-19.

Medium and large-scale firms should establish representative offices or find distributors in the US, he said.

It is also necessary for enterprises to protect their trademarks by registering them not only in the US but also in target markets, he recommended.

Source: VNA

Under the agreement, the three sides agreed to establish an information channel to receive and assist Vietnamese enterprises in solving difficulties, the parties’ needs for investment capital to expand production and develop markets, building branding, with the same common goal of “Enhancing the position of Vietnamese products”.

Specifically, HFIC, SGGP and Saigon Co.op will launch medium and long-term credit financing packages to suit the needs of businesses in the parities. Simultaneously, HFIC also actively sends staffs to instruct businesses in setting up investment and productionevelopment projects, production expansion projects, and technical infrastructure support.

HFIC also committed to giving priority to the application of a preferential policy so that the parties and businesses of the parties can borrow capital investment with the most preferential interest rates from HFIC in accordance with the law and HFIC’s regulations.

Especially, Saigon Co.op will coordinate with SGGP newspaper and HFIC to organize promotional activities to link Vietnamese businesses and their peers in the world to help Vietnamese enterprises to expand their markets and production gradually facilitating the formation of new large-scale businesses.

HCM City (VNA) – Vice Chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan lauded UNICEF’s efforts in programmes to promote child care and protection in Vietnam.

During a reception for Chief Representative of UNICEF in Vietnam Rana Flowers in the locality on April 28, Hoan highlighted positive working results between the municipal authorities and UNICEF in implementing the “Child Friendly Cities Initiative” project, saying that this helps the city address priorities in terms of child protection, health, education, nutrition, and social care.

On the basis of results achieved in implementing the project, HCM City wishes to expand cooperation with UNICEF in Vietnam in specific programmes and projects, towards improving social services, supporting policy development, creating technical foundation and favourable conditions for child protection and care, and exercising children’s rights in line with the city’s sustainable development orientation in the future, he said.

For her part, Flowers affirmed that UNICEF is an organisation tasked with providing technical assistance for Vietnam to help the country perform governmental projects related to ensuring children’s rights under the UN Convention on the Rights of the Child.

UNICEF in Vietnam is interested in and looks forward to understanding Ho Chi Minh City’s vision on issues related to children’s rights in order to complete a cooperation plan between UNICEF and Vietnam in the next five years, she said.

Flowers praised efforts and good performance made by the municipal authorities in implementing the “ Child Friendly Cities Initiative ” project, expressing a hope for strengthened cooperation and experience sharing between the UN agency and HCM City in solving child-related challenges in the process of building the city into a smart, modern and kid-friendly city in the future./.

VNA

In an interview with the Vietnam News Agency’s correspondent in Belgium on April 28, Anne Lambelin, Vice President of the Belgian Socialist Party, said the successful organisation of the 13th National Congress of the Communist Party of Vietnam (CPV) and the perfection of key leadership by the Vietnamese National Assembly will offer the two countries opportunities to expand their multifaceted cooperation.

The increasing presence of young deputies in the next Vietnamese legislature is hoped to create favorable conditions for the two sides to further strengthen future cooperation, she said.

Referring to the prospect of multilateral cooperation, Lambelin emphasized that the European Union (EU) – Vietnam Free Trade Agreement (EVFTA), which has come into effect for eight months, is benefiting European countries and Vietnam in import and export fields.

As a country that attaches great importance to international trade and looks toward economic diplomacy through FTAs, Belgium considers the EVFTA an opportunity to promote its collaboration with Vietnam.

Cooperation in culture and education will also be a highlight in the bilateral relationship, while economic, cultural, and judicial connections will be paid more attention in the relations between the EU and Vietnam, she noted.

Regarding the East Sea (South China Sea) issue, she emphasized the need to respect the self-determination of the people in each country on natural resources and national integrity, expressing her hope that there would be no escalation of tensions in the waters in the future and people in the region would not become victims of aggressive acts.

Source: VNA