E commerce

He was speaking during a meeting with the US business community in Washington DC on May 12 (US time), as part of the Vietnamese leader’s trip to the US. The meeting was held by the US-ASEAN Business Council and the US Chamber of Commerce. PM Chinh affirmed that Vietnam always considers the US as a leading, important partner. He said the impressive growth of bilateral trade of between 17-20 per cent a year proves that there remains ample room for economic development between the two countries. Prime Minister Pham Minh Chinh meets US investors and business leaders in Washington DC on May 12 (US time) — VNA/VNS Photo Vietnam is the ninth largest trading partner of the US. Two-way trade turnover between the two countries in 2021 reached nearly US$112 billion in spite of difficulties caused by the COVID-19 pandemic, the PM said. PM Chinh added that Vietnam is focusing on technology renovation, digital transformation and diversification of the supply chain. The … [Read more...] about PM Chinh meets US business community

At a Saturday conference in Harvard University on Vietnam's development strategy in the 21st century, Prime Minister Pham Minh Chinh said Vietnam's economy has expanded into the fourth largest economy in ASEAN and among the world's top 12 economies with the largest scale of commerce. The country also takes part in 15 active FTAs, he said. Economist David Dapic said Vietnam taking part in FTAs was a major success. Millions of farmers have moved on to work in factories as a result. But the fact that most materials for production are imported from China is a weakness, he added. When the Covid-19 pandemic broke out, borders were closed and there was commercial tension, Vietnam's exports were affected, Dapic said. Vietnam's trade turnover with the U.S. may reach $100 billion this year. Such a figure might be small for the U.S., but Vietnam should take note to remain in constant communication and avoid being accused of currency manipulation, he advised. Nguyen Thi Hong, head of the … [Read more...] about Avoid unworthwhile investments, try estate taxes, Vietnam advised

The relations would be enhanced through commitments in a wide range of fields, including economic, maritime cooperation, building trust, and people-to-people links. ASEAN member states and the US have reaffirmed their shared commitment to strengthen and build more comprehensive ASEAN-US Dialogue Relations. The declaration was included in a joint vision statement released at the US-ASEAN Special Summit, the first-ever held in Washington, D.C., on May 12-13 with the participation of the US president and leaders of the Association of Southeast Asian Nations (ASEAN) member states. The tightened relations are aimed to promote peace, security, stability, and prosperity in the region and ensure that relations remain adaptable to meet new challenges; and appropriately cooperate in international and regional fora of which ASEAN member states and the US are members. The two sides stressed the importance of creating a peaceful environment for strengthening the existing bonds of … [Read more...] about US-ASEAN Joint Statement reaffirms comprehensive Dialogue Relations

Global private equity firm Warburg Pincus has set up a joint venture with major Vietnamese real estate and infrastructure firm Becamex IDC Corp. (Becamex) to create the largest logistics and industrial real estate developer in the country, according to a statement. The JV will be called BW Industrial Joint Stock Company (BWID) and will focus on developing institutional-grade logistics and industrial properties across Vietnam. Both firms have committed US$200 million to the platform. Warburg Pincus joins Vietnamese logistics and property market. Nguyen Van Hung, Chairman of Becamex, believed that the co-operation with Warburg Pincus, a best-in-class private equity firm with deep experience in Asia, is a great opportunity, according to the company's statement. "With the transformative shift of the manufacturing base from markets like China to Vietnam as well as with the rapid rise of domestic consumption, the logistics and industrial real estate market in … [Read more...] about Warburg Pincus joins Vietnamese logistics and property market

Hardy Diec, Managing Director of FedEx Express Indochina. Photo by FedEx Express What’s the status quo with the logistics industry? Supply chains have never been more important. More than that, reliability and accuracy in these supply chains have now become even more paramount. During this pandemic, the logistics industry has proven to be vital, whether in delivering critical healthcare shipments including vaccines and medicine, or delivering huge volumes of e-commerce shipments to end consumers. The pandemic has shifted consumer behavior greatly. The boom in e-commerce will continue to be a powerful engine of the global economy. We’re witnessing how essential supply chains are to business survival, success and growth - they are not just an opportunity to reduce cost. Businesses are rethinking their supply chains, moving to a "just in case" approach for inventory management to counter unplanned scenarios. Being able to receive products and critical components either by … [Read more...] about Innovative logistics models in great demand: FedEx director

Vietnamese Prime Minister Pham Minh Chinh (left) met with US President Joe Biden, photo VNA All eyes were focused on last week’s US-ASEAN Special Summit in Washington D.C., where both sides demonstrated their closer ties across many sectors including global health security, climate change, sustainable development, maritime cooperation, human capital development, and education, as well as connectivity and economic engagement, and especially digital development. The US and ASEAN have reaffirmed their commitment to support digital development in the bloc so as to realise its vision “of a peaceful, secure, open, interoperable, reliable and resilient ICT environment”. The US vows to “support development of ASEAN’s digital infrastructure to drive robust, inclusive economic growth and prosperity; and promote development of a secure, resilient, and innovative 5G ecosystem as well as exchange views and experiences on cyber threats and on the regulatory framework and technical standards … [Read more...] about United States widens ASEAN engagement