The persistence u s trade deficit with japan is

Imports rose by 13.6 percent to $215.59 billion, according to data from the General Statistic Office. In the same period last year Vietnam had run up a trade deficit of $3.31 billion. Mobile phones and components remained the top export item, with their value going up 13.1 percent to $33.7 billion. Electronics, laptops and components were second at $31.7 billion, followed by equipment and spare parts at $24.9 billion. Garment and footwear exports jumped by nearly 20 percent each to $22.1 billion and $14.1 billion. The U.S. continued to be Vietnam’s biggest export market with its purchases going up by 24.3 percent to $67.1 billion. China followed with imports of $30.4 billion. It was Vietnam’s top trading partner with two-way turnover of $103.1 billion. Exports to other other markets rose by 13-27 percent. The trade surplus is low and not very likely to be sustained, the GSO warned. … [Read more...] about Vietnam enjoys trade surplus following double-digit export growth

Japan continues to be the nation’s leading economic partner, the number one ODA donor, the third major investor, and the fourth largest trading partner. President Nguyen Xuan Phuc's statement was made while receiving Governor of Japan's Gunma Prefecture Yamamoto Ichita on August 4 in Hanoi. President Phuc showed his gratitude at Governor Ichita being the first local Japanese Governor to visit Vietnam since the COVID-19 pandemic, thereby restarting local exchanges between the two countries. This is also part of efforts to look forward to the 50th anniversary of joint diplomatic ties in 2023 amid the Vietnam - Japan Extensive Strategic Partnership developing strongly and comprehensively with high political trust. Furthermore, regular high-level delegation exchanges, economic co-operation, investment, trade, defence, and people-to-people exchanges have consistently been strengthened. As part of the occasion, President Phuc also expressed his deepest condolences to … [Read more...] about Japan remains top Vietnamese economic partner

Second Secretary of the Embassy of Japan in Vietnam Sasaki Shohei (first, right), Country Representative of UN Women Vietnam Elisa Fernandez Saenz (centre), and Chairwoman of the Da Nang Women’s Union Hoang Thi Thu Huong pose for a photo at the launch of the project to reduce the risks and negative impacts of COVID-19 on women and girls in Hanoi on August 2. (Photo: VNA) Hanoi (VNA) – UN Women Vietnam and the Embassy of Japan on August 2 announced a one-year project to reduce the risks and negative impacts of COVID-19 on women and girls . The project aims to support about 5,000 poor and vulnerable women in nine provinces and cities, including Hanoi, Da Nang, Dien Bien, Ha Tinh, Ho Chi Minh City, Tien Giang, Nghe An, Thai Binh and Lao Cai. The priority targets are women at risk of violence, those with disabilities, migrant workers, ethnic minorities, people working in the informal sector and those living in disaster-prone areas. Apart from receiving the COVD-19 … [Read more...] about UN Women, Japan launch project to reduce COVID-19 impacts on women and girls

On August 1, the Ministry of Industry and Trade issued Decision No.1514/QD-BCT on the application of measures to prevent the evasion of trade remedies for some cane sugar products originating from Cambodia, Indonesia, Laos, Malaysia, and Myanmar (AC02.AD13-AS01). The conclusion from the Ministry of Industry and Trade on six businesses not being subject to anti-circumvention tax on trade remedies, including two customers of ASL LAW According to Decision No.1514, Vietnam will apply measures to prevent the evasion of trade remedies for a number of cane sugar products under HS codes 1701.13.00, 1701.14.00, 1701.91.00, 1701.99.10, 1701.99.90, and 1702.90.91. The above cane sugar products are imported into Vietnam from Cambodia, Indonesia, Laos, Malaysia, and Myanmar. The order and procedures for applying anti-circumvention measures of trade remedies to Vietnam’s cane sugar products will be implemented in accordance with the Law on Foreign Trade Management. This decision … [Read more...] about ASL LAW successfully defends in lawsuit against circumvention of trade remedies

An exhibition and trade networking event was held in HCM City’s Le Van Tam Park for businesses from southern provinces to promote their goods to consumers and distributors. — VNS Photo Viet Dung An exhibition and trade networking event for southern provinces to promote their agriculture products with high export potential has opened at HCM City’s Le Van Tam Park. Around 300 businesses from 18 southern provinces are showcasing high-quality agricultural products for the benefit of end consumers and potential business partners such as retail chains and exporters. Vu Ba Phu, head of the Viet Nam Trade Promotion Agency, said the event seeks to connect businesses with foreign trade facilitation organisations to stimulate exports. Besides, producers and distributors could network with each other and study each other’s markets, he said. Online B2B meetings were also held between Vietnamese and foreign businesses. The event, organised by the Ministry of Industry and Trade and … [Read more...] about Exhibition, trade event held for southern provinces’ businesses

The project aims to support about 5,000 poor and vulnerable women in nine provinces and cities, including Hanoi, Da Nang, Dien Bien, Ha Tinh, Ho Chi Minh City, Tien Giang, Nghe An, Thai Binh and Lao Cai. The priority targets are women at risk of violence, those with disabilities, migrant workers, ethnic minorities, people working in the informal sector and those living in disaster-prone areas. Apart from receiving the COVID-19 prevention kits, which include test kits, medical masks and anti-bacteria gel, the beneficiaries will also be equipped with the necessary skills to prevent and respond to COVID-19, disasters, gender-based violence and information about the available support services. Women survivors of gender-based violence at shelters and the Peace House will be supported in COVID-19 medical examinations and treatment. The project is a part of a nearly 20-billion-VND (855,800 USD) regional project implemented in four Mekong countries, namely  Cambodia, Laos, Thailand and … [Read more...] about U.N. Women, Japan launch project to reduce COVID-19 impacts on women and girls

General Department of Vietnam Customs’ data showed that the bilateral trade reached US$1.03 billion in the first four months of 2022 (up 15 percent from the same period of 2021), including US$689.13 million worth of Vietnamese exports (up 19.2 percent) and US$342.16 million worth of Vietnamese imports (up 7.3 percent). Tra fish exports are projected to surge by a whopping 97 percent year-on-year in the first five months of 2022, reaching US$1.1 billion Nguyen Thi Hoang Thuy, Head of the Vietnam Trade Office in Sweden, concurrently in Denmark, Norway, Iceland, and Latvia, said Nordic enterprises generally bought Japonica rice from Spain, Italy, Japan and the US, and were excited to discover they could import a similar product with similar quality from Vietnam at a one-third to one half less. Foreign trade accounts for 50-60 percent of the Nordic bloc’s gross domestic product (GDP). Despite their small population, Nordic countries made an impressive import value … [Read more...] about Vietnamese exports to Nordic markets thrive

Bangladesh is seeking $2 billion from the World Bank and the Asian Development Bank (ADB) amid efforts to bolster its foreign exchange reserves, Bloomberg News reported on Wednesday. Bangladesh's $416 billion economy has been one of the fastest-growing in the world for years, but rising energy and food prices because of the Russia-Ukraine war have inflated its import bill and the current account deficit. The government wrote letters to the two lenders seeking $1 billion each, the report said, citing people familiar with the matter. This comes days after Bangladesh's Daily Star newspaper reported that the country wanted $4.5 billion from the International Monetary Fund (IMF), including for budgetary and balance-of-payment support. Last week, IMF said it would discuss with Bangladesh its loan request. The country's finance ministry, World Bank and ADB did not immediately respond to Reuters requests for comment. Bangladesh's July to May current account deficit was $17.2 … [Read more...] about Bangladesh seeking $2 Billion from World Bank, ADB: Bloomberg News

Local companies could further improve their utilization rate of the trade agreement to gain a larger share of the EU market. The EU-Vietnam Free Trade Agreement has been a driving force for Vietnam’s exports as local firms are now taking good advantage of the trade deal. Processing catfish for export at Cantho. Photo: Hung Thap Deputy Director of the Import-Export Department under the Ministry of Industry and Trade (MoIT) Tran Thanh Hai gave the assessment at a conference on the EVFTA on August 8. In 2021, bilateral trade turnover between Vietnam and the EU rose by 14.5% year-on-year to US$57.01 billion, in which Vietnam exported goods and products worth $40.1 billion, or an increase of 14.2%; and imported $16.9 billion. “This helped the country maintain a trade surplus of over $23.2 billion last year,” Hai said. According to Hai, since the launch of the EVFTA on August 1, 2020, Vietnam’s exports to the EU rose by 15% to $83 billion. Over the past two … [Read more...] about EVFTA drives Vietnam’s exports forward

Standing Vice Chairman of the Binh Duong provincial People’s Committee Mai Hung Dung (R) presents a gift to Director of International Trade of METI Kansai Hosokawa Yoichi . (Photo: VNA) Binh Duong (VNA) – Japanese investors have so far poured almost 6 billion USD in the southern province of Binh Duong, Standing Vice Chairman of the provincial People’s Committee Mai Hung Dung said at a working session with a delegation of the Kansai Bureau of Economy, Trade and Industry ( METI Kansai ) on August 4. Head of the Japanese delegation, Director of International Trade of METI Kansai Hosokawa Yoichi appreciated Binh Duong’s efforts to protect the environment. AEON Mall Binh Duong Canary (Photo: aeon.vn) He said enterprises in Kansai want to increase investment and cooperation with Binh Duong, with a focus on the environment. Vice Chairman Dung affirmed that Binh Duong has always paid attention to environmental protection in its development process. The province is … [Read more...] about Japanese investment in Binh Duong almost reaches 6 billion USD