In the wake of the United States-China trade tensions, German investors are rushing to pour money into industry, construction, trade, and services in Vietnam to benefit from growth potential following the country’s landmark free trade agreements. At last week’s meeting to announce the AHK World Business Outlook 2019 (AHK WBO), Marko Walde, chief representative of the German Industry and Commerce in Vietnam (AHK Vietnam), said that German businesses consider Vietnam as a focus of their investment plans. “Vietnam is a target, as it is one of the four countries in the ASEAN that are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Vietnam will also sign a bilateral free trade agreement with the EU,” said Walde. “In Vietnam, Germans do not focus on huge investment, but on long-term investment, bringing in state-of-the-art equipment, machines, and advanced technologies to the country.” As shown in the AHK WBO, which … [Read more...] about Germans taking interest in Vietnam
Trans pacific partnership vietnam
Trans-Pacific trade pact takes effect in Vietnam
The Ministry of Industry and Trade said in a recent statement that many sectors in Vietnam will have a chance to grow under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including food and beverage, tobaccco, textiles, chemicals, plastics, leather, transport equipment and services. It has been estimated that the trade pact, which covers 13.5 percent of global GDP at around $10 trillion, would boost Vietnam’s GDP by 1.32 percent, and its exports by 4.04 percent by 2035, while creating jobs for 20,000-26,000 people. However, both officials and experts have warned of challenges that the pact can pose. Vo Tri Thanh, former deputy head of the Central Institute for Economic Management, said that the pact would require more breakthroughs in institutional reform towards establishing a professional, transparent and accountable state administration. "Now that CPTPP has come into force, Vietnam needs to accept the risks and challenges it brings. These … [Read more...] about Trans-Pacific trade pact takes effect in Vietnam
New opportunities for Japanese firms in Vietnam
Governor of Kanagawa prefecture Kuroiwa Yuji at the event (Source: VNA) Tokyo (VNA) – Equitisation of State-owned enterprises, public-private partnership (PPP) in infrastructure and start-ups in the fourth industrial revolution are expected to open up new opportunities for Japanese firms in the Vietnamese market. The opportunities were explored at the Vietnam – Japan Investment Cooperation Forum held in Yokohama port city, the Japanese prefecture of Kanagawa on September 7. Speaking at the event, Governor of Kanagawa prefecture Kuroiwa Yuji said it was the fourth time the forum was held within the framework of the Vietnam Festa in Kanagawa. He said six Vietnamese firms invested in Kanagawa last year while the prefecture has invested in four industrial parks in Vietnam, adding that the annual forum will help reinforce Vietnam – Japan ties, and Vietnam – Kanagawa ties in particular. Vietnamese Ambassador to Japan Nguyen Quoc Cuong, for his part, … [Read more...] about New opportunities for Japanese firms in Vietnam
Legal complications remain for foreign investment in Vietnam infrastructure
Vietnam’s infrastructure has struggled to keep up with its robust economic and population growth. Rapid economic growth and urbanization are driving demand for roads, power, airports, ports, waste and water treatment, hospitals, and other public infrastructure for goods and services. Meanwhile, public funding is unable to meet these needs. The gap would have to be made up from other sources including private investment in the form of public-private partnerships (PPPs). To put it simply, the public sector has the ‘users’ (or customers) and land and can provide other incentives such as tax breaks. The private sector can bring in technology, capital and efficiency through experience. Other countries have successfully implemented PPPs. In Vietnam, a number of tools have been created to assist the government in its support for PPPs, aiming to create a much improved legal framework for PPP to revitalize investment in infrastructure projects. Legal issues update The … [Read more...] about Legal complications remain for foreign investment in Vietnam infrastructure
PM suggests New Zealand support Vietnam with dragon fruit value chain
Prime Minister Nguyen Xuan Phuc (R) receives Minister of Agriculture, Biosecurity, Food Safety, and Rural Communities Damien O’Connor (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc suggested New Zealand support Vietnam to build a value chain for dragon fruit while receiving Minister of Agriculture, Biosecurity, Food Safety, and Rural Communities Damien O’Connor in Hanoi on August 29. The PM welcomed Minister O’Connor, who is also Minister of Trade and Export Growth, to visit Vietnam and recalled his successful visit to New Zealand in March 2018. He took this occasion to thank New Zealand for providing official development assistance (ODA) for Vietnam over the past time. The bilateral cooperation potential remains huge, including the production of Vietnamese avocado for exports, he said. New Zealand is hoped to help Vietnam organise production and create a value chain for Vietnamese dragon fruit to boost exports of this … [Read more...] about PM suggests New Zealand support Vietnam with dragon fruit value chain