At the inauguration ceremony (Source: VNA) Zhejiang (VNA) – A Vietnam trade promotion office, the second of its kind in China, was inaugurated in Hangzhou city in the eastern province of Zhejiang on November 5. Vietnamese Prime Minister Nguyen Xuan Phuc, Minister-Chairman of the Government Office Mai Tien Dung, Minister of Industry and Trade Tran Tuan Anh, Minister of Agriculture and Rural Development Nguyen Xuan Cuong, Vietnamese Ambassador to China Dang Minh Khoi and newly-accredited Chinese Ambassador to Vietnam Xiong Bo attended the inauguration ceremony, among others. Speaking at the ceremony, Vietnamese Minister of Industry and Trade Tran Tuan Anh said that by holding strengths in foreign trade, e-commerce, manufacturing, and seaport services, Zhejiang and the eastern region of China in general will continue to take the lead in the country’s reform process, thereby fueling economic and trade ties between China and countries across the region and even … [Read more...] about Second Vietnam trade promotion office in China opens
Vietnam trade partners
Marking two years of strong Russia Vietnam trade ties
Konstantin Vnukov What, in your view, is the main significance and impact of the Vietnam-Eurasian Economic Union Free Trade Agreement (FTA) on the ties between Vietnam and Russia, after the first two years? The FTA surely has had the biggest impact on trade co-operation between the two countries. Since the FTA came into force on October 5, 2016, we have witnessed sustainable growth in all bilateral economic indexes. Regarding bilateral trade - two-way trade turnover last year increased by almost 30 per cent, to $5.2 billion. This allowed Vietnam to firmly establish itself as one of the top trade partners of Russia in the ASEAN region. In the first eight months of this year, the rate increased by almost 20 per cent. I think that this is quite impressive. We are also happy that in the first eight months of 2018, Russian exports to Vietnam have soared by almost 50 per cent, thanks to a boost in traditional export items such as machinery and equipment, oil products, and metal, as well … [Read more...] about Marking two years of strong Russia Vietnam trade ties
EU-Singapore FTA a boon for Vietnam trade: HSBC
The Hanoitimes - Vietnam’s supply chain is expected to open up further to increased European business. The signing of the EU-Singapore Free Trade Agreement (EUSFTA) marks a significant moment for the two dynamic economies and for Vietnam, which is currently in negotiations with Europe on a similar free trade agreement (FTA), HSBC Vietnam has said in a statement. The EU has signed an FTA with Singapore, the first of its kind between the EU and an ASEAN nation. EUSFTA opens ASEAN supply chain potential The EUSFTA, which will eliminate virtually all tariffs and lowering non-tariff barriers between Singapore and Europe, will allow for some manufactured goods to have ASEAN cumulation. This means that inputs sourced by Singapore businesses from other ASEAN member states – especially Vietnam - will be considered as domestic content for the determination of the origin of the final product made in Singapore. In other words, certain inputs will come under … [Read more...] about EU-Singapore FTA a boon for Vietnam trade: HSBC
No call for US to fret over Vietnam trade surplus
Speaking at the one-day U.S.-Vietnam Business Summit in Hanoi, Dung said that increasing bilateral trade between the two countries was having a balancing effect, and there was no reason to be concerned. Gelbert Kaplan, Under Secretary of Commerce for International Trade with the U.S. Department of Commerce, said Vietnam ranked fifth among the countries with which the US had the highest trade deficit last year. In Southeast Asia, it ranked the highest, he added. But Dung noted that trade turnover between Vietnam and the U.S. has been increasing significantly in recent years, from $7.8 billion in 2005 to $54 billion last year. It had reached $27.4 billion in the first half of this year, he said. “For this reason, the U.S. doesn’t need to worry about Vietnam having a trade surplus. The balance of trade is getting more balanced,” he said. Vietnam’s exports to the U.S. include agriculture produce, textiles and shoes, while it imports hi-tech products such as aircraft … [Read more...] about No call for US to fret over Vietnam trade surplus
Vietnam trade deficit with China hits USD150bn after five years
Import turnover from China reached USD250bn while the export turnover was only USD100bn from 2013 to the first quarter of 2018, according to the Ministry of Finance. Vietnam has 24 international border gates The Ministry of Finance stated that Vietnam had 24 international border gates, 25 bilateral border gates, 68 side gates, 57 border crossings and 295 border markets in a report. Vietnam shares the borders with three countries of which China is the biggest trade partner. From 2013 until the end of the first quarter of 2018, the import-export turnover with China was USD362bn of which USD250bn is the import turnover and USD100bn is the export turnover. The trade deficit in 2013 was over USD23bn and USD29bn in the next year. It reached USD33bn in 2015 before dropping to USD28bn in 2016 and USD22.70bn in 2017. Chinese goods are preferred because of cheap prices and diversity. According to the Ministry of Finance, the majority of the imported goods are machines, spare parts, … [Read more...] about Vietnam trade deficit with China hits USD150bn after five years