Italy, Viet Nam seek to promote trade

Over the past two years, BRICS members - Brazil, Russia, India, China and South Africa - have led the world in economic growth. But to become a driver of the global economy and play a greater role in today’s challenging world, BRICS needs to increase coordinated efforts towards mutual goals. Accounting for nearly half of the world’s population and foreign currency reserve, BRICS’ growth is considered a factor in rekindling the global economic development. Last year, its GDP grew by 4 percent while that of the Group of seven developed countries (G7) was a very modest at 0.7 percent. A recent study by global economic analysts forecast that BRICS will continue to maintain a high growth in the next 15 years. But BRICS’ economic achievements so far are due to the growth of each member rather than any coordinated action with the main reason being the lack of any joint action plan. The present link between members is one of bilateral relations aimed at maximizing the national interests of each nation. In fact, BRICS countries have differences reflecting the interests of each country, which delay BRICS cooperation. Long standing dissimilarities on a series of issues illustrate the differences like the establishment of a joint development bank and using the US dollar as the world reserve currency. China has long pursued the ambition of turning its currency into a global money of account which can compete with the US dollar and the Euro. Though China has designed a plan to increase…... [read more]

The five metre wide asphalt road will stretch 61km from Xontay mountain village to the Xopcop border gate near Vietnam’s Son La province. The same day, Civil Engineering Construction JSC No.525, under Vietnam’s Ministry of Transport, signed another contract with the Lao Ministry of Public Works and Transport to construct seven bridges in Huoaphanh province, a project using more than US$5.3 million from World Bank support credit. Provincial governor Khamhung Huongvongsi expressed gratitude to the Vietnamese government for supporting important traffic construction in the province, which will contribute significantly to boosting social-economic development and opening trade opportunities with other countries, including Vietnam. The project is within the Vietnam-Laos Cooperative Strategy for Huoaphanh and Xiengkhuoang provinces from now until 2020.... [read more]

The US$3.05 million project funded by UNDP, which will end in 2016, aims to reduce greenhouse gas emissions in industrial production and create trading opportunities for Vietnamese companies in the "green" field. It comprises of three sub-projects, one of which is to analyse policies and factors that have influenced greenhouse gas emissions in production and consumption as well as recommend suitable technical solutions to the matter. The project also aims to improve policymakers' awareness of climate change and support links to industrial businesses, financial institutions and service providers to boost investment in sustainable industrial production. Deputy Minister of Industry and Trade Le Duong Quang said that in the past, the Vietnamese Government had many programmes aiming to adapt, control and minimise the impact of climate change. In the National Strategy of Green Growth, Vietnam has targeted a reduction of 8-10 percent in greenhouse gas emissions in 2020 compared to 2010, he said.... [read more]

The statement was made by Prime Minister Nguyen Tan Dung while receiving 40 Chief Executive Officers (CEOs) of France’s leading economic groups at a round-table meeting in Paris on October 1. Among them were CEOs from Total oil and gas group, AXA insurance group, Big C retail group, and Electricity of France (EDF) group. Mr Dung highlighted Vietnam’s socio-economic achievements during the Doi Moi (Renewal) process over past 20 years, particularly the important results in its economic, trade and investment ties with France in recent years. He said that France is Vietnam’s second biggest trade partner in the European Union, with two-way trade reaching US$1.2 billion last year. The EU member country now ranks ninth among foreign investors in Vietnam with 200 projects capitalised at nearly US$2.5 billion. However, he said the figure has not met the two countries’ potential and expectations. “Now as a member of the World Trade Organisation (WTO), Vietnam is developing its market economy institution, creating investment and trade opportunities for foreign businesses,” said Mr Dung, underscoring the country’s great potential, socio-political stability, steady economic growth and large market of 85 million consumers. “Vietnam considers foreign investors an integral part of the national economy,” said Mr Dung. He answered many questions raised by French businesses relating to Vietnam’s economic development, investment environment, stock market, and banking services. Jean Yves Bouvier, President of the Movement of Enterprises of France (MEDEF) said France’s leading economic groups have closely followed Vietnam’s impressive achievements in recent times and are keen…... [read more]

PM Dung delivered the remark while receiving the visiting Governor of the Guangxi Zhuang Autonomous Region, Ma Biao, in Hanoi on September 9. He also said that the Vietnamese Party and State leaders and people were pleased at the fine development of the Vietnam-China friendship and comprehensive strategic partnership, especially in economy, trade and investment. Two-way trade turnover between Guangxi and Vietnam hit over US$4 billion in 2009, making up nearly 20 percent of the two countries’ total trade value. PM Dung said that the two sides should join efforts to solve outstanding difficulties and continue to develop trade opportunities for the benefit of both Guangxi and Vietnam. He agreed with Ma’s proposal on several cooperation plans between the two sides, which include the construction of a traffic system linking Guangxi with Vietnam’s provinces and border economic zones, as well as developing cooperation in tourism and education. Governor Ma, who is in Vietnam to attend the third conference of the joint working committee between Guangxi and Vietnam’s border provinces of Lang Son, Cao Bang, Ha Giang and Quang Ninh, said that during this visit, Guangxi enterprises plan to sign 50 economic and trade cooperation projects worth over US$1.8 billion with their Vietnamese counterparts. Ma affirmed that Guangxi will continue to develop its cooperation with Vietnam and contribute to boosting friendship between China and Vietnam.... [read more]

During a meeting on March 26 with the Mayor of Phoenix City, Phil Gordon, Mr Phung said that Vietnam-US relations in recent times have made significant progress in key fields such as economics, security and defence. He expressed his sincere thanks the city’s care of Vietnamese residents there and invited Mayor Gordon to visit Vietnam to boost cooperative ties between Phoenix and Vietnamese cities. Mayor Gordon introduced his city’s strengths in agricultural production, tourism and the mining industry. He praised Vietnam’s achievements and pledged to foster cooperation with the country, especially in economics, trade and education. On the same day, Mr Phung met with some businesses in Arizona and introduced them to the investment environment and tourism, services and trade opportunities in Vietnam. He affirmed that Vietnam will create the best conditions for foreign investors to do business in the country, especially those from the US.... [read more]

India gained its independence from the United Kingdom on August 15, 1947. The friendship between the two countries has developed constantly over the past years in many fields, especially economics. Boosting Vietnam-India trade Two-way trade turnover increased considerably from US$50 million in the 1980s to more than US$1 billion in 2006. Recent years have also seen the relationship grow. In the first five months of this year, the bilateral trade revenues hit over US$1.5 billion, a 39 percent increase from the same period last year. After such encouraging results, Vietnam and India have now set a target of raising bilateral trade turnover to US$5 billion by 2015. The ASEAN-India Free Trade Area agreement, which was signed in 2009, and India’s recognition of Vietnam as a full market economy have opened up many opportunities for comprehensive and mutually beneficial cooperation between the two countries. In HCM City, the Vietnam-India Friendship Association held a number of culture and arts exchanges to increase mutual understanding between Indian and Vietnamese enterprises and to assist them in exploring investment and trade opportunities in each country.... [read more]

President Kikwete made the statement at a roundtable conference on October 28 in Hanoi discussing investment and trade opportunities for Vietnamese enterprises in Tanzania and throughout Africa. Tanzania is a member of the African Finance and Economic Association (AFEA), which is comprised of 14 member African nations with a consumer market 400 million, Kikwete said. The country eagerly wants to cooperate with Vietnam partners, he said, adding that it has good geographic conditions with developed infrastructure, stable politics and offers many incentives for foreign investors. It has put forward initiatives and policies to completely overhaul and renovate its economic and financial institutions and, as a result, obtained an average annual economic growth rate of 7% over recent years, the President said. It imports mainly machinery, equipment, agricultural equipment, raw materials and consumption products while it is strong at producing and exporting tea, processed fruits, cotton, coffee, iron ore, nickel, gold, diamond, and minerals, the representative said. For his part, Hoang Van Dung, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) said the conference provided a good chance for local enterprises to seek cooperative opportunities with Tanzanian partners. It also offered them a great opportunity to gain a better insight into trade and investment opportunities in Africa, Dung said. In recent years, the bilateral trade volume between Vietnam and Tanzania was modest leaving ample room for growth and last year, Vietnam exporters shipped around US$25 million of goods, mainly basa fish and rice, to Tanzania, he added.... [read more]

The trip aims to help US enterprises promote their products and services, look for Vietnam’s high-quality and competitively priced products, and meet with local manufacturers on business opportunities. During their stay in Vietnam from October 6-14, US businesses will attend the International Furniture and Handicraft Exhibition (EXPO 2008) in Ho Chi Minh City, participate in a roundtable seminar on investment and visit some export processing zones. The trip is organized by the Vietnam Resource Group with assistance from the US-Vietnam Chamber of Commerce (UVCC), the US Trade Representative Office in Vietnam, the Federation of International Trade Associations (FITA), the Vietnam Chamber of Commerce and Industry (VCCI), and the Export Promotion Centre under the Ministry of Industry and Trade. The US is now Vietnam’s third largest trade partner and the country’s largest export market. Two-way trade between the two countries hit more than US$12.5 billion in 2007, an annual increase of 29 percent.... [read more]

The delegation of AOM, the Spanish Association of Tool Machine Manufacturers, which represents almost 100 companies, will be in Hanoi on December 8-9 to hold meetings with members of the Vietnam Automation Manufacturing Industry Association, Vietnam Railways Corporation and distributors of tool machines in Vietnam. Spain is recognised as a major manufacturer of tool machines in Europe and exports around 60 percent of its production. The second Spanish delegation, made up of AETIC, the Spanish Electronics, Information Technology and Telecommunications Industries Association, and nine leading IT and telecom companies, will hold meetings in HCM City and Hanoi from December 10-12. They will meet with distributors and agents to discuss future trade opportunities. The trade missions have been organised by the Economic and Commercial Office of the Spanish Embassy and the individual companies. The presence of Spanish products is growing steadily in Vietnam, with Spanish companies already established in industries such as chemicals, shipbuilding, handicrafts and leather.... [read more]

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