Vietnam to slap safeguard duty on fertilizer imports

Minister of Foreign Affairs Pham Binh Minh backed the active role of Japan and the RoK in maintaining peace, stability and security in the region. Both nations consented to maintain the central role of ASEAN in the region and step up cooperation with the ASEAN member nations and partners to resolve effectively traditional and non-traditional regional security challenges based on international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS). At a meeting with his Japanese counterpart Kono Taro, the two sides noted with satisfaction the positive developments in the bilateral extensive strategic partnership over the past time. In the first half of 2017, the countries’ leaders intensified exchanges, such as the visit to Vietnam by the Japanese Emperor and Empress in February and Prime Minister Shinzo Abe in January, and the official visit to Japan by Prime Minister Nguyen Xuan Phuc in May. Apart from boosting cooperation in economics, trade and investment, Vietnam and Japan agreed to accelerate he implementation of investment documents signed between their businesses and expanded cooperation in culture, education, security, defense and people-to-people exchanges. Minh praised cooperation and support of Japan – the biggest provider of official development assistance (ODA) for Vietnam, adding that the Vietnamese Government always creates the best possible conditions for foreign enterprises, including those from Japan, to do business in Vietnam. Vietnam and Japan will coordinate to exchange future orientations of the Trans-Pacific Partnership (TPP) agreement.Meeting with RoK Foreign Minister Kang Kyung Wha, Minh highlighted the RoK as the…... [read more]

Vietnam's rice export - Illustrative photo (Photo: VNA)       Hanoi (VNA) – Vietnam’s total export earnings hit 17.5 billion USD in July, bringing the seven-month total to 115.2 billion USD, up 18.7 percent annually, according to the Ministry of Industry and Trade (MoIT). In particular, agro-forestry-fisheries remained a key currency earner. After a Memorandum of Understanding on rice trade was extended in late May by the Vietnamese Ministry of Industry and Trade and the Bangladeshi Food Ministry, rice export has kept growing, ending the prolonged decline. Accordingly, Vietnam shipped 465,000 tonnes of rice worth 201 million USD abroad in July, pushing the total rice exports in seven months to 3.3 million tonnes valued at 1.5 billion USD, up 15.7 percent and 13.7 percent in volume and value, respectively. The country recently won a bid to export 175,000 tonnes of rice to the Philippines, slightly raising the domestic rice prices in the south. Fuel, minerals and processing industry with key items such as coal, crude oil, petroleum, apparel, leather and footwear, computers and cell phones continued moderate growth of 18.1 – 39.4 percent. The US remained the largest exporter with seven-month value of 23.4 billion USD, up 9.9 percent year-on-year. It was followed by the European Union, China, ASEAN, Japan and the Republic of Korea. During the month, Vietnam spent 17.8 billion USD on imports, down 1.6 percent. On seven-month calculation, the total imports…... [read more]

Minister of Foreign Affairs Pham Binh Minh meets with Japanese counterpart Kono Taro on the sidelines of the 50th ASEAN Foreign Ministers’ Meeting (AMM 50) in Manila, the Philippines (Photo: VNA) Manila (VNA) – Japan and the Republic of Korea (RoK) expressed their commitments to supporting Vietnam’s initiatives in addressing regional security challenges on the sidelines of the ongoing 50th ASEAN Foreign Ministers’ Meeting (AMM 50) on August 8. The two countries agreed to maintain the central role of ASEAN in the region and enhance cooperation with the ASEAN member nations and partners to resolve effectively traditional and non-traditional regional security challenges based on international law, including the 1982 UN Convention on the Law of the Sea (UNCLOS). Vietnam’s Minister of Foreign Affairs Pham Binh Minh supported the active role of Japan and the RoK in maintaining peace, stability and security in the region. At a meeting with his Japanese counterpart Kono Taro, the two sides showed their satisfaction at the positive developments in the bilateral extensive strategic partnership over the past time. In the first six months of 2017, the countries’ leaders increased exchanges, such as the visit to Vietnam by the Japanese Emperor and Empress in February and Prime Minister Shinzo Abe in January, and the official visit to Japan by Prime Minister Nguyen Xuan Phuc in May. Apart from stepping up cooperation in economics, trade and investment, Vietnam and Japan agreed to boost the implementation of investment documents signed between…... [read more]

Ho Thi Kim Thoa (Photo: VNA)     Hanoi (VNA) – The Party Central Committee’s Secretariat has decided to relieve Ho Thi Kim Thoa of her membership at the Party delegation at the Ministry of Industry and Trade for her violations when she led the Dien Quang Lamp Joint Stock Company. At a meeting chaired by Party General Secretary Nguyen Phu Trong on August 8, the Secretariat also proposed the Prime Minister dismiss Thoa from the post of Deputy Minister of Industry and Trade. It made the decision after considering the proposal of the Party Central Committee’s Inspection Commission and opinions of relevant agencies. Earlier, the Inspection Commission issued a warning against Thoa for “serious violations” while she was working at the Dien Quang company. It also proposed Thoa be stripped of all current positions. The commission said that while serving as Secretary of the Party Committee and Director of former State-owned Dien Quang Lamp Company, and then Secretary of the Party Committee, Chairwoman of the Board of Directors and General Director of the Dien Quang Lamp Joint Stock Company, from January 2004 to May 2010, Thoa violated regulations and procedures on business equitisation, and wrongly handled the loan interest worth 6.7 billion VND (298,000 USD) exempted by banks. She infringed State regulations on land management when the company signed a contract with another company to invest in the land area at No 12, Ton Dan Street in HCM City. She also failed to properly …... [read more]

Japanese delegation met with representatives from Vinafco Joint Stock Corporation. — Photo vinafco Japanese companies are focused on the Vietnamese market and seek wider, deeper co-operation with Vietnamese firms, Eiichi Tani from SME Support Japan said in Ha Noi on Monday. Speaking at a meeting between a delegation of the Japanese Ministry of Economy, Trade and Industry (METI) and Vinafco Joint Stock Corporation - a logistics service provider, Tani said Japanese businesses have now shifted their attention from the Chinese to the Vietnamese market. The meeting was a part of the SME Support Japan’s support programme for small- and medium-sized Japanese enterprises looking at international markets. “The event was to help both sides exchange information on Viet Nam’s transport market in general, and both countries’ transport situation in particular,” Tani said. “It also touched upon necessary customs procedures to bring Japanese goods into Viet Nam.” Tokuhiro Imamura, chairman of Imamura Joint Stock Company, which specialises in interiors, said his company is looking to expand its market. It plans to build a plant in Viet Nam in the future, Imamura said, adding that the company would export some products to Viet Nam to explore and understand the market. Imamura JSC has some basic information from Japanese logistics firms operating in Viet Nam, but it wants to build further contacts with Vietnamese businesses as local firms have advantages in their own market. At the meeting, a Vinafco representative shared information related to…... [read more]

Viet Nam’s derivatives market will start official operations on August 10 with the VN30-Index futures contract set to launch first. — Photo vietstock.vn Viet Nam’s derivatives market will start official operations on August 10 with the VN30-Index futures contract set to launch first. This was stated by Pham Hong Son, vice chairman of the State Securities Commission, at a press conference on today. In Viet Nam, the current law allows three types of derivative products -- futures contracts of shares indexes with the VN30-Index and HNX30-Index as underlying assets, and five-year Government bond future contracts. The VN30-Index and HNX30-Index capture the performance of the top 30 largest stocks on the HCM and Ha Noi stock exchanges in terms of market value and liquidity. Derivative is a security with price that is dependent upon or derived from one or more underlying assets. According to the Prime Minister’s direction, since the derivatives market is new and under trial, the VN30 futures contract will be launched first to limit risks, while the HNX30 and Government bond futures will be introduced later, Son said. He said the VN30 adequately covers the largest large-cap companies on the HCM Stock Exchange. The most important factor for the derivatives market is margin lending. In the derivatives market, an investor must make the deposit in cash or shares at the Vietnam Securities Depository and at market trade members (securities companies) before a transaction takes place. The…... [read more]

At least, with respect to the benefit received from the FTA between the Association of South East Asian Nations, Australia and New Zealand, the answer appears to be – not so much so far – said Phan Thi Dieu Linh of the Ministry. Mr Linh, an expert from the Department of Asia-Pacific Market, said now that Vietnam has fulfilled most of its commitments under the Agreement the country is in an appropriate position to assess the contribution of the FTA to its wealth. On February 27, 2009, ASEAN (Vietnam, Indonesia, Laos, Cambodia, Thailand, Philippines, Malaysia, Singapore, Myanmar and Brunei) signed its biggest trade pact with Australia and New Zealand. Under the Agreement, Vietnam committed to allow 100% Australian invested entities to operate in the country in respect of higher education, adult education and other education services, including foreign language training and expand fields of study that Australian education providers may choose to provide. It also reduced the experience requirement to three years for Australian teachers in Vietnam in the following education services – higher secondary education; technical and vocational secondary education; and foreign language training. As it relates to road transport services, effective January 1, 2010, the Agreement allowed Australian joint venture stakeholders to increase their ownership interest from a noncontrolling 49% to a controlling 51%. With respect to dairy products, Vietnam committed to progressively reduce tariffs on many Australian dairy products such as milk, butter, whey and yoghurt, by 5%…... [read more]

NDO/VNA – The Party Central Committee’s Secretariat has decided to relieve Ho Thi Kim Thoa of her membership with the Party delegation at the Ministry of Industry and Trade for her violations when she was head of the Dien Quang Lamp Joint Stock Company. At a meeting chaired by Party General Secretary Nguyen Phu Trong on August 8, the Secretariat also proposed the Prime Minister dismiss Thoa from the post of Deputy Minister of Industry and Trade. The Secretariat made the decision after considering the proposal of the Party Central Committee’s Inspection Commission and the opinions of relevant agencies. Earlier, the Inspection Commission issued a warning against Thoa for “serious violations” while she was working at the Dien Quang company. The Commission also proposed Thoa be stripped of all current positions. The commission stated that while serving as Secretary of the Party Committee and Director of former State-owned Dien Quang Lamp Company, and then Secretary of the Party Committee, Chairwoman of the Board of Directors and General Director of the Dien Quang Lamp Joint Stock Company, from January 2004 to May 2010, Thoa violated regulations and procedures on business equitisation, and wrongly handled the loan interest worth US$6.7 billion (US$298,000) exempted by the banks. She infringed State regulations on land management when the company signed a contract with another company to invest in the land area at No 12, Ton Dan Street in HCM City. She also failed to properly handle the VND30 billion (US$1.3…... [read more]

NDO/VNA – The Party Central Committee’s Secretariat has decided to relieve Ho Thi Kim Thoa of her membership with the Party delegation at the Ministry of Industry and Trade for her violations when she was head of the Dien Quang Lamp Joint Stock Company. At a meeting chaired by Party General Secretary Nguyen Phu Trong on August 8, the Secretariat also proposed the Prime Minister dismiss Thoa from the post of Deputy Minister of Industry and Trade. The Secretariat made the decision after considering the proposal of the Party Central Committee’s Inspection Commission and the opinions of relevant agencies. Earlier, the Inspection Commission issued a warning against Thoa for “serious violations” while she was working at the Dien Quang company. The Commission also proposed Thoa be stripped of all current positions. The commission stated that while serving as Secretary of the Party Committee and Director of former State-owned Dien Quang Lamp Company, and then Secretary of the Party Committee, Chairwoman of the Board of Directors and General Director of the Dien Quang Lamp Joint Stock Company, from January 2004 to May 2010, Thoa violated regulations and procedures on business equitisation, and wrongly handled the loan interest worth US$6.7 billion (US$298,000) exempted by the banks. She infringed State regulations on land management when the company signed a contract with another company to invest in the land area at No 12, Ton Dan Street in HCM City. She also failed to properly handle the VND30 billion (US$1.3…... [read more]

Manila, August 8 (VNA) –Deputy Prime Minister and Foreign Minister Pham Binh Minh has stressed the need for ASEAN+3 (ASEAN and China, the Republic of Korea and Japan), the East Asia Summit (EAS) and the ASEAN Regional Forum (ARF) to promote cooperation on the basis of ensuring ASEAN’s central role.  The move aims to contribute to tackling regional security challenges and tightening connectivity in the region, the official said at the 18th ASEAN+3 Foreign Ministers Meeting and the seventh EAS Foreign Ministers’ Meeting in Manila, the Philippines, on August 7. The events took place as part of the 50th ASEAN Foreign Ministers’ Meeting and related meetings.  Applauding progress the ten-member group and its partners have made, FM Minh called on the partners to continue helping ASEAN achieve goals towards building the ASEAN Community 2025.  Regarding future cooperation, he suggested ASEAN+3 focus on trade, finance and intensifying capacity and regional connectivity, prioritising the development of micro, small and medium-sized enterprises.  At the EAS Foreign Ministers’ Meeting, Minh said ASEAN should carry forward its central role and consider maritime affiliation a new cooperation priority of the EAS.  At the 18th ASEAN+3 Foreign Ministers’ Meeting, the delegates said ASEAN+3 has become a dynamic and effective cooperation framework, contributing to peace, stability and development in East Asia.  They lauded ASEAN+3’s recent fruitful collaboration, especially in implementing the ASEAN Working Plan for 2013-2017 and action plans on the recommendations of the East Asia Vision Group II.  …... [read more]




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