VN increases petrol imports from ASEAN, South Korea

Besides exchanging high-ranking visits between Vietnam and Thailand, the two governments signed a Joint Statement on Cooperation Framework in the first decade of the 21st century during their first joint Cabinet meeting held in central Da Nang city in December 2004.Vietnam and Thailand have so far inked nearly 30 bilateral agreements of cooperation in economy, trade and investment, culture, tourism and environment. Their two-way trade turnover has increased rapidly, reaching nearly US$1.5 billion in the first half of this year, including US$440 million worth of Vietnamese exports to Thailand. Vietnam exports computers and computer accessories, crude oil, coal, and electronic products to Thailand while importing petroleum, plastic materials and motorbike spare parts from the country.The two countries have agreed to cooperate in promoting rice exports and stabilising rice prices on the international market. The Vietnam Food Association and the Thai Rice Exporters Association signed an agreement on rice prices in July 2006. Thailand has invested in 125 projects valued at US$1.5 billion in Vietnam, ranking ninth among countries and territories and third among ASEAN member economies. These projects are focused on seafood, mining exploitation, food processing and banking services. The two countries are committed to carrying out many projects and programmes within the framework of the East-West Corridor, the Greater Mekong Sub-region, the Ayeyawady - Chao Phraya - Mekong Economic Cooperation Strategy (ACMECS) as well as at regional and international forums with a view to promoting bilateral cooperation in defence and security, education and training, culture, science and technology, environment…... [read more]

Since Vietnam and China established full diplomatic ties in 1991, their relations of friendship and cooperation have expanded to all areas, bringing many practical benefits to both sides. The two countries have signed many Government-level agreements and other cooperative agreements, laying a firm legal foundation for long-term cooperation. They have inaugurated air, marine, land and rail routes, facilitating the exchange of commodities and travel between the two countries. They have also exchanged more than 100 delegations each year at different levels, promoting mutual understanding and expanding cooperation. High-level meetings between the two countries’ top leaders have been held annually. In February 1999, top Vietnamese and Chinese leaders established the orientation for bilateral relations in the 21st century under the motto of “Friendly neighbourliness, comprehensive cooperation, long-term stability and future orientation”. In 2000, they agreed to become “good neighbours, good friends, good comrades and good partners”. During Party General Secretary Nong Duc Manh’s visit to China from May 30 to June 2, 2008, Vietnam and China issued a joint statement, affirming their determination to develop the strategic and comprehensive cooperative partnership. Through their exchange visits, the top leaders have stressed that the Vietnamese-Sino friendship is a valuable asset for the two Parties, States, Governments and people which should be maintained and fostered for future generations. They have also vowed to do their utmost to cement bilateral relations, and voiced their support for the process of Doi Moi (renewal), open-door policy and socialist construction in their respective countries, for the sake of…... [read more]

The figure was released at a Vietnam-Thailand trade exchange held in Ho Chi Minh City on November 2. Nguyen The Hung, Vice Director of the Vietnam Chamber of Commerce and Industry’s (VCCI) HCM City branch, said trade relations between Vietnam and Thailand have developed strongly. He said the two business communities currently enjoy the best possible conditions to meet, engage, and cooperate with each other in many fields, especially investment and trade. Vietnamese businesses are seeking our investment opportunities and expanding trade activities in Thailand, said Hung adding that Thai businesses also consider Vietnam a stable market with great potential. Isares Rattanadilok Na Phuket, Deputy Secretary-General of the Federation of Thai Industries (FTI), said Thai businesses should take advantage of Vietnam’s great potential in human resources, the rapid and constant development of public services, a huge market of 90 million consumers and steady economic growth. Na Phuket pointed out the areas that Thai businesses can promote and establish partnerships, including food, beverage, garments, pharmaceuticals, seafood processing, and consumer goods. Two-way trade turnover reached US$8 billion in 2011, up 20.5 percent over 2010. It hit US$3.8 billion in the first five months of this year. Vietnam primarily exports steel, agricultural products, and seafood products to Thailand, and imports petroleum, material plastics, technical equipment, and motorbike spare parts.... [read more]

Of the figure, goods exports earned US$205.9 million, up 5.28 percent while service exports were US$122.5 million, up 19.9 percent. Key export items with a high growth include children’s toys (up 9.11 percent), coffee (up 9.04 percent), garment (up 10.65 percent), frozen seafood (up 12.8 percent) and footwear (up 0.7 percent). The city’s imports in the past five months fell by 21.59 percent to US$222.2 million. The city’s Department of Industry and Trade said that imports fell as this year the city did not import petroleum. However, imports of other products such as chemicals and steel have risen slightly. The department also said that the total retail value of goods and services in the past five months reached VND5,950 billion, up 20.1 percent and accounting for 45.9 percent of the set plan.... [read more]

Deputy Minister of Industry and Commerce Le Duong Quang told participants that the Middle East is emerging as a potential market for Vietnam as a number of countries in this region are pursuing an eastern-orientated trade policy. Vietnam has signed bilateral agreements with regional countries, including agreements on trade, economic and scientific-technological cooperation and maritime transport with the aim of grasping these opportunities. Vietnam’s two-way trade with the Middle East hit almost US$1.2 billion in 2007, according to statistics by the Ministry of Industry and Commerce. The figure is expected to increase by 30 percent this year. The Southeast Asian nation earned US$700 million from exporting rice, coffee, clothing, computers and electronic components, footwear, seafood and wooden furniture to the Middle East. It imported petroleum, petrochemical products, fertilizers and steel from the region. Experts also see a lot of potential for development in the African market with a huge demand for Vietnamese products, particularly rice and other food products. However they also recognized a number of disadvantages, namely the continent’s large geographical distance and low liquidity capacity.... [read more]

According to Statistics Singapore, four groups of major products recorded export values exceeding SGD100 million - machinery, equipment, and tools (SGD436.7 million), phones and spare parts (SGD256.2 million), paper and paper products (SGD134.5 million), and glass and glass products (SGD106.7 million). Rice, produce, and seafood exports were also higher than last year’s figures. Vietnam’s Singaporean imports fell 2% to SGD5.431 billion during the same period. Vietnam primarily imports petroleum and its products (SGD899.7 million, down 18%), machinery, equipment, and tools (SGD379.3 million), paper and industrial products (SGD204 million), and plastics (SGD127 million). Two-way trade turnover totalled SGD15.8 billion in 2012, of which SGD2 billion came from Vietnamese exports.... [read more]

According to the Singapore Department of Statistics, Vietnam fetched SGD2.1 billion from its exports to Singapore in the first eight months of 2013, 18.5% higher than the same period last year. Three groups of high-value earners included phones and spare parts (up 14% to SGD405 million), machinery, equipment, and tools (up 47% to SGD383.7 million), and crude oil (up 43% to SGD127 million). Glass and glassed products saw a sharply decrease of 18.3%, followed by printers, faxes, photocopy machines and spare parts with 9%. Since April 2013, Vietnam’s natural sand has reappeared in the Singapore market with a trade turnover of SGD52.4 million. Singapore’s exports to Vietnam were valued at SGD$8.974 billion in the first eight months of 2013, up 0.5 percent compared to the same period last year. The volume of goods imported from Singapore fell by 4% to SGD3.944 billion while those re-exported increased by 4.5% to SGD5.03 billion. Vietnam mainly imported petroleum and products (SGD1.5 billion), machinery, equipment, and tools (SGD628 million), paper and industrial products (SGD428.6 million), and plastics (SGD127 million). By the end of September, Singapore had 1.186 investment projects operating in Vietnam with total registered capital of US$28.84 billion, ranking 2nd among 100 foreign investors in Vietnam.... [read more]

On November 7, the Ministry of Finance and the Ministry of Industry and Trade decided to drastically reduce gasoline prices amid the gloomy context of the world oil prices. The petrol price reduction is good news for consumers but declining global crude oil prices have negatively impacted the nation’s budget revenues. On the sidelines of the ongoing eighth National Assembly (NA) session, Minister of Industry and Trade Vu Huy Hoang told a VOV reporter that the sharp fall in global crude oil prices would affect Vietnam, which is a crude oil exporter. "Crude oil prices have dropped steadily even to a low record in recent years. Recently, the shrinking world oil prices have forced the price of petroleum products down. In return, it is conducive to Vietnam that imports up to 70% of petroleum products for domestic consumption. However, falling oil prices (from US$100/ barrel in 2013 to only between US$75-76 currently) have put crude oil exports at a disadvantage as a result of declining revenues from crude oil exports. It is difficult to export crude oil at high prices and import petroleum products at low prices.” Hoang said. Regarding current oil production costs in Vietnam, Minister Hoang said the nation gain low profits if crude oil is exported at just US$76/ barrel. “Vietnam needs to increase crude oil reserves in a bid to face a continued further drop in gasoline prices in the time ahead , ensure energy security and cope with disadvantages in domestic oil exploration and production.”…... [read more]

VietNamNet Bridge - A loss of VND10 trillion (over $445 million) in tax revenue from petroleum imports occurred in the first 11 months of the year, according to a report released by the General Department of Customs (GDC). Luu Manh Tuong, director of the GDC’s Import/Export Tax Department, said the crude oil exports in 2016 see sharp decreases in both quantity and export prices. However, he stressed that the major reason behind the sharp reduction in tax revenue is the implementation of a series of FTAs, including the Vietnam-ASEAN and Vietnam-ROK agreements. The tariff cuts applied to specific markets have prompted Vietnamese importers to place orders with new markets. Under the Vietnam-ROK FTA, which took effect recently, import petrol from ROK is taxed 10 percent, just half of the MFN tax rate. Diesel imports from ROK are taxed 5 percent, mazut zero percent, kerosene 5 percent and air fuel 5 percent, while MFN rates are 10 percent, 10 percent, 13 percent and 10 percent, respectively. A loss of VND10 trillion of dong in tax revenue from petroleum imports occurred in the first 11 months of the year The lower tariffs on imports from ROK and ASEAN countries explain why the imports from Taiwan and China have decreased sharply. Kuwait was the third largest petroleum exporter to Vietnam in 2012. But in 2016, Vietnamese enterprises have not imported products from the market. Instead of these markets, Vietnamese enterprises have found new suppliers, mostly ASEAN ones (Singapore, Malaysia and Thailand) and South…... [read more]

Vietnam Airlines gets huge loans for 2009-11 By Thuy Trieu - The Saigon Times Daily HCMC - The national flag carrier Vietnam Airlines has just signed a loan agreement to take out VND7 trillion, or some US$400 million, over the 2009-2011 period to spur its working capital and finance several projects. The short-term fund will mainly be used to import petroleum for airline operations, while the remaining VND5 trillion is middle- and long-term capital for the carrier's investment projects. Right in 2009, the State-owned lender will finance key projects of Vietnam Airlines such as a hangar for repairing wide-bodied aircraft, the Tan Son Nhat express cargo center, a pilot training center, and other projects. The hangar project will be provided with a loan of VND270 billion over 12 years, while a maximum credit line of VND50 billion over eight years will be earmarked for building Tan Son Nhat express cargo center. The agreement, termed to be a strategic cooperation deal, also specifies that Vietnam Airlines will use financial services provided by the bank in exchange. Furthermore, the two parties will become strategic investors of each other by acquiring stakes in the respective party under equitization programs. BIDV and Vietnam Airlines will also consider to establish joint-stock companies in some sectors such as plane maintenance, helicopter assembling, production of equipment for Boeing or Airbus planes, and pilot training. The two sides have so far joined forces in several projects, such as the establishment and operations of Vietnam Aircraft Leasing Company (VALC),…... [read more]

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