[Round-up] Finance Ministry Responsible for Public Debt Management, U.S. Raises AD Duties on Vietnam’s Frozen Catfish Fillets

Tuan Minh

06:53 14/09/2017

BizLIVE - Senior parliamentarians have proposed that the Ministry of Finance be the main agency responsible for assisting the government in the management of public debt. The U.S. has imposed anti-dumping duty of $2.39 per kilogram on frozen tra fish fillets which were imported from Vietnam between August 1, 2015 and July 31, 2016.

[Round-up] Finance Ministry Responsible for Public Debt Management, U.S. Raises AD Duties on Vietnam’s Frozen Catfish Fillets

Inside the headquarters of Vietnam's Ministry of Finance.

Finance Ministry Responsible for Public Debt Management: Committee
Members of the National Assembly Standing Committee (NASC) have proposed that the Ministry of Finance be the main agency responsible for assisting the government in the management of public debt, instead of three bodies as currently stipulated in law, according to the Vietnam News Agency (VNA).
Chairman of the NA Committee for Finance and Budget Nguyen Duc Hai, said the committee thought that having a single body managing public debt is necessary to restructure the State budget, better manage public debt and ensure a stable national finance system.
Banks’ Capital Adequacy in Danger of Plunging
The State Bank of Vietnam (SBV)'s statistics show that the average capital adequacy ratio (CAR) of the banking sector has been consistently falling since the beginning of this year, reaching 12.66% at the end of May, versus 12.84% at the end of last year.
According to a recent report from the National Financial Supervisory Commission (NFSC), the minimum CAR of the entire banking system this year is estimated at 11.3%. However, experts warn that when Basel II norms are applied, banks’ CAR will plunge due to an increase in the amount of their risky assets.
U.S. Raises Anti-dumping Duties on Vietnam’s Frozen Catfish Fillets
The U.S. Department of Commerce (DOC) has imposed anti-dumping duty of $2.39 per kilogram on frozen tra fish fillets which were imported from Vietnam between August 1, 2015 and July 31, 2016 following its 13th administrative review (POR 13).
The Vietnam Association of Seafood Exporters and Producers (VASEP) has voiced its objection to the DOC’s anti-dumping tax, saying that it goes contrary to the trend of  free trade and affects Vietnam-US bilateral trade relations.
Aluminium Extrusion, Galvanized Steel Escape Australia's Anti-subsidy Duties
Australia’s Anti-Dumping Commission (ADC) will not impose anti-subsidy duties on aluminium extrusion and zinc coated (galvanized) steel imported from Vietnam, according to the trade defense department under the Vietnamese Ministry of Industry and Trade.
The ADC initiated the anti-dumping and anti-subsidy investigations into the products in August and October 2016.
Apparel Exports Predicted to Hit $30.5 Billion
Garment and textile exports may hit $30.5 billion in 2017, Vu Duc Giang, president of the Vietnam Textile Association (VITAS) said at the Cotton Day held by the association and the U.S. Cotton Council International in Ho Chi Minh City on September 12.
Giang noted that in the first eight months of 2017, the sector enjoyed growth of 9.9% year on year to $19.8 billion in exports, with the U.S. accounting for 51% of market share.
Conference Connects Japanese, Mekong Delta Firms in Environment Business
A conference was held in Can Tho City on September 12 to boost ties among enterprises operating in environment treatment in Vietnam’s Mekong Delta region and Hiroshima prefecture of Japan, VNA reported.
The event drew 60 local government officials and representatives of more than 80 firms from 13 Mekong Delta localities and eight Japanese firms specialized in waste and wastewater treatment, irrigation, aquatic farming, agriculture, husbandry and chemicals.
Seoul Metal Vietnam Company (SMV) has received approval from the Vietnamese stock market watchdog to become a public company, a necessary step to list its shares on a local stock exchange.
Established in February 2008, SMV was wholly owned by South Korea’s Metal Tech Co and is based in the Yen Phong Industrial Park in the northern province of Bac Ninh. It produces screws, bolts and hi-tech components for mobiles and other electronic products, with a capacity of 2.4 billion products per year.
The transaction volume of gold bars in Vietnam is currently hovering around 10,000 taels per day, sinking 75% from early 2013 as local appetite for the precious metal has been on the decline, VnEconomy cited data from the State Bank of Vietnam's foreign exchange department as saying.
The local gold market saw a dramatic change in early 2013 when the central bank requested credit institutions in the country to stop mobilizing and lending gold. This policy has been in place since then and banks now provide custody services to gold holdings instead.
The Vietnamese government has asked the State Bank of Vietnam (SBV), the country’s central bank, to work out ways to further reduce lending rate levels by 50 basis points so that the year’s economic growth target can be meet.
“[The SBV] needs to strive for credit growth of 21% this year to ramp up production and business,” the government said in a resolution on Tuesday.
Vietnam posted a trade deficit of nearly $842 million in the first eight months of this year, equivalent to 0.6% of the country’s exports and compared to a surplus of $2.72 billion in the same period last year, the General Department of Vietnam Customs said
The total import-export value increased 20.9% year-on-year to $270.9 billion in the period.

TUAN MINH