Belarus, Kyrgyzstan Ratify EAEU-Vietnam Trade Deal
The House of Representatives of Belarus and Kyrgyzstan’s national assembly on May 25 ratified the free trade agreement (FTA) between the Eurasian Economic Union (EAEU) and Vietnam, Vietnam News Agency reported.
Previously, Russia and Kazakhstan ratified the trade pact, which will lift most tariffs on goods traded among its participants.
U.S. Senate Votes to Cancel Catfish Inspection Program
The U.S. Senate has voted a bill that would repeal the U.S. Department of Agriculture (USDA)’s catfish inspection program which some senators say is wasteful, duplicative and unnecessary.
The Senate’s bill will widen the way for Vietnam’s tra and basa fish exporters who have been struggling with anti-dumping duties originated from the inspection program.
Vietnam Determined to Carry out Reforms, PM Tells ADB Director
The Vietnamese government is determined to successfully carry out reforms to stabilize the macro-economy and fuel economic growth, Prime Minister Nguyen Xuan Phuc
told Country Director of the Asian Development Bank (ADB) in Vietnam Eric Sidgwick during a reception in Hanoi on May 25.
The PM made it clear that the Vietnamese government supports ADB’s comprehensive strategy to 2030, which helps member states deal with poverty, development gap and climate change, as well as promote their private sectors, VNA reported.
HCM City to Host International Metalex Expo
Metalex Vietnam, an international exhibition on machine tools and metalworking solutions for production, will return to HCM City this October, offering opportunities for manufacturers to update new technology, expand business networks and exchange experiences with experts at seminars.
Organized at the Saigon Exhibition and Convention Center in HCM City from October 6-8, the exhibition will feature latest technology and know-how provided by 500 brands from 25 countries and is expected to attract 10,000 industry professionals, according to VNA.
Angkor Dairy Products Co Ltd, a joint venture between Vietnam’s Vinamilk and its partner in Cambodia, the BPC Company, opened the Angkor Dairy Plant, the first of the venture in Cambodia.
The plant has a total investment of $23 million and covers an area of 30,000 sq.m. In the phase 1, it will produce 19 million liters of milk, 64 million yogurt cups and 80 million cans of condensed milk.
Foreign Firms Snatch up Vietnam Logistics Industry
Vietnam’s logistics industry might become completely dominated by foreign firms which are trying to purchase large stakes from local partners, the Vietnam Investment Review reported, citing Japan’s investment firm Seiko Consult in Hanoi.
Vietnam’s existing logistics market is valued at about $50 billion. There are around 1,300 logistics firms, 5% of which are foreign-invested companies dominating the market with a share of approximately 75%. Most local firms are small-scale companies with limited capital and human resources.
Vietnam Rake in $12 Billion from Agro-forestry-fishery Export in Five Months
The total agro-forestry-fishery export turnover in the first five months of this year is estimated to reach $12.18 billion, a year-on-year increase of 4.9%, VNA reported, citing data of the Ministry of Agriculture and Rural Development.
In the reviewed period, rice export is calculated to hit over $1 billion with 2.35 million tons, up 1.2% in value but down 2.1% in volume compared with the same period in 2015.
Vietnam expects Japan to continue providing robust official development assistance (ODA
), part of a large plan to deepen the strategic partnership between the two countries, said Prime Minister Nguyen Xuan Phuc told Japanese news agencies before departing for a three-day visit to the Northeast Asian country.
Vietnam longs for Japanese ODA in the sectors of infrastructure construction, human resource training, disaster mitigation, response to climate change, economic reform and sustainable development, the PM said.
Vietnamese institutions and individuals held at least $12 billion worth of U.S. Treasury securities as of March 2016, data of the U.S. Department of the Treasury showed.
With this amount, Vietnam is listed among the 50 largest foreign holders of U.S. Treasury securities.
Joint-venture and foreign banks operating in Vietnam had a loan-to-deposit ratio (LDR) of 61.52% at the end of March 2016, the lowest in comparison with the other forms of credit institutions in the local banking system.
Their combined assets reached 816.7 trillion dong ($36.3 billion) at the end of March, swelling 8.09% from the end of 2015 and 4.72% from a month earlier, according to data of the State Bank of Vietnam, the country’s banking regulator.
Overseas investors pledged to put another $3.3 billion in Vietnam in May, bringing the foreign direct investment (FDI) in the country to $10.15 billion in the year to May 20, surging 136.4% from a year earlier, as Vietnam is seen as a bright spot in the region.
During the five-month period, foreign players won approval to invest $7.56 billion in fresh projects, jumping 155.9% year-on-year while seeking to add $2.59 billion to operational projects, up 93.3%, according to data of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment.