Vietnam Appreciates U.S. Senate’s Vote to End Catfish Inspection
Vietnam highly appreciates the U.S. Senate’s approval of a draft resolution that would repeal the U.S. Department of Agriculture’s (USDA) catfish inspection program, Foreign Ministry Spokesperson Le Hai Binh was quoted by Vietnam News Agency (VNA) as saying on May 31.
“Vietnam has repeatedly expressed its concern over the USDA’s catfish inspection program which is costly and unnecessary, and would become a non-tariff trade barrier, violating regulations set by the World Trade Organization (WTO) and the spirit of the Trans-Pacific Partnership (TPP) agreement,” he said.
Vietnam Biz Conditions Need to Improve: VCCI
The business environment of Vietnam is not good enough and needs improvement as overlapping and cumbersome administrative procedures remain the biggest shortcomings, Vu Tien Loc, president of the Vietnam Chamber of Commerce and Industry (VCCI), told People Weekly newspaper.
Administrative procedures have improved since last year, but Vietnam still lags behind other countries in the region.
Businesses face difficulties accessing resources such as capital and land. Land and other sources should be accessed under market rules. But land, natural resources and credit had been poured into some ineffective fields, which caused low productivity for the whole economy, he added.
Vietnam-Canada Trade Grows in Q1
Vietnam leads ASEAN members in bilateral trade revenue with Canada, with the figure hitting $928.97 million in the first quarter of 2016, up 11.8% year-on-year, VNA reported.
According to Statistics Canada, Canada exported $92.9 million worth of goods to Vietnam, decreasing 38.7% during the period from a year earlier. The country spent $836.1 million on Vietnamese imports, 23% higher than last year.
Vietnam Deputy PM Lures Japanese Investors in Infrastructure
The Vietnamese government will make efforts to complete a legal framework and policies to create a transparent, open and stable investment and business environment for foreign investors, including Japanese businesses, to succeed.
Deputy Prime Minister Trinh Dinh Dung made the pledge on May 31 while meeting Japanese government officials and executives of business associations, seeking to reel in more capital into infrastructure, which is defined as one of the three strategic breakthroughs to drive Vietnam’s economy, according to VNA.
EVFTA Provides Boost for Bilateral Trade, Investment Ties
The EU-Vietnam free trade agreement (EVFTA) will create a boost for trade and investment between the two sides, affirmed Deputy Minister of Industry and Trade Tran Quoc Khanh at a seminar in Hanoi
on May 31.
Vietnamese businesses need to directly approach the distribution system, study European consumers’ taste, and listen to their product feedback in order to improve product quality, the deputy minister said.
Hanoi to Introduce Investment Opportunities to Foreigners
Hanoi will hold a conference on June 4 to present investment opportunities to domestic and foreign investors.
Deputy Director of the municipal Department of Planning and Investment Vu Duy Tuan noted that the conference is a chance for Hanoi’s authorities to reiterate their commitment to creating a transparent and favorable environment for all enterprises.
Hoa Lac Hi-tech Park to Get Update
Prime Minister Nguyen Xuan Phuc has approved an updated plan for Hoa Lac High-tech Park, to be completed by 2030 on the outskirts of Hanoi, according to VNA.
Under the plan, there will be an education and training zone for universities and vocational training schools covering an area of over 123 ha. A software zone of almost 56 ha will be for software producers and software service providers.
In addition, a research and development zone spanning an area of over 263 ha will house R&D institutions or those to train, attract and support hi-tech experts. The zone is forecast to be a bridge connecting academic studies and practical applications.
HCM Stock Exchange Displays Live Foreign Trading
The Hochiminh Stock Exchange (HOSE) has allowed stock investors to view trading of foreign players in its electronic board during the trading session in a move to make the market more transparent.
Investors now will not have to wait until the end of the trading session to visualize foreigners’ trade. Local investors usually track foreign trade to make investment decisions.
Part Suppliers Ask for More Funding
A shortage of capital support for the parts supplying industry is hindering the development of the sector, which is crucial for the country’s economic development, VNA reported, citing participants at a forum held on Tuesday.
According to Nguyen Anh Son, director of the Institute for Industrial Policy and Strategy, the industry was a major driver of the nation’s industrialization progress, but investment in the industry did not parallel its achievements, given the tight state investment in the part supplying industry.
In addition, complicated procedures made access to state financial support difficult while firms were thirsting for capital to invest in equipment and technology.
The headline Nikkei Vietnam Manufacturing Purchasing Managers’ Index (PMI), which measures manufacturing performance, rose slightly to 52.7 in May from 52.3 in April, signaling a solid monthly improvement in the health of the sector.
Central to the latest strengthening of operating conditions was a marked rise in new business. The growth rate picked up to the sharpest in 12 months and was among the fastest in the survey’s history, says the report, adding new export orders also rose, albeit at a weaker pace than in April.
Southern Vietnam, where Ho Chi Minh City
is located, has become more appealing to Japanese investors as the business investment and living conditions have improved considerably, newly-appointed Chairman of the Japanese Business Association of Ho Chi Minh City (JBAH) Maeno Koji was quoted by Saigon Times as saying.
Speaking at a recent meeting with Nguyen Thanh Phong
, chairman of HCM City People’s Committee, Mr. Koji highlighted that the annual roundtable dialogues between the local government and the JBAH have helped remove hindrances for Japanese businesses in the city.