Vietnam Firms Must Meet EU Woodwork Requirements
Vietnamese firms have been urged to prepare for the impending Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade (VPA/FLEGT).
The agreement is expected to generate significant opportunities for the expansion of wooden product exports to European markets.
The VPA/FLEGT is expected to conclude negotiations and be signed at the end of this year.
EVN, Agencies to Work Together on Power Plants
Electricity of Viet Nam (EVN) has pledged to continue an active and creative cooperation with relevant ministries, sectors and localities to boost the implementation of components projects in preparation for the Ninh Thuan nuclear power plant on schedule, an official has said.
Pham Minh Tuan, deputy director of the Ninh Thuan Nuclear Power Project Management Board, said on Monday EVN had also vowed to ensure the safety, security and effectiveness of the construction and operation of the nuclear plants.
Vietnam, Mexico Set up Joint Committee on Investment, Economic Cooperation
Vietnam and Mexico on February 4 signed an agreement in Auckland, New Zealand to establish a joint committee on trade, investment and economic cooperation.
The committee will be co-chaired by Vietnam’s Minister of Industry and Trade Vu Huy Hoang and Mexican Secretary of Economy Ildefonso Guajardo Vilareal, who will manage economic, trade and investment cooperation activities.
Vietnam’s Economic Freedom Index Rises
Vietnam’s economic freedom index went up 2.3 points compared to last year and reached the overall score of 54, reported the Heritage Foundation in its recently published 2016 Index of Economic Freedom.
The overall score put the country at the 131st position among the economies listed in the index. Regionally it ranked 27th in the Asia-Pacific region.
The report assessed that Vietnam has gradually been transforming itself into a more open, more market-oriented economy and is beginning to enjoy the benefits of its steady but slow integration into the global commercial system.
TPP to Provide Boost to Vietnam Property Firms
The TPP will change Vietnam’s economy in general and its real estate market in particular. It will also blur the “border” between the 12 members and create a joint economic community, Vu Thanh Hue, deputy chairman and general director of MBLand Holdings, told the Vietnam Economic Times.
Vietnamese real estate enterprises will therefore have the opportunity to test their capacity in a broader market with great potential. The challenges that will come will also be many times larger, however.
I think Vietnam’s real estate market will perform strongly in the future, he added.
Vietnam’s GDP to Grow at 6.8%: EIU
The Economist Intelligence Unit (EIU), an independent business within The Economist Group, forecasted an upbeat prospect for Vietnam’s economy with a gross domestic product growth rate expected to stand at 6.8% in 2016.
The EIU’s prognosis was spurred by Vietnam’s rational inflation rate level. The EIU said that a reduction of inflationary pressure will create favorable conditions for Vietnam to carry out numerous monetary and financial policies.
Trade ministers from the 12 countries, including Vietnam which was represented by Minister of Industry and Trade Vu Huy Hoang, signed the deal on Thursday after more than five years of tough negotiations.
The agreement will still need to be ratified by each of the member countries and is expected to come into effect in two years’ time.
The Vietnamese Ministry of Industry and Trade released the full TPP text in English, French, Spanish and Vietnam languages.