The signing was witnessed by National Assembly Chairwoman Nguyen Thi Kim Ngan, who is on an official visit to the Republic of Korea from December 4 – 7. The MoU is important as it reflects the commitment of the two ministries to further lift two-way trade as agreed by the two countries’ top leaders at the APEC Economic Leaders’ Week held in Da Nang last year. At the signing ceremony Under the action plan, the two sides will cooperate to support Vietnamese enterprises in enhancing their competitiveness in the fields of spare part manufacturing, automobiles, garment and textiles, footwear, and electronics. They agreed to facilitate the trade of agricultural products with the establishment of a working group among the Vietnamese Ministry of Industry and Trade; the RoK’s Ministry of Trade, Industry, and Energy; and relevant ministries from both sides. The Korean side also agreed to help build the capacity of Vietnamese officials in trade … [Read more...] about Vietnam RoK ink action plan to lift bilateral trade to USD 100 bln by 2020
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Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
Billions of dollars worth of car parts exported but not from Vietnamese manufacturers VietNamNet Bridge - Vietnam spends billions of dollars to import car parts each year for domestic assembling, but it also exports billions of dollars worth of vehicle parts. However, the exporters are mostly from foreign invested enterprises (FIEs). Vietnam needs to import car parts for domestic assembling Toyota Vietnam reported that it exported $34 million worth of car parts in the first half of the year, an increase of 13 percent compared with the same period last year. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 percent over the year before. A report of the General Department of Customs (GDC) showed that the export turnover of transport vehicles and spare parts in 2017 nearly reached the $7 billion threshold, an increase of 15.4 … [Read more...] about Billions of dollars worth of car parts exported but not from Vietnamese manufacturers
FIEs contribute billions of dollars to state budget
For the first time, foreign invested enterprises’ revenue and specific contributions to Vietnam’s state budget have been revealed, with the electronics and garment-textile industries being their biggest earners. FIEs contribute billions of dollars to state budget, illustration photo The Department of Corporate Finance (DCF) under the Ministry of Finance last week released a report on foreign-invested enterprises’ (FIEs) business and production for the 2012-2016 period conducted a few months ago. Results showed that FIEs’ contributions to state coffers rose from $3.7 billion in 2012 to $4.94 billion in 2013, $5.5 billion in 2014, $6.26 billion in 2015, and $7.18 billion in 2016 (excluding contributions from crude oil exports). Tran Tu Quynh, Chairman the Bac Ninh People’s Committee, reported that South Korean giant Samsung, with its Samsung Electronics and Samsung Display facilities based in the province, has been contributing the most to the … [Read more...] about FIEs contribute billions of dollars to state budget
ASEAN-India trade likely to hit 100 billion USD by 2020
Heads of the delegations at the Delhi Dialogue in New Delhi pose for a photo (Photo: VNA) New Delhi (VNA) - ASEAN-India trade is likely to touch 100 billion USD by 2020, the news agency PTI quoted Indian Union Urban Development and Housing Minister Hardeep Singh Puri as saying. Speaking at the valedictory address at the 'Delhi Dialogue' in New Delhi on July 20 in the presence of delegation heads of ASEAN countries, Puri asserted said the economic partnership between India and ASEAN is deepening by the day and is in a "dynamic phase." He said the bilateral trade between ASEAN and India has crossed the 80-billion-USD mark, which not only shows growing confidence but also constitutes the highest volume of trade in goods that the two sides have witnessed since the signing of the FTA in 2010. He also called for stronder cooperation between ASEAN and India in the economic field. According to the minister, the ASEAN-India region together represents a combined population of … [Read more...] about ASEAN-India trade likely to hit 100 billion USD by 2020
SoftBank plans US$60 100 billion investment in solar in India: Report
Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said on Friday, as the firm looks to expand its interests into various sectors. Under CEO Masayoshi Son, SoftBank, has increasingly been seen as an investment firm, ploughing funds into a range of companies and projects outside its core telecoms business AFP/Kazuhiro NOGI Japan's SoftBank is planning to invest between $60-100 billion in a solar power project in India, a Japanese report said on Friday (Jun 15), as the firm looks to expand its interests into various sectors. The report by public broadcaster NHK comes after SoftBank announced in March it would partner Saudi Arabia on a multi-billion dollar solar project that the company's founder called the largest in the world. NHK said the massive investment in India would be funded jointly by SoftBank and Saudi Arabia, which have already partnered to create the Vision Fund investment vehicle. A spokesman for … [Read more...] about SoftBank plans US$60 100 billion investment in solar in India: Report