Landmark day arrives as EVFTA and IPA inked, photo MPI Facebook Today, June 30, 2019 will be remembered as a major milestone in the bilateral relationship between Vietnam and the European Union, as EU Commissioner for Trade Cecilia Malmström and Romanian Minister for Business, Trade and Entrepreneurship Ștefan-Radu Oprea flew to Vietnam to sign the EU-Vietnam Free Trade Agreement (EVFTA) and the Investment Protection Agreement (IPA) on the bloc’s behalf in Hanoi. The agreements are set to bring unprecedented benefits for both European and Vietnamese companies, consumers, and workers, while promoting respect for labour rights, environmental protection, and the fight against climate change under the Paris Agreement on Climate Change. President of the European Commission (EC) Jean-Claude Juncker said, “I welcome the decision taken today by EU members. After Singapore, the agreements with Vietnam are the second to have been concluded between the EU and a Southeast … [Read more...] about Landmark day arrives as EVFTA and IPA inked
2 day shipping when will it arrive
Illustration by Trịnh Lập Khánh Dương A GrabFood courier in HCM City is unlikely to forget the day when he stood alone on a street with 40 cups of milk tea desperately trying to call his customer. No one appeared to pick up the order. The driver received only VNĐ18,000 (US$0.8) as a delivery fee but had to pay VNĐ1.6 million ($68) in advance for the tea and did not know what to do when the order was cancelled only a few minutes before he reached the delivery address. He reported the case to GrabFood and was told they were trying to deal with it. “When we confirm that customers have cancelled the order, we will try to provide the best support for drivers including paying compensation,” a representative from GrabFood said after the incident. Not long after that, after ordering 20 cups of milk tea worth VNĐ1.2 million ($51), a girl in HCM City texted the driver … [Read more...] about Who will pay the price for cancelled online orders?
M&A makes up majority of foreign capital inflows Some US$6 billion out of US$7.63 billion in foreign investment capital pledged to HCMC last year came from capital contributions, share acquisitions and purchases of stakes from domestic businesses. HCMC vice chairman Le Thanh Liem said at a conference in Binh Duong Province on February 14 that the pledged investment capital from foreign investors for HCMC last year picked up by 15.59% against the previous year. Of these, there were 1,060 new projects, with total registered capital of US$811.68 million, and 244 projects with additional capital of over US$835 million. Last year also saw 3,283 cases in which foreign investors received approval to contribute capital, buy shares and contribute capital to domestic firms, with registered capital totalling US$5.99 billion. With these results, HCMC received around 60% of foreign capital. According to Liem, the 2014 investment law has provided a favorable legal corridor for foreign investors … [Read more...] about BUSINESS NEWS IN BRIEF 19/2
A new dumping ground?By Phuong Thao The environmental pollution threat is looming larger than ever as the nation is struggling with a huge influx of scrap from other countries. Backlogs of scrap containers have piled up at seaports across the country, posing a tough question for environment authorities on how to deal with the unwanted garbage. The volume of second-hand products imported into Vietnam has skyrocketed in recent times. In 2016, Vietnam imported more than 4.8 million tons of scrap such as iron, steel, plastic and paper. But the figure jumped to more than 6.5 million tons last year and reached as high as four million tons in the first half of this year alone. January-June plastic waste imports amounted to 277,700 tons, way above the 245,800 tons imported in all of 2016. The total value of imported scrap was put at US$1.2 billion in the year to end-June, higher than the US$1 billion recorded in all of 2016. As of July 25, a staggering 3,600 scrap shipping containers had … [Read more...] about A new dumping ground?
HCM City’s Cat Lai Port is at risk of overload due to the high amount of containers being stored for months at a time.- Photo thanhnien.vn This situation is causing both port companies and customs agencies a headache. Ngo Minh Thuan, deputy general director of Sai Gon Tan Cang (New Port) Corporation, told the newspaper that Cat Lai Port is in peak phase after the recent holiday season. At present, the amount of goods being left at Cat Lai Port is around 91.3 per cent of capacity, of that the imported goods up to nearly 120 per cent. Due to the high amount of stored goods at the port, many imported containers are being left in a queue at Cai Mep and Tan Cang – Hiep Phuoc ports, before being moved to the final destination at Cat Lai Port. In particular, at Cat Lai Port, the amount of long-day stored goods was very large, about 8,050 TEUs (1 teus equals one 20-foot container), including: 5,234 TEUs of plastic goods and waste-paper, and another 2,816 TEUs of goods that were … [Read more...] about Thousands of scarp containers stored at Cat Lai Port, threatening its production operation