Commitments The EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are two among those 13 FTAs. These high-standard new-generation FTAs have new, non-traditional contents compared with previous FTAs. Commitments in these two FTAs are expected to have positive impacts on Vietnam's administrative, legal and institutional reforms, requiring Vietnamese state management authorities to amend relevant regulations and simplify administrative procedures pertaining to the granting of investment and business licenses, as well as customs formalities and import, export procedures. Participation in these FTAs will help Vietnam enhance national competitiveness, as well as the competitiveness of the economy, businesses and products, accelerating the process of building a market economy in Vietnam. The two FTAs will contribute to forming production chains with tight linkages and assisting each other for mutual benefits, thus … [Read more...] about How to make the most of new-generation FTAs
Asean india free trade area preferential tariff certificate of origin
Businesses advised to obey rules of origin to boost exports to Asia
To seize these advantages and make the most of the opportunities presented by free trade agreements (FTAs), businesses have been advised to comply with the rules of origin set by FTAs. According to statistics released by the Ministry of Industry and Trade (MoIT), Vietnam’s exports in 2017 to ASEAN, China, Japan and the Republic of Korea reached US$21.7 billion, US$35.3 billion, US$16.8 billion and US$15 billion, respectively. During the first nine months of the year, the country’s total turnover to the Asian market surged by 21% to US$96 billion, accounting for 53.5% of total export turnover. Of which, exports to ASEAN, the Republic of Korea and India increased by 10.2%, 26.1% and 88.6% on-year, respectively. Potential remains untapped At a recent seminar on trade promotion within the Asian market, Le Hoang Tai, deputy director general of the Vietnam Trade Promotion Agency (Vietrade) under the Ministry of Industry and Trade highlighted Asia as … [Read more...] about Businesses advised to obey rules of origin to boost exports to Asia
BUSINESS NEWS IN BRIEF 23/11
Bamboo Airways and Petrolimex’s subsidiaries sign MoU Bamboo Airways Company Limited, a member of FLC Group, signed a memorandum of understanding (MoU) for co-operation with the Petrolimex Insurance Company (PJICO) and Petrolimex Aviation Fuel Joint Stock Company. The MoU was signed last week in the central province of Thanh Hoa. Under the terms, Bamboo Airways would give priority to use non-life insurance products of PJICO such as airplane insurance, airline liability insurance, machinery insurance and others as well as aviation fuel of Petrolimex. Meanwhile, the two subsidiaries of Petrolimex would give priorities to use airlines services of Bamboo. Speaking at the signing ceremony, Pham Van Thanh, Petrolimex’s chairman, said Petrolimex has been a member of the Joint Inspection Group (JIG), the world-leading organisation for the development of aviation fuel supply standards. "We committed to provide preferential to Bamboo Airways in its earlier … [Read more...] about BUSINESS NEWS IN BRIEF 23/11
BUSINESS NEWS IN BRIEF 21/8
Digital transformation imperative for Viet Nam and its neighbours “Digital transformation or lose?” is a key message raised during the second-day of the Cambodia, Laos, Myanmar, Viet Nam, and Thailand (CLMVT) Forum 2018, held in Bangkok from August 16 to 17. The session features senior policy makers and representatives from some of the most remarkable tech startups and successful SMEs from CLMVT and non-CLMVT countries who share their experiences on how to successfully integrate new technologies into their businesses and production networks. Digital transformation is an inevitable trend that start-ups and small-and-medium enterprises (SMEs) in the CLMVT region have to embrace sooner rather than later to remain in the race, said Oudet Souvannavong, President of Lao National Chamber of Commerce and Industry. “If business are not linked to technology, they will definitely lose,” Souvannavong said, adding that digital transformation is the key for business to move … [Read more...] about BUSINESS NEWS IN BRIEF 21/8
BUSINESS NEWS 7/8
PM to chair meeting on wood exports Prime Minister Nguyen Xuan Phuc will chair a meeting on wood processing industry and forestry exports in HCM City on August 8, the Ministry of Agriculture and Rural Development’s Viet Nam Administration of Forestry has announced.The forthcoming event will attract the participation of more than 500 enterprises operating in wood and representatives from foreign and domestic agencies. They will discuss measures for the fast and sustainable development of timber industry in the time to come.Statistics from the administration revealed that the country earned US$5 billion from forestry exports in the first seven months of this year, up 14 per cent year-on-year.The exports fulfilled nearly 56 per cent of the yearly target and made up 22.6 per cent of the total turnover of the agriculture sector.The US, China, Japan and South Korea were the largest forestry importers of Vietnamese timber goods. Other markets with strong growth … [Read more...] about BUSINESS NEWS 7/8