The event was co-organised by the Vietnamese Ministry of Industry and Trade and the Philippine Department of Trade and Industry, aiming to connect the business communities in the two ASEAN countries. Tran Quoc Khanh, Vietnamese Deputy Minister of Industry and Trade, said that the friendship and economic, trade and investment relations between Vietnam and the Philippines have achieved positive growth results, with the bilateral trade turnover in 2017 reaching US$4 billion, up 22% over 2016. In the first five months of 2018, the figure was at US$1.77 billion, up 15.5% over the same period last year. Currently, Vietnam and the Philippines are each other’s fifth largest trading partners in ASEAN. Especially, since the beginning of the year, the Philippines has invested US$328 million in Vietnam, ranking 35/126 countries and territories investing in the Indochina nation. However, according to Khanh, although the economic cooperation between both sides has grown steadily over the past … [Read more...] about Various potential in trade and investment between Vietnam and the Philippines
Department of trade and investment
Lawmakers urge government to improve trade and investment conditions
(VEN) - The fifth session of the 14th National Assembly (NA) ended on June 15, with lawmakers calling on the government to improve the management of investment capital, public debts, and budget overspending, as well as to ensure national financial security. Institutional improvement Some of the most important comments sounded by NA deputies during the three-week session focused on institutional improvement. Nghe An Province’s Deputy Nguyen Huu Cau suggested that the government has to crack down on corruption and legal violations in the business world, intensify tax collection, speed up investment capital disbursement for basic construction, and clearly define the responsibilities of ministries, departments and localities. Hai Phong City’s Deputy Bui Thanh Tung said the government should review and modify the system of legal documents on public investment to overcome difficulties in the disbursement process in order to bring into full play the efficiency of … [Read more...] about Lawmakers urge government to improve trade and investment conditions
DPM suggests establishing dialogue channel with U.S. Department of Treasury
Deputy PM Vuong Dinh Hue (L) meets U.S. Treasury Secretary Steven Mnuchin, Washington D.C., the U.S., June 25, 2018 - Photo: VGP/Thanh Chung The Deputy PM made that statement at his meeting with U.S. Treasury Secretary Steven Mnuchin on June 25 on the occasion of his official visit to the U.S. from June 25-27. Viet Nam values the economic and financial cooperation opportunities with the U.S. and favorable developments in the two nations’ comprehensive partnership, said Deputy PM Hue. He announced that his official visit to the U.S. is aimed at promoting the realization of reached commitments made during PM Nguyen Xuan Phuc’s official visit to the U.S. in May 2017 and U.S. President Donald Trump’s official visit to Viet Nam in November the same year. The Vietnamese leader proposed the U.S. complete procedures to ratify the bilateral agreement on avoidance of double taxation and the prevention of fiscal evasion with … [Read more...] about DPM suggests establishing dialogue channel with U.S. Department of Treasury
Trade and service sectors need revision
The development of wholesale and retail infrastructure in Viet Nam has faced its fair share of rocky moments, but the industry’s growing role in consumption has put it at the forefront of the economy. Nguyen Van Hoi, deputy director of the Domestic Market Department under the Ministry of Industry and Trade made the statement on Fridayat a conference on the role of management agencies and businesses in developing trade and services, held in Ha Noi. Hoi said the average growth of retail and consumption services revenue was 10 per cent a year from 2011-17. This meant that the revenue increased from VND3.5 trillion (US$153.5 million) in 2016 to VND4.2 trillion in 2017. In the first four months of this year, it was estimated at VND1.4 trillion, up 9.8 per cent from the same period last year. The average growth rate of combined retail and services revenue is always higher than GDP growth. “However, the trade infrastructure system has been distributed unevenly, and is focused … [Read more...] about Trade and service sectors need revision
Trade and tourism from Japan a boon for Hanoi
What preparations has Hanoi made for the upcoming conference promoting investment and tourism co-operation between Japan and Hanoi? Nguyen Gia Phuong The Hanoi conference promoting investment and tourism co-operation between Japan and Hanoi is one of the activities on the sidelines of the Japanese Cultural Exchange Festival to be held on the occasion of Vietnam and Japan celebrating 45 years of diplomatic relations. The conference aims to present Hanoi’s investment environment and opportunities, thereby attracting foreign investment capital flow from Japan to Hanoi, helping firms operating in the fields of investment and tourism to grasp information about Japanese markets, and directly meeting Japanese partners to expand co-operation in goods production. The event also provides a platform for the capital city to court capable and experienced investors to take part in Hanoi-based projects, gearing toward urban infrastructure perfection, and propelling Hanoi’s … [Read more...] about Trade and tourism from Japan a boon for Hanoi