European chamber of commerce in viet nam

Vietnam, EU review bilateral trade deal implementation Minister of Industry and Trade Nguyen Hong Dien and European Commission Vice-President and EU trade commissioner Valdis Dombrovskis have co-chaired the first meeting of the EU-Vietnam Free Trade Agreement (EVFTA)'s Trade Committee. The meeting, held in online format, aimed to review the implementation of the deal and discuss issues related to trade and investment in both bilateral and multilateral frameworks. Participants adopted Decision No. 01 of the committee on its operation mechanism, which comprises regulations on its function, membership, secretariat, decision-making procedure, and information transparency. Both sides agreed to coordinate closely to speed up the implementation of the deal and cope with matters that may pose negative impacts on the operation of businesses of both sides, thus maintaining and developing the supply chain amid COVID-19 pandemic. At the meeting, the two sides also mentioned a number of … [Read more...] about VIETNAM BUSINESS NEWS JULY 21

Hai Duong to postpone receiving foreign employees and experts from August 1 Hai Duong will stop allowing foreign employees and experts to enter the province and register for isolation at hotels in the province, effective from August 1 until further notice. Foreign employees who enter the province before August 1 will still be able to go into isolation as per the regulations. They will also be allowed to register to isolate at hotels and resorts outside the province. This decision was issued on July 26 after the province has reported a new COVID-19 case after going 47 days without an infection. Hai Duong has 14 established industrial zones. 11 of these, covering 1,732 hectares of area, have had their infrastructure completed with an average occupancy rate of 82 per cent. The province is a manufacturing hub for numerous groups, including An Phat Holdings, Ford Hai Duong, printing machine manufacturer Brother Industries (Vietnam), Sumidenso Vietnam, and Hyundai Kefico Vietnam. … [Read more...] about VIETNAM BUSINESS NEWS JULY 29

Banks cut transaction fees to aid customers amid pandemic Fees of ATM and POS transactions via the National Payment Corporation of Vietnam (NAPAS) will be cut by 50-75 percent from August 1. (Photo: VNA) The State Bank of Vietnam (SBV) has directed credit institutions to reduce some transaction fees from August 1 this year to support customers amid the outbreak of the latest COVID-19 pandemic. Accordingly, fees of automatic teller machines (ATM), point of sale (POS) and interbank transactions via the SBV’s National Payment Corporation of Vietnam (NAPAS) will be cut from 50-75 percent from August 1 to the end of this year. The move was made after NAPAS announced a reduction of 50-75 percent on its service fees on electronic switching for credit institutions which means that the profits of financial institutions will not be affected by the cut. However, the SBV also expects credit institutions to make a bigger reduction for their customers than that of NAPAS. … [Read more...] about VIETNAM BUSINESS NEWS AUGUST 3

EVFTA, CPTPP bring about great economic benefits for Vietnam The Saigon Times Women work at a textiles and garments company in Go Vap District, HCMC. The EVFTA and CPTPP have significantly facilitated Vietnam’s exports to the EU and CPTPP members - PHOTO: VNA HCMC - Vietnam has enjoyed significant economic benefits, especially in terms of exports, from new-generation free trade agreements (FTAs) such as the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a report sent to the prime minister by the Ministry of Industry and Trade. Thanks to these FTAs, Vietnam’s exports to the European Union (EU) and member states of the CPTPP have seen positive achievements despite the complicated Covid-19 situation, the ministry said in the report. Data of the ministry showed that two-way trade between Vietnam and the EU reached US$55.4 billion in 2020, falling 1.8% from 2019. The country … [Read more...] about EVFTA, CPTPP bring about great economic benefits for Vietnam