Vietnam’s Ambassador to Poland Vu Dung joins with his wife and the rest of Vietnamese embassy staff at the charity bazaar. The occasion is held annually with the aim of raising funds to support both the elderly and poor people throughout Poland. Ambassador Dung’s wife Vo Thi Hien introduces a wide range of traditional handicraft products to international friends at the Vietnamese booth. The bazaar hosts a total of 200 booths which showcase various handicraft products and local delicacies from each respective nation. The Vietnamese handicraft products on show prove to be particularly popular among tourists in attendance. Brocade products, Ao Dai (Vietnamese traditional long dress), and cosmetics of Vietnamese origin are favourite items among visitors. … [Read more...] about Vietnamese Embassy in Poland takes part in charity bazaar
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Vietnam textile industry orders hit by African competition
Normally, by the end of a year they would have enough orders for the whole of the following year, Nguyen Van Thoi, chairman of TNG Investment and Trading JSC, which makes garments, said. But this year many businesses have said they do not have enough orders for 2020, with some reporting a 20 percent drop in orders from last year. Besides, many have not signed long-term contracts for products, only monthly or quarterly, Thoi said. A Vietnam Textile and Apparel Association (VITAS) official, who did not wish to be named, said many orders have shifted to emerging countries in Africa, while competition with textiles superpowers like China, India and Bangladesh is becoming increasingly fierce. "Even China’s orders are being transferred to countries with preferential tariff rates such as Bangladesh and Cambodia." Not only Vietnamese textile and garment producers, but also its fiber industry is facing increasing competition from foreign businesses and rivals in countries such as … [Read more...] about Vietnam textile industry orders hit by African competition
Vietnam’s business environment changing for the better: European commerce chamber
Vietnam’s government has been praised for its economic and administrative development by the European Chamber of Commerce in Vietnam (EuroCham), an organization representing over 1,000 European businesses. “The chamber appreciates the continued constructiveness and openness of the government in understanding the essential role of businesses and treating them as partners in increasing trade, investment and economic development,” EuroCham stated in the 10th edition of its Whitebook. EuroCham praised the government for cutting over 5,000 administrative procedures and creating opportunities for small and medium-sized enterprises to enter the market. “We can see positive changes and results in completing Vietnam’s regulations and law,” said Nicolas Audier, co-chairman of the chamber. The Whitebook also describes Vietnam as having one of the strongest economic growth rates in the world over the past two decades, with average annual GDP growth of 6.4 … [Read more...] about Vietnam’s business environment changing for the better: European commerce chamber
China insists economy stable after S&P lowers outlook
S&P cut its outlook from its previous assessment of "stable" on Thursday, warning that economic rebalancing away from investment towards services was taking longer than expected.Chinese foreign ministry spokesman Hong Lei said on Friday that the country was "in the process of economic transformation" and that economic fundamentals were stable. “We hope the relevant organisation can have a comprehensive understanding of China’s economic development, and make an objective judgement,” he added at a regular briefing. Beijing posted its slowest economic growth in a quarter century last year as it grappled with a tough transition away from dependence on heavy industries toward a consumer-driven growth. Fluctuations in the exchange rate and stock markets last summer and slow progress on market reforms in state-dominated sectors undermined confidence in leaders' willingness to push for change. S&P kept its rating on Chinese sovereign bonds unchanged at … [Read more...] about China insists economy stable after S&P lowers outlook
China’s tech transfer problem is growing, EU business group says
A European business lobby added that its outlook on the country's regulatory environment is "bleak." China's trading partners have long complained that their companies are often compelled to hand over prized technology in exchange for access to the world's second-largest economy. Demands by the United States that China address the problem are central to the two countries' ongoing trade war, which has seen both sides pile tariffs on billions of dollars of each other's goods. The European Union Chamber of Commerce in China said on Monday that results from its annual survey showed 20 percent of members reported being compelled to transfer technology for market access, up from 10 percent two years ago. Nearly a quarter of those who reported such transfers said the practice was currently ongoing, while another 39 percent said the transfers had occurred less than two years ago. "Unfortunately, our members have reported that compelled technology transfers not only persist, but that they … [Read more...] about China’s tech transfer problem is growing, EU business group says