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Vietnam’s timber and furniture exporters will be relieved that the US investigation has been concluded. Photo:Le Toan US Trade Representative Katherine Tai announced on October 1 that an agreement had been reached with Vietnam addressing the former’s concerns regarding the Timber Section 301 investigation, which relates to environmental matters. The agreement is meant to secure Vietnam’s commitment to “keep illegally harvested or traded timber out of the supply chain and protect the environment and natural resources,” as stated by the Office of the US Trade Representative (USTR). “Ambassador Tai determined that the agreement provides a satisfactory resolution of the matter subject to investigation and that no trade action is warranted at this time,” noted the USTR. The agreement that both countries signed ended a year of anxiety for Vietnamese furniture exporters and recognises the partnership between Vietnamese manufacturers and American buyers. Vietnam had been tasked … [Read more...] about Timber deal clearing path for US trade

These vaccine doses were delivered by COVAX directly from the Pfizer manufacturing plant in Kalamazoo, Michigan. A total of 1,209,780 doses arrived in two deliveries to Ho Chi Minh City on October 7 and October 8, and a total of 789,750 doses arrived in two deliveries to Hanoi on October 8 and October 13. Previously, the U.S. donated 7.5 million doses to Vietnam in four COVAX deliveries. The latest shipments brought the total donations from the U.S. to Vietnam to 9.5 million doses, making it the largest vaccine donor to Vietnam so far. According to the U.S. Embassy in Vietnam, the U.S. and Vietnam continue to build on their longstanding cooperation with nearly USD 1 billion U.S. Government investment in Vietnam’s health infrastructure to strengthen Vietnam’s capacity to respond to the COVID-19 pandemic. In addition, the U.S. has committed more than USD 26.7 million in COVID-19 related assistance to Vietnam since the start of the pandemic. At the Global COVID-⁠19 Summit on … [Read more...] about Vietnam receives vaccine from COVAX

Revenue to state budget increases over 10 percent The revenue to the state budget in the first 9 months of this year amounted to 1,084.7 trillion VND, representing 80.75 percent of the projection and an increase of 10.75 percent over the figure recorded in the same period last year, according to the Finance Ministry. Meanwhile, the expenditure from the state coffer was estimated at 116.3 trillion VND, with the fight against the COVID-19 pandemic being prioritised. By the end of September, 29.1 trillion VND from the state budget was spend on the fight and support to those adversely affected by the pandemic. Despite the serious impacts of the pandemic, the revenue still increased year on year thanks to the economic growth momentum in the last month of last year, the ministry said. For the rest of the year, the ministry will continue accelerating administrative procedure reforms on taxation, simplifying business conditions, and joining other forces in fighting … [Read more...] about VIETNAM BUSINESS NEWS OCTOBER 16

The bipartisan South China Sea and East China Sea Sanctions Act will impose sanctions against Chinese individuals and entities that participate in Beijing’s attempts to "aggressively assert its expansive maritime and territorial claims" in the two seas, according to rubio.senate.gov, the website of Senator Marco Rubio. The South China Sea is known as the East Sea in Vietnam. Rubio is a senior member of the Senate Committee on Foreign Relations and an original co-sponsor of the legislation along with Ben Cardin, chair of the Senate Foreign Relations Subcommittee on State Department Management. It was later co-sponsored by 14 senators. They first introduced it in Senate in May 2019, and re-submitted it in May this year. A China Coast Guard vessel patrols at the disputed Scarborough Shoal April 5, 2017. Photo by Reuters Rubio and Cardin on Tuesday hailed the committee’s move. "The committee’s passage of my bipartisan bill is an important first step, and I urge the … [Read more...] about US senators draft sanctions bill targeting Chinese aggression in South China Sea

Sung Kim, the U.S. special representative on North Korea, met in Washington with his South Korean counterpart, Noh Kyu-duk, ahead of a three-way meeting Tuesday with senior Japanese official Takehiro Funakoshi. "We will seek diplomacy with the DPRK to make tangible progress that increases the security of the United States and our allies," Kim said, referring to the North by its official name, the Democratic People's Republic of Korea. "We harbor no hostile intent toward the DPRK and we are hopeful to meeting with them without conditions," Kim told reporters. But he added that the allies had "a responsibility to implement U.N. Security Council resolutions," referring to sanctions which North Korea seeks to see lifted. North Korean leader Kim Jong-un last week blamed the United States for sanctions, dismissing Washington's assertions that it does not have hostile intentions. North Korea in recent weeks has tested a long-range cruise missile, a train-launched weapon and what it … [Read more...] about US renews calls for talks with North Korea