As part of his recent visit to Vietnam, Mark Field, Minister of State for Asia and the Pacific at the Foreign & Commonwealth Office, discussed how the UK and Vietnam can boost business ties despite the UK’s upcoming split from the European Union. Mark Field, Minister of State for Asia and the Pacific at the Foreign & Commonwealth Office This is my third visit to Vietnam over the past 12 months, which involved meetings with the Vietnamese government as part of both country’s joint strategic partnership. First of all, I would like to say that our bilateral relations continue to go from strength to strength, despite hysteria over the UK leaving the European Union (Brexit). Last year, our bilateral trade increased by 11 per cent to reach $6 billion. We are very keen to see the EU–Vietnam Free Trade Agreement (EVFTA) take effect, as we played the leading role in the deal. Ultimately, we also hope to see a similar trade agreement between our two countries, … [Read more...] about Brighter prospects for Vietnam UK ties following Brexit
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TTC Sugar inks deal with UK firm
Viet Nam News HCM CITY — TTC Attapeu Sugar Cane Sole Co., Ltd, a subsidiary of Thành Thành Công Biên Hòa JSC (TTC Sugar), will export its sugar to the European market following an agreements with the UK’s ED&F Man Sugar. The British company, the world’s third largest sugar merchant, signed two memorandums of understandings on October 26 for buying products TTC Attapeu makes in Laos, including organic golden cane sugar and golden cane sugar, for the next five years and exporting TTC Sugar’s products from the 2018-19 sugarcane crop to the European market. Organic golden cane sugar is produced by TTC Attapeu to organic standards from planting to processing, without using GMO (genetically modified organism) crops, chemical fertilisers or pesticides, bleaching powder or other chemicals. The factory has ISO 9001:2008 and ISO 14001: 2004, FSSC (Food Safety System Certification), HALAL, and Kosher certification. … [Read more...] about TTC Sugar inks deal with UK firm
UK unicorns and the magic that makes them
Viet Nam News Brian Spence, our expat financial services expert, considers some UK start-ups that have hit a valuation of US$1 billion or more in recent years – and the magic that made them. While the UK may be a relatively small country in terms of size, it punches well above its weight in terms of entrepreneurial spirit. The UK scores third globally in the OECD’s country rankings for the number of start-up businesses created (behind only the US and China). It also has far more “unicorns” than other, larger European countries – almost half in fact. As those interested in venture capital will know, a unicorn is defined as a start-up company which grows to reach a valuation of $1 billion or more. Current estimates put the number of European unicorns at 50, with 22 of these magical companies originating in the UK or based there (the number was 18 in 2016). Many of these UK unicorns are already household names; they certainly reach into every area of … [Read more...] about UK unicorns and the magic that makes them
UK seeks post Brexit trade cooperation with Vietnam
(VEN) - The 10th meeting of the UK-Vietnam Joint Economic and Trade Committee (JETCO) 2018 took place on June 11 in Manchester, the United Kingdom (UK). The event, co-chaired by UK Minister of State for Trade Policy Greg Hands and Vietnamese Deputy Minister of Industry and Trade Hoang Quoc Vuong, was aimed at removing trade barriers between the two countries. Vietnamese Deputy Minister of Industry and Trade Hoang Quoc Vuong (left) and UK Minister of State for Trade Policy Greg Hands sign a cooperation agreement The two sides affirmed their commitment to boost bilateral trade further as stated in the joint statement on the UK-Vietnam strategic partnership signed in 2010. The meeting, marking the 45th anniversary of diplomatic relations between the two countries, focused on economic and trade issues of mutual concern, easing short-term barriers to trade and improving market access for UK products exported to Vietnam, such as meat, spirits, pharmaceuticals, and … [Read more...] about UK seeks post Brexit trade cooperation with Vietnam
EU warns UK-centered China import scam may shift to Europe’s “Silk Road”
EU warns UK-centered China import scam may shift to Europe's "Silk Road" BRUSSELS (REUTERS) - European Union anti-fraud investigators suspect Greece and Hungary may have become the main EU centers of a multi-million-euro scam involving imports of Chinese clothing and footwear that uses the infrastructure of China's new "Silk Road". The large-scale fraud, which involves underdeclaring the value of imported goods to pay lower duties and sales taxes, was first uncovered in Britain, where it had gone on for years, prompting the European Commission this year to demand that London pay 2.7 billion euros (US$3.1 billion) in lost customs duties to the EU budget. Officials at the EU anti-fraud agency OLAF said they now suspected the scam could have shifted to Hungary and to the port of Piraeus in Athens, which has been majority-owned by China's state-owned COSCO Shipping since 2016. Hungarian and Greek customs data show a surge of undervalued clothing and footwear imports from China over the … [Read more...] about EU warns UK-centered China import scam may shift to Europe’s “Silk Road”