A worker of Dinh Vu Polyester Fibre Plant in the northern port city of Hai Phong. The depreciation of Chinese yuan against the US dollar brings more difficulties to Viet Nam’s yarn industry. — Photo tapchicongthuong.vn The sudden depreciation of Chinese yuan against the US dollar brings more difficulties to Viet Nam’s yarn industry, according to Viet Nam Textile and Apparel Association. Viet Nam imports cotton from the US to make yarn products for export to China. If the yuan continues to fall, Viet Nam's yarn producers will continue to face difficulties, the association said. Association chairman Vu Duc Giang told Vietnam News Agency that due to the US-China trade war, in the period from May to September 2018, Viet Nam yarn export price to China dropped from an average of US$3.05 to $2.99 per kilo, down by 1.97 per cent, causing average yarn export value each month to decrease by 2.5 per cent. According to experts, the US-China trade saw Chinese yarn importers buy … [Read more...] about Yuan price reduction affects on local industry: experts
Local industry
United States engages local industry leaders to promote U.S.-Vietnam aviation cooperation
More than 80 public and private sector representatives from both countries discussed opportunities and areas for collaboration as the two countries prepare for direct flights. In Vietnam, the U.S. Government will advance bilateral cooperation through its Indo-Pacific Strategy, capitalizing on the tremendous opportunity to collaborate with Vietnam, while strengthening Vietnam’s airport infrastructure with modern technologies that are efficient, secure, and uphold international standards. This workshop built on the momentum created by the Federal Aviation Administration’s announcement to grant Vietnam Category 1 status two months ago as well as aviation sector commercial contracts signed during President Trump’s visit to Hanoi in late February. Leaders from Astrophysics, Bechtel Enterprises, Collins Aerospace, Dow Chemical, Haskell, Honeywell, Hyster, IDSS, KPMG, Parsons, L3 Technologies, Rapiscan Systems, Sabre Corporation and UL, shared best practices to strengthen … [Read more...] about United States engages local industry leaders to promote U.S.-Vietnam aviation cooperation
FDI plays a crucial role in propelling industry and trade development
Three decades after the enactment of the Law on Foreign Investment in 1987, Vietnam has become one of the most attractive destinations of foreign direct investment (FDI) flows. As of now, FDI stands as the most dynamic development pillar with increasing contributions to national socioeconomic development. Currently, foreign-invested enterprises (FIEs) are responsible for 22-25 per cent of the total social investment capital, producing 55 per cent of the country’s total industrial production value, 70 per cent of the export value, 18 per cent of the total budget, 20 per cent of the GDP, and provides jobs to 3.7 million local workers. Industrial development FIEs have contributed to propelling the development of new industries and products, generating nearly 55 per cent of the country’s total industrial production value, helping to strengthen several major industries like petroleum, electronics, information technology, as well as cement and steel, and boost local production … [Read more...] about FDI plays a crucial role in propelling industry and trade development
Hai Phong sets to complete industry promotion plan
In 2018, the center carried out 16 industry promotion projects, totaling VND4.492 billion. This includes VND1.45 billion from the national industry promotion budget, VND1.205 billion from the local industry promotion budget, and VND1.837 billion from beneficiary units. The center has coordinated with the relevant units to organize 20 training courses for 500 trainees on sewing uppers, open booths to display typical rural industrial products, and organize an exhibition of industry and handicraft products on a scale of 150 booths. The center has provided support for four units within the framework of the programs to promote the development of technical performance models, strengthen technology transfer, and boost application of advanced machinery. According to general assessment, industry promotion projects are being implemented on schedule. Industry promotion activities from the beginning of the year have been carried out quite smoothly. To ensure early completion, the Hai Phong … [Read more...] about Hai Phong sets to complete industry promotion plan
Bac Ninh industrial parks play significant role in local economy
Yen Phong Industrial Zone (Source: Internet) Bac Ninh (VNA) – Industrial parks of the northern province of Bac Ninh have made up 70 percent of industrial production value, over 90 percent of exports and 51.7 percent of budget collection of the locality. The figures were given at a conference on August 24 to review 20 years of forming and developing local industrial parks. According to Chairman of the provincial People’s Committee Nguyen Tu Quynh, the introduction of the Management Board of Bac Ninh Industrial Parks 20 years ago is a breakthrough step showing the vision and mindset of provincial leaders in mobilising resources, investment to boost industry’s growth. After two decades, the industrial parks have become an important part of the local economy, promoting the economic structure transform, while improving the province’s capacity in production and technology transfer, enhancing production efficiency and engaging deeper into the global production … [Read more...] about Bac Ninh industrial parks play significant role in local economy