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He made the statement at a seminar entitled “Vietnam-Canada Supply Chains Cooperation: Present and Future” held in both virtual and in-person forms on October 15.  It aimed to explore opportunities to foster collaboration between Vietnamese and Canadian companies in supply chains in the current and post-COVID era. The Vietnamese diplomat said the friendship and the growing cooperative relationship between Vietnam and Canada provide a firm foundation for a reliable and sustainable supply chain. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), of which Vietnam and Canada are founding members, offers tax incentives for trading in both consumer goods and raw materials. This factor creates favorable conditions for trade, providing goods, services and materials for production lines in the context of the turbulent global economic environment, ensuring human and economic security of the two countries, Phong said. Echoed the opinion of Phong, Senator … [Read more...] about Room remains for Vietnam, Canada to expand trade cooperation

An overview of the meeting in Hanoi. (Photo: VNA) Hanoi (VNA) – Vietnam and Singapore should further optimise free trade agreements (FTAs) in which both sides are members such as the CPTPP and RCEP to strengthen partnership among businesses of both countries, Minister of Industry and Trade Nguyen Hong Dien has proposed. At a recent online working session with Singapore an Second Minister for Trade and Industry Tan See Leng , Dien suggested that Vietnam and Singapore, the only two countries in the region joining comprehensive agreements with the European Union and the United King, should support each other in further exploiting the markets. According to the Ministry of Industry and Trade, trade between Vietnam and Singapore has been growing. Singapore is currently Vietnam's fifth largest trading partner in ASEAN and the third biggest foreign investors in Vietnam with 62.55 billion USD in 2,769 projects. Singaporean Second Minister for Trade and Industry Tan See … [Read more...] about Optimising FTAs to bolster Vietnam-Singapore cooperation

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

Experts: Night-time economy expected to boost Hanoi tourism Ta Hien street in Hanoi Night-time economy is expected to develop Hanoi tourism, tourism experts and policymakers said. The Hanoi Old Quarter, locating in the downtown in Hoan Kiem district, is the most popular destination in the capital city. Tourists come here to explore ancient streets, craft products, local food or experience lives there. In the evening, streets become more crowded and lively with Hang Dao – Dong Xuan nigh fair and outdoor music performances. Since 2016, Hanoi has allowed Hoan Kiem district to pilot the extension of opening hour of bars and restaurants to 2am. As a result, their revenues increased by about 30 percent. Following the pilot, tourist arrivals in 2016 neared 1.4 million, up 22.8 percent from a year earlier. The figure went up to 1.95 million in 2017, nearly 2.2 million in 2018 and 2.5 million in 2019. The number of business households switching to hospitality services … [Read more...] about VIETNAM’S BUSINESS NEWS HEADLINES JUNE 23

Hanoi is scheduled to announce an economic recovery plan in line with Covid-19 control and prevention. Hanoi's authorities will provide further support for businesses to ensure it is on right track to realize the export target of US$17 billion and recover the economy this year, according to Tran Phuong Lan, acting Director of the Hanoi’s Department of Industry and Trade. "The city is set to soon announce an economic recovery plan in line with Covid-19 control and prevention, which would serve as the basis for each district, unit, or department in their own recovery plan to promote trade, services, and logistics activities, in turn stimulating consumption, investment, and tourism," Lan said. Production at Hanoi-based SunHouse Group. Photo: Hai Linh Statistics from Hanoi’s Department of Industry and Trade revealed despite the severe impacts from the fourth Covid-19 outbreak, the city’s export turnover in the third quarter still rose by nearly 1% against … [Read more...] about Hanoi stands firm on export target of US$17 billion in 2021