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New COVID-19 cases in Indonesia, Malaysia rise sharply

March 1, 2021 by en.vietnamplus.vn

New COVID-19 cases in Indonesia, Malaysia rise sharply hinh anh 1 Illustrative image (Source: Xinhua/VNA)

Hanoi (VNA) – Indonesia ‘s Health Ministry on February 28 reported 5,560 more cases of COVID-19 and 185 more deaths in the past 24 hours, bringing the country’s total tally to 1,334,634 with 36,166 deaths.

Specifically, Jakarta recorded 2,098 new confirmed cases; West Java, 770; East Kalimantan, 374; Central Java, 327; and East Java, 324.

Meanwhile, Malaysia detected 2,437 new COVID-19 infections, the Health Ministry said on February 28, bringing the national total to 300,752.

The Health Ministry ’s Director-General Noor Hisham Abdullah said in a press statement that two of the new cases are imported and 2,435 are local transmissions.

An additional nine deaths have been reported, pushing the death toll to 1,130.

Some 3,251 patients have been released after recovery, bringing the total cured and discharged to 273,417 or 90.9 percent of all cases.

Of the remaining 26,205 active cases, 202 are being held in intensive care units ./.

VNA

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Vietnam – UK free trade agreement takes new step for bilateral ties

December 11, 2020 by hanoitimes.vn

The Hanoitimes – A trade deal in place will help ensure continuity in trade relations between the UK and Vietnam after Brexit’s transitional period ends on December 31, 2020.

Vietnam and the UK today [December 11] officially concluded the negotiation process for the UK – Vietnam Free Trade Agreement (UKVFTA).

Overview of the signing ceremony. Source: MoIT.

The agreed minutes on the conclusion of the free trade agreement negotiation were signed by Vietnam’s Minister of Industry and Trade Tran Tuan Anh and the UK International Trade Secretary Liz Truss in Hanoi.

“The agreed minutes signed today is a first major step towards the signing of the UKVFTA in the coming time,” stated Mr. Anh.

The Vietnam minister said both sides started the negotiation process for the deal since August 2018.

As the UK is set to leave the EU-Vietnam Free Trade Agreement (EVFTA) after the Brexit’s transitional period ends on December 31, 2020, a new FTA between Vietnam and the UK will help ensure the continuity in bilateral trade relations.

On her part, UK International Trade Secretary Liz Truss said the UKVFTA is a milestone for the country to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which remains a priority for the UK government next year.

The fact that most of the clauses stipulated in the UKVFTA are similar to those in the EVFTA, significantly shortening the negotiation process for the two sides.

Mr. Anh suggested with the UKVFTA, Vietnam will hold advantages compared to regional countries such as China, India, Thailand, or Malaysia, those do not have a similar deal in place with the UK.

Vietnam is set to have more opportunities in attracting investment capital, technology transfer, and tourists from the UK once the Covid-19 is rolled back, while the deal presages positive outlook for the Vietnam – UK relations on the occasion of 10 th anniversary of the establishment of strategic partnership.

Under the UKFTA commitments, six years since the coming into effect of the deal, the UK will remove import tariffs for 99.2% of goods imported from Vietnam, or 99.7% of Vietnam’s exports to the country.

The EU in its EVFTA with Vietnam provides the tariff rate quotas (TRQs) with 0% tariff rate for certain imported products. The UK, meanwhile, is set to review actual trade figure with Vietnam during the 2014-16 period to make a similar decision.

On the other hand, Vietnam will immediately remove tariff for 48.5% of goods from UK, or 64.5% of import turnover. The figure is set to rise to 91.8% or 97.1% of UK exports to Vietnam in six years.

The UK is Vietnam’s third largest trade partner in Europe, behind Germany and the Netherlands.

In 2019, Vietnam’s exports to the UK reached US$6.1 billion, the country imported nearly US$800 million worth of goods and products in return.

As of August 2020, the UK has 400 valid projects in Vietnam with total investment capital of US$3.6 billion, ranking 16 th among countries and territories having investment projects in Vietnam.

Filed Under: Uncategorized Vietnam, UK, United Kingdom, UKVFTA, trade deal, Brexit, EU, EVFTA, strategic partnership, Covid-19, coronavirus, ncov, pandemic, Liz Truss, china europe free trade agreement, india malaysia free trade agreement pdf, india malaysia free trade agreement notification, eu armenia free trade agreement, us mexico canada free trade agreement, china asean free trade agreement pdf, china-asean free trade agreement shaping future economic relations, usmca free trade agreement, africa free trade agreement, free trade agreements in the world, free trade agreements with china, free trade agreement india

Bilateral trade between UK and Vietnam surges thanks to UKVFTA

March 1, 2021 by hanoitimes.vn

The Hanoitimes – The initial results of the UK-Vietnam Free Trade Agreement promise to continue creating new impetus for economic and trade cooperation between the two countries in the coming time.

Since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on January 1, the bilateral trade turnover between the two countries has recorded a spectacular rise in the context of exports disruption due to the Covid-19 pandemic, according to the Ministry of Industry and Trade.

Vietnamese rice exports to EU. Photo: Vinaseed

According to the General Department of Vietnam Customs, in January, the total trade turnover between Vietnam and the UK reached US$657.3 million, up 78.6% over the same period last year.

Vietnam’s exports to the UK reached US$598 million worth of goods, up 84.6% compared to last January and 56.5% to last December.

Among Vietnam’s exports to the UK,  farm produce attained stable and positive growth in January, with seafood reaching US$19.7 million, representing a rise of 18.1% over the same period last year, and vegetables and fruits with US$1 million, increasing 148.6%.

Chart: Phi Nhat

Vietnamese shipments to the UK get opportunities to rise drastically and expand market share thanks to many tariff preferential treatment under the agreement, according to the MoIT.

Under the trade deal, more than 94% of the total 547 tariff lines of vegetable and fruit will be reduced to zero. Many Vietnamese key products such as litchi, longan, rambutan, dragon fruit, pineapple and melon will have more market access advantages over tropical fruits originating from rivals such as Brazil, Thailand and Malaysia, the countries that have not signed an FTA with the UK.

Chart: Phi Nhat

Shipments of the group of processing and manufacturing industries to the UK achieved an impressive growth in January such as phones and components (up 371.6% over the same period last year), followed by machinery, equipment and spare parts (109.9%), computers and electronic components (91%); iron and steel of all kinds (11%).

In 2020, the bilateral trade reached US$5.64 billion in value, in which Vietnam exported goods worth US$4.95 billion to the UK and enjoyed a trade surplus of US$4.27 billion. The UK continued to be the third largest trading partner of Vietnam in Europe, behind Germany and the Netherlands.

Filed Under: Uncategorized UKVFTA, free trade agreement, bilateral trade, tariff free trade uk, pakistan russia bilateral trade, fee free stock trading uk, fee free trading uk, china asean bilateral trade, reinvigorating eu-turkey bilateral trade, how bilateral trade is calculated, about bilateral trade in hindi, trade war vietnam, trade war vietnam benefit, trade with vietnam, us trade with vietnam

Bilateral trade between UK and Vietnam enhanced thanks to UKVFTA

March 1, 2021 by hanoitimes.vn

The Hanoitimes – The initial results of the UK-Vietnam Free Trade Agreement promise to continue creating new impetus for economic and trade cooperation between the two countries in the coming time.

Since the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on January 1, the bilateral trade turnover between the two countries has recorded a spectacular rise in the context of exports disruption due to the Covid-19 pandemic, according to the Ministry of Industry and Trade.

Vietnamese rice exports to EU. Photo: Vinaseed

According to the General Department of Vietnam Customs, in January, the total trade turnover between Vietnam and the UK reached US$657.3 million, up 78.6% over the same period last year.

Vietnam’s exports to the UK reached US$598 million worth of goods, up 84.6% compared to last January and 56.5% to last December.

Among Vietnam’s exports to the UK,  farm produce attained stable and positive growth in January, with seafood reaching US$19.7 million, representing a rise of 18.1% over the same period last year, and vegetables and fruits with US$1 million, increasing 148.6%.

Chart: Phi Nhat

Vietnamese shipments to the UK get opportunities to rise drastically and expand market share thanks to many tariff preferential treatment under the agreement, according to the MoIT.

Under the trade deal, more than 94% of the total 547 tariff lines of vegetable and fruit will be reduced to zero. Many Vietnamese key products such as litchi, longan, rambutan, dragon fruit, pineapple and melon will have more market access advantages over tropical fruits originating from rivals such as Brazil, Thailand and Malaysia, the countries that have not signed an FTA with the UK.

Chart: Phi Nhat

Shipments of the group of processing and manufacturing industries to the UK achieved an impressive growth in January such as phones and components (up 371.6% over the same period last year), followed by machinery, equipment and spare parts (109.9%), computers and electronic components (91%); iron and steel of all kinds (11%).

In 2020, the bilateral trade reached US$5.64 billion in value, in which Vietnam exported goods worth US$4.95 billion to the UK and enjoyed a trade surplus of US$4.27 billion. The UK continued to be the third largest trading partner of Vietnam in Europe, behind Germany and the Netherlands.

Filed Under: Uncategorized UKVFTA, free trade agreement, bilateral trade, vietnam trade promotion agency, trade union uk, trade union in uk, electrical trade union uk, bilateral trade flows data, bilateral trade data by country, bilateral trade statistics, stock trading uk, fair trade uk, cfd trading uk, forex trading uk, duluth trading uk

Labour demand up in the south after Tet as economy recovers

March 1, 2021 by vietnamnet.vn

Demand for workers in HCM City and other manufacturing hubs in the south has been high and rising after the Tet (Lunar New Year) holidays driven by a business recovery as COVID-19 recedes.

Labour demand up in the south after Tet as economy recovers
A company in the southern province of Binh Duong advertises job openings. Photo laodong.vn

Companies in the city’s industrial parks and export processing zones need around 12,000 workers, including 2,540 with a university degree, according to the HCM City Export Processing and Industrial Zones Authority (HEPZA).

Another 4,700 jobs are available for applicants with college and vocational education, and the rest are for manual workers, Hung Hua Quoc Hung, head of HEPZA, said.

The textile and footwear sectors have the largest demand, he added.

The HCM City Centre for Forecasting Manpower Needs and Labour Market Information said the city overall is expected to need 30,000 workers after the Tet holiday.

Do Thanh Van, deputy director of the centre, said trade, services, textile and footwear, food processing, logistics, IT, plastics, and chemicals are among the industries with the highest recruitment demand.

PouYuen Việt Nam Co. Ltd in Tan Binh District, one of the companies with the largest demand, needs more than 2,000 workers for various positions such as IT technicians, office and purchase staff, secretaries, quality management staff, and manual workers.

Le Minh Tan, director of the city Department of Labour, Invalid and Social Affairs, said all businesses have resumed operations after Tet with around 96 per cent of workers returning to work.

In Binh Duong Province, a manufacturing hub, more than 95 per cent of workers have returned, according to its Federation of Labour.

The federation also said 916 enterprises require 95,983 workers after Tet.

Dong Nai Province, another manufacturing hub, too needs thousands of workers to meet the expected increase in production this year.

Cao Duy Thai, head of the wage office at the province Department of Labour, Invalid, and Social Affairs, said the worker turnover rate during Tet this year is unusually low since more and more enterprises are offering benefits to retain workers, making it a tough to hire new staff.

Positive hiring outlook

According to ManpowerGroup Vietnam’s 2021 Employment Outlook survey, employers in various industries are expecting hiring to recover and grow in the first half of 2021 despite the continuing pandemic.

The survey polled 442 human resources and talent acquisition executives in 16 industries.

While 36.4 per cent said their businesses were slightly impacted by the pandemic, nearly 50 per cent said they still operate normally.

Some 56 per cent anticipated a payroll expansion while 37 per cent said they would maintain the headcount.

Only 6.6 per cent plan to lay off workers.

Two-thirds expect hiring to increase within the next three months, and 22 per cent foresee an expansion in the next six months.

The biggest recruitment plans in the period are in manufacturing, construction, wholesale, retail and trading, and transport and logistics.

The construction sector saw a revival thanks to economic growth, and accounts for a fifth of all companies planning to hire, the same as manufacturing.

Nguyen Thu Trang, country head of permanent recruitment, executive search and consulting services at ManpowerGroup Vietnam, said: “Thanks to the effective control measurements and the strong anti-epidemic compliance of the Vietnamese, the economy is showing signs of positive recovery. In addition, foreign investment continues to flow into Vietnam, creating more business and job opportunities.  VNS

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How a 10-second video clip sold for $6.6 million

March 1, 2021 by tuoitrenews.vn

LONDON — In October 2020, Miami-based art collector Pablo Rodriguez-Fraile spent almost $67,000 on a 10-second video artwork that he could have watched for free online. Last week, he sold it for $6.6 million.

The video by digital artist Beeple, whose real name is Mike Winkelmann, was authenticated by blockchain, which serves as a digital signature to certify who owns it and that it is the original work.

It’s a new type of digital asset – known as a non-fungible token (NFT) – that has exploded in popularity during the pandemic as enthusiasts and investors scramble to spend enormous sums of money on items that only exist online.

Blockchain technology allows the items to be publicly authenticated as one-of-a-kind, unlike traditional online objects which can be endlessly reproduced.

“You can go in the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because it doesn’t have the provenance or the history of the work,” said Rodriguez-Fraile, who said he first bought Beeple’s piece because of his knowledge of the U.S.-based artist’s work.

“The reality here is that this is very, very valuable because of who is behind it.”

Examples of NFTs range from digital artworks and sports cards to pieces of land in virtual environments or exclusive use of a cryptocurrency wallet name, akin to the scramble for domain names in the early days of the internet.“Non-fungible” refers to items that cannot be exchanged on a like-for-like basis, as each one is unique – in contrast to “fungible” assets like dollars, stocks or bars of gold.

The computer-generated video sold by Rodriguez-Fraile shows what appears to be a giant Donald Trump collapsed on the ground, his body covered in slogans, in an otherwise idyllic setting.

OpenSea, a marketplace for NFTs, said it has seen monthly sales volume grow to $86.3 million so far in February, as of Friday, from $8 million in January, citing blockchain data. Monthly sales were at $1.5 million a year ago.

“If you spend 10 hours a day on the computer, or eight hours a day in the digital realm, then art in the digital realm makes tonnes of sense – because it is the world,” said OpenSea’s co-founder Alex Atallah.

Investors caution, however, that while big money is flowing into NFTs, the market could represent a price bubble.

Like many new niche investment areas, there is the risk of major losses if the hype dies down, while there could be prime opportunities for fraudsters in a market where many participants operate under pseudonyms.

Nonetheless, auction house Christie’s has just launched its first-ever sale of digital art – a collage of 5,000 pictures, also by Beeple – which exists solely as an NFT.

Pablo Rodriguez-Fraile, Miami-based art collector, looks on at Lake Como, Italy, in this undated handout obtained by Reuters on February 28, 2021. Photo: Pablo Rodriguez-Fraile/Handout via REUTERS

Pablo Rodriguez-Fraile, Miami-based art collector, looks on at Lake Como, Italy, in this undated handout obtained by Reuters on February 28, 2021. Photo: Pablo Rodriguez-Fraile/Handout via REUTERS

Christie’s ’embraces terrifying’

Bids for the work have hit $3 million, with the sale due to close on March 11.

“We are in a very unknown territory. In the first 10 minutes of bidding we had more than a hundred bids from 21 bidders and we were at a million dollars,” said Noah Davis, specialist in post-war and contemporary art at Christie’s.

His division has never seen an online-only sale top $1 million before, he added.

In a decision that could help push cryptocurrencies further into the mainstream, the auction house that was founded in 1766 will accept payment in the digital coin Ether as well as traditional money.

“I think that this moment was inevitable and whenever institutions of any kind try to resist inevitability, it does not work out very well,” Davis said of accepting crypto payment. “And so the best thing you can do is embrace the terrifying.”

$280k for Lebron James slam dunk

NFTs could be benefiting from the hype around cryptocurrencies and blockchain, as well as virtual reality’s potential to create online worlds. The growing interest also coincides with a surge in online retail trading during lockdowns.

The start of the rush for NFTs has been linked with the launch of the U.S. National Basketball Association’s Top Shot website, which allows users to buy and trade NFTs in the form of video highlights of games.

Five months after its launch, the platform says it has over 100,000 buyers and nearly $250 million in sales. The majority of sales take place in the site’s peer-to-peer marketplace, with the NBA getting a royalty on every sale.

The volume is rapidly rising: February has seen sales totalling $198 million as of Friday, heading for a fivefold increase from January’s $44 million, Top Shot said.

Each collectible has “a unique serial number with guaranteed scarcity and protected ownership guaranteed by blockchain”, the site says. “When you own #23/49 of a legendary LeBron James dunk, you’re the only person in the world who does.”

The biggest transaction to date was on Feb. 22, when a user paid $208,000 for a video of a LeBron James slam dunk.

One major NFT enthusiast, who goes by the pseudonym “Pranksy” told Reuters he had invested $600 in an early NFT project in 2017 and has now built that up to a portfolio “worth seven figures” in NFTs and cryptocurrencies. He asked to be anonymous to protect his family’s privacy.

Pranksy said he has now spent more than $1 million on Top Shot and made about $4.7 million by reselling purchases. Reuters was unable to independently verify the figures, although NBA Top Shot confirmed he is among the site’s biggest buyers.

“I see them as investments really, much like any other collectibles and NFTs that currently exist,” he said in an interview conducted via Twitter. “I’d never watched a game of basketball before Top Shot launched.”

Images created for the launch of NBA Top Shot, an online platform which allows users to buy and trade videos of basketball highlights. Photo: Dapper Labs/via REUTERS

Images created for the launch of NBA Top Shot, an online platform which allows users to buy and trade videos of basketball highlights. Photo: Dapper Labs/via REUTERS

‘Emergence of the metaverse’

Nate Hart, a Nashville-based NFT investor who, like Pranksy, has been involved in the market since it first developed in 2017, has seen some popular digital art NFTs such as Autoglyphs and CryptoPunk surge in value.

Hart said he bought a LeBron James Cosmic NFT on NBA Top Shot for $40,000 in January, then sold it for $125,000 in February.

“We’re in awe, it just doesn’t feel real. We were in the right place, right time, got lucky, but we also took that risk,” he said.

“The space has been growing a lot. I do think that this is a little bit of a bubble. It is a bubble,” he said. “It’s hard to predict what the top will be.”

Andrew Steinwold, who launched a $6 million dollar NFT investment fund in January, warned that the majority of NFTs could become worthless in future.

But, like many backers, he is confident that some items will retain their value and that NFTs represent the future of digital ownership, paving the way for a world in which people live, socialise and make money in virtual environments.

“We’re spending a lot of our time digitally, always online, always plugged in. It makes sense to now add property rights to the mix and suddenly we have the emergence of the metaverse,” he said.

“I think it’s going to reach into the trillions of dollars one day.”

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