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At the talks (Photo: VNA) Hanoi (VNA) – Minister of Foreign Affairs Bui Thanh Son on June 23 held talks with his counterpart from the Republic of Korea Chung Eui Yong during which both sides agreed to boost the bilateral relations further. Chung, who is on an official visit to Vietnam from June 21 – 23, congratulated Vietnam on the success of the elections of deputies to the 15th National Assembly and all-level People’s Councils for the 2021 – 2026 tenure, and highly regarded the country as a non-permanent member of the UN Security Council for the 2020 – 2021 term. He also expressed his confidence that Vietnam will achieve more successes in socio-economic development and diplomacy in the time to come. The two FMs exchanged views on the bilateral ties and international and regional issues of mutual interest. They both reiterated the importance of maintaining and further advancing the Vietnam-RoK Strategic Cooperative Partnership . They also expressed their … [Read more...] about Vietnam, RoK seek to further advance ties

Vietnam records 1.35 billion USD trade deficit in first half of June Vietnam reported a trade deficit of 1.35 billion USD in the first half of June as exports reached only 12.3 billion USD – down nearly 2 billion USD compared to the latter half of May, the General Department of Customs has announced. Among items posting the strongest turnover decline included computers, electronics and parts with 1.06 billion USD, down 800 million USD; machinery and equipment with 1.1 billion USD, down 260 million USD; and telephones and components with 1.96 billion USD, down 50 million USD. Since the beginning of this year to mid-June, the nation’s trade value surpassed 288.6 billion USD. Of the sum, over 143.3 billion USD came from exports, up 30 percent year-on-year while the remainder of 145.3 billion USD was from imports, up 36 percent. That resulted in a trade deficit of 1.96 billion USD, the department said. According to trade experts, the above-mentioned trade deficit was … [Read more...] about VIETNAM BUSINESS NEWS JUNE 23

The index of industrial production (IIP) of May is expected to rise by 1.6 per cent compared to last month. According to data from Ho Chi Minh City Department of Industry and Trade, industrial production in the city maintained its recovery momentum as the Index of Industrial Production (IIP) of May is expected to rise 1.6 and 5 per cent compared to last month and the same period last year. In May, the cumulative IIP of the country is estimated to increase by 7.4 per cent on-year. This positive result is likely due to the efforts of businesses to fighting against COVID-19 and maintain production, helping the city recover its economy and industrial production. Accordingly, the electronics manufacturing, mechanical, pharmaceutical-rubber-plastic, and food and beverage processing industries are the four key industries leading the growth. The average growth rate of these industries in the first five months was estimated at 8.15 per cent on-year, 1.11 percentage points higher than … [Read more...] about Ho Chi Minh City industrial production to maintain recovery momentum

Electronic component production at a foreign-invested company. The disbursement of FDI capital in the first five months of 2021 was estimated at US$7.15 billion.— Photo congthuong.vn The Ministry of Planning and Investment (MPI) has announced plans to issue more specific criteria for special investment incentives to better attract foreign direct investment (FDI). The ministry is collecting opinions to finalise the draft of the Prime Minister's decision on special investment incentives, said Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc. Viet Nam needs more specific regulations on special investment incentives, especially for sectors seeking investment under Viet Nam's development plans, create more advantages when negotiating with foreign investors and competing to attract foreign investment, she said. The decision also aims to institutionalise the provisions of the Investment Law and Government Decree No 31/2021/ND-CP on issuing detailed regulations and … [Read more...] about Viet Nam to issue more specific criteria in special investment incentives