Regarding mechanics, VNR will invest in automation of manufacturing factories so as to develop into two modern manufacturing sites to assembly locomotives and railroad cars, and produce spare parts with localisation rate increasing to 50 per cent for locomotives and over 70 per cent for railroad cars. In terms of transport, the giant will increase connection with other means of transport such as road, sea, and air while ensuring rising application of technologies to ensure safety and increase service quality, administration, operation, and capacity. … [Read more...] about BUSINESS NEWS HEADLINES MAY 25
The cuts came amid bank credit growth in the first quarter of only 1.1 per cent compared to 2.28 per cent in the same period last year as many businesses scaled down or stopped operations, experts said. … [Read more...] about VN ready to be world’s factory, but is the world?
Hanoi (VNA) - The EU-Vietnam Free Trade Agreement (EVFTA), to take effect shortly, is expected to make up for some of the losses Vietnam’s economy incurred during the COVID-19 pandemic, according to insiders. The Ministry of Industry and Trade (MoIT) said that amid a global economic crisis caused by the coronavirus outbreak, the EVFTA will play an important role in the recovery of the local economy. Echoing this, many experts said that although growth is unlikely to reach this year’s target, the trade deal with the EU will help buffer the downturn. They also believe the agreement will create opportunities for businesses to diversify markets and regain growth momentum. Vietnamese companies have long struggled to gain a foothold in the EU as they face rivals from countries with developed industries, especially China, and its product prices are usually 10-20 percent higher than those of identical goods from other countries. The EU is the world’s second-largest … [Read more...] about EVFTA to help cover some economic losses from pandemic