The Ministry of Industry and Trade said in a recent statement that many sectors in Vietnam will have a chance to grow under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including food and beverage, tobaccco, textiles, chemicals, plastics, leather, transport equipment and services. It has been estimated that the trade pact, which covers 13.5 percent of global GDP at around $10 trillion, would boost Vietnam’s GDP by 1.32 percent, and its exports by 4.04 percent by 2035, while creating jobs for 20,000-26,000 people. However, both officials and experts have warned of challenges that the pact can pose. Vo Tri Thanh, former deputy head of the Central Institute for Economic Management, said that the pact would require more breakthroughs in institutional reform towards establishing a professional, transparent and accountable state administration. "Now that CPTPP has come into force, Vietnam needs to accept the risks and challenges it brings. These … [Read more...] about Trans-Pacific trade pact takes effect in Vietnam
Trans pacific partnership vietnam
New opportunities for Japanese firms in Vietnam
Governor of Kanagawa prefecture Kuroiwa Yuji at the event (Photo: VNA) The opportunities were explored at the Vietnam - Japan Investment Cooperation Forum held in Yokohama port city, the Japanese prefecture of Kanagawa on September 7th. Speaking at the event, Governor of Kanagawa prefecture Kuroiwa Yuji said it was the fourth time the forum was held within the framework of the Vietnam Festa in Kanagawa. He said six Vietnamese firms invested in Kanagawa last year while the prefecture has invested in four industrial parks in Vietnam, adding that the annual forum will help reinforce Vietnam - Japan ties, and Vietnam - Kanagawa ties in particular. Vietnamese Ambassador to Japan Nguyen Quoc Cuong, for his part, said the investment and business environment in Vietnam is considered favourable, with the country’s GDP growth surpassing 7 percent in January-June, and predicted at 6.8 percent this year by the World Bank. Vietnam and Japan have signed and promoted the enforcement of the … [Read more...] about New opportunities for Japanese firms in Vietnam
NA deputy claims Facebook and Google won’t leave Vietnam
National Assembly deputy Luu Binh Nhuong from Ben Tre Province believes Facebook and Google are not in any haste to leave Vietnam after the cybersecurity law was passed because Vietnam is a market with huge potential. illustrative image Vietnam's legislature voted pass to the cybersecurity law which requires all foreign providers of Internet-related services to open representative offices and data centres in Vietnam on June 12. The Ministry of Public Security under the new law set to enter operation on January 1, 2019, would be able to access the data systems of private companies for investigation in cases where there is a supposed threat to national security. The firms would be forced to remove anti-state content upon request from the authorities. Vietnam is among 20 countries with the highest number of internet users in the world and was ranked 7th in the top 10 countries with the highest number of Facebook users. About 64 million Vietnamese have Facebook accounts, accounting … [Read more...] about NA deputy claims Facebook and Google won’t leave Vietnam
Vietnam’s wood industry faces difficulties in raw materials
A worker processes wooden planks at Quang Nam Industry Wood Joint Stock Company’s mill in the central province of Quang Nam (Photo: VNA) Hanoi (VNA) - Vietnam’s wood industry faces a quandary as bright export growth prospects are clouded by difficulties in finding necessary raw materials. Nguyen Ton Quyen, Vice President and General Secretary of the Vietnam Timber and Forest Product Association (VIFORES), expected a mixed bag of fortunes in the domestic wood sector this year, with a handful of new trade agreements set to take effect. Quyen said that he was certain exports of wood products from Vietnam will increase significantly, even for a country that is already the world’s third largest and ASEAN’s biggest wooden furniture exporter. He cited the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as major boosts for wood exports, opening up access to a total of 28 markets across the … [Read more...] about Vietnam’s wood industry faces difficulties in raw materials
Vietnam, Australia seek to create hi tech agricultural value chain
A workshop was held in the Mekong Delta province of An Giang on April 2 to discuss the development of hi-tech agricultural value chains between Vietnam and Australia. The provincial Department of Agriculture and Development and the Vietnam-Australia business association signed a memorandum of understanding on cooperation - Source: tuyengiaoangiang.vn Director of the provincial Department of Agriculture and Rural Development Tran Anh Thu said the event allowed local enterprises to learn about technical barriers and how to control the quality of farm produce exported to Australia and other markets in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The workshop helped to promote local agricultural products and opened up investment opportunities for local and Australian businesses, he added. Professor Scott Murray from Canberra University introduced the value chain research model, the development path of Vietnam, and the benefits of the CPTPP … [Read more...] about Vietnam, Australia seek to create hi tech agricultural value chain