Two way trade

Prime Minister Nguyen Xuan Phuc is leading a high-level delegation of Vietnam to attend the 10th Mekong-Japan Summit in Tokyo and visit Japan from October 8-10. The trip is hoped to help lift bilateral trade to 60 billion USD in 2020. Nhat Tan Bridge - a symbol of the Vietnam-Japan friendship (Source: VNA) Over the past years, Viet Nam-Japan trade relations have grown rapidly, and Japan has always been among the top four trade partners among more than 200 countries and territories exporting to and importing goods from Vietnam. The number of Japanese companies investing in Vietnam has been on the rise along with their investment scale. Economic ties between the two countries are opening more cooperation opportunities in many areas. After 45 years of establishing diplomatic relations, Vietnam and Japan have become increasingly important partners of each other in many fields. Since the two countries upgraded the bilateral relationship to the level of Extensive Strategic … [Read more...] about Vietnam, Japan target 60 billion USD in two-way trade by 2020

Vietnam and Russia target two-way trade value of US$10 billion by 2020 - Photo: tapchitaichinh.vn Statistics released by the General Department of Vietnam Customs showed that in the first two months of 2018, Vietnam-Russia trade reached US$657.7 million. Russia spent US$343.4 million purchasing Vietnamese products, including phones and spare parts, coffee, computers, electronic products, garments and aquatic products. As compared to the same period in 2017, the strongest export growth was recorded by ceramic products (119.6 percent), followed by cashew nuts (95.6 percent) and steel (82.6 percent). Meanwhile, Vietnam disbursed US$314.2 million to import commodities from Russia, including US$73.5 million for wheat and US$71 million for steel. After the Vietnam-EAEU trade deal came into force, two-way trade between Vietnam and Russia enjoyed robust growth with a year-on-year increase of 25.4 percent to US$2.7 billion in 2016 and a rise of 30 percent to US$3.6 billion in 2017. Vietnam … [Read more...] about Vietnam-EAEU trade deal pushes exports to Russia

An industrial port in Indonesia (Source: Jakarta Post) Hanoi (VNA) – Indonesia and the Republic of Korea have signed a preliminary agreement on the Comprehensive Economic Partnership Agreement (CEPA). The CEPA is equivalent to a free trade agreement (FTA) but also focuses on a broader scope of economic cooperation.  The two countries also agreed to significantly open their service markets and ease related regulations. They plan to officially strike the CEPA in the first half of 2020. The deal has to be ratified by the respective legislatures. Two-way trade stood at 20 billion USD in 2018, up from 17.9 billion USD in 2017, according to the RoK’s government data. The RoK is striving to sign FTAs with Malaysia and the Philippines at the end of the year when the Rok-ASEAN summit is slated for November in Busan. If all the negotiations under way are successful, the RoK will have free trade deals with all the five of its top ASEAN trading partners./. VNA … [Read more...] about Indonesia, RoK sign preliminary trade deal

At the forum (Photo: VNA) HCM City (VNA) – Hundreds of enterprises of Vietnam and the United Arab Emirates (UAE) gathered at a trade and investment forum in Ho Chi Minh City on October 17. Jointly organised by the Trade Promotion Agency of the Ministry of Industry and Trade and the Vietnam Chamber of Commerce and Industry (VCCI), the event aimed to promote sustainable trade and investment cooperation and create opportunities for building business partnership between the two countries. Director of the Trade Promotion Agency Vu Ba Phu said two-way trade between Vietnam and UAE hit 4.26 billion USD in the first nine months of 2019, with Vietnam’s exports to UAE reaching nearly 4 billion USD, up 2.23 percent compared to the same period last year. Vietnam has become the largest trading partner of the UAE in Southeast Asia and the UAE is also the largest partner of Vietnam in the Middle East. Vietnam is calling on UAE businesses to invest in areas of logistics … [Read more...] about Vietnam, UAE seek to expand trade, investment links

Deputy Prime Minister Vuong Dinh Hue (right) and his Belarusian counterpart Igor Lyashenko (Photo: VNA) During their talks in Hanoi, they agreed that the two countries will join hands to effectively implement the free trade agreement between Vietnam and the Eurasian Economic Union, and the Vietnam-Belarus protocol on supporting the production of motor vehicles in Vietnam. The move aims to create breakthroughs in the bilateral economic and trade ties, thus raising the two-way trade to 500 million USD in the years to come. At the same time, the two sides will expand collaboration in agriculture, they consented. They rejoiced at the inauguration of the first Vietnam-Belarus joint auto venture, slated for September 26 in Vietnam’s northern province of Hung Yen. The two sides concurred to continue their close coordination in realising the Vietnam-Belarus programme on cooperation in science, education and culture, as well as the bilateral defence and … [Read more...] about Vietnam, Belarus seek ways to forge economic, trade, investment ties