Vietnam news agency

Vietnam-US trade ties have enjoyed impressive growth (Source: laodong.com.vn) Hanoi (VNA) – The Vietnam-US trade ties have enjoyed impressive growth during 26 years since the normalization of diplomatic ties. Looking back at the past 20 years in international trade, there is no relationship which has such a fast growth rate like that of the Vietnam-US trade relationship, said Nguyen Xuan Thanh , senior lecturer at Fulbright School of Public Policy and Management in Vietnam. Prof. David Dapice , leading expert on development economics in Southeast Asia, Harvard Kennedy School, Harvard University, used the word “spectacular” to describe the development of economic cooperation between Vietnam and the US. Two-way trade rose from over 400 million USD in 1995 to more than 90 billion USD in 2020. Vietnam’s total export turnover to the US from 1 billion USD in 2000 increased to 10 billion USD in 2007, mainly thanks to the bilateral trade agreement taking effect in … [Read more...] about Vietnam-US trade ties enjoy “spectacular” growth

At a factory of Nestle in Hung Yen province (Photo: baodautu.vn) Hanoi (VNA) – Recent announcements made by foreign investors on additional investment to expand production in Vietnam reflect their trust in Vietnam’s prospects for economic recovery, reported the Dau tu (Investment Review) newspaper. The Swiss company Nestle said it is pouring an additional over 130 million USD, raising its total investment in Vietnam to 730 million USD to carry out a number of its projects in the next two years. Urs Kloeti, Factory Manager of Nestle Bong Sen, was quoted by the newspaper as saying that his company believes in Vietnam’s role as an international and regional manufacturing hub in the future. Alongside Nestle, other foreign firms have committed to maintaining operations in Vietnam despite the fourth wave of COVID-19 outbreaks that have forced various localities to apply stringent preventive measures. Tetra Pak of Sweden has confirmed that it will pump 5 million EUR (5.86 … [Read more...] about Foreign investors keep trust in Vietnam’s recovery

Processing cashew nuts for export . (Photo: VNA) Hanoi (VNA) – Vietnam earned 3.15 billion USD from exporting goods to Cambodia in the first eight months of 2021, up 16.7 percent year-on-year. However, Vietnam reported a trade deficit of 354.4 million USD with Cambodia in the reviewed period. One of the reasons behind the trade deficit was increases in import turnover of six main products from Cambodia compared to the same period last year, with the imports of cashew nut and rubber witnessing the highest rises. Vietnam spent almost 1.83 billion USD on importing cashew nuts from Cambodia in the first eight months, a 7.1-fold hike year-on-year.  Meanwhile, Vietnam’s rubber imports from the neighbouring country were 5.3 times higher than the figure of the same period last year, reaching 821.8 million USD. Vietnam’s registered investment in Cambodia hit over 2.85 billion USD, mainly in agriculture, including cashew and rubber planting. Vietnamese businesses have … [Read more...] about Vietnam’s exports to Cambodia up 16.7 percent in eight months

Vietnam Airlines completes longest flight for transporting vaccines (Photo: Vietnam Airlines ) Hanoi (VNA) – A flight of Vietnam Airlines transporting COVID-19 Abdala vaccine from Cuba to Vietnam safely landed at the Noi Bai International Airport on September 26. With a total length of more than 17,000 km, and 20.5 hours of flying, this is the longest flight so far that Vietnam Airlines has operated to transport vaccines. The vaccines on the flight, which used wide-body aircraft Boeing 787-9, were kept in specialized equipment, and handed over to the authorized agency immediately after landing. Cuba's Abdala vaccine is considered one of the world's most effective COVID-19 vaccines. Previously, the Ministry of Health had conditionally approved this vaccine for emergency use in preventing and controlling the COVID-19 pandemic in the country. As a national flag carrier, Vietnam Airlines plays a key role in transporting COVID-19 vaccines. Since early 2021, with its … [Read more...] about Vietnam Airlines completes longest flight for transporting vaccines

Vietnam continues to remain an attractive investment destination in the long term. Foreign Direct Investment (FDI) commitments during the first nine months of 2021 rose by 4.4% year-on-year to US$22.15 billion, a report of the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment has shown. Production at YPE VINA in Binh Xuyen 2 Industrial Park, Vinh Phuc Province. Photo: Hoang Hung Meanwhile, the serious Covid-19 situation in southern provinces/cities has led to temporary disruption of production and a reduction of 3.5% year-on-year in FDI disbursement to around $13.28. billion. Principal Country Economist of the ADB in Vietnam Nguyen Minh Cuong said the pandemic and subsequent restriction measures are wreaking havoc on businesses as a whole, including foreign companies. Cuong, however, noted for foreign businesses, any investment decision into a country would take into account long-term considerations, and they are rarely fazed by … [Read more...] about FDI commitments to Vietnam rise nearly 5% in 9-month period

Vietnam’s tuna exports to EU see strong surge thanks to EVFTA Vietnam exported 15,870 tonnes of tuna worth 73.33 million USD to the European Union in the first half of 2021, up 39.3 percent and 31.6 percent, respectively, against the same period last year, according to a journal published by the Ministry of Industry and Trade (MoIT). The tuna shipments accounted for about 15.1 percent of Vietnam’s total seafood export value to the EU. In the second quarter of 2021, the country shipped 9,360 tonnes of tuna to this market, raking in 45.05 million USD, up 43.9 percent in volume and 59.3 percent in value from the previous quarter. The surges were attributed to tariff reductions granted to Vietnam’s tuna products under the EU-Vietnam Free Trade Agreement (EVFTA), which took effect on August 1, 2020. According to the MoIT, Vietnamese tuna was sold at 4.62 USD per kg on average to the EU in the first six months of the year, down 0.27 percent year on year. The global tuna prices … [Read more...] about VIETNAM BUSINESS NEWS SEPTEMBER 25