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Vietnam to indian currency

Fresh dawn kindles for US-Vietnam relationship

February 27, 2021 by www.vir.com.vn

1532 p3 fresh dawn kindles for us vietnam relationship
Projects such as Bunge’s agribusiness are expected to increase in number through stronger US ties. Photo: Le Toan

In his first few days in office five years ago, President Donald Trump withdrew from the Trans-Pacific Partnership, which was a pillar of the Barack Obama administration’s pivot towards Asia. The remaining 11 member states have since reframed the agreement as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and President Joe Biden’s commitment to rebuilding relations with allies has sparked speculation about the US returning to the fold.

Fitch Solutions under global ratings firm Fitch Group told VIR in a statement that Vietnamese trade would receive a surefire boost should new Biden decide to rejoin the CPTPP.

“Biden stated in 2019 that the US should renegotiate parts of the CPTPP and re-assemble a coalition to counterbalance China’s perceived expansionist policies. The Trump administration withdrew from the original deal in 2017 under the pretext that it would harm US workers. A scenario where the US rejoins the CPTPP would deliver substantial tailwinds to Vietnamese exports to the US from lower tariffs in major export categories,” Fitch said.

In fact, the CPTPP may offer great windfalls to the US. Statistics from law firm Duane Morris Vietnam LLC showed that the population of the CPTPP countries exceeded 513 million people as of October 2020. The CPTPP countries account for nearly 45 per cent of US total exports and 37.6 per cent of US general imports in 2014. By cutting over 18,000 taxes in regards to CPTPP, there would be a great benefit for American importers and exporters by enabling them to enter new markets.

As the United States International Trade Commission estimates, the US exports of goods and services to the world would expand by $27.2 billion by 2032 thanks to the CPTPP, while US imports would expand by $48.9 billion.

Oliver Massmann, general director of Duane Morris Vietnam LLC, pointed out various benefits for the US if it rejoins the CPTPP. He took public procurement as an example. “Dropping the CPTPP means that the US has lost access to government procurement of other CPTPP countries, which amounts to $1.47 trillion,” he said in a letter recently sent to President Biden.

Massmann cited the International Monetary Fund’s World Economic Outlook database in October 2019 as stating that in Vietnam, government procurement’s percentage of GDP in 2019 was 12 per cent or $40.87 billion.

The great advance of the CPTPP will be that even Vietnam, Malaysia, and Brunei, which have not agreed to coverage of their government procurement before and are currently not covered by an existing US free trade agreement or government procurement agreement of the World Trade Organization, have undertaken to do so.

“This is a key export opportunity for US goods producers and services companies. Currently Chinese companies profit the most. About 90 per cent of power, mining, manufacturing, ferrous, and chemical projects of state-owned companies in Vietnam are awarded to Chinese contractors,” Massmann noted.

Furthering ties

Early this month, Vietnam’s Deputy Prime Minister, Minister of Foreign Affairs Pham Binh Minh held phone talks with US Secretary of State Antony Blinken. Both sides agreed bilateral ties have advanced across fields over the past 25 years, and pledged to cooperate in deepening ties “in a more comprehensive manner, with a focus on economy-trade-investment, overcoming war consequences, enhancing maritime capacity, fighting COVID-19, and adapting to climate change.”

It is expected that in 2021, there will be more connections and talks between both nations’ high-level leaders, investors, and enterprises.

Adam Sitkoff, executive director of the American Chamber of Commerce in Hanoi (AmCham) told VIR that he expected US-Vietnam trade and investment cooperation to further flourish thanks to several reasons including the US new administration’s positive stance towards both nations’ bilateral ties.

“As major investors here, American companies have an interest in Vietnam’s continued success. It is a new year and we welcome the incoming leaders in both countries,” Sitkoff said. “American investors are optimistic about business prospects in Vietnam and we support efforts to create a modern economy that will attract future investment and high-paying jobs for Vietnamese people. We will continue to work on lowering barriers to trade, to help the Vietnamese government make it easier to do business, and to create a high-standard, transparent, and stable business environment to ensure that all investors have fair access to that opportunity.”

Statistics from Vietnam’s Ministry of Planning and Investment showed that as of January 20, US investors registered over $9.51 billion in Vietnam for more than 1,000 valid projects, making the US the 11th-largest foreign investor in the Southeast Asian nation. In January alone, the US ranked fourth in investment in Vietnam, with total newly-registered capital of $122.2 million.

Currently many US firms are exploring opportunities in Vietnam, such as Morgan Stanley, ACORN International, General Dynamics, Nue Capital LLC, BlackRock’s Asian Credit, Lockheed Martin International, Smart City Works, Google, Columbia University, and USTelecom.

Positive impacts

Fitch Solutions believed that the incoming Biden administration will have largely positive implications for Vietnam.

“The impact on Vietnam’s trade growth should be positive, given that Biden will take a more pragmatic approach towards Vietnam’s growing trade surplus with the US, which means a lower risk of punitive trade tariffs than under Trump’s currency policies,” the Fitch Solutions statement read.

“Trump-era trade tariffs on Chinese exports and rising geopolitical tensions between China and the West have also set in motion a relocation of manufacturing to Vietnam, which is likely to continue. Should the US decide to join the CPTPP in the coming years, Vietnam would also benefit from accelerated trade expansion with the US.”

Fitch Solutions further explained that Biden is likely to take a more pragmatic view towards trade developments with its economic partners.

“In particular, we believe that the Biden administration will come to understand that Vietnam’s trade surplus with the US will grow as more manufacturers relocate to the Southeast Asian nation due to the ongoing US-China trade war. Furthermore, while there is bipartisan support in the US for a hardline stance on trade with China, we believe that a desire by the Biden administration to rebuild its relations with its allies would see an easing of the trade tensions with allied countries generated by the Trump administration. Therefore, we believe that the Biden administration will entail lower risk of further US tariffs on Vietnamese exports.”

In 2020, total export-import turnover between Vietnam and the US was $90.1 billion, up from $76 billion in 2019.

Hurdles need removing

Sitkoff from AmCham in Hanoi told VIR that though Vietnam and the US have many common foundations to further cement their trade and investment ties, he hoped Vietnam’s government will take more drastic action to remove obstacles currently facing investors.

“It is critical that US companies and investors here in Vietnam encounter an equal, level, and predictable playing field as a solid foundation, not only to attract new investment, but also to maintain and grow the investment that is already here,” Sitkoff said.

“In addition, we recommend that foreign investment limitations, an overly restrictive legal framework, and burdensome administrative procedures should be carefully reviewed and selectively relaxed to encourage increased US investment,” he suggested. “In our view, by opening its market to more US goods and services, Vietnam can help to rectify the growing trade imbalance between the two countries in a manner that benefits both countries.”

According to AmCham, one of the biggest hurdles for foreign firms including US ones in Vietnam is the tax system.

“While Vietnam’s corporate income tax rate of 20 per cent is competitive, data shows that filing and paying taxes in the country is still too high a burden compared to neighbouring countries. Too many companies are also suffering from what seems to be unfair and non-transparent reassessments with penalties and interest,” said an AmCham statement recently sent to the government. “We hope to see real progress on advanced pricing agreements which create the stability and predictability necessary for integrating into global supply chains.”

By Thanh Dat

Filed Under: Corporate US-Vietnam relationship, United States, CPTPP, Fitch Group, AmCham, Investing, US-Vietnam..., meet fresh vietnam, arron villaflor and dawn chang relationship, vietnam japan relationship, vietnam australia relationship, vietnam australia trade relationship, relationships until dawn, vietnam cambodia relationship, vietnam germany relationship, vietnam china love hate relationship, vietnam russia relationship, a fresh start in a relationship, vietnam india relationship

Vietnam, E.U. seek defense cooperation opportunities

February 28, 2021 by en.qdnd.vn

The briefing was chaired by Senior Colonel Pham Manh Thang, the department’s Deputy Director.

During the event, representatives from defense agencies and military units under the Vietnamese Ministry of National Defense were briefed on the projects “Critical Maritime Routes in the Indian Ocean”, and “Enhancing security cohesion in and with Asia”, which were presented by E.U. representatives in Belgium’s capital of Brussels.

The briefing was an activity to specify the outcomes of the second Vietnam – E.U.  defense-security online dialogue which took place last December. It was also a chance for the two sides to promote mutual understanding and seek future cooperation opportunities, contributing to developing the Vietnam – E.U. defense cooperation on the basis of mutual benefits and in accordance with each side’s needs and capabilities.

Over the past time, the defense ties between Vietnam and the E.U. have been strengthened and gradually become an important pillar in the Vietnam – E.U. comprehensive cooperation partnership.

Furthermore, the Vietnamese Ministry of National Defense and the E.U. External Action Service issued a joint press release on defense-security cooperation in August 2019.  In 2019, Vietnam and the E.U. also signed a framework agreement on Vietnam’s participation in E.U. crisis management activities (FPA) in 2019. Attentively, since 2019, Vietnam and the E.U. have co-hosted annual Vietnam – E.U. defense-security dialogues.

Translated by Mai Huong

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Remote classes a winner for yoga teacher

February 28, 2021 by vietnamnews.vn

by Hoàng Vân Anh

Hà My Yoga was founded by yoga teacher Lê Hà My and specialises in teaching beginners the basics of the spiritual discipline and how to avoid injuries in those less-than-limber early days.

Despite now being based in Sweden, she continues to teach Vietnamese students via her archive of online videos and also writes about how to use props to make it easier to practise. A book is also in the pipeline.

She first practised yoga seriously in 2016. As someone who enjoys sport and movement and had tried many different things, she found savasana — the five minutes of rest at the end of every yoga class — to be unique compared to other practices.

Later on, she aspired to teach to the standard of Indian teachers and fortunately won a scholarship for a training course at the Om Factory HANOI – School of Yoga. And that was when she underwent a change in career.

HELP FOR BEGINNERS: Hà My and one of her many props. Photo Hà My Yoga

Her previous job in HCM City didn’t have a fixed schedule and was quite stressful. She quit that job to fully focus on the 200 hours of teacher training, and when a later opportunity fell through she decided to stay in Sweden and start teaching yoga.

Within a few months, she was at it full-time, with up to 20 hours of classes a week. She practised providing instructions in both Vietnamese and Swedish simultaneously, and was also able to plan classes under any topic the studio asked of her.

“The best part about teaching at Om Factory, which is a big studio, is how I receive constant feedback from the sales team, which originates from customers,” Hà My said.

“After a year of working there, I gained so much experience that I now teach better classes and deliver better value for money to students.

“My favourite thing about practising yoga is how much calmer I have become. As a career, I’m very serious about it, to the point that I want to pass down the craft and the business to my future children and grandchildren. I used to always show up late at my old job, but that has never happened since I started teaching yoga and engaged in constant self-reflection.”

When asked why she focuses on props and beginners, Hà My said that both are interrelated. Since moving to Sweden, she must be her own boss and find her own students, so she narrowed it down to beginners.

“I learned a tip from marketing classes: non-users always outnumber users, so I wanted to target those who were entirely new to yoga,” she said.

She has come to better understand the perspective of beginners and their concern about injuries. The focus on props allows beginners to gain similar benefits from the different poses, with the goal being to later discard the props.

EASY AS 1, 2, 3: Three different stages are presented via simple illustrations for students to get into the Warrior 3 pose. Photo Hà My Yoga

The yoga market in developed countries like Sweden has now become saturated, and it’s hard to stand out. In Việt Nam, which is still a relatively new market, she feels more helpful and appreciated.

“I enjoy teaching in Vietnamese as I understand the nuances and the mindsets of Vietnamese people,” she said. “It makes giving instructions and explanations a lot simpler. And since I understand Vietnamese body structures so well, I think I want to teach Vietnamese people more.”

Hà My actually had the idea for an online video archive before COVID-19 pandemic struck.

“Online classes allow me to retain and share the same information, and so many more people can access it compared to the naturally limited number of students in a studio,” she explained. “So I systemised my knowledge into a comprehensive online class.”

Her online classess were originally targeted towards customers in Sweden. Vietnamese people also expressed interest so she made a version in Vietnamese.

PERSONAL TOUCH: Hà My also teaches yoga to the Vietnamese community in Sweden. Photo Hà My Yoga

Filming and completing full classes online wasn’t so easy for a one-person business.

“There are so many mishaps with cameras and mics,” she said. “Each class is an hour long, so if something goes wrong I have to re-record the entire class. It’s a lot harder than it seems, with filming and editing.”

While some people believe beginners should start practising in a studio, Hà My believes she can instruct them much better via her videos. Her instructions clearly explain what people often do wrong, so students can easily get into the right pose. The only difficulty is for students to practise in their own time, as it’s easy to slacken off without an official schedule.

Learning how to run her business on multiple platforms has meant acquiring a lot of new knowledge.

“Everything I did looked so amateurish early on,” she recalled. “But along the way, I figured out how to cut costs and attract more customers. It’s been hard, but I just need to keep going, because finishing it is better than perfecting it.”

Right now, Hà My is working on more videos for people who have completed her 42-hour class package. She is also teaming up with another teacher to create an online yoga platform.

Her goal for this year is to receive more help instead of doing it all by herself, to make the entire process more efficient. – VNS

Filed Under: Uncategorized Vietnam yoga, Vietnam News, Politics, Business, Economy, Society, Life, Sports, Environment, Your Say, English Through the News, Magazine, vietnam war, current..., 2 week yoga teacher training, 2 week yoga teacher training california, 2 week yoga teacher training costa rica, 2 week yoga teacher training india, 15 day yoga teacher training, 15 day 200 hour yoga teacher training, science based yoga teacher training, svaha yoga teacher training, advaita yoga teacher, ericeira yoga teacher training, maty ezraty yoga teacher, poc yoga teacher training

Open mindset needed for public-private partnership law: PM

November 12, 2019 by hanoitimes.vn

The Hanoitimes – All fields, except for security and national defense, must be open for investment, said Prime Minister Nguyen Xuan Phuc.

An open mindset is needed when it comes to drafting the Public-private partnership (PPP) Law to attract investment from all players, according to Prime Minister Nguyen Xuan Phuc.

Illustrative photo.

A specialized law on PPP is an urgent matter, Phuc said at a discussion session on the draft PPP law, which has been submitted to the National Assembly for consideration for the first time

According to Phuc, all fields, except for security and national defense, must be open for investment.

“A simplification of legal procedures would help maintain a positive investment environment, but an old mindset is restricting the country’s economic development,” said Phuc, adding foreign investors pay much attention to issues related to laws and regulations.

Meanwhile, Phuc said due to the lack of awareness about legal protection, domestic investors are still hesitant to pour money in PPP projects although locals hold huge idle resources.

“With the PPP projects, benefits would be divided among the state and investors. Prosperous people will lead to a strong country,” Phuc said.

Phuc also requested greater deregulation and transparency during the bidding process, as the state role in this case should be limited to drafting regulations and monitoring the process.

Nguyen Duc Kien, vice chairman of the Economic Committee under the National Assembly, said it is essential to maintain the principle of “the state is a fair partner of investors”, meaning that both the state and enterprises are on the “same boat” with equal risks and benefits.

However, a number of National Assembly deputies expressed concern over the risk sharing mechanism mentioned in the draft law.

The government proposed two options for risk sharing mechanism in terms of revenue. Firstly, the government would bear the maximum of 50% of losses between the actual revenue and the committed one in the contract. Secondly, the investors commit to share with the government not less than 50% of the difference in revenue between the actual and the committed figure.

A National Assembly deputy in Hanoi said such mechanism is unfair and inappropriate, as investors must bear all risks, if any, and should be applicable to special projects only.

Nguyen Van The, minister of Transport, said the risk sharing mechanism is necessary for PPP projects. In build-operate-transfer (BO) transport projects, investors normally request the government to ensure revenue and share risks, as well as a foreign currency exchange guarantee system.

The minister, however, said the percentage in the mechanism could be subject to further consideration.

Minister of Planning and Investment Nguyen Chi Dung said a guarantee mechanism for investors is one of the most controversial issues during the process of drafting PPP law.

Dung added it is vital to mobilize capital from private sources for major infrastructure projects as state capital is limited. “But if policymakers only think of the best for the state, it will be difficult to attract private investors,” asserted Dung.

“As concern about risks of a PPP project is not settled, the objective of raising funds from private investors would not be achieved, so a risk sharing mechanism is necessary,” Dung stressed.

Filed Under: Uncategorized PPP, Vietnam, foreign investment, risk sharing mechanism, BOT, transportation, infrastructure, National Assembly, Prime Minister, Public Private Partnerships, public private partnership, public private partnership models, public private partnership conference, public private partnership infrastructure, public private partnership jobs, public private partnership definition, public private partnership examples, public private partnership pdf, public private partnership healthcare, public private partnership education, public private partnership projects

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