Hanoi (VNA) – A delegation of nearly 20 Vietnamese
businesses in various sectors has visited Bangladesh to boost trade partnership
with the South Asian nation in the first trip of its kind held by the Ministry
of Industry and Trade in five years.
The Vietnamese Embassy in Bangladesh coordinated
with the ministry and the two countries’ chambers of commerce and industry to
organise an investment and trade promotion workshop.
At the event, Bangladeshi Minister of Civil
Aviation and Tourism Rashed Khan Menon pledged to coordinate with Vietnam to
soon open a direct air route linking the two nations so as to enhance trade and
tourism. He promised to provide the best possible conditions for Vietnamese
firms to invest in potential industries of his country such as technology and
Minister of Commerce Tofail Ahmed called on
Vietnamese enterprises to invest in Bangladesh and asked the Vietnamese
Government to create favourable conditions for his country’s pharmaceutical
products to enter Vietnam.
Noting the progress in economic and trade ties,
Vietnamese Ambassador to Bangladesh Tran Van Khoa said bilateral trade reached
about 400 million USD in the first half of 2017, up 40 percent year on year.
He stressed to develop sustainable and win-win
trade relations, businesses of both sides should diversify their export items,
instead of depending on just few strong products like they have done so far.
[Infographics: Vietnam – Bangladesh relations]
Bangladesh is assessed as a potential market
with a population of over 160 million, rapid economic growth and young and
abundant workforce. It is considered a gateway for Vietnamese goods to enter
other South Asian markets.
Meanwhile, it also has a number of potential
commodities for export to Vietnam such as jute and jute products, ceramics and
At the workshop, some Vietnamese firms also
signed export contracts with Bangladeshi partners at a total value of 60,000
Aside from the event, the Vietnamese Embassy
worked with the Federation of Bangladesh Chambers of Commerce and Industries to
hold a meeting to listen to businesses’ proposals and help address problems
facing their activities.
During their stay, the Vietnamese delegation
surveyed the Bangladesh market and visited automobile and motor maker Runner
and electric and electronic device producer Rahimafrooz.-VNA
The Vietnamese and Bangladeshi governments signed a memorandum of understanding (MoU) on rice trading in Hanoi on April 18. The MoU was inked by Vietnamese Minister of Industry and Trade Vu Huy Hoang and Bangladeshi Minister of Food and Disaster Management Muhammad Abdur Razzaque. The MoU is expected to create a legal foundation for the two countries to establish stable rice trading ties and contribute to boosting their strategic partnership in food provision, said Minister Hoang. On that basis, Vietnam will continue to affirm its position as one of the world's leading rice exporters and raise its active role in ensuring regional and international food security, he said. Minister Hoang took the occasion to announce that Vietnam will expand parboiled rice exports to Bangladesh to meet the country's huge demand. According to MoIT's Africa-West Asia-South Asia Markets Department , Vietnam - Bangladesh trade ties are developing fruitfully, with two-way trade reaching 288 million USD in 2010, up 250 percent over 2009. Last year, Vietnam 's exports to Bangladesh earned more than 253 million USD, a year-on-year increase of over 325 percent. The country earned 120 million USD from shipping 350,000 tonnes of rice to the market. Despite being the world's fourth largest rice producer, in 2009, Bangladesh had to import 2-3 million tonnes of food to meet the demands of an increasing population and deal with impacts of natural disasters./.... [read more]
Since the start of this year, the USD/VND exchange rate remained relatively stable, hovering around VND22,700 to the dollar. However, this period of calm is likely to end soon, as Vietnam enters its busy end-of-the-year business season. Economic expert Nguyen Tri Hieu said that Vietnamese businesses may require more foreign exchange notes to import materials and pay their overseas partners. Moreover, the US Federal Reserve (Fed) may announce further rate hikes at the end of this year, which usually pushes up the USD on the global market. “Foreign exchange has been steady since the start of 2017 thanks to the ongoing inflows of foreign investment, mild inflation, and strong liquidity at banks. However, the Vietnamese currency may depreciate by 2% at the year’s end due to seasonal reasons,” he said. Since May, the USD Index has lost 4.51%, standing at 93.46 points on August 17. This fall has greatly supported the stability of Vietnam’s currency. In fact, according to recent statistics from the National Financial Supervision Council (NFSC), rates at commercial banks dropped by 1.3% over the past seven months. In the open market, foreign exchange also went down by 1.14%. Even when the Fed hiked its interest rate 0.25% in June, the foreign exchange market in Vietnam stayed calm. The only notable difference is that Vietnam’s central daily rate, managed by the State Bank of Vietnam (SBV), edged up by 1.24%. The rate on August 17 stood at VND22,450 per…... [read more]
NDO/VNA – Trade between Vietnam and Egypt could develop strongly from the current annual level of US$400 million if the two sides make good use of cooperation opportunities. Prime Minister Nguyen Xuan Phuc made commented on this while meeting with Egyptian Minister of Investment and International Cooperation Sahar Nasr and Admiral Mohab Mamish, Chairman of the Suez Canal Authority and head of the Suez Canal Economic Zone, in Hanoi on August 22. He further stated that Vietnam readies to export its products to Egyptian supermarket chains and sell made-in-Egypt commodities in Vietnam. Shar Nasr said Egypt boasts great potential in shipbuilding and seaport use, which Vietnamese businesses could explore investment opportunities. She commented that a business forum will be held during the upcoming visit by the Egyptian President to promote bilateral cooperation. For his part, Mohab Mamish stated that a large volume of global cargo goes through the Suez canal annually. He noted that Egypt has inaugurated an economic zone to connect the Mediterranean Sea with the Asian region, hoping Vietnamese firms will study investment opportunities in the zone. PM Phuc hoped the two sides will sign cooperation agreements in trade and investment, emphasising on the bilateral cooperation potential in garment-textile, processed farm produce, and fisheries. He proposed the idea that Egypt should create favourable conditions for businesses to cooperate in oil and gas exploitation and provision of services relating to this field. The PM also suggested the inter-governmental committee devise specific…... [read more]
The Vietnamese Embassy and Vietnamese Association in Mozambique organised a friendship football tournament from August 19-20 to mark national celebrations. (Photo: Vietnamese Embassy in Mozambique) Hanoi (VNA) – The Vietnamese Embassy and Vietnamese Association in Mozambique organised a friendship football tournament from August 19-20 to mark the 72nd anniversary of the August Revolution (August 19) and National Day (September 2). The event, the third of its kind, saw the competition of four teams from Viettel’s Movitel joint venture, Vietnamese businesses and people, Mozambican Institute for Defence Studies and Maputo police. It was organised to consolidate friendship and solidarity between the two nations while promoting exchanges, experience sharing and connections between their people, contributing to building a strong Vietnamese community in the host country. Currently, there are 300 Vietnamese people living and working in Mozambique, most of whom are employees of the military-run group Viettel working for its joint venture Movitel, businessmen and guest workers. There is an increasing number of Vietnamese people in the African country as more businesses have been interested in this potential market after partial conflicts halted in some localities. In such context, it is significant to organise exchange activities to connect the Vietnamese community with the host nation.-VNA... [read more]
Many widely popular products in Vietnam seem unfamiliar to Thai consumers as they have only been imported and sold in small quantity by intermediate businesses and merchants. To settle the issue, an event named ‘Vietnamese Product Week’ has recently been organized in Bangkok, with the participation of over 40 brands from Vietnam. At the stall of Vinamit, a Vietnamese agricultural product company that has operated since 1988, Jiratha, a Thai buyer, was having a taste of the firm’s dried fruit samples and could not stop complimenting their flavor and crunchiness. Jiratha recounted trying the food during her previous trip to Phuket. As she was impressed with the quality, the Thai consumer has been looking for the product, to no avail, after she returned to Bangkok because it is not widely sold in the city. According to Vu Thanh Truc, international business manager of Vinamit, this is the first time the company has introduced its goods to the Thai market. Its merchandise was previously imported and sold by local merchants at airports and railway stations in Thailand, Truc elaborated. “We are confident that our advantages in taste and quality can compete with similar merchandise in Thailand,” the representative asserted. Like Vinamit, other Vietnamese businesses said they had been shying away from entering the Thai market due to the lack of knowledge of local consumers’ preferences and distribution systems. Bui Thi Ngoc Tuyen from the import-export department of Bich Chi Food Company said…... [read more]
There is a widespread concern that the financial obligations of businesses are too high, preventing firms from accumulating capital for business and production expansion. Vu Thi Luu Mai, standing member of the National Assembly’s Financial and Budgetary Committee, spoke with VIR’s Manh Bon about the issue. Experts have claimed that the tax burden on businesses is too high currently. Do you agree? Taking charge of overseeing law enforcement in the finance, budgetary, and state audit fields, as well as supervising the activities of diverse government agencies in the implementation of budgetary and tax policies, I am sure that the contribution Vietnamese businesses make to the state budget is not high compared to that of other countries. Between 2011 and 2015, total budget collections made up an average 23.3 per cent of Vietnam’s GDP, compared to 23 per cent in Thailand, 16.6 per cent in Indonesia, 23.4 per cent in Laos, 24.5 per cent in Malaysia, and 19.5 per cent in India. In most of these countries, budget collection only consists of taxes and fees, whereas in Vietnam, this sum also covers the contributions from crude oil, land rental, and proceeds from selling state-owned houses. If the contributions of these were excluded, taxes and fees alone would have only accounted for about 15.6 per cent of GDP. In addition, the tax rate in Vietnam continues to drop. For instance, before 2004 businesses were obliged to pay…... [read more]
The Vietnam-Eurasia Economic Union free trade agreement, which took effect last October, will cut 90% of tariffs and improve competitiveness for the goods of both sides. Last year two-way trade turnover between Vietnam and Russia reached US$2.7 billion, of which Vietnam earned US$1.7 billion from exports to Russia, up 12%. In the first half of this year, the bilateral export turnover continued to grow, fetching nearly US$1.7 billion, up 26.5%. Vietnam’s exports to Russia were valued at US$1.2 billion, up 34%. Aquatic products, vegetables, coffee, cell phones, and accessories were among hard currency earners. Duong Hoang Minh, Vietnamese Trade Councilor in Russia, says that in addition to the advantage of tax reductions, another factor is giving Vietnamese exports to Russia a boost. He noted that “Both sides have exchanged many high-ranking delegations, most recently the delegation led by the Vietnamese State President to Russia at the end of June and early July. During these visits, many economic agreements and contracts have been signed, laying a foundation for future economic cooperation between Vietnam and Russia. In addition, trade promotion activities and trade fairs have been held at Hanoi Trade Center in Moscow.” Since the beginning of this year, the Vietnamese Embassy in Russia has organized programs to link localities of Vietnam and Russia so their business communities can better understand each other’s market and increase cooperation. Garment No 10 Corporation is one Vietnamese company that has established business relations in the Russian…... [read more]
For the August 21-24 visit to Japan, the Vietnamese delegation led by Minister of Finance Dinh Tien Dung will include a number of heavyweight corporates hoping to find Japanese partners to either participate in state divestment or establish long-term presence in Vietnam. Bao Viet Holdings (BVH), FPT JSC, Vietjet Aviation JSC, Vietnam Dairy Products JSC (Vinamilk), Saigon Beer-Alcohol-Beverage Corporation (Sabeco), State Capital Investment Corporation, and Novaland Investment Group Corporation, among others, are the companies represented in the investment promotion delegation to Japan on August 21-24. The delegation, led by Minister of Finance Dinh Tien Dung, aims to appeal to Japanese investors with their stable operating platform and aspiration to expand. Vietnamese businesses looking for expansion opportunities With Sumitomo Life Insurance Company (Japan) as its strategic partner holding 18 per cent capital, as well as large foreign shareholders like Deutsche Bank AG, Target Value Fund, and CitiGroup Global Market Ltd., among others, BVH’s representative is expected to speak at the Conference on Investment Promotion in Vietnam in Japan. BVH is also one of the top companies in Vietnam in terms of capitalisation on Vietnam’s stock exchanges (over VND39 trillion—$1.7 billion on August 16), and has maintained stable business performance for several years. In 2012, Sumitomo Life became BVH’s strategic partner following HSBC’s divestment. Since then, Sumitomo Life has provided much-needed assistance for Bao Viet in developing products, diversifying distribution channels, implementing information technology in insurance…... [read more]
Prime Minister Nguyen Xuan Phuc addresses the “Viet Nam – Thailand Economic Cooperation Forum” held in Bangkok on Friday. — VNA Photo Thong Nhat Prime Minister Nguyen Xuan Phuc expressed his hope that Thai businesses would make the most of co-operation and investment opportunities in Viet Nam, especially in the context of Viet Nam promoting mergers and acquisitions along with the equitisation of State-owned enterprises (SOEs). He made the remarks while addressing the “Viet Nam – Thailand Economic Co-operation Forum” held in Bangkok on Friday. PM Phuc was attending the event as part of his three-day visit to Thailand from August 17-19 at the invitation of Thai Prime Minister Prayut Chan-o-cha. The forum, hosted by the Thai Business Association in Viet Nam, Thailand’s Kasikornbank (KBank) in co-operation with the Ministry of Planning and Investment of Viet Nam and the Vietnamese Embassy in Thailand, featured some 500 firms from both Thailand and Viet Nam. Phuc said Viet Nam was stepping up merger and acquisition (M&A) activities in combination with equitisation of State enterprises in transport, infrastructure, food, agriculture, telecommunication, trade, services, tourism and construction. The Vietnamese Government leader invited Thai businesses to become shareholders of Viet Nam’s State-owned groups and corporations. According to the PM, since the two countries established a strategic partnership in 2013, co-operation between Viet Nam and Thailand has flourished, with bilateral trade turnover increasing from US$5.78 billion in 2009 to $12.5 billion in 2016. Thailand now has…... [read more]
Speakers discuss at the conference in the southern coastal city of Phan Thiet. — VNS Photo Domestic and international experts in the sugarcane industry gathered at the fifth TTC annual international sugarcane conference in Phan Thiet City in Binh Thuan Province to discuss ways to help the Vietnamese sugarcane industry develop sustainably. The conference, under the main theme “The restructuring of Viet Nam’s sugarcane industry”, was co-organised by the Viet Nam Sugarcane and Sugar Association (VSSA) and TTC Group on Thursday and Friday. The country’s sugar output hit nearly 1.2 trillion tonnes in the 2016-17 crop, VSSA reported. This is the third continuous decline in sugar output. Slow market consumption, high inventory, complicated sugar smuggling issues and ASEAN’s imposition of a sugar import tax rate of zero per cent after 2018 have created an urgent need for Vietnamese businesses to adapt, and have forced a rethink of the whole country’s sugar industry. As the Ministry of Agriculture and Rural Development implements a policy of restructuring the agricultural sector towards enhancing added value and developing sustainably, sugar companies are constantly innovating to promote internal strength, improving their competitive position domestically and internationally. However, as many difficulties and problems still exist, the Vietnamese sugar industry needs radical solutions to be able to grow. This year’s conference attracted more than 400 guests, including leading domestic experts, policymakers, research institutes, businesses and representative farmers in the field of sugarcane and speakers from the world’s…... [read more]