Day: March 27, 2024

Hanoi: Revenues from enterprises making key industrial products in Hanoi amounts to some 200 trillion VND (8.33 billion USD) on an annual basis, or close to 35% of the local sector’s total production value.

According to the municipal Department of Industry and Trade, the capital authorities accredited 229 products by 156 enterprises as key industrial goods. Those enterprises boast high competitiveness, capable of joining the global production and supply chains.

Tran Phuong Lan, Acting Director of the department, elaborated that the group also generates an average annual export turnover of nearly 2 billion USD, creating nearly 80,000 jobs.

From an insider’s perspective, Luong Van Thang, Chairman of the Board of Directors of the Viet Tiep Lock Joint Stock Company, said despite facing intense competition from similar products, the firm manages to maintain a large market share thanks to its continuous adoption of new technologies and production of diverse designs, colours, and materials.

Nguyen Ngoc Chung, Ge
neral Director of the Export Mechanical Tools Joint Stock Company (EMTC), highlighted the company’s orientation towards making international-standard products to serve Vietnamese people and to go global.

However, these businesses are also encountering difficulties such as limited access to capital sources, monopolistic practices, and the negative impact of the global economy.

In response, a plan has been issued for the implementation of the city’s key industrial products development project for 2021-2025, specifically outlining that all enterprises involved in the production of those products will benefit from supportive policies.

Moreover, Hanoi is set to enhance support for them in brand building, technology transfer, workforce training, and product innovation. There will also be a strong focus on trade promotion activities to facilitate their participation in global production and supply chains./.

Source: Vietnam News Agency

Quang Ninh: ASEAN member states and the Republic of Korea (RoK) have reached a consensus on the transposition of ASEAN-RoK Free Trade Agreement (AKFTA) Product Specific Rules from the Harmonised System Codes HS 2017 to HS 2022.

The agreement was reached at a three-day joint session of ASEAN and Korean experts, which wrapped up in the northern province of Quang Ninh on March 27.

This was an important conference towards the goal of converting nearly 7,000 tariff lines of the product specific rule (PSR) transposition list in the AKFTA from codes HS 2017 to HS 2022.

Min Ho Son, head of the RoK delegation, said that ensuring goods have a clear origin will help facilitate import and export and enjoy preferential tax rates.

Trinh Thi Thu Hien, Coordinator of the ASEAN-Korea PSR Transposition Project, said that the countries reviewed chapters 1 to 97 of the PSR list and agreed on the origin criteria for the majority of tariff lines.

On that basis, the Vietnamese Ministry of Industry and Trade will develop and is
sue a circular guiding the implementation of AKFTA rules of origin to update the PSR list, thereby creating favourable conditions for taking advantage of the agreement’s special preferential tax rates.

Tran Minh Trang, head of the Vietnamese delegation, stressed that the transposition work requires high concentration and consensus of the ASEAN countries and the RoK.

According to the World Customs Organisation, the HS code is regularly updated every 5 years to ensure compatibility with international commercial types and needs./.

Source: Vietnam News Agency

Hanoi: Deputy Prime Minister Tran Luu Quang received a delegation from Dongfang business association led by Pang Gangzhi, Chairman of Anzhi Group, in Hanoi on March 27.

Speaking highly of the Vietnam-China Comprehensive Strategic Cooperative Partnership which has been developing in a practical and deep fashion, Deputy PM Quang held that both sides hold tremendous cooperation potential and opportunities that can be concretised through specific projects.

He suggested the two countries work together in human resources training in AI and digital transformation, adding Vietnam is cooperating with Samsung and LG to realise its target of training 5,000 semiconductor engineers by 2030.

Pang congratulated Vietnam on the achievements it has carved out after more than 30 years of renewal and opening its door.

He said the business association comprises enterprises from a great bay area including the four cities of Guangdong, Hong Kong, Macau and Shenzen, which is the fourth largest urban area in the world, following
San Francisco and New York of the US, and Tokyo of Japan.

The area is also an innovation centre of China with total gross domestic product mounting to some 2 trillion USD, he added.

Going on a field trip to Hai Phong and Quang Ninh provinces in northern Vietnam, the Chinese delegation found that Vietnam is a potential market and said they want to land investment in the areas of high technology, digital transformation, smart urban area management, AI and big data./.

Source: Vietnam News Agency

Hanoi: The Vietnam – Canada Joint Economic Committee opened its second meeting in Hanoi on March 27, looking to enhance trade and investment collaboration.

In his opening remarks, Minister of Industry and Trade Nguyen Hong Dien affirmed that the two countries have witnessed quantum leap in the relations, ellaborating trade and investment exchange has enjoyed positive growth after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to which Vietnam and Canada are members, took effect.

He held that there is huge room for the two countries to boost cooperation, given the complementary nature of the two economies together with the collaboration frameworks that they have established.

Against the backdrop, the joint committee has an important role to play in promoting bilateral cooperation in the areas of economy, trade, investment, agriculture and science-technology, among others, he stressed, adding it should work to consolidate and strengthen the bilateral supply chain through r
eviewing the cooperation, removing roadblocks and identifying solutions and priorities in the coming time.

Meanwhile, Canadian Minister of International Trade, Export Promotion, Small Business and Economic Development Mary Ng spoke highly of Vietnam’s leading position in Canada’s Indo-Pacific Strategy (IPS) which was announced in November 2022.

She said that she is leading a commerce delegation with 250 members from nearly 200 enterprises to Vietnam from March 26 to 29 to connect trade and investment opportunities and fortify the supply chain with Vietnam so as to realise the IPS’s targets.

Co-chaired by Deputy Minister of Industry and Trade Phan Thi Thang and Deputy Minister of International Trade Rob Steward, the meeting covered various issues, including trade, investment, agriculture, energy, finance, customs, science-technology, education and training and energy transition.

Attending the event, the Business Council of Canada, the Canada-ASEAN Business Council and the Vietnam Chamber of Commerce and In
dustry suggested the Government create favourable conditions for the two sides to develop their trade and investment ties to a stronger and more effective manner in the time ahead.

The joint economic committee, established in January 2022, held its first meeting in Vancouver in July after countries open their border after COVID-19. The meeting created a new dialogue between the two governments, helping deepen the Comprehensive Partnership, with economic cooperation being an important pillar./.

Source: Vietnam News Agency