Malaysia News Gazette

Hanoi: Vietnam had attracted 6.17 billion USD in foreign direct investment (FDI) as of March 20, a year-on-year rise of 13.4%, according to the Foreign Investment Agency under the Ministry of Planning and Investment.

Specifically, in the period, 644 new projects with total registered capital of 4.77 billion USD were granted investment certificates, up 23.4% in the number of projects, and 57.9% in value year-on-year.

A total of 934.6 million USD was registered to be added to 248 existing projects and 466.2 million USD earmarked for stake purchase and capital contribution.

The disbursed foreign investment rose by 7.1% in the first quarter to reach 4.63 billion USD, a signal that the disbursement will continue the positive trend, the agency said.

Foreign investors poured capital into 17 out of 21 economic sectors, among which, the manufacturing and processing industry took the lead with total registered capital of 3.93 billion USD, a slight decrease of 1.3% from the same period last year.

The real estate se
ctor came second with total registered capital of 1.58 billion USD, 2.1 times higher than the figure of the same period last year, followed by the wholesale and retail industry and science and technology with investment of 224.8 million USD and 190.2 million USD, respectively.

The foreign investment influx came from 62 countries and territories. Singapore was the biggest investor in Vietnam in the period with total registered capital of over 2.55 billion USD, up by 51.3%, followed by Hong Kong (China) with 1.05 billion USD, 2.3 times higher.

The capital city of Hanoi was the top FDI destination with an influx of 970.8 million USD, rising by 6.1 times over the same period last year, followed by northern Bac Ninh province with 745.2 million USD./.

Source: Vietnam News Agency

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

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

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

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

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