31 Aug 2012 Intellasia Finance Vietnam - Hong Kong Business ...

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FINANCE Vietnam finance & business 31 August 2012 Two items to join export turnover club of billion US dollars Exporters face tough China competition for US dollars 31/AUG/2012 INTELLASIA | THOI BAO NGAN HANG PAGE 2 Over the past eight months, two items reached an export turnover of approximately $1 billion, promising to be new members in the group of export commodities with export turnover of over $1 billion in the next several months. In particular, since early this year till the middle of August 2012, manioc and its products fetched an export turnover of over $926 million, nearly equalling to the export turnover of the whole year 2011 ($960 million). In addition, exports of camera, cine-camera and components in Jan-August earned over $802 million, higher than the export turnover of the whole year 2011 ($702 million). Reportedly, according to the figures from the general Department of Customs, in 2011, as many as 19 export commodities of Vietnam reached a turnover of from $1 billion onwards (excluding crude oil and gasoline), of which, apparel products topped the list with an export turnover of $14.043 billion. 31/AUG/2012 INTELLASIA | SAIGON TIMES DAILY Vietnam's exports are facing intense competition from Chinese goods in the US market, demanding that local exporters make a real breakthrough in product quality, prices and delivery time. Products exported to the US must satisfy these three requirements, stated Nguyen Duy Khien, head of the American Market Department under the Ministry of Industry and Trade. Speaking at the "US market - Opportunities for Vietnamese businesses" workshop held in Hanoi on Tuesday, Khien said the prices of Vietnamese exports are 2 percent higher than Chinese goods in the US market with one of the reasons for that - high transport costs. To reduce costs, furniture makers need to produce separable or folding products. "The US sets many strict standards. Some items from Vietnam are still well consumed in this market because our products carry US labels. "Most of the US consumers trust the labels on products rather than the country of origin. This indicates that the confidence of the US consumers in Vietnamese goods is still limited," said Khien at the workshop. According to experts, apart from traditional items like textile-garment and leatherfootwear, machinery and electronic parts are potential products that can penetrate the US market in the future. Therefore, local producers have to improve their products and seize any chance to bring their goods stateside. Speaking to the Daily on the sidelines of the workshop, Khien said the US is a huge market that imports some $2.3 trillion worth of products each year, twice as much as Germany and China. Meanwhile, Vietnam mainly exports textile-garment, leather-footwear, furniture, electronic products and seafood, which make up a very small portion of the import demand of the US market. At present, the majority of Vietnamese businesses are exporting to the US via a third party. "We need businesses that can play the role of a locomotive to directly fulfill the orders of the US," Khien stated. He informed that US companies only provide the product designs, so Vietnamese firms must find material supply themselves. "Vietnamese businesses face problems with this method, as they are accustomed to receiving materials from partners," said Khien. Production costs depend on material prices, which are volatile, causing great difficulties to producers. Therefore, Khien suggested local enterprises should join hands to supply materials to each other. In 2011, the two-way Vietnam-US trade turnover totalled over $21 billion, in which Vietnam exported $17 billion worth of products. http://english.thesaigontimes.vn/Home/business/trade/25325/ Intellasia 31 August 2012 14 / 46
FINANCE Vietnam finance & business 31 August 2012 Vietnam, Pakistan target $500m trade Canada supports Vietnam in skills training 31/AUG/2012 INTELLASIA | VNA Vietnam and Pakistan are determined to achieve the 500 million USD target of bilateral trade by December 2013. This was delivered to the second session of the Vietnam-Pakistan Joint Trade Commission in Islamabad, Pakistan on August 28-29. The Vietnamese delegation to the session was led by deputy minister of Industry and Trade Le Duong Quang. The two sides also proposed the signing of a cooperative agreement between the Trade Development Authority of Pakistan and Vietnam 's Trade Promotion Agency to help realise the target. The two sides reviewed the implementation of agreements reached at the first session in Hanoi in October last year. They deliberated on measures to enhance and promote trade between the two countries such as lifting trade barriers, increasing the exchange of information and creating conditions for their businesses to engage in trade and investment promotion programmes. During the meeting, a Memorandum of Understanding was signed wherein Pakistan recognised Vietnam as a full market economy. Pakistan called on Vietnam to create more favourable conditions for Pakistani businesses, especially the granting of visas. On this occasion, Vietnam asked Pakistan to assist the country in preventing trade fraud. Later, deputy minister Quang met with the Senior Commerce minister and the Secretary of State for the Foreign Ministry of Pakistan, during which the Pakistani side expressed its hope to enhance the relationship with Vietnam. http://en.vietnamplus.vn/Home/Vietnam-Pakistan-target-500 million-USD-trade/ 20128/28294.vnplus 31/AUG/2012 INTELLASIA | SAIGON TIMES DAILY Canada on Wednesday signed a memorandum of understanding for a skills training project, supporting Vietnam in ensuring qualified labour supply. Canadian Ambassador Deborah Chatsis and deputy minister of Planning and Investment Cao Viet Sinh signed the MOU for the Vietnam Skills for Employment Project. Building on the success of the Vietnam-Canada Community College Project in Tra Vinh Province, the project will focus on strengthening the management and leadership of technical and vocational education training institutions. Through the project, two training centers of advanced management will be created to facilitate the strengthening of the management and leadership capacities of local training institutions. A Canadian executing agency will be selected through a competitive process, and will work with the lead partner, the Vietnam National University in HCM City, as well as the provincial governments of Hau Giang, Binh Thuan and Vinh Long. Other partners include community colleges in these provinces, the National Institute for Education Management and the Vietnam Association of Community Colleges. The Ministry of Education and Training and the Ministry of Labour, Invalids and Social Affairs will provide strategic guidance for the project. This project will strengthen Canada-Vietnam relations via technical and vocational training programmes, according to an announcement from the Canadian embassy. "Community colleges have played an important role in Canada in ensuring the availability of skilled labour and establishing institutional linkages between trainers and employers," Ambassador Chatsis said in the announcement. "This approach could be equally effective in Vietnam, where increasing the pool of skilled labour is essential to ensure sustained and equitable economic growth," the diplomat added. http://english.thesaigontimes.vn/Home/business/other/25328/ Intellasia 31 August 2012 15 / 46
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