vietnamnet 20/07/2020 19:13 GMT+7
Vietnam is expected to attract 15 Japanese firms of different sizes that will receive Japanese government’s subsidies to shift manufacturing plants out of China to diversify its supply chain.
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| Manufacturing semiconductors at MTEX – a Japanese invested company in Vietnam (Photo: Cao Thang) |
The Japanese Ministry of Economy, Trade and Industry (METI) has recently unveiled a list of 87 firms that will receive JPY 70 billion (US$653 million) to implement the scheme, according to Nikkei Asian Review.
Thirty firms will shift production to Southeast Asia, including Vietnam and Laos, while the remaining 57 firms will head to Japan.
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Pandemic-hit Indian exporters, especially in labour-intensive sectors, are expecting their fortune to plummet further, as key competitor Vietnam has clinched a free trade agreement (FTA) with the EU.
The pact will raise competition between the Asian rivals for the lucrative EU market in a range of products such as garments, footwear, marine products, plastics, rubber, leather and coffee (See the chart). Importantly, Vietnam will get duty-free access to the EU for 71% of its goods from day one and 99% after seven years but Indian supplies will continue to attract up to 9.6% duty (the maximum, among the products from labour-intensive sectors, is on garments).
A man works at an assembly line of Vinfast Auto factory in Hai Phong city, Vietnam, June 14, 2019. (Reuters file photo)
Vietnam’s economy unexpectedly grew in the second quarter, though at the slowest pace in at least a decade, as exports slumped because of the coronavirus pandemic.
Gross domestic product rose 0.36% from a year earlier, compared with a revised 3.68% in the first quarter, the General Statistics Office said Monday in Hanoi. The median estimate in a Bloomberg survey of economists was for GDP to shrink 0.9%.
Vietnam’s export-reliant economy is taking a knock as the virus disrupts global supply chains and hurts demand, but is still likely to be one of the better performers in Southeast Asia this year.
Cảnh buôn bán trên một con phố Hà Nội khi về đêm. Ảnh: CNN Travel
Fifteen Vietnamese banks have recently been named in The Asian Bankers’ AB500 ranking and survey of Asia Pacific’s strongest banks.
The banks include Vietcombank, BIDV, VietinBank and Techcombank, as well as MB, LienVietPostBank, ACB and VPBank, in addition to HDBank, TP Bank, SHB, VIB, SeABank, Sacombank and PVcomBank.
HANOI, April 14 (Reuters) – Vietnam’s government said it will target annual gross domestic product growth of 7% during the 2021-2025 period, even as the COVID-19 pandemic threatens to derail global trade and production.
The Southeast Asian country’s economy grew at its slowest pace in the first quarter of this year, at 3.8%, as the new coronavirus outbreak hit economic output.
Đọt Chuối Non 