Tuesday, October 23, 2018 4:31:50 AM - Markets open
VN-INDEX 953.51 -4.85/-0.51%
HNX-INDEX 107.55 -0.55/-0.51%
UPCOM-INDEX 52.42 -0.05/-0.09%
CPTPP lends momentum to Canadian investment
Thanhnien.vn - 6/11/2018 9:43:29 AM
 (0 ratings. You must sign in to rate.)
Key Vietnamese tariff cuts for Canadian exports
Agricultural goods
- Beef (tariffs of up to 31 per cent on fresh, chilled, and frozen beef will be eliminated within two years, and tariffs of up to 34 per cent on all other beef products will be removed within seven years);
- Pork (tariffs of up to 31 per cent on fresh, chilled, frozen, and prepared pork products will be annulled within nine years);
- Canola (tariffs of 5 per cent on canola seed will be eliminated upon entry into force, while tariffs of up to 20 per cent on canola oil will be erased within seven years); and
- Ice wine and whisky (tariffs of up to 56 per cent will be removed within ten years).
Industrial products
- Industrial machinery (tariffs of up to 25 per cent will be eliminated within eight years);
- Chemicals and plastics (tariffs of up to 31 per cent will be phased out within ten years);
- Metals and minerals (tariffs of up to 40 per cent will be annulled within 10 years); and
- Cosmetics (tariffs of up to 30 per cent will be abrogated within four years).
Prime Minister Nguyen Xuan Phuc told last week’s Vietnam-Canada Business Forum organised in Canada’s Québec city that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which is about to take effect in the near future, and Vietnam’s improved investment and business climate “will lead to a new wave and even a boom of Canadian investment in Vietnam.”
The CPTPP involves 11 countries in the Asia-Pacific region, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. Upon entry into force, the CPTPP will see the immediate elimination of the vast majority of customs tariff lines, and the gradual reduction of certain other tariffs. Gaining market access to Vietnam is of particular significance for Canada, as Vietnam is not covered by any of Canada’s previous free trade agreements (FTAs) and Vietnam also imposed steep tariffs on imports (see box).
“The CPTPP will allow Canadian companies to invest with greater confidence in Vietnam, offering them protection from unfair and discriminatory treatment as well as greater predictability and transparency,” said a Canadian government document on how the CPTPP will impact Canadian-Vietnamese trade and investment ties. “Vietnam’s commitments on financial services go beyond what it has offered in previous FTAs, creating new opportunities for Canadian financial services providers.”
PM Phuc stressed that Canada is an important partner of Vietnam in the American region. The two countries forged a comprehensive partnership last November. “The two economies boast great potential and supplement each other rather than compete with each other,” PM Phuc stressed.
Two-way trade turnover hit $3.5 billion last year. Canada currently has 168 valid investment projects in Vietnam, registered at $5.12 billion.
PM Phuc noted that to benefit people and enterprises, Vietnam has been doing its utmost to build a facilitating government of integrity and action. “Our doors are always open to welcome all of you.”
Also at the forum, several deals were inked between the two countries, including a letter of intention on co-operation between Vietnam’s Ministry of Science and Technology and Québec Fund for Scientific Research; a deal on technical assistance at Vietnamese airports between Vietnam Airlines and the National Bank of Canada; a memorandum of understanding (MoU) on educational and research co-operation between Vietnam’s National Economics University and Québec University; and an MoU on robotel smart class between Vietnam’s Hoang Thanh Technological Development and Trade Co., Ltd. and Canada’s Robotel Group.
By Nguyen Dat
Read original article here
Newer News
31/08 Vietnam, China to open new border gate pair
17/08 Cement exports record strong growth
15/08 Vietnamese steel sector amidst US-China trade war
14/08 Rubber industry faces falling export price
14/08 US’s DoC levies anti-subsidy tax on Vietnamese laminated woven sacks
08/08 US initiates anti-dumping investigation into VN’s cold rolled steel
06/08 Agro-forestry-fishery exports grow 7.8 percent in 7 months
04/08 Vietnam works hard to have “yellow card” warning removed
02/08 Plastic products exports up 20%
31/07 Retail revenue high in first seven months
Older News
09/06 Measures sought to facilitate Vietnam’s shrimp export to US
06/06 Rubber exports see robust growth in May
05/06 US to crack down on illegal shrimp imports
05/06 Vietnamese garment firms expect to navigate Australia
04/06 Demand for organic fertiliser rises
01/06 Aquatic exports rise by 10 percent in five months
30/05 Tra fish export to US increases despite anti-dumping measures
29/05 Steel firms urged to ensure material transparency
25/05 Tra fish exports to China continue to thrive
23/05 Conference highlights CPTPP’s commitments, tips for businesses
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 3:09:23 PM
VN-INDEX 953.51 -4.85/-0.51%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.