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Tag: trade

  • Vietnam and U.S. Conclude Dynamic Second Round of Ministerial Trade Talks

    Vietnam and U.S. Conclude Dynamic Second Round of Ministerial Trade Talks

    Vietnam and the U.S. have wrapped up their second ministerial-level meeting focused on a reciprocal trade agreement, which took place on June 4 in the enchanting city of Paris. This pivotal discussion featured Vietnamese Minister of Industry and Trade Nguyen Hong Dien and U.S. Trade Representative Jamieson Greer, who led their negotiation teams with a shared purpose: to elevate trade relations between the two nations.

    As the talks unfolded, Minister Dien presented Vietnam’s formal responses to additional proposals from the U.S., emphasizing the nation’s commitment to reaching a consensus beneficial to both parties. He expressed a strong determination to navigate the complexities of the agreement while looking out for Vietnamese interests.

    Greer reciprocated with gratitude for Vietnam’s willingness to engage in constructive dialogue and address U.S. concerns. Highlighting the strategic partnership between the two nations, he stressed the urgency of finalizing reciprocal taxation policies, which are crucial at this juncture. Greer acknowledged Vietnam’s key issues and offered potential solutions to the trickier aspects of the negotiations.

    In a spirited commitment to expedite the process, both ministers agreed to ramp up discussions before the third technical round slated for mid-June. They also directed their technical teams to enhance virtual coordination, aiming to resolve outstanding differences and foster further advancements in the negotiations.

    Ultimately, both sides reaffirmed their dedication to close collaboration and the possibility of additional high-level meetings in pursuit of a mutually advantageous outcome. As the cups of café au lait cooled, the atmosphere buzzed with optimism for the future of U.S.-Vietnam trade relations—could this be the start of a beautiful friendship?

    Questions & Answers

    What was the main focus of the recent Vietnam-U.S. meeting?
    The meeting concentrated on advancing a reciprocal trade agreement, specifically discussing previous proposals and ensuring both nations’ interests were addressed.

    Why is the issue of reciprocal taxation policies considered critical?
    Reciprocal taxation policies are seen as vital for facilitating smoother trade operations and enhancing economic relations between Vietnam and the U.S., especially as both nations navigate more complex trade dynamics.

    When is the next round of negotiations scheduled?
    The third technical round of talks is scheduled for mid-June, with both sides eager to make significant progress ahead of that meeting.

  • Vietnam Delivers First Frozen Durian Shipment to China, Opening New Trade Frontiers

    Vietnam Delivers First Frozen Durian Shipment to China, Opening New Trade Frontiers

    The recent shipment of frozen durian, arriving through the Bac Luan II border gate as part of the bustling Mong Cai (Vietnam) and Dongxing (China) border collaboration, has certainly stirred excitement. Thoroughly examined and cleared by officials, this exquisite cargo hails from Vietnam’s Lam Dong province and is now set to make its way to various food processing companies across China.

    Frozen durian isn’t just a sweet tropical treat; its long shelf life and versatility make it a darling of both consumers and food processing firms alike in China, where culinary creativity knows no bounds. With the popularity of durian on the rise, the importation of this delicacy marks a significant shift in agricultural trade between China and Vietnam, expanding the range of exotic fruits available at this vital border.

    In a move that underscores the commitment to fostering trade relations, Dongxing Customs has deployed a team of experts focused on providing thorough support and guidance to businesses navigating the import-export landscape. This means smoother sailings for enterprises keen on tapping into the growing demand.

    During his recent diplomatic mission to China, Minister of Agriculture and Environment Do Duc Duy engaged in discussions with Sun Meijun, Minister of the General Administration of Customs. Their talks, held on May 28, emphasized the need to streamline challenges associated with exporting Vietnam’s agricultural treasures, particularly the king of fruits, durian.

    The statistics paint a promising picture: in the first four months of 2025, trade turnover of agricultural, forestry, and aquatic products between Vietnam and China soared to an impressive US$5.07 billion, reflecting a 3.7% increase from last year. However, Vietnam’s exports experienced a slight dip of 1.1% year-on-year to approximately $3.62 billion, while imports saw a notable rise of 17.6%, totaling $1.45 billion.

    As part of their ongoing commitment to enhancing trade, the two nations have inked 28 agreements and protocols focused on facilitating the exchange of agricultural products. Delightfully, a bouquet of Vietnamese offerings, from watermelon and mangosteen to crocodile and farmed monkeys, have found their way to China’s eager market.

    In what could be considered a delicious twist to the agricultural trade narrative, who knew that durian could be a diplomat’s secret weapon?

    Questions & Answers

    What are the benefits of frozen durian for consumers?
    Frozen durian boasts a long shelf life and is easy to incorporate into various dishes, making it a favored choice amongst both consumers and food processors.

    How has trade between Vietnam and China in agricultural products evolved?
    The trade turnover in the first four months of 2025 reached US$5.07 billion, a 3.7% increase compared to the previous year, showing a robust demand for agricultural products across borders.

    What agreements have Vietnam and China made regarding agricultural exports?
    The two countries have signed 28 agreements aimed at facilitating the import and export of a wide variety of agricultural products, ensuring a flourishing exchange of goods.

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  • China Seeks US Trade Dialogue, Insists on Lifting Tariffs as Preliminary Step

    China Seeks US Trade Dialogue, Insists on Lifting Tariffs as Preliminary Step

    Escalating Trade Tensions: U.S. and China Exchange Heavy Tariffs Amidst Negotiation Hopes

    In a dramatic escalation of the ongoing trade war, the U.S. has imposed significant tariffs of up to 145% on a variety of Chinese products starting in April. In retaliation, China has introduced a new set of tariffs, matching the U.S. with a 125% duty on American imports. This development comes amidst tentative talks and fluctuating market reactions.

    Temporary Reprieve for High-Tech Goods

    Notably, certain high-end tech products such as smartphones, semiconductors, and computers have been temporarily exempted from the U.S. tariffs. This sector will be closely watched by analysts as an indicator of potential longer-term policy shifts in these pivotal industries.

    Dialogue and Diplomacy: A Path Forward?

    Amidst these aggressive fiscal maneuvers, U.S. President Donald Trump has suggested that China is keen to negotiate, citing a “very good chance we’re going to make a deal.” Conversely, official statements from Beijing assert that it was the U.S. that initiated contact, with China now evaluating the outreach.

    However, any progression towards substantive talks appears contingent on concessions, particularly regarding unilateral tariffs. The Chinese Commerce Ministry emphasized that without the U.S. showing sincerity by reversing its tariffs, dialogue would be insincere and erode trust further.

    Hard Stances on Both Sides

    Expert opinions suggest a tough stance from China, with signals that negotiations will commence only after the U.S. exhibits concrete actions towards compromise. Wu Xinbo of Fudan University highlighted that revocation of tariffs might pave the way for addressing deeper issues such as the unbalanced trade relationship and technological suppressions alleged by Beijing.

    The Global Impact and Deadline Pressures

    As the 90-day deadline in July looms for several countries to negotiate terms with Washington, the broader international community remains on edge. Beijing’s firm resolve was echoed in a recent social media campaign, emphasizing their readiness to combat a prolonged trade war if necessary.

    Economic Strains and the ‘Olive Branch’

    Recent economic data from China and the U.S. expose vulnerabilities exacerbated by these trade tensions. China’s factory activity has contracted, and similarly, the U.S. economy faced contraction in early 2023. Amid these challenges, calls for a resolution have intensified, with some analysts like Stephen Innes from SPI Asset Management recognizing Beijing’s recent statements as a potential initial step towards de-escalation.

    Looking Ahead: Implications for the Retail Sector

    These unfolding events hold profound implications for the retail sector. Consumer trends could shift significantly as product prices and availability are impacted by the tariffs. Retail news will continue to monitor how retail chains and consumers adapt to these new economic realities. As the situation develops, the resilience of the global trade framework and international economic relations will be tested. This period may well define the future dynamics of international trade and consumer behavior in a deeply interconnected world economy.

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  • VN-Index tiptoes up after plunge

    VN-Index tiptoes up after plunge

    Vietnam’s benchmark VN-Index rose 0.15% to 1,179.76 points Monday.

    The index closed 1.77 points higher after losing 55.49 points on Friday.

    Trading on the Ho Chi Minh Stock Exchange (HoSE) fell by 38.49% to VND22.17 trillion ($930.73 million).

    CTG of state-owned lender VietinBank led with a 4.2% rise, followed by BID of state-owned lender BIDV, up 3.2%.

    TPB of private TPBank went up 2.2% and BCM of Becamex Investment and Industrial Development closed 2.1% higher.

    SSB of Southeast Asia Commercial Bank (SeABank) lost 3.1%, and GVR of Vietnam Rubber Group was down 2.8%.

    Foreign investors were net buyers to VND82.45 billion, mainly buying VIC of private conglomerate Vingroup and CTG of state-owned lender VietinBank.

    The HNX-Index at the Hanoi Stock Exchange, where mid and small-caps list, was up 0.85% while the UPCoM-Index at the Unlisted Public Companies Market was up by 0.26%.

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  • Vietnam-dominant Mercedes challenged by cheaper BMWs

    Vietnam-dominant Mercedes challenged by cheaper BMWs

    Mercedes has been dominating Vietnam’s luxury car market in recent years, but that could start to change this year as BMW lowers prices.

    “We have always considered BMW a major competitor in most markets globally, but things are different in Vietnam,” said CEO Brad Kelly on the sidelines of the launch of the new Mercedes GLC models in Ho Chi Minh City recently.

    He added that in Vietnam, BWM does not yet seem to threaten Mercedes in terms of sales.

    Between 2019 and 2022, Mercedes secured and average of around 60% of Vietnam’s total luxury car market share, and the German brand last year sold over 7,900 units alone.

    Its competitor from the same country, BMW, only secured fourth place last year – behind Lexus and Volvo – with the sale of 973 units.

    However, Thaco, the Vietnamese company that distributes BMW cars, has been assembling several BMW models, such as the 3 Series, the 5 Series, and the X3 and X5.

    This implies that BMW wants to reduce its retail prices in Vietnam as assembling the vehicles locally will bring down costs.

    The strategy seems to have succeeded as the BMW X3s assembled last year are now selling from VND1.8 billion ($76,700), compared to the new Mercedes GLC price tag of VND2.3 billion.

    Thus, the cheapest luxury car in Vietnam now belongs to BMW, not Mercedes.

    The rising competition with BMW therefore will benefit Vietnamese customers and the local auto industry, and it will motivate Mercedes to come up with more new ideas, Kelly said.

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  • Vietnam poised for record trade

    Vietnam poised for record trade

    Vietnam’s foreign trade is set to exceed US$700 billion this year, the highest ever, the customs department said.

    It has risen steadily from $500 billion in 2020 and $600 billion last year.

    In the first 11 months exports rose bviy 13.4% from a year earlier to $342.2 billion, and imports were up 10% to $331.6 billion, resulting in a surplus of $10.6 billion.

    Exports to the U.S. alone, the largest export market, were worth $101.5 billion. Imports from China, the
    country’s biggest source, topped $109.9 billion.

    According to the General Department of Vietnam Customs, the country’s global import-export ranking
    will go up this year.

    In 2021 the World Trade Organization had ranked Vietnam 23rd in terms of exports and 20th in imports.

    In the 10-member ASEAN, Vietnam ranked second behind only Singapore.

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  • Trade surplus at $10.6B for 2022

    Trade surplus at $10.6B for 2022

    The trade surplus was US$0.78 billion in November, which took the year’s figure to $10.6 billion, the General Statistics Office said Tuesday.

    The surplus in the same period last year was $0.6 billion.

    But exports fell in November by 8.4% to $29.18 billion, which took the full-year figure to $342.21 billion.

    The U.S. has been Vietnam’s biggest export market ($101.5 billion).

    Meanwhile, imports were worth $331.61 billion, a year-on-year increase of 10.1%.

    They included shipments of $109.9 billion from China, the biggest exporter to Vietnam.

    Last year exports had been worth $336.31 billion, up 19%, and imports, $332.23 billion, up 26.5%, for a trade surplus of $4.08 billion.

    The surplus has been growing since 2016, according to the GSO.

  • Gold prices continue to drop

    Gold prices continue to drop

    Prices of gold bars branded SJC on Monday dropped 0.4% from the weekend to VND67.35 million ($2,716.82) per tael.

    Selling prices of gold rings remained unchanged, reaching VND54.05 million per tael. A tael is equal to 37.5 grams or 1.2 ounces.

    Globally, gold prices slipped on Monday, as a stronger U.S. dollar made the greenback-priced metal more expensive for buyers holding other currencies.

    Spot gold was down 0.2% at $1,752.66 per ounce, as of 0016 GMT. U.S. gold futures fell 0.1% to $1,751.80, according to Reuters.

    SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.2% to 908.96 tonnes on Friday from 906.93 tonnes on Wednesday.

  • Vietnam, US trade to hit unprecedented $100 billion

    Vietnam, US trade to hit unprecedented $100 billion

    Vietnam–U.S. trade could reach $100 billion for the first time this year, up 221 times against the figure in 1995 when the two countries first established diplomatic relations.

    In the first eight months, the figure hit $73 billion. Last year, it was $90.8 billion, Hoang Quang Phong, deputy chairman of the Vietnam Chamber of Commerce and Industry (VCCI), told a forum Tuesday.

    In the last five years, Vietnam’s exports to the U.S. increased on average by 230 percent each year, while the figure from U.S. to Vietnam was 175 percent.

    Vietnam is the 10th biggest trade partner of the U.S., while the U.S. is Vietnam’s biggest trade partner.

    Although the Covid-19 pandemic has disrupted supply chains, many U.S. businesses have been investing in projects in Vietnam in the sectors of manufacturing and processing, clean energy, aviation, healthcare, and pharmaceuticals.

    On the other hand, Vietnam’s exports to the U.S. are in the areas of furniture, footwear and garments.

    Ngo Sy Hoai, deputy chairman of the Association of Vietnam Timber and Forest Products, said Vietnam is the biggest exporter of wood products to the U.S.

    Vietnam is also the second biggest importer of U.S. wood material behind China, he added.

    Although the wood sector has targeted a value of $10 billion exports to the U.S., actual figures are likely to reach $8 billion this year due to Covid-19 impacts, he said.

    Hoai added that Vietnamese companies need to pay more attention to U.S. regulations on legal logging to prove their materials were not illegally cut.

    Former Vietnam Ambassador to the U.S. Pham Quang Vinh said although the U.S. cannot come back to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), it has made economic initiatives in digital trade, infrastructure and energy, which will offer new partnership potential between both countries.

    Vietnam and the U.S. could consider another bilateral free trade agreement based on existing commitments.

  • Coupang faces probe into unfair trade practices

    Coupang faces probe into unfair trade practices

    After stoking a series of controversies, including a fire at a logistics centre and poor working conditions, South Korean e-commerce giant Coupang is now facing a government investigation into alleged unfair trading practices.

    The Korea Fair Trade Commission (KFTC) recently noted that Coupang might have violated the Fair Trade Law and carried out a field investigation at Coupang’s headquarters in Songpa-gu in Seoul late last month.

    Coupang has allegedly manipulated its search algorithm to make its private-label products more visible than the products of other suppliers.

    The company manipulated the algorithm towards prioritizing and placing its private-label products at the top of the search results while placing other products at the bottom.

    The antitrust regulator is also investigating whether Coupang conducted ‘gapjil’ against suppliers. Gapjil is a Korean term referring to power harassment and abuse of power.

    Coupang has allegedly required suppliers to offer their products at the lowest price and penalized those who refused to supply their products at a lower price than the supply price for other platforms.

    In the field investigation, the KFTC checked the allegations that Coupang forced suppliers to purchase advertising space and excluded those who refused to do so from various benefits, including the company’s rocket delivery service.

    Another allegation was that Coupang unfairly returned products to suppliers.

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  • Vietnam posts $665 million trade surplus with the UAE

    Vietnam posts $665 million trade surplus with the UAE

    Vietnam posted a $665 million trade surplus with the United Arab Emirates (UAE) in the first two months of 2021, alongside an increase in both exports and imports.

    Vietnam’s exports to the UAE rose 60 percent year-on-year $737 million, while imports increased 44 percent to $72 million, according to the General Department of Vietnam Customs.

    Total Vietnam-UAE trade value surged 58 percent year-on-year during this period.

    Phones and components were Vietnam’s foremost exports to the UAE with a value of $551 million, up 108 percent year-on-year. Exports of agriculture and aquaculture products also experienced robust growth. Cashew exports hit $10.3 million, a year-on-year rise of 600 percent.

    Vietnam’s main import from the UAE is the plastic raw material, reaching $41.8 million, a year-on-year increase of 66 percent. Among the products imported from the UAE, only petroleum products saw a 42 percent year-on-year decline to $2.5 million.

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  • DHL Survey Reveals COVID-19 Impact on International Trade

    DHL Survey Reveals COVID-19 Impact on International Trade

    In addition to the current economic issues caused by COVID-19, there are other significant events in 2020, such as the U.S. presidential election and the United States-Mexico-Canada Agreement (USMCA) implementation, which could directly affect international trade.

    To collect deeper insights into how businesses are being impacted by COVID-19 and capture their perspectives on international trade developments, DHL conducted a survey of U.S. SMEs, including its customers.

    Key findings from the more than 2,000 responses include:

    • COVID-19 causes pullback on international business outlook: Almost half (49%) of respondents said the coronavirus has resulted in them taking a more conservative approach to their business’ global trade strategy. Only 15% are taking a more aggressive approach, while 36% are staying the path on their international approach as a result of coronavirus. It is no surprise that the majority are being conservative since according to our survey, overwhelming 78% of respondents have had business revenues decrease either slightly or significantly due to COVID-19.

    • International policies will the tip scales at the voting booths: An overwhelming majority (78%) of respondents said the U.S. presidential candidate’s view on international trade will affect the way they vote this election year.

    • Business owners are willing to make sacrifices to make trade easier: 37% would forgo all their vacation for a year if it guaranteed no additional international trade barriers/regulations for their business.

    • Asia remains a top business target: Despite COVID-19 originating in China, almost one-third (32%) of respondents said Asia is the top priority region for their business this year. In last year’s survey, 21% selected Asia as their top priority region. The YOY increase in confidence in Asia is likely due to progress in potential relief with China tariffs. Additionally, other countries in Asia, such as Vietnam and Japan, have emerged as top trade and manufacturing partners for U.S. businesses as a result of the U.S.-China trade war.

    Rosemary Coates, President of Blue Silk Consulting and a columnist for Supply Chain Management Review, feels that relations between the U.S. and China remain fragile:

    “The U.S. government is creating even more animosity toward China, blaming them for the pandemic and threatening more tariffs in retaliation for allowing the virus to spread to America,” she said. “This is creating an even bigger gap in cross-border trade and cooperation that will likely enflame the trade wars even further.”

  • Bank of China Partners Refinitiv for AI-Based FX Trading App

    Bank of China Partners Refinitiv for AI-Based FX Trading App

    Developed by the bank’s Digital Asset Management department, the application is the first third-party app from a China-based financial institution on the Eikon platform.

    Bank of China is launching DeepFX, an AI-based forex trading prediction application through Refinitiv’s financial data platform Eikon, the firm announced in a statement on Tuesday.

    The app uses deep learning technology to predict the short-term price movements of major foreign exchange currency pairs, which currently include EUR-USD, AUD-USD, GBP-USD, USD-CAD, USD-JPY and USD-CHF, the announcement said.

    The Lite version of DeepFX provides a 5-minute interval real-time FX trade signal forecasting service, while displaying back-test results within 10 days. The service is available for free through Refinitiv’s App Studio.

     

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  • Smiggle parent Premier Investments feeling the impact of Covit-19

    Smiggle parent Premier Investments feeling the impact of Covit-19

    Premier Investments has weathered a string of global crises, including Brexit, Hong Kong protests and Australia’s bushfires to post record sales and earnings in the first half of the financial year – but now it says the coronavirus pandemic is impacting trade across every brand in its portfolio.

    On Friday, the owner of major national and international retail brands, including Smiggle, Peter Alexander, Just Jeans, Portmans, Dotti, Jacqui E, Jay Jays and Breville, reported a 7.6-per-cent increase in first-half sales year on year, to $732.1 million (US$427.7 million), and a 10.7-per-cent increase in earnings before interest and tax, to $126.1 million ($73.7 million).

    But the strong performance may be cold comfort, as the coronavirus outbreak and strict self-isolation measures introduced to contain the spread in certain markets have already severely impacted Premier’s trade in the second half.

    Smiggle sales have been “severely disrupted” in Hong Kong, Singapore, and Malaysia, and “deteriorated significantly” in the UK and Ireland, the company said in a statement to the Australian Stock Exchange.

    Trade-in all brands in Australia and New Zealand have been impacted, and the company warned gross margin could be affected as it moves to clear inventory in each market.

    Premier Investments CEO Mark McInnes declined to provide specifics on changes in sales or foot traffic, saying on a media call that the company was not “in control of what’s happening on a daily basis” and “merely responding” to the crisis at hand.

    He described the current situation as “unprecedented” and unlike anything he has experienced, including the Global Financial Crisis in 2008 and recession in 1991.

    He also warned there could be widespread store closures if landlords do not start supporting their tenants by renegotiating rents.

    “Since the outbreak of COVID-19, we have closed two stores in Hong Kong, and we are prepared to close many more stores globally if landlords do not respond to the current crisis,” McInnes said.

    While he noted that Premier Investments could exit 70 percent of its leases in Australia and New Zealand with just 30 days’ notice, he said it wasn’t about “profiteering”, but rather “sharing the reality”.

    “Historical rents are just…all we’re pointing out to landlords is the reality of the situation,” he said.

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  • StanChart Names Global Head of Trade

    StanChart Names Global Head of Trade

    Standard Chartered hires a global head of trade in Singapore as its transaction banking business undergoes a tech-fueled transformation.

    Michael Spiegel joins in his new role reporting to Lisa Robins, global head of transaction banking at Standard Chartered. Spiegel has over 30 years of experience in Europe, the U.S. and Asia and was most recently with Deutsche Bank where he held various senior roles such as global head for trade finance and corporate cash management. Previously, he also held senior positions in client coverage and at the bank’s executive management committee.

    The new hire coincides with what Robins calls the next phase of the evolution in Standard Chartered’s transaction banking business with various tech-related milestones to boast for in recent times.

    Earlier this month, the bank made a strategic investment into Linklogis, China’s leading blockchain-enabled supply chain financing platforms to expand its ecosystem of partners. In the same week, it also became the first bank to introduce a public portal for real-time tracking of cross-border payments called SCI GPI Track.

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