The Swedish businesses coming to Vietnam in the second investment wave are focusing on consumer goods, according to analysts.
Once a month, Pereric Högberg, the Swedish Ambassador to Vietnam, flies from Hanoi to HCM City to attend a meeting with the community of Swedish businesspeople and citizens living in the city.
Högberg also visited HCM City in late October to participate in an important event – the launch ceremony of Volvo’s new models at a 2017 imported car exhibition.
Volvo joined the Vietnamese car market in early 2016. At that time, Högberg said that Volvo was an important milestone in the promising relationship between Sweden and Vietnam.
Two-way trade turnover between the two countries remains modest, but the figure has been increasing steadily, and so has Swedish business interest in Vietnam.
Most recently, Bloomberg reported that IKEA, the furniture retail chain, announced a plan to open shops in Vietnam in the next five years.
Meanwhile, H&M, a fast-fashion brand, will open new shops in Hanoi after opening its first shop in HCM City this year.
Spotify, a startup which provides an app to listen to music on smartphones, is rumored to start in Vietnam soon.
Meanwhile, Ben Thanh Corporation and Savico, the holding company of the importer of Volvo cars, said Volvo truck and bus manufacturers have also suggested cooperation.
“This is the second Swedish wave,” said Högberg.
Swedish capital flowed to Vietnam very early, but was mostly in the industry sector.
The ABB Group set up its factory in Vietnam in 1993 which focuses on four production fields, namely electronics, robots, automation in industries and electricity networks.
There is another Swedish name, which, according to analysts, illustrates Swedish power in Vietnam – Tetra Pak’s packaging products.
The Swedish manufacturer provides packaging products to the nation’s largest dairy producers, including Vinamilk and TH True Milk. A report found that Tetra Pak holds 98 percent of the milk packaging market share.
In early October, Tetra Pak announced investment in a new factory capitalized at $110 million. The figure was even higher than the total Swedish FDI capital as of September 2017 ($100 million, 54 projects).
Meanwhile, Högberg hopes Swedish businesses in healthcare, transport, green production and startups will also appear in Vietnam.
“It is the right time for Sweden to strengthen its business in Vietnam,” Högberg said, adding that he has been impressed by the strong development of Vietnam economy since doi moi (renovation).
From December 1, 2017, casino businesses will be officially covered by a specific legal framework. Circular 102 of the Ministry of Finance (MOF) that guides the implementation of Decree 03 will take effect on that day.
In 1992, the government of Vietnam was allowed to run casinos to satisfy demand of foreign travelers and expats. Eight casinos have been licensed, including one in Do Son, the first in Vietnam. They have been operating in accordance with Foreign Investment Law and 2005 Investment Law.
Decree 03 says Vietnamese citizens now can be admitted into domestic casinos on a three year trial basis. After that, the government will decide whether or not to continue allowing Vietnamese to go to casinos.
It is still unclear which casinos Vietnamese can enter. MOF on November 3 confirmed that the current regulation only stipulates that Vietnamese have to prove their financial capability to be eligible to enter a casino.
The regulation on allowing Vietnamese to go to casinos is the key factor prompting investors to pour money into casino projects, especially in the SEZs (special economic zones) of Van Don, Phu Quoc and Bac Van Phong.
In Van Don, the Quang Ninh provincial authorities have chosen Sun Group as the investor of a resort with casino. The project, covering an area of 2,500 hectares, has investment capital of $2 billion and investment duration of 50 years.
The local authorities of both Quang Ninh and Kien Giang have asked the government to open the casinos in the SEZs to Vietnamese.
Under the draft law on SEZ being compiled by the Ministry of Planning and Investment (MPI), the casinos in SEZs would enjoy outstanding investment incentives. The luxury tax rate of 10 percent would be applied to casinos for 10 years instead of 30 percent currently.
The Thua Thien-Hue provincial People’s Committee recently asked for government permission to expand Laguna Lang Co and raise investment capital from $875 million to $2 billion. If the expansion is approved, the project would have a casino covering an area of 2.64 hectares.
Of eight casinos licensed so far, six are operational. The eight casinos are allowed to have 408 gambling tables and 4,570 machines. However, they have 134 tables and 995 machines, or just one-third of the permitted number.
Negotiations on the Trans-Pacific Partnership were put on hold indefinitely on Friday after Canada was believed to have pulled out of the free trade pact unexpectedly.
The news was broken by New Zealand Prime Minister Jacinda Ardern to reporters at the APEC summit in Da Nang, right after a failed meeting.
No final conclusion on the TPP-11 pact had been reached, the official said, adding that she would not reveal the standpoint of any specific country when asked if there was any difference between Vietnam and the other sides.
TPP is a free trade agreement originally involving 12 member states of the Asia-Pacific region, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the U.S. and Vietnam.
It was expected to serve as a counterweight to China’s growing regional dominance.
However, the White House announced the United States’ withdrawal from the deal in January, leaving the remaining 11 members to adopt the new name of TPP-11 to continue negotiations without Washington.
The TPP aims to eliminate tariffs on industrial and farm products across a bloc whose trade totaled $356 billion last year, according to Reuters.
Canada said that they would not engage in the final meeting with the rest, PM Ardern told reporters, noting that she was not saying the country had formally withdrawn from the pact.
Negotiators were scheduled to discuss the terms and conditions of the accord on Friday afternoon, but Canada was understood not to attend the event.
PM Ardern confirmed that the meeting had not happened as planned.
The TPP-11 accord was reported to be finalized in principle on Thursday, when some ministers revealed to Tuoi Tre (Youth) newspaper that they were happy with the negotiation then.
Canadian negotiators decided to pull out of the pact negotiation, which has taken a decade, after Canadian PM Justin Trudeau met privately with his Japanese counterpart Shinzo Abe in Da Nang to discuss one issue, as understood by Tuoi Tre.
The TPP-11 negotiators joined another tense meeting on Thursday until 10:00 pm.
Mexican Secretary of Economy Ildefonso Guajardo walked out of the meeting room and said that all sides had reached in-principle consensus.
François-Philippe Champagne, Canadian Minister of International Trade, smiled but uttered no word.
Steven Ciobo, Australian Minister for Trade and Investment, then proclaimed that they “had a very good meeting.”
Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, also said in-principle agreement had been achieved following their meeting.
He added a formal announcement regarding this issue would be made on Friday.
But then François-Philippe Champagne said on Twitter, “Despite reports, there is no agreement in principle on TPP.”
The Vietnamese aviation watchdog has demanded low-cost carrier Vietjet sternly discipline a staffer who had been filmed ripping a late passenger’s ticket.
The Civil Aviation Authority of Vietnam (CAAV) confirmed they had ordered strict punishment from Vietjet on a female ground employee for tearing a late flyer’s ticket.
The act has marred the reputation of the aviation sector’s quality and client-friendliness.
The move came after complaints were voiced over airline staff’s inappropriate attitudes toward passengers on the mass and social media in recent times.
The focal point was an incident related to the Vietjet VJ159 flight on the Hanoi-Ho Chi Minh City route that happened at the capital’s Noi Bai International Airport on November 5.
The CAAV commanded the airline slap a stern disciplinary penalty on the employee, which Vietjet representatives confirmed they had done, and draw experience from the incident.
Speaking with Tuoi Tre (Youth) newspaper about the video clip capturing the ripping act, the airline representatives revealed passengers were expected to board the VJ159 flight by 5:35 pm on November 5 to get ready for departure 15 minutes later.
The male passenger did not show up at the boarding gate until 5:41 pm.
The staffer refused to let the man board the plane in observance of regulations meant to ensure prompt flight departure, and directed him to the following flight on the same day.
“The act of destroying the passenger’s ticket as reported is unfitting when it comes to communicating with customers. We have thus imposed an appropriate penalty on the violator,” according to the Vietjet representatives.
A video clip which had earlier gone viral on social media captured the male flyer raising his ticket when his name was called on the speakers at the gate.
However, the female Vietjet employee told the man he had been late and denied entry to the flight.
A quarrel erupted at the counter, followed by the employee tearing his ticket, with her saying his ticket became invalid at that time.
Agreements in aviation and energy were signed as the U.S. President called for ‘fair and reciprocal’ trade with Vietnam.
Vietnamese and American businesses signed agreements worth a total of $12 billion on Sunday morning in Hanoi as part of U.S. President Donald Trump’s state visit to Vietnam.
The deals include an aircraft engine maintenance and purchasing contract and liquified natural gas supply and storage projects.
Vietnam Airlines and private carrier VietJet signed contracts to buy engines from American aerospace manufacturer Pratt & Whitney. The national carrier is going to add 20 more aircraft to its fleet in the next two years while the latter is planning to add 10.
Vietnam’s airline market is growing at the third fastest pace in Asia-Pacific. Passengers on domestic flights soared 35 percent to 28 million in 2016, accounting for more than half of the total air travel in the country.
Vietnam Airlines, Jetstar Pacific, VietJet and the newly founded Vietstar are planning to expand their fleets to a total of 263 aircraft in the next four years. Vietstar is still awaiting an aviation license.
Pratt & Whitney has been working with the Vietnamese aviation industry since the 1990s.
President Trump arrived for his first state visit to Hanoi on Saturday evening after attending the APEC Summit in Da Nang, around 800 kilometers (500 miles) to the south.
During a press conference held with his Vietnamese counterpart Tran Dai Quang on Sunday morning, Trump repeated his APEC speech theme of free Indo-Pacific trade relations, saying the U.S. is looking forward to “fair and reciprocal” bilateral trade with Vietnam.
Vietnam is Southeast Asia’s biggest exporter to the U.S., and the U.S. trade deficit with Vietnam is a concern for Trump’s protectionism policy.
“The U.S. is enthusiastic about reforms that promote economic transparency for all in Vietnam” and about looking to “remove unfair trade practices in the region,” he said in Hanoi.
Vietnam is the fourth and longest leg of Trump’s 12-day Asia tour, the longest trip to the region made by an American president in more than a quarter of a century, which is aims to boost ties and seek support in counterating the nuclear threat from North Korea.
He visited Japan, South Korea, China before Vietnam, and will later head to the Philippines where he will attend a dinner to mark the 50th anniversary of the Association of Southeast Asian Nations (ASEAN) before celebrating the 40th anniversary of U.S.-ASEAN Relations the following day.
The city has repeatedly kept passengers waiting on the dock, and no one knows if this latest deadline is realistic.
Saigon’s first river bus service will hopefully be up and running later this month, according to local authorities.
The service will cruise 10.8 kilometers (6.7 miles) from Bach Dang Wharf in District 1 to Linh Dong Station in Thu Duc District, passing through District 2 and Binh Thanh District.
With 12 stops in total, the entire trip will take half an hour, cutting a third off the time it would take to travel by road and costing just VND15,000 (66 U.S. cents).
The first river bus was due to launch this summer, but the city has kept passengers waiting on the dock. In August, it said that construction delays would not allow the first river bus to set sail until October.
The city’s transport department explained that as it is the city’s first river bus, it wants to make sure the service is as user-friendly and convenient for passengers as possible.
However, the only passengers to have experienced the service thus far are those recruited by the city for two test runs.
Saigon has more than 1,000km of inland waterways, so the river bus service should ease traffic and attract more tourists, director of the city’s transport department Bui Xuan Cuong told local media in August.
A second route from Bach Dang Wharf to District 8 is scheduled to open in early 2018. The two routes are said to have cost an estimated VND120 billion ($5.28 million).
In April, the city’s municipal administration approved two more routes connecting the downtown with new urban areas in District 7.
In September, the city also agreed to a plan tabled by a private firm to add three more routes connecting the city’s downtown with the outlying districts of Can Gio and Cu Chi, as well as the stunning Con Dao Island, which is administered by the southern province of Ba Ria-Vung Tau and lies 230 kilometers (143 miles) away from Saigon.
Sex imbalance at birth has aggravated in Vietnam, with 4.3 million men expected to be in surplus in mid-21st century, deputies warned at a National Assembly discussion session on Thursday morning.
Deputy Le Thi Yen, representing the northern province of Phu Tho and member of the National Assembly (NA) Committee for Social Affairs, reported the outcomes of a program meant to improve gender imbalance during the session.
“Our country is facing yawning gender imbalance. The ratio of male/female newborns in Vietnam is forecast to be 113/100 in 2017, while it was 109/100 in 2006,” she said.
Between 2.3 and 4.3 million male adults were predicted to become ‘unwanted’ by mid-21st century, Yen warned.
The shortage of women in society is likely to lead to undesirable impacts including ‘purchase’ of foreign bribes, rape and violence as experienced by such countries as China and India.
Yen put the sex discrepancy down to a strong cultural preference for sons rooted in a Confucian-affected male-oriented kinship system in Vietnam.
The rate worsened amidst the rising trend of married couples having fewer children and a readily accessible practice of sex selection thanks to medical strides.
“We need to act now. Propaganda on the role of women and measures to solidify their role should be improved, while harsh penalties are to be slapped on sex selection cases,” the Phu Tho delegate urged.
Meanwhile, Truong Minh Hoang, a delegate from the southernmost province of Ca Mau, pointed to the uneven ratio of female political leaders versus their male counterparts.
“We’ve set targets of improving the proportion at all levels. However, only one minister in the government is female and only 16 cities and provinces have appointed women to key roles to date,” he said.
“The inadequate ratio of female leadership posts has revealed shortcomings in personnel planning,” Hoang urged.
Deputy Phan Van Tuong, from the northern province of Thai Nguyen, called for closer analysis and measures to boost women’s engagement as NA and People’s Council deputies.
Ngan Phuong Loan, a deputy from the northern province of Lang Son, turned to another pressing issue.
“A large number of women, particularly those in rural areas, have to work overseas away from home. Illegal immigrants face risks of violence, labor exploitation, arrest and penalty by agencies in their adopted land,” she elaborated.
“Retirement ages for men and women should be the same, instead of a five-year difference as currently stipulated in the Labor Code. Women stand fewer chances of promotion over earlier retirement than their male counterparts,” deputy Chau Quynh Dao from the Mekong Delta province of Kien Giang proposed.
Luu Binh Nhuong, a deputy from the southern province of Ben Tre, elaborated that though women’s earlier retirement was meant to allow them a more fulfilling old age, the rule has deterred many from further contributing.
“I suggest the revised Labor Code stipulate the same retirement age for both men and women, but women can choose to stop working early,” he urged.
Head of the Vietnam Women’s Union Nguyen Thi Thu Ha acknowledged deeply ingrained gender prejudice in families and society has posed a sizeable hurdle to the cause of gender equality.
She stressed the vital role played by those tasked with improving gender equality, as well as revision and addition of policies and rules on gender fairness.
Minister of Labor, War Invalids and Social Affairs Dao Ngoc Dung promised to conduct further study and propose amendments to the central government and National Assembly.
“The government is set on further executing policies aimed at better gender equality and women development,” Minister Dung stressed.
U.S. President Donald Trump landed in Hanoi on Saturday afternoon to commence his state visit to Vietnam, after attending an annual Asia-Pacific Economic Cooperation (APEC) summit in the country’s central city of Da Nang earlier the same day.
The president’s Air Force One landed at Noi Bai International Airport in the capital at 5:25 pm, where he was greeted by Vietnamese Ambassador to the U.S. Pham Quang Vinh, Deputy Minister of Foreign Affairs Ha Kim Ngoc, and Minister and Chairman of the State President’s Office Dao Viet Trung.
After landing, President Trump boarded a black Cadillac One and headed straight to the Metropole Hotel in downtown Hoan Kiem District.
The U.S. leader had a short rest at the hotel before attending a state dinner hosted by Vietnamese State President Tran Dai Quang the same evening at the National Convention Center.
President Trump is joined by U.S. Ambassador to Vietnam Daniel Kritenbrink, White House Chief of Staff John Kelly, U.S. Trade Representative Robert Lighthizer, National Security Advisor H. R. McMaster, Senior Advisor Stephen Miller, White House Staff Secretary Rob Porter, and Deputy National Security Advisor for Strategy Dina Powell on his trip.
U.S. Secretary of State Rex Tillerson had arrived in Hanoi at noon the same day on another plane to participate in some additional activities, including a visit to an Air Force victory memorial to the shooting down of a plane captained by U.S. Senator John McCain during the war in Vietnam.
After meeting with Vietnamese leaders and joining other activities in Hanoi as part of his state visit on Sunday, President Trump will leave Vietnam for the Philippines, where he is expected to attend the U.S.-ASEAN Summit and East Asia Summit hosted by Manila.
President Trump is the fourth consecutive U.S. President to conduct a state visit to Vietnam following the normalization of diplomatic relations in 1995.
His predecessors Bill Clinton, George W. Bush and Barack Obama had visited Vietnam in 2002, 2006 and 2016, respectively.
Before arriving in Hanoi, the president had been in Da Nang since Friday to attend the annual leaders’ summit of the APEC, a regional economic forum comprised of 21 Pacific Rim member economies that work to promote free trade in the region.
Vietnam is Trump’s fourth destination in his 12-day Asia visit, including stops in Japan, South Korea, China, Vietnam and the Philippines.
It is estimated to be the longest Asia trip ever made by a U.S. President.
Approaches agreed to by consensus are in turn adopted as the vision for technical coordination among the diverse economies of APEC, which, in all, account for half of global trade and 60 percent of the world’s GDP
On Saturday, the leaders of the world’s largest and most dynamic trading corridor, hosted by Vietnam President Tran Dai Quang and joined by newcomers including United States President Donald Trump, convene in the central Vietnamese port city of Da Nang for their annual Asia-Pacific Economic Cooperation leaders’ meeting.
Together, these 21 leaders will attempt to align their ideas for making trade between APEC economies work better in the common pursuit of growth and job creation back home, with enormous implications for their three billion constituents and the rebounding global economy.
For all the stakes, APEC has over the years lived up to its name as a cooperative forum for tough economic issues, enabled by its enduring focus on voluntary, non-legally binding policy prescriptions for easing trade bottlenecks like tariffs, administrative red tape at borders and mismatching standards that raise costs for businesses and consumers.
Approaches agreed to by consensus are in turn adopted as the vision for technical coordination among the diverse economies of APEC, which, in all, account for half of global trade and 60 percent of the world’s GDP.
Beyond these sometimes unwieldy deliberations, high drama at the APEC table, as in Bali, Beijing, Manila and Lima most recently and in Hanoi in 2006, includes what traditional attire the leaders will adorn in their “family photo” at the invitation of the host economy. The custom is a lighthearted display of cultural understanding and partnership. Only these are hardly routine days for trade in the Asia-Pacific or elsewhere.
So where do things stand? On the bright side, after three decades of proactive efforts by APEC member economies to improve their connectivity and trade-driven growth, we have seen upwards of a billion people lifted out of poverty in places like China, Mexico, Peru, the Philippines and Vietnam, and into the ranks of the middle class – the biggest achievement for economics in the history of the world.
This breakthrough is translating into vast new market opportunities driven by surging demand for goods like cars, high-end cosmetics and meat, and, increasingly, services such as cleaner and more efficient energy, higher education, financial services, preventive healthcare, mobile apps, travel and tourism that reflect decidedly middle class lifestyles and tastes.
The potential to take advantage of these emerging growth drivers extends to workers, businesses and a new generation of digitally empowered entrepreneurs in advanced economies too – whether they are very large like Japan and the United States, relatively small like New Zealand and Singapore, or somewhere in between like Australia, Canada and Korea.
All told, these trends are today powering exports and a return to growth in the region, as reflected in the latest forecasts in APEC, and the global economy along with it. There is a flip side to all of this, however. For all the progress unfolding in the Asia-Pacific, challenges in the global and regional trading environment and to the institutions that support it put this momentum at risk.
The swell of populist misgivings towards globalization in some areas, most profoundly manifested in the Brexit and subsequent events in developed economies over the last year, has brought genuine questions about the fairness of trade and who benefits from it into greater focus.
The potential composition, impact and desirability of new, bigger and more sweeping trade agreements such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership are the subject of correspondingly heavy scrutiny by proponents and detractors.
The rules of trade as governed by the World Trade Organization, intended to kept markets open and trade buoyant, are showing signs of fraying over dispute resolutions and modernization requirements.
The rapid pace of technological change has moreover raised concerns about automation replacing workers like those on assembly lines, at banks and airport check-in desks, and behind the wheel. And e-commerce and big data has fundamentally revised skills demand and the meaning of security in one fell swoop.
In an inextricably interconnected world, these challenges are not limited to any one economy or group of economies, developed or developing, big or small, market or non-market. They are challenges that all of us now face. But they are clearly proving hard for the trading landscape and the institutions around the world that underpin it to handle.
APEC’s leaders in Da Nang, traditional clothing and all, are in a position to lead the way forward in dealing with these issues, helped by the flexibility and room for innovation, say, in digitally driven trade, startup promotion and even adjustment schemes and safety nets, made possible by the loose cooperation between them and their economies. Inroads in such areas would make a real difference.
Trade ministers in Asia-Pacific have given the green light to most terms of a free trade pact meant to smooth the flow of goods and commerce in the region after extensive negotiations in Vietnam this week.
A joint statement on the trade pact, now with a new name, was issued on Saturday and had been leaked to Tuoi Tre News by the Chilean delegation.
“We ministers are happy to announce that we have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership [CPTPP],” Tran Tuan Anh, Vietnamese Minister of Industry and Trade, said in a press conference on Saturday morning.
“Some terms of the deal prepared by Japan will be suspended because there are some areas that need to be perfected for the final document signing.”
Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, addedat at the press conference that 20 provisions of the original deal had been put on hold, pending further discussions before any final approval by lawmakers in each country.
The consensus on the deal will help spur commerce and economic integration in the region, the Vietnamese minister said.
He added that the new accord maintains the high standards as well as quality terms and conditions of the erstwhile Trans-Pacific Partnership deal, while ensuring interests for each party.
The CPTPP is a new version of the Trans-Pacific Partnership accord that once included the U.S., alongside Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.
In January, the U.S. pulled out of the trade pact, forcing the remaining 11 members to renegotiate parts of the deal with a new name, TPP-11.
Motegi said that the 11 CPTPP members were determined to reach a consensus on the trade pact so as to get the U.S. back to the deal.
Japan is understood to be the leader of the pact after Washington’s withdrawal.
All sides are translating the pact into French and Spanish, while checking other legal issues, Motegi said at the conference he chaired with Minister Anh.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) shakes hands with Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, after a press conference to announce Asia-Pacific trade ministers’ consensus on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in Da Nang, Vietnam, November 11, 2017. Photo: Tuoi Tre
Trade ministers from the countries had discussed the free trade accord from November 8 to 10 on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit in Da Nang in the hope that the deal would smooth the flow of goods and commerce in the member economies that accounted for 40 percent of global GDP when Washington was onboard.
Negotiations on the TPP-11 were put on hold on Friday after Canada was believed to have pulled out of the free trade pact unexpectedly.
But all ministers then agreed to return to the table, leading to their consensus on the free trade pact.
Established in 1989, the Asia-Pacific Economic Cooperation (APEC) is a regional economic forum comprised of 21 Pacific Rim member economies that work to promote free trade in the region.
Every year, its leaders meet in one of the member economies to discuss visions for the year ahead.
Vietnam’s central city of Da Nang takes over the baton this year to host the summit, which is the culmination of the country’s year-long hosting of APEC meetings.
The CPTPP joint statement was achieved and signed by participating ministers after a tense meeting that continued well into Friday night in Da Nang, where the APEC Economic Leaders’ Week takes place from November 6 to 11, a Chilean source disclosed.
Vietnamese Minister of Industry and Trade Tran Tuan Anh (L) chairs a press conference with Toshimitsu Motegi, Japanese Minister in charge of Economic Revitalization, to announce Asia-Pacific trade ministers’ consensus on the Comprehensive and Progressive Agreement for Trans-Pacific Partnership in Da Nang, Vietnam, November 11, 2017. Photo: Tuoi Tre
Below is the full text of the joint statement:
1. When we last met in Ha Noi, Viet Nam on 21 May 2017, the Ministers of Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam, reaffirmed the balanced outcome and the strategic and economic significance of the TPP Agreement signed in Auckland on 4 February 2016 (hereinafter referred to as “the TPP”) highlighting its principles and high standards as a way to promote regional economic integration and contribute to the economic growth prospects of its member countries, and create new opportunities for workers, families, farmers, businesses and consumers.
2. In May, Ministers tasked officials to engage in a process of assessing options to bring the comprehensive, high quality Agreement into force expeditiously. Over the past several months, officials have worked to reach a balanced outcome that maintains the significant benefits of the TPP.
3. Ministers are pleased to announce that they have agreed on the core elements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Ministers agreed to Annex I and II (attached) which incorporates provisions of the TPP, with the exception of a limited set of provisions which will be suspended. This text also incorporates a list of four specific items for which substantial progress was made but consensus must be achieved prior to signing.
4. Ministers agree that the CPTPP maintains the high standards, overall balance, and integrity of the TPP while ensuring the commercial and other interests of all participants and preserving our inherent right to regulate, including the flexibility of the Parties to set legislative and regulatory priorities. Ministers also affirm the right of each Party to preserve, develop, and implement its cultural policies. Ministers consider that the CPTPP reflect the desire of the Parties to implement the TPP outcomes among themselves.
5. Ministers confirm that the legal instrument proposed for the CPTPP allows the participants to act decisively in a timely manner to advance their shared objectives. Ministers reaffirm that the CPTPP demonstrates their firm commitment to open markets, to combat protectionism, and to advance regional economic integration.
6. Noting Article 6 of the CPTPP, Ministers shared the view that the scope of a review may extend to proposals to amend the CPTPP, to reflect the circumstances concerning the status of the TPP.
7. Furthermore, Ministers decided that all the TPP side letters signed among the 11 countries will be maintained in principle, unless the relevant Parties decide otherwise.
8.Ministers tasked officials to continue their technical work, including continuing their efforts toward finalising those items for which consensus has not yet been achieved, and legal verification of the English text and translation, to prepare finalised text for signature.
9. Ministers recognize that each country will need to pursue its own domestic processes, including for public consultation, in advance of signature.
A Vietnamese entrepreneur has inspired Sheryl Sandberg, chief operating officer of Facebook, by her vision to empower women with a startup company that offers city tours led by female bikers.
Nguyen Thi Huong Lien’s name was brought up by Sandberg as the executive addressed a crowd of thousands of world business leaders and diplomats at the APEC CEO Summit in Da Nang on Friday.
Lien was the founder of the ‘I Love Hue’ tour, which operates motorbike tours that introduce visitors to the Vietnamese lifestyle in and around Hue City in the central region.
“Guests ride on the back of motorbikes, expertly (and safely) driven by the Hue Lady Riders,” an introduction on the company’s official site reads, highlighting its focus on women.
Sandberg had met with Lien the day before, where the Facebook executive listened to the young entrepreneur’s business ideas as well as her expectations for improvements to gender equality in Vietnam and worldwide.
At Friday’s summit, Sandberg told the audience about Lien’s startup story to demonstrate her point that when women decide to run a business, they are able to achieve big things.
In 2014, Lien founded her travel startup in Hue City at the age of 20 with only US$100 in her pocket.
“I like to meet people to learn and share experiences. I dream to be a young leader and to take ownership of my life,” she writes in her self-introduction posted on the company’s site.
The dream had led Lien to hire mostly women, and until how she has employed as many as 75 female bikers who have become the soul of the company.
In June, Lien’s travel startup was honored with the WISE Women’s Leadership Awards, which offered mentoring through Vietnam’s Women’s Initiative for Startups and Entrepreneurship (WISE) to help launch the company on a larger scale.
According to the young business leader, a team from Facebook had got in touch with her in Hue a few months back to film a document about her startup.
The clip was later viewed by Sandberg, who said she was immediately inspired by Lien and wanted to meet her in person for further discussions.
On Thursday, Lien was invited to Da Nang for a private meeting with the Facebook COO together with four other Vietnamese entrepreneurs.
“Sheryl Sandberg thought my startup was a good business model,” Lien said. “She told me that if the goal of my tour was to help people, especially women, travel safely then it would deserve to be duplicated in other parts of Vietnam as well as in other countries.”
The female founder said she had even received a personal email from Sandberg, in which the Facebook executive gave words of encouragement to Lien to keep her passion burning.
Sandberg also presented Lien with a signed copy of her book Lean In.
Ho Chi Minh City, Hanoi and Ha Long all made it into the world’s top 100 for international arrivals.
Ho Chi Minh City has been ranked 36th on a list of the 100 leading cities in the world in terms of international tourist arrivals.
The list, compiled by global business intelligence firm Euromonitor International, also placed Hanoi in 52nd and the northern city of Ha Long in 56th.
Ho Chi Minh City is expected to receive 5.5 million foreign visitors this year, up 5.8 percent from last year. Hanoi will welcome an estimated 4.3 million visitors, while Ha Long is expected to receive 4 million arrivals, respective increases of 7.5 percent and 14.3 percent.
The Telegraph recently recommended Hanoi as an amazing food destination, while Ho Chi Minh City has cracked various lists of top destinations for solo and retiree travelers, including being named by priceoftravel.com as one of the cheapest cities for backpackers. Both cities were named among the world’s fastest growing destinations by MasterCard last year.
According to the report, Hong Kong was the most visited city in the world with 26.6 million arrivals in 2016, benefiting from its strategic location and relationship with China, followed by Bangkok, which overtook London in 2015.
Asian cities dominated the global destination rankings thanks to the inexorable rise of Chinese outbound tourism, said Euromonitor International.
In 2010, 34 cities from Asia Pacific made it onto the list. That figure has jumped to 41 cities on the latest ranking and is expected to grow to 47 cities in 2025. Asia Pacific is the standout region that has driven change in the travel landscape and is expected to continue doing so in the coming decade, with Singapore overtaking London as the third most visited city in the world by 2025 to make the podium fully Asian, said Euromonitor International.
Malcolm Turnbull took a stroll with celebrity chef Luke Nguyen and grabbed a bite to eat from a street vendor.
Australian Prime Minister Malcolm Turnbull started his Friday in Vietnam’s central city of Da Nang with a walk and a breakfast of Vietnam’s signature banh mi, a baguette stuffed with anything from grilled pork, cold cuts and cucumber slices, to cilantro, pickled carrots, liver pâté and a swipe of mayonnaise. Photo by VnExpress/Dac Thanh
The PM was joined by Vietnamese-Australian celebrity chef Luke Nguyen, the Australian Embassy in Vietnam said in a statement. Photo courtesy of the Australian Embassy
The PM got stuck into his banh mi at a small sidewalk restaurant. Turnbull will join 20 other Pacific Rim leaders at the APEC Leaders’ Meeting on Saturday. Photo courtesy of the Australian Embassy
The PM takes a selfie with locals in Da Nang, saying it was fantastic to see Australian agricultural exports featured in such iconic Vietnamese dishes. In 2016, Vietnam imported $342 million of wheat, $73 million of barley and $28.7 million of beef and veal from Australia.
The buyer paid 24 percent more than the asking price to seal the deal.
Vietnamese dairy giant Vinamilk sold a 3.33 percent to an unnamed foreign investor for VND8.99 trillion ($396 million) on Friday.
The investor bought the 48.3 million shares on offer for VND186,000 ($8.20) apiece, 24 percent higher than the asking price.
The share sale, which attracted 19 investors including six foreign firms, reduced the state ownership in Vinamilk, Vietnam’s biggest listed firm, to 36 percent, still enough to retain veto rights.
Vietnam’s State Capital Investment Corporation had forecast the sale would fetch VND6.5 trillion to VND7 trillion ($286.3 million to $308.4 million).
In December, the state investor put on offer a 9 percent stake in Vinamilk, but was only able to offload 5.4 percent to two investors – both units of existing shareholder Fraser and Neave Ltd.
Investors looking to gain a degree of control over Vinamilk were deterred by the size of the stake on offer. The government had initially planned to sell its entire 44.7 percent stake.
The government is trying to divest from hundreds of state-owned enterprises, including brewers Hanoi Beer Alcohol and Beverage JSC (Habeco) and Saigon Beer Alcohol Beverage Corp (Sabeco) in which it owns a combined $7.8 billion worth of shares by market value.
Business or pleasure on this occasion for the social network mastermind?
Founder and CEO of Facebook Mark Zuckerberg is expected to arrive in Vietnam on Saturday.
Zuckerberg is scheduled to visit world heritage site Ha Long Bay in northern Vietnam and take a seaplane tour around the bay on Saturday morning.
This will be his second visit to Vietnam after his first trip in 2011, when he toured the country with his then-girlfriend-now-wife Priscilla Chan for a Christmas vacation.
On this visit, the world’s fifth richest person according to Forbes magazine, will be accompanied by colleagues.
In March, Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry (VCCI), said Vietnam had invited Facebook leaders, including Zuckerberg, to attend the Asia Pacific Economic Cooperation (APEC) Summit that concludes Saturday in the central city of Da Nang.
“We want Facebook leaders to join hands with Vietnam to support startups, and we hope Zuckerberg will accept the invitation,” he said.
Facebook COO Sheryl Sandberg has been in Da Nang since Wednesday and delivered a speech at the APEC CEO Summit on Friday morning.
She is scheduled to appear on a talk show to discuss equality in the workplace on Sunday in Hanoi.
Vietnam is in the top 10 countries for Facebook users, and Google’s YouTube is also a popular platform.
Last week, a draft law on internet security that would require foreign companies such as Google and Facebook to have offices and servers in Vietnam was met with strong opposition from experts and industry insiders.
The VCCI said it went against commitments that Vietnam signed up to when it joined the World Trade Organization (WTO) and the EU-Vietnam Free Trade Agreement (EVFTA), as well as the Trans-Pacific Partnership Agreement (TPP).
Insiders said if the bill is passed, Google, Facebook, Skype and Viber would have to invest in giant servers in Vietnam to legally operate in the country.
In that case, local internet providers said there is a high possibility that they would drop out of the Vietnamese market.
