Day: September 17, 2021

Vietnam and Cuba see ample room for trade growth as two-way trade is valued at just about 200 million USD annually.

Although bilateral trade saw a downward trend in the recent two years, Cuba remains among 10 countries with the highest trade turnover with Vietnam in America.

Of note, to support Vietnam in the fight against COVID-19, Cuba presented the Southeast Asian nation thousands of doses of Interferon Alfa 2B for treatment of COVID-19 patients and will cooperate with Vietnam in technology transfer of the medicine.

President Nguyen Xuan Phuc’s Cuba visit on September 18-20 is expected to serve as a bridge to tighten the two countries’ relations, thereby facilitating the sustainable development of bilateral trade.

The Vietnam-Cuba Trade Agreement was inked in Hanoi in November 2018 during an official visit to Vietnam by then President of the Council of State and the Council of Ministers of Cuba Miguel Diaz Canel.

However, the rate of capitalising on the trade agreement remains modest due to various reasons, including the prolonged pandemic and difficulties facing Cuban firms.

Bilateral trade hit 53.7 million USD in the first six months of this year, with Vietnam exporting goods worth 51.4 million USD to Cuba, statistics from the Ministry of Industry and Trade (MoIT)’s European-American Market Department showed.

Vietnam mainly ships rice, coffee, chemical products, garment-textile, footwear and computers and accessories; and imports vaccines and pharmaceutical products from the Latin American country.

The MoIT, over the years, has sent delegations to participate in the Havana International Fair (FIHAV), Cuba’s most important biennial trade fair. The ministry also supports Cuba’s pavilions at trade fairs hosted by Vietnam.

Cuba sent a strong delegation of 30 corporations and firms across the fields of electrical mechanics, renewable energy, industry and biological products, among others, to attend the Vietnam Expo held in 2018.

At present, four projects of Vietnam are operating in the Latin American nation, including those at the Mariel Special Development Zone.

The two countries have nurtured a special traditional relationship which serves as a foundation for cooperation across all sectors, especially economy, trade and investment, experts affirmed.

The Vietnam-Cuba Intergovernmental Committee cooperation mechanism and other legal frameworks have created a momentum for development of bilateral cooperation in all fields.

The bilateral trade agreement is viewed as an important legal framework to promote two-way trade in the coming time.

Vietnamese products hold huge potential in the 11.2 million-strong Cuban market, according to the MoIT’s European-American Market Department.

Source: Vietnam News Agency

Tetra Pak has announced an additional investment of five million EUR in its 120 million EUR packaging material factory in southern Binh Duong province.

The additional investment reaffirms its confidence in Vietnam’s economic rebound from the COVID-19 pandemic and its continuing commitment to support food and beverage producers in Vietnam.

“This additional investment of five million euros reflects our confidence in the strong recovery of Vietnam’s post-pandemic economy,” said Eliseo Barcas, Managing Director for Tetra Pak Vietnam. “This investment also enables us to better serve our customers by offering greater capacity, more exciting packaging innovation and reducing our environmental footprint.”

The new investment is expected to increase the factory’s annual output from the current 11.5 billion to 16.5 billion packages, thereby meeting the growing needs for aseptic packages in Vietnam and regional markets. In addition, it empowers the factory to produce premium carton packages to replace imports.

The upgrade will also include the installation of 2,300 solar panels on the factory’s roof. This effort is part of Tetra Pak’s ambition to achieve net zero greenhouse gas emissions in the company’s operations by 2030.

“As the business environment is being surrounded by many challenges brought on by COVID-19, the expansion of Tetra Pak factory in Binh Duong province is indeed a refreshing highlight, reflecting the company’s leadership in the food packaging industry,” said Tran Quang Trung, President of the Vietnam Dairy Association.

“The expansion would surely give dairy producers peace of mind on the continuous supply and quality of the carton packaging, which has become very important in the context of the current disruptions in the global value chain. Sourcing packaging material from a local production as in Tetra Pak Binh Duong factory is, no doubt, a big advantage for not just dairy but other food and beverage manufacturers.”

With the investment, Tetra Pak continues to reinforce its strategic focus to protect food, people, and the planet, which is even more important during the pandemic.

“The pandemic has stressed the importance of safe and nutritious food in protecting people’s health. Working with local food manufacturers, we have delivered about seven billion units of liquid food packaged in cartons to Vietnamese people over the past nine months, an equivalent growth of almost 14 percent on a year-over-year basis,” Barcas said.

Put into operation in mid-2019, Binh Duong factory was Tetra Pak’s eighth facilities in the Asia Pacific region that is set to produce aseptic cartons for domestic and export markets in ASEAN, Australia and New Zealand.

In 2020, Tetra Pak Binh Duong was certified with the most-demanding LEED Version 4 Gold, which helps the factory save 17.6 million litres of water, recycling or salvaging 65 percent of generated waste, and decreasing 4,000 tonnes of CO2 emissions a year.

Source: Vietnam News Agency

Finance Minister Ho Duc Phoc has affirmed that the State budget is enough for expenditures planned by the National Assembly (NA) and the Prime Minister.

Answering reporters’ queries about the State budget situation amid the pandemic at present, Phoc said following the Prime Minister’s directions, ministries, agencies and localities saved at least half of the cost of conferences and working trips at home and abroad, and 10 percent of other regular expenditures this year to supplement financial resources for the COVID-19 fight and other necessary tasks.

So far, about 14.62 trillion VND (635 million USD) from regular expenditures have been saved.

The Finance Ministry suggested the PM submit a proposal to the NA Standing Committee on using the saved sum to add to the central budget reserve fund 2021 and provide for ministries, agencies and localities to fight the pandemic in the most effective manner.

According to him, up to 21.4 trillion VND from the State budget has been used for anti-pandemic efforts. Meanwhile, the national COVID-19 vaccine fund has raised nearly 8.7 trillion VND.

The ministry also proposed measures to support firms such as extending deadlines for payment of added value, corporate and individual income taxes, and land lease this year; reducing telecom and electricity bills, bank interest rates, and environment protection taxes. It also suggested the Government issue the aid package worth 26 trillion VND for employers and employees who meet difficulties amid the pandemic.

Phoc added that the ministry will continue recommending measures to the Government and the legislature to increase budget saving, as well as ensure spendings for pandemic combat and social welfare for residents, contributing to rapid economic recovery and development.

Source: Vietnam News Agency