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Trade volume between Russia and Vietnam would rise by $1 billion to $4 billion in 2012, said Russian economist Elvira Nabiullina Monday. While addressing a Russia-Vietnam business conference in Moscow, Nabiullina, who was appointed as President Vladimir Putin's economic advisor in May, said bilateral trade turnover between the two countries has risen three-fold since 2006. The two-way trade between Russia and Vietnam was $1.5 billion in the first five months of the year, said Nabiullina, who insisted both Russia and Vietnam still need to tap their potentials in trade. According to an estimate given by the Russian Ministry for Economic Development, which was led by Nabiullina in the previous government, trade volume between Russia and Vietnam could reach $5 billion by 2015.
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The US Department of Commerce (DOC) has preliminarily imposed an anti-dumping tariff of 188% on steel garment hangers imported from Vietnam. According to the Vietnam Competition Authority (VCA) under the Ministry of Industry and Trade (MoIT), the DOC filed countervailing duty petitions against steel garment hangers from Vietnam and Taiwan. Under the petitions, anti-dumping margins for made-in-Vietnam hangers ranged from 135.81% to 187.51%. Earlier in May, the DOC claimed that Vietnamese producers and exporters received anti subsidy countervailing duties (CVD) ranging from 11.03 to 21.25% on their steel garment hangers. As planned, its final decision on Vietnamese products will be made in December 2012. If the DOC confirms that Vietnam’s subsidized steel garment hangers cause significant damages to the US industry, the US International Trade Commission (ITC) will announce its final decision in January 2013. As a result, the CVD will be then imposed on steel hangers imported from Vietnam.
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The US Department of Commerce has decided to impose anti-dumping taxes of 53-60 percent on made-in-Vietnam wind turbines. According to a DOC decision on July 27, the CS Wind Corporation will have to pay 53 percent tax for its products and other companies 60 percent. The DOC claimed that Vietnam and China dumped their wind turbines worth US$201 billion on the US market in 2011. It will also impose anti-dumping taxes of 21 – 73 percent on similar products imported from China. Its final decision will be made on December 16.
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The third Vietnam international advertising equipment and technology exhibition (VietAd 2012) will take place in HCM City from August 2-5. The exhibition is held by the Vietnam Advertising Association in coordination with the HCM City Advertising Association and Dong Nam Advertising and Commercial Promotion JSC. It is expected to draw the participation of 80 enterprises with 200 booths showcasing different kinds of machinery and equipment (digital printers, offset printers), LED technology (LED decoration, LED lighting) and advertising & display equipment (standee, panel). During the exhibition, there will be two seminars on the application of LED technology in advertisement and new packaging trends in the world.
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Vietnam’s rice exports reached approximately 4.6 million tons, worth US$2.1 billion, in the first seven months of this year, according to the Vietnam Food Association (VFA). VFA Chairman Truong Thanh Phong said that despite difficulties, Vietnam is likely to achieve its yearly target of exporting 7 million tons if the country focuses on tapping its strength and firmly retains its existing markets. The country should boost its export of high-quality products, Phong said, adding that currently, China is importing 100 percent of its high-quality and fragrant rice. The VFA recommended that Vietnam should export about 20 to 25 percent of its rice of lower quality as this product fails to compete with low-priced rice from India and Myanmar.
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Vietnam may ship 800,000 metric tons in July, according to figures released Thursday from the General Statistics Office in Hanoi, 23 percent more than in the same period last year. Exports in the first seven months of the year were estimated at 4.62 million tons, down 2 percent from a year earlier. The nation exported 877,000 tons in June, 17 percent higher than a previous assessment of 750,000 tons, revised figures from the Statistics Office show. Vietnam exported 652,000 tons in July last year according to preliminary GSO data.
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Thailand-based SCG Group has raised its stake in Binh Minh Plastics Joint Stock Company (BMP) to 20.38% from 16.73% two months ago, the company said. BMP is one of Vietnam's leading pipe and plastic products producers in Vietnam. In addition to BMP, SCG is also holding 9.82 million shares, or 22.67%, of Tien Phong Plastic Joint Stock Company. According to the HCMC Plastic Association, local firms are facing many difficulties in their business as well as in operation expansion due to the special consumption tax, low consumption and difficult access to loans. This has created a chance for foreign investors to buy shares and expand the business in this sector in Vietnam. The total assets of SCG in Vietnam has so far amounted to VND7.85 trillion, equivalent to US$380 million and up 8% from last year.
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Only 34 foreign tourists have claimed value-added tax refunds at Tan Son Nhat International Airport after a month since the customs started a pilot program to this effect to make local shopping more attractive to tourists. Pham Tri Dung, a customs officer at the airport, said the VAT refunds totaled only VND67.5 million, and most of VAT refund claimants submitted bills of shopping at Duy Anh Company’s fashion outlets in the city. The number of tourists asking for tax refunds is on the increase lately, however. Many visitors when polled said they were happy with the VAT refund program. Dung said the number of local enterprises joining program has also increased to 10 with 68 outlets. Normally, it takes tourists five to ten minutes to obtain the refund, depending on the amount of goods they have purchased.
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Russian state-run gas monopoly Gazprom said on Monday it agreed with the Vietnamese state oil group PetroVietnam on potential supplies of liquefied natural gas (LNG) to Vietnam. Gazprom Marketing and Trading Singapore, the trading arm of Russia's energy giant, and PetroVietnam signed a memorandum of understanding on possible LNG supplies, the statement said, without providing any further detail on the terms and volumes of the possible shipments. Russia's only LNG plant is located in the Pacific Island of Sakhalin. Last month Gazprom CEO Alexei Miller said the company was looking to expand its capacities by the end of 2012 to target the Asian market. Earlier this year Gazprom and PetroVietnam agreed to drill several offshore fields in the Vietnamese part of the East Sea with estimated reserves of 55.6 billion cubic meters of gas and 25.1 million tons of gas condensate.
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VSMPO-Avisma Corp. (VSMO), the largest titanium producer, signed an MoU with Vietnam National Coal-Mineral Industries to develop output in the Southeast Asian nation. The companies are interested in setting up a joint venture to make titanium products, VSMPO-Avisma said in a statement on its website today. The terms of the deal will be discussed once Vinacomin, as the Vietnamese mining company is known, gets a license to develop titanium minerals in Binh Thuan province, the Russian metals company said. The signing was attended by Vietnamese President Truong Tan Sang, who is visiting Moscow, according to the statement.
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The Prime Minister ratified a decision on a preferential financial regime for the country's first oil refinery to ensure its business efficiency and future expansion. According to a report published on the Government website www.chinhphu.vn last Friday, the Dung Quat Oil Refinery will be exempted from corporate income tax of 25 per cent for four years, and subsequently be subject to only 10 per cent for 30 years, and 12.5 per cent for a further 9 years. Under Decision No 952/QD-TTg, the Vietnam National Oil and Gas Group (PetroVietnam) will take responsibility for approving and supplementing charter capital for the Binh Son Refining and Petro-chemical Co Ltd, the operator of Dung Quat.
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The Vietnam Sugar and Sugarcane Association (VSSA) has called on the Government to scrap its system of setting individual sugar import quotas for food processing enterprises. Nguyen Hai, chairman of the association, said the Government should import a certain amount of sugar and then invite bids to balance supply and demand. Businesses which offered the best prices would be the winning tenders. Hai said the mechanism would create transparency while ensuring enterprises' demands for sugar are met. In an interview with the Vietnam News, VSSA's general secretary Ha Huu Phai said that under a World Trade Organization commitment, Vietnam was required to open its sugar market by allowing imports every year. In 2005, the country imported 25,000 tons, 2010 saw 70,000 tons imported, and the maximum this year would also be 70,000 tons.
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Vinacomin has petitioned the Government to reduce the coal export tax from 20% to 10% this year to help the corporation avoid further losses. As of last month, coal stockpiles had reached 8.5 million tons, according to Nguyen Van Bien, deputy general director of Vinacomin. Despite this, Bien said Vinacomin had incurred losses of VND8 trillion (US$380 million) every year on average for several years, because it sells coal for power production at below market prices under a Government subsidy program. Importers still wanted to buy coal from Vietnam but offered buying prices lower than the production cost, said Bien. "As a result, Vinacomin dare not continue signing new export contracts because we're afraid of suffering further losses," said Bien. In the first half of 2012, Vinacomin exported nearly 7 million tons of coal. But so far this month, it has exported only 250,000 tons of coal and has no more export orders.
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Nam Bay Bay (NBB) Investment Corporation has successfully transferred the Hung Vuong Commercial Centre project in Phan Thiet City to Lotte Vietnam at a cost of US$4.5 million. The 7,453 sq.m project is expected to be completed and put into operation in the third quarter of next year.
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Metro Cash & Carry Vietnam broke ground for a new wholesale outlet in the Mekong Province of Kien Giang's Rach Gia City on Saturday (July 28). Metro Rach Gia - the 18th cash and carry center in Vietnam – aims to serve the growing tourism industry as well as thousands of fishery and seafood processing businesses in the province Kien Giang and the southern coastal region. With a total investment of US$15.6 million, the new center, which will begin operations in October 2012, will sell more than 25,000 food and non-food items. It will also generate more than 400 new direct jobs for the local residents.
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Korea's Daelim Industrial Co Ltd planned to co-operate with the Vietnam National Petrolimex Group to start construction on the Nam Van Phong Oil Refinery Project in Khanh Hoa province in August or September, according to the management board of the Van Phong Economic Zone. Dealim and Petrolimex signed a memorandum of understanding in October last year to co-invest in the US$ 3 billion project.
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Vietnam's coffee exports this month dropped 7.8 per cent in volume and 8.6 per cent in value compared to last month, according to the General Statistics Office. This crop is estimated to reach 1.403 million tons, or 23.38 million bags, up 29 per cent compared to the same period last year. Turnover is also expected to surge 30.5 per cent to $2.98 billion.
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An 18,000 ton rice warehouse was put into operation late last week in the southern province of Bac Lieu's Hong Dan District. The VND47.5 billion (US$2.26 million) facility includes a 6,000sq.m warehouse, a wharf and two rice processing lines.
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The southern province of Binh Duong would set up a fund to help businesses access credit, according to the provincial People's Committee. The fund, which will have a charter capital of VND150 billion (US$7.14 million), will also help provincial small and medium-sized enterprises, especially those in farming and exports, to take out low interest loans.
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