Asean
Vietnam to select partners for third refinery
Vietnam’s state oil and gas group Petrovietnam will select partners by the year-end for the nation’s third oil refinery, the Long Son plant, its chairman has said
Vietnam’s state oil and gas group Petrovietnam will select partners by the year-end for the nation’s third oil refinery, the Long Son plant, its chairman has said
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Vietnam to select partners for third refinery
As an emerging economy, the regulatory landscape in Vietnam is dynamic, characterized by frequent changes in laws and regulations. Very often, the head office finance team is unsure whether the myriads of regulations in Vietnam are fully complied with, and is also troubled by the quality of financial and management reporting by their Vietnamese accountants.
The July 13, 2000, signing of the Bilateral Trade Agreement (BTA) between the USA and Vietnam was a significant milestone for Vietnam’s economy. The BTA provided for Normal Trade Relations (NTR) status of Vietnamese goods in the U.S. market. Access to the U.S. market is expected to allow Vietnam to hasten its transformation into a manufacturing-based, export-oriented economy. It would also concomitantly attract foreign investment to Vietnam, not only from the U.S., but also from Europe, Asia, and other regions.
In the first forecast, Vietnam would concentrate on growth in terms of quality. It would reduce the growth rate to focus on transforming the economy by restructuring production. The growth rate would be 6 to 6.5 percent. Under the second plan which has less focus on transformation of the economy, Vietnam would achieve a higher growth rate inn the short term of 7 percent. He believes that in 2010 the world economy and Vietnam’s have stepped into the first stages of recovery. As a result, import-export activities and foreign direct investment will not increase in the short term. To achieve high growth, Vietnam would have to increase investment and spending. The total investment would have to reach VND835 trillion (US$46 billion), accounting for 42 percent of GDP. The increase means the budget deficit would rise to 6.5 percent of GDP, he explained to Vietnam News. The plan has the danger that it could act to cause inflation. Under the plan, export turnover would be expected to reach $66.4 to 67.8 billion while import turnover, $77.5 to 80 billion and trade deficit, around $12 billion.
Education and the system of higher learning and technical schools is very important to business as it provides the trained workers and also a system to transfer skills and train new employees needed in a modern business society. In Vietnam, the economy in recent years has had a remarkable performance. GDP growth increased 8.5% in 2006, 8.2% in 2007 and 8.5% in 2009. In 2009, according to the Asia Development Bank (ADB) in their latest late September, 2009 revision the bank predicted that growth would be 4.7% for all 2009. Growth in 2010 is projected at 6.5 percent according to the same source. Future growth is highly dependent on a high quality workforce who are better skilled and trained in modern education and with better quality language skills.
Asean
Deadly Floods and Landslides Strike Indonesia and Thailand – Vietnam Plus
At least seven people were killed, two others were injured and some were likely to be missing after flash floods and landslides hit the Indonesian eastern province of Maluku on the morning of August 25, according to the locality’s disaster management and mitigation office.
Heavy rainfall, which began on August 24, has triggered the disasters in Ternate city. Many local residents are in urgent need of support, authorities said.
Soldiers, police, local search and rescue personnel, disaster management staff, and volunteers are all involved in the ongoing rescue efforts, which include evacuating those trapped by the landslides and recovering materials from homes swept away by the floods.
Meanwhile in Thailand, local authorities reported that the death toll from a landslide in the popular resort province of Phuket on August 23 has risen to 13, including a Russian couple.
Source : Floods, landslides kill many in Indonesia, Thailand – Vietnam Plus
Asean
Tug of War in Southeast Asia: Can ASEAN-China Dialogue Shift the Scales Toward Peace? – An Analysis
The ASEAN-China dialogue is vital for regional stability, addressing economic cooperation and security challenges, particularly in the South China Sea, amidst significant geopolitical complexities and ongoing territorial disputes.
ASEAN-China Dialogue: A Path Towards Cooperation
The ASEAN-China dialogue plays a pivotal role in Southeast Asia’s diplomacy, fostering economic collaboration while addressing security challenges. Despite advances, particularly in managing tensions in the South China Sea, significant barriers remain to achieving lasting peace and stability in the region. ASEAN’s capacity to maintain its unity and centrality is crucial amidst complex power dynamics involving China and other global players.
Navigating Tensions and Economic Relations
A pressing concern within this dialogue is the South China Sea territorial disputes, which involve multiple ASEAN states and China. The militarization of the area raises alarm among regional stakeholders, necessitating urgent negotiations for a Code of Conduct (COC) to manage conflicts. Additionally, the growing economic interdependence fostered by initiatives like the Regional Comprehensive Economic Partnership (RCEP) strengthens ASEAN-China ties, yet it also raises concerns about potential political leverage influencing member states’ autonomy.
The Challenge of Regional Stability
While the ASEAN-China dialogue offers a framework for promoting peace, its effectiveness is conditioned by broader geopolitical contexts, including China’s rivalry with the United States. The success of this dialogue rests on sustaining a commitment to multilateralism and peaceful dispute resolution. As ASEAN adapts to these complex dynamics, it must reinforce its unity and cooperative strategies, ensuring the region’s stability amid evolving challenges.
Source : Tug Of War In Southeast Asia: Will ASEAN-China Dialogue Tip The Balance Towards Peace? – Analysis
Asean
Cambodia Invites Business Leaders to Join the 21st China-ASEAN Expo in Nanning
Cambodia invites businesspeople to the 21st China-ASEAN Expo in Nanning, promoting trade and investment with incentives like hotel coupons and networking opportunities in various sectors.
Cambodia Invites Participation in CAEXPO 2024
Cambodia is actively encouraging business leaders, investors, and service providers to participate in the upcoming 21st China-ASEAN Expo (CAEXPO), set to take place from September 24-28 in Nanning, China. According to a Ministry of Commerce announcement, CAEXPO serves as a vital platform for trade and investment collaborations between ASEAN nations and China.
To facilitate Cambodian participation, the Ministry invites interested individuals to apply as Trade Visitors by August 31, 2024. Participants will benefit from hotel coupons, dining vouchers, and shuttle services to the expo venue. Furthermore, attendees can engage in business matchmaking in sectors such as food processing, digital technology, and renewable energy products.
Kin Phea, from the Royal Academy of Cambodia, emphasized the advancements in China-ASEAN relations, particularly concerning economic cooperation, tourism, and cultural exchanges. He noted that both sides have become each other’s largest trading partners, enhancing collaboration through the Belt and Road initiative, focusing on infrastructure and sustainable development.
Source : Cambodia encourages businesspeople to partake in 21st China-ASEAN Expo in Nanning
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