Many initiatives will be offered to foster cooperation among regional businesses towards further promoting trade and investment exchange after Vietnam takes over the chairmanship of the EABC in 2020.
EABC 2020 to promote development of MSMEs - Illustrative image (Source: VNA)
Hanoi (VNA) – Many initiatives will beoffered to foster cooperation among regional businesses towards further promotingtrade and investment exchange in the region after Vietnam takes over the chairmanshipof the East Asia Business Council (EABC) in 2020.
According to Chairman of the Vietnam Chamberof Commerce and Industry (VCCI) Vu Tien Loc, priority will be given to promotingdevelopment of micro, small and medium sized enterprises (MSMEs).
Attention will also be paid to enhancingbusiness-related economic and tradepolicies to ensure regional integration, and sustainable growth for East Asiancountries through realising the ASEANEconomic Community (AEC) and the Regional Comprehensive Economic Partnership(RCEP).
MSMEs and businesses owned by women in East Asia countries will be providedwith facilitation to access capital and international markets in order to successfullyparticipate in the global value chain.
EABC will also optimise the potential of human resources, promote startups and innovationon the basis of digitalisation for an inclusive digital future for the EastAsian region.
This is consistent with policies of the Vietnamese Party and State and is anopportunity for Vietnam's economy and business community to connect with EastAsian economies and the world, Loc stressed.
In 2020, Vietnam will also assume the chairmanshipof ASEAN and the ASEAN Business Advisory Council (ASEAN BAC), he added.
Accordingly, many policies and priority actions will be rolled out to boost cooperationamong regional enterprises and international economic integrationas well.
ASEAN BAC 2020 willfocus on expanding digitalisation for sustainable and inclusive socio-economic developmentin the region.
MSMEs - key economic drivers of ASEAN countries - will be supported to fullytap opportunities and respond to challenges from the digital age, thus growing morestrongly and sustainably, Loc said.
According to the VCCI, the 19th ASEAN Business and Investment Summit (ABIS 2020) will be held in November this year along with the 37th ASEAN Summit in Hanoi./.
A series of consultations took place in the central coastal city of Da Nang on August 26 within the framework of the 42nd ASEAN Economic Ministers’ Meeting (AEM-42), the fourth ASEAN Economic Council Meeting and related meetings.
ASEAN-led free trade agreements (FTAs) have been generally underused by the region’s small and medium-sized enterprises (SMEs) although there are currently 92 FTAs involving the association and its member states (AMSs).
The 47th ASEAN Economic Ministers’ Meeting, scheduled to be held in Malaysia from August 22-25, will be the final step towards the formation of the ASEAN Economic Community by year-end.
The 19th consultation between ASEAN economic ministers and ministers from ASEAN’s partner countries of China, Japan and the Republic of Korea (RoK) was held in Vientiane, Laos, on August 4.
Senior ASEAN leaders met with representatives of the ASEAN Inter-Parliamentary Assembly (AIPA), ASEAN Business Advisory Council (ASEAN-BAC) and ASEAN Youth in Bangkok on June 22.
The ASEAN Business Advisory Council (ASEAN-BAC) was satisfied with negotiations over ASEAN trade facilitation procedures, in which all members agreed to form and implement guidelines on non-tariff measures, said the Thai Ministry of Commerce.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
EABC 2020 to promote development of MSMEs - Illustrative image (Source: VNA) 
