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Vietnam, India eye 15 billion USD bilateral trade revenue in 2020

Vietnam and India have targeted trade revenue of 7 billion USD in 2015, increasing to 15 billion USD by 2020.
Vietnam and India have targeted trade revenue of 7 billion USD in 2015, increasing to 15 billion USD by 2020.

These goals were unveiled at the second meeting of the Vietnam-India joint subcommittee in Hanoi on January 20.

During the meeting both sides agreed to enhance strategicpartnership, remove trade barriers, and facilitate investments in keyindustries such as oil and gas and garment and textiles towards theintended growth.

They will continue to strengthencollaboration within the ASEAN – India framework and advancenegotiations of the Regional Comprehensive Economic Partnership (RCEP). Acentre for commerce and investment between ASEAN and India is expectedto be developed soon.

Addressing the function, IndianCommerce and Industry Deputy Minister Rajeev Kher affirmed that Vietnamcontinues to be a pillar in his country’s Look East policy.

Cao Quoc Hung, Deputy Minister of Industry and Trade, highlightedpositive economic changes resulting from the two countries’ partnershipin recent years, adding his wish to enhance the ties even further.

According to official statistics from the Ministry of Industry andTrade, total bilateral trade revenue worth 5.15 billion USD betweenVietnam and India from January to November 2014 includes 2.27 billionUSD from export and 2.88 billion USD from import, a 4.5 and 12.5 percentrespective annual increase.

Vietnam primarily exportselectronic products, machines, agricultural goods, and apparel to India,importing fishery products, medicines, and spare parts.

Currently, there are 84 projects across Vietnam invested by India,valued at 258 million USD. Most of the projects belong to the energy andfood processing industries.-VNA

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A motorbike production line of Honda Vietnam — a Japanese company located in Phu Tho province. (Photo: VNA)

▨ Phu Tho emerges as FDI magnet following mergence

In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Infraction levels will correspond to fines of 1-80 million VND, depending on the nature and number of invoicing violations. (Photo: vietnamfinance.vn)

♛ Maximum fine of 3,000 USD proposed for violating invoice regulations

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.
At the strategic partnership signing ceremony between Sun PhuQuoc Airways and Amadeus. (Photo: Sun Group)

𒁃 Sun PhuQuoc Airways enters strategic partnership with Amadeus to build a five-star aviation technology ecosystem

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.
A local resident makes a bank transfer using the Momo app. (Photo: VNA)

✤ Banks accelerate digitalisation, non-cash payments

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.
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