Vietnam, US reach agreement to end timber trade probe
Vietnam and the US have reached an agreement on illegal logging and timber trade that will avoid hefty tariffs on Vietnamese timber exports, according to the Vietnamese Ministry of Agriculture and Rural Development (MARD).
Currently, the US is the biggest market for Vietnamese wood products. (Photo: VNA)
Hanoi (VNA) – Vietnam and the US have reachedan agreement on illegal logging and timber trade that will avoid hefty tariffson Vietnamese timber exports, according to the Vietnamese Ministry of Agricultureand Rural Development (MARD).
The deal was inked by MARD Minister Le Minh Hoan andUS Trade Representative Katherine Tai on October 1.
In October 2020, the US Trade Representative (USTR)launched an investigation into Vietnam's timber exports under Section 301 ofthe 1974 Trade Act.
The agreement addresses US concerns in the VietnamTimber Section 301 investigation.
Ambassador Tai determined that the Agreement providesa satisfactory resolution of the matter subject to investigation and that notrade action is warranted at this time, the USTR said.
At a working session between the Vietnamese Ministry of Agriculture and Rural Development and the US Trade Representative (USTR). (Photo: VNA)
The agreement will contribute to improving theprestige of Vietnam’s timber sector and creating a foundation for the country’ssustainable forestry development. It also demonstrates Vietnam’s responsibilityin building, issuing and implementing legal regulations, ensuring the legal timberorigin in line with relevant regulations of international treaties to whichVietnam is a member.
The US side spokehighly of the agreement, saying "Vietnam will provide a model – both for theIndo-Pacific region and globally – for comprehensive enforcement againstillegal timber."
Currently, the US is the biggest market for Vietnamesewood products, representing an estimated 7.4 billion USD last year, about halfof the country’s total. In the first eight months of this year the number stoodat 6.4 billion USD, up 58.8 percent year-on-year./.
Vietnam and the US signed a Memorandum of Understanding (MoU) on technical cooperation between the Ministry of Agriculture and Rural Development (MARD) and the US Grains Council (USGC) in Washington on September 22.
President Nguyen Xuan Phuc received Arun Savkur, CEO of the US’s Quantum Group on September 22 in New York (local time), witnessing the handover of the cooperation agreement between the group and a Vietnamese joint venture.
Deputy Minister of National Defence Sen. Lieut. Gen. Hoang Xuan Chien met with Patrick Leahy, president pro tempore of the US Senate on September 22 (local time) in Washington DC, with their discussion focusing on war-aftermath mitigation projects in Vietnam.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
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.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
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.
Currently, the US is the biggest market for Vietnamese wood products. (Photo: VNA) 
At a working session between the Vietnamese Ministry of Agriculture and Rural Development and the US Trade Representative (USTR). (Photo: VNA) 
