Vietnam slaps anti-dumping tax on sugar imports from some Thai firms
Vietnam has decided to impose an anti-dumping levy from 25.73% to 32.75% on cane sugar imported from some major Thai producers until 2026.
The levy is effective from August 18, 2023 to June 6, 2026, the Vietnamese Ministry of Industry and Trade said in a decision issued on Tuesday. The ministry added it had conducted a "careful and fair investigation" prior to the decision.
The Thai cane sugar producers listed are Mitr Phol Sugar and four associated companies and Czarnikow Group Limited (anti-dumping tax of 32.75%, anti-subsidy tax of 0%); Thai Roong Ruang and five affiliates (anti-dumping tax of 25.73%, anti-subsidy tax of 4.65%).
Starting in June 2021, the ministry imposed anti-dumping tax and anti-subsidy tax totaling 47.64% on cane sugar products imported from other Southeast Asian countries but originating from Thailand for four years.
In 2020, Vietnam removed duties on cane sugar imported from Southeast Asian countries in line with the commitments of the ASEAN Trade in Goods Agreement (ATIGA), which aims to achieve free flow of goods in the region resulting in less trade barriers and deeper economic linkages among ASEAN member states, lower business costs, and enhanced trade.
However, the member states are allowed to impose import duties to protect the rights and interests of domestic industries against anti-competitive behavior.
- Read More
Nokia, Viettel deploy 1.2 Tb/s optics transmission in Vietnam, to help 5G growth
Finnish giant Nokia and Vietnamese telco Viettel have rolled out high-capacity optical network after achieving an optics transmission speed record of 1.2Tb a second per wavelength in Vietnam.
Infrastructure - Fri, November 1, 2024 | 3:40 pm GMT+7
Korea SK Group sells 76 mln shares of Vietnam’s MSN, no longer major shareholder
South Korea’s chaebol SK Group has sold 76.28 million shares of Vietnam’s conglomerate Masan, lowering its ownership in Masan to 3.67% of the charter capital and 3.86% of the voting shares.
Companies - Fri, November 1, 2024 | 3:16 pm GMT+7
HCMC-based Bamboo Capital's energy arm fulfils 98% of profit target in 9 months
BCG Energy JSC, a subsidiary of Vietnamese private conglomerate Bamboo Capital Group, posted a consolidated after-tax profit of VND504 billion ($19.94 million) in the first nine months of 2024, fulfilling 98% of the year's profit target.
Bamboo Capital - Fri, November 1, 2024 | 2:32 pm GMT+7
Vietnam refinery operator suffers heavy loss in Q3
Binh Son Refining and Petrochemical JSC (BSR), the operator of Vietnam’s first oil refinery Dung Quat, incurred a net loss of VND1.21 trillion ($47.74 million) in Q3/2024, marking the fourth consecutive quarter of dim earnings.
Companies - Fri, November 1, 2024 | 2:10 pm GMT+7
Vietnam T&T Group, Qatar partner to build $3.2 bln Disneyland park in Hanoi
Vietnam’s conglomerate T&T Group and Qatar’s JTA International Investment Holding will jointly build a $4.5-billion sports and entertainment complex in Hanoi, featuring a Disneyland theme park worth $3.2 billion.
Real Estate - Fri, November 1, 2024 | 12:08 pm GMT+7
AirAsia to collect mandatory carbon fee starting 2025
Malaysia-based carrier AirAsia will begin imposing a mandatory carbon fee on all passengers starting January 1, 2025, according to the country’s Transport Minister Anthony Loke.
Southeast Asia - Fri, November 1, 2024 | 12:05 pm GMT+7
At least seven killed in bridge collapse in Indonesia
At least seven people were killed and dozens of others were injured when a seaside bridge collapsed in the Maluku island region in eastern Indonesia on Thursday.
Southeast Asia - Fri, November 1, 2024 | 12:04 pm GMT+7
Thailand to raise retirement age to 65
Thailand's Labor Ministry plans to raise the retirement age for both private and government sectors to 65 years, the same as in Singapore and Switzerland, according to Labour Minister Phiphat Ratchakitprakarn.
Southeast Asia - Fri, November 1, 2024 | 12:03 pm GMT+7
A quarter of Singapore’s fish farms stop operations in past year
About a quarter of Singapore’s sea-based fish farms have exited the industry over the past year, figures from Singapore Food Agency (SFA) showed.
Southeast Asia - Fri, November 1, 2024 | 12:02 pm GMT+7
Malaysia plans to launch national AI office
The Malaysian Government plans to launch the National Artificial Intelligence Office (NAIO) in Kuala Lumpur on December 12, according to the country’s Digital Minister Gobind Singh Deo.
Southeast Asia - Fri, November 1, 2024 | 12:00 pm GMT+7
Vingroup posts Q3 earnings of $80 mln, highest in five years
Vingroup, the largest private multi-industry conglomerate in Vietnam by ecosystem, recorded a consolidated net profit of VND2,015 billion ($79.54 million) in Q3/2024, the heftiest quarterly earnings in the past five years.
Companies - Fri, November 1, 2024 | 11:54 am GMT+7
Thailand SCG to invest $700 mln more in $5 bln petrochemicals complex in Vietnam
Thailand’s Siam Cement Group (SCG) will invest an extra $700 million in the $5.2 billion Long Son Petrochemicals Complex (LSP) in Vietnam’s southern province of Ba Ria-Vung Tau to diversify its production.
Industries - Fri, November 1, 2024 | 10:20 am GMT+7
Vietnam manufacturing activity rebounds, recovering from typhoon Yagi
The Vietnamese manufacturing sector in October started to recover from the effects of September's super typhoon, recording renewed increases in both output and new orders.
Economy - Fri, November 1, 2024 | 8:34 am GMT+7
Vietnam private lender VietBank logs 96% profit growth in 9 months
Vietnam Thuong Tin Commercial Joint Stock Bank (VietBank) posted a 96% year-on-year surge in pre-tax profit in the first nine months of 2024 to reach VND820.4 billion ($32.46 million), or 78% of the year's target.
Banking - Fri, November 1, 2024 | 7:45 am GMT+7
Maersk opens its first bonded warehouse in Vietnam
Denmark's integrated transport and logistics giant A.P. Moller - Maersk (Maersk) on Thursday opened its first bonded warehouse in Vietnam at SLP Park, Nam Dinh Vu Industrial Park in Hai Phong city.
Industries - Thu, October 31, 2024 | 11:44 pm GMT+7
ABBank incurs $14 mln loss in Q3
Hanoi-headquartered An Binh Commercial Joint Stock Bank reported a pre-tax loss of VND343.5 billion ($13.59 million) in the third quarter of this year, while some other private Vietnamese banks posted strong profits.
Banking - Thu, October 31, 2024 | 9:29 pm GMT+7