Top foreign ministry officials of both countries agreed on the need to maintain peace, stability, safety and freedom of navigation in the East Sea, known internationally as the South China Sea, and reaffirmed their wish to maintain oil and gas development cooperation in Vietnamese waters. The agreement was expressed in the meeting between Indian Foreign Minister Subrahmanyam Jaishankar and his Vietnamese counterpart Pham Binh Minh on the sidelines of the 52nd ASEAN Foreign Ministers’ Meeting in Bangkok, Thailand, which wrapped up Sunday. Vietnam and India also agreed on ways to boost their comprehensive strategic partnership, high-level visits, cooperation in commerce, investment, agriculture, medicine, aviation and defense, as well as cooperation on multilateral forums, especially in 2020 when Vietnam becomes ASEAN Chair and when both countries hold non-permanent seats in the United Nations Security Council. India's commitment to continued oil and gas cooperation with Vietnam … [Read more...] about India, Vietnam concur on East Sea oil and gas cooperation
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Prices for top exporter India’s benchmark 5 percent broken parboiled variety rose for the first time in four weeks to $383-$386 per tonne from last week’s $378-$383 range. "Demand is good, especially in containers from west Africa market," Nitin Gupta, vice president, rice business at Olam India, said. Also supporting the Indian variety, the rupee was at its firmest since the start of the year, slashing exporters’ returns from foreign sales and prompting them to raise prices. Vietnam, the world’s third-largest shipper of the grain after Thailand, also saw prices for its 5 percent broken rice variety gain to $355 a tonne from $345 last week. "The government said it would buy rice from farmers for stockpiling, and demand is also seen rising," a trader based in Ho Chi Minh City said. "However, increasing supplies from an ongoing harvest will likely keep prices from rising further." The winter-spring harvest in the Mekong Delta will peak at the end of this month. … [Read more...] about Asia Rice: India, Vietnam attract fresh buying; supply weighs on Thai market
India has stopped corn and soymeal exports to Vietnam after Hanoi rejected cargoes totaling 50,000 tonnes over fumigation issues, threatening to stoke food and feedstock prices in Asia. Vietnam is one of the biggest buyers of corn and soymeal from India, a leading supplier to Southeast Asia. On Tuesday, China joined India, South Korea and Thailand in raising interest rates to keep a lid on rising prices, a major worry for a number of governments trying to boost rapid growth. Hanoi had rejected 50,000 tonnes of corn and soymeal after insects were found in the cargoes from India, a Vietnamese government source said. The cargoes had been infected with the Khapra beetle, a native of India and identified by the Hanoi-based Plant Protection Department as \'Trogoderma granarium everts\', in a letter sent to the Indian counterpart and seen by Reuters. Traders in India said Vietnam had adopted a new fumigation procedure, leading to the cancellations. Exporters are hoping to be allowed to … [Read more...] about India, Vietnam spar over feed quality, prices may jump
African nations have been turning to Vietnam as the business environment in China becomes increasingly more difficult. African businesses started flooding to Guangzhou City after China joined the World Trade Organization in 2001, the South China Morning Post said on Monday. Migration from Africa has risen as China "has stepped up its diplomatic links and investments with the continent," the newspaper explained. In 2009, local media put the African population in Guangzhou at 100,000, including those who had overstayed their visas, it said. Guangzhou draws merchants who come to buy goods such as jewelry and electronics in bulk, which they ship back to their homelands, according to AFP. A part of the city has even been given the name "Little Africa." But things have changed. The city’s African population had dropped to 10,344 in February last year, the South China Morning Post cited the municipal bureau of public security as saying, though Liang Yucheng, a professor of social … [Read more...] about Rising costs in China make African entrepreneurs look to Vietnam
Washington and Beijing are going toe-to-toe in a trade spat, and Vietnam is set to become embroiled in the conflict, for better or for worse. The row is likely to deal a blow to export-reliant Vietnam, as its overseas shipments form part of China’s value chain. “If the U.S imposes high tariffs on China’s broader cross-border supply chain, Vietnam, which exports goods that serve as inputs for China’s exports, will be badly hit,” said economist Le Dang Doanh. It’s unclear whether Washington will tax Chinese firms alone or their wider supply networks. About 2.2 percent of Vietnam’ shipments abroad are part of China’s value chain, Bloomberg quoted date from RHB Bank Bhd as saying. Sharing the same opinion, Steven Schwartz, senior director of sovereign ratings for Asia at Fitch Ratings, said South Korea, Taiwan, Vietnam and Malaysia, all of which export goods – such as machine parts and components for communications equipment … [Read more...] about What does Vietnam have to lose or gain from US-China trade war?