Vietnam Economic News: 29.3 – 5.4.2025
Summary of Vietnam Economic News: 29.3 - 5.4.2025
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Summary of Vietnam Economic News: 29.3 - 5.4.2025 ---
Vietnam’s Vietjet to operate Chinese-made aircraft on domestic routes from mid-April
Reuters News – 5 April 2025
Vietnamese budget airline VietJet is set to operate Chinesemade COMAC ARJ21-700 aircraft, also branded as C909, on domestic routes for the first time from mid-April. The airline plans to operate four flights between the capital Hanoi and Con Dao Island off southern Vietnam on April 15, according to the document dated Sunday. It will also operate four flights between business hub Ho Chi Minh City and Con Dao on the same day, the document shows. VietJet did not immediately respond to a request for comment.
VBA becomes exclusive partner of ACAMS in Vietnam
Dow Jones Institutional News – 5 April 2025
The Vietnam Blockchain Association (VBA) has officially announced a strategic partnership to become the exclusive partner of the Association of Certified Anti-Money Laundering Specialists (ACAMS) in Vietnam. The collaboration aimed at strengthening anti-money laundering (AML) training efforts and developing a globally recognized pool of AML professionals in Vietnam, and contributing to Vietnam's effort to exit the Financial Action Task Force (FATF)'s grey list. The announcement was made during the seminar titled "Sharing experiences in managing centralized crypto exchanges", hosted by VBA on March 27, 2025. Through this partnership, VBA joins forces with ACAMS to bring international-standard professional development opportunities to Vietnam's digital finance and blockchain sectors. At the event, Mr. Samuel Lay, Business Development Director at ACAMS in Asia, presented honorary pins to Mr. Phan Duc Trung, Chairman of VBA, and Mr. Nguyen Tran Minh Quan, VBA's Legal Director. Both have recently earned their CAMS (Certified Anti-Money Laundering Specialist) certifications, becoming among the first Vietnamese professionals to receive this prestigious credential. Mr. Lay commended the achievement, noting that the certification of VBA personnel underscores the association's pioneering role in collaborating with Vietnamese regulators to advance AML practices. "As more professionals become certified, Vietnam's credibility in the global financial system will continue to grow and solidify," he stated. He also expressed optimism that the VBA--ACAMS partnership will reinforce Vietnam's commitment to strengthening compliance and mitigating risks related to AML and counter-terrorist financing (CFT), especially within the rapidly evolving digital asset landscape.
Vietnam ready to cut tariffs to zero and ask US to do same
Reuters News – 4 April 2025
Vietnam is ready to discuss with the United States cutting its tariffs on American goods to zero and has asked the U.S. to do the same with Vietnamese goods, state media reported on Friday, citing remarks by Communist Party leader To Lam in a phone call with U.S. President Donald Trump. To Lam and Trump have said they would discuss a bilateral agreement soon, the official Vietnam News Agency reported. Lam invited Trump to visit Vietnam, and Trump accepted, the report added. The U.S. announced a 46% tariff on imports from Vietnam on Wednesday. Vietnam's trade minister Nguyen Hong Dien sent a diplomatic note to the United States on Thursday asking Washington to suspend the decision to impose tariffs on Vietnam and find a common solution, according to a report on state media. The minister said U.S. tariffs on Vietnam were unfair, according to Vietnam news agency, and added he was seeking to arrange a phone call with the U.S. Trade Representative.
Vietnam to impose temporary anti-dumping tariffs on galvanised steel from China, South Korea
Reuters News – 4 April 2025
Vietnam will impose a temporary anti-dumping levy of up to 37.13% on some galvanised steel products originating from China, and up to 15.67% for some products from South Korea, showed a trade ministry statement dated April 1. The tariffs will take effect from April 16 and be in place for 120 days, the statement showed. Chinese steel manufacturers, including industry leader Baoshan Iron & Steel, will be subjected to the 37.13% rate. However, Boxing Hengrui New Material and Yieh Phui Technomaterial will be exempted, according to the statement. South Korea's Hyundai Steel will face a 13.7% tariff, while other South Korean steel manufacturers will be levied at 15.67%, with the exception of POSCO, KG Dongbu Steel, and Dongkuk Coated Metal, the statement showed. The development follows a push by Vietnam's steel association in late February for tariffs, citing pressure on the domestic steel industry from galvanised steel imports from China and South Korea. In February, Vietnam also imposed a temporary anti-dumping duty ranging from 19.38% to 27.83% on some hot-rolled steel products from China, effective from March 7.