mai hien

Vietnam, China look to stronger trade links and logistics cooperation
Monday, 21 May 2018 01:52

The Vietnamese Embassy in China and the Vietnam Ministry of Industry and Trade co-hosted a seminar on May 8 in Chongqing city to introduce the Chinese business community to the situation of socio-economic development as well as opportunities for business and investment cooperation in Vietnam.

In his speech, Vietnamese Ambassador to China Dang Minh Khoi reviewed Vietnam's socio-economic development achievements in 2017, which witnessed the positive development of the comprehensive strategic cooperation partnership between the two nations as demonstrated by the regular exchange of high level visits.

Notably, remarkable progress was also achieved in a multitude of fields such as national defense, security, foreign affairs, economics, trade, tourism, people-to-people exchange, and cooperation between localities.

Bilateral trade turnover has risen to beyond the US$100 billion mark. Vietnam is currently China's largest trading partner in ASEAN and ranks eighth in the world. Chinese enterprises are also placed eighth among foreign investors in the Southeast Asian nation.

The Vietnamese diplomat assured the Vietnamese Government’s readiness to offer optimal conditions for foreign businesses, including those from China’s Chongqing city, to make investment in high-tech projects in the country.

Vietnam is speeding up industrialisation and modernization and is giving priority to the development of high-tech industries, green technologies, clean energy, organic agriculture and digital economy, among others. Investors should pay greater attention to protecting the environment and ensuring labourers’ benefits and social welfare in the host nation, Khoi noted.

He expressed his hope that China will open its doors for the products which are of Vietnam’s strengths and China’s demand such as farm produce, pork and dairy products.

Facilitating Vietnamese products in the custom clearance procedures is an important step towards developing two-way trade into a healthier and more balanced manner, he said.

Deputy Minister of Industry and Trade Tran Quoc Khanh held that Vietnam and China boast huge potential for stepping up logistics cooperation.

Vietnam’s logistics service has enjoyed strong growth with an annual increase of 20-25% . According to the World Bank’s rankings, Vietnam is 64th out of 160 countries in the world and 4th in ASEAN after Singapore, Malaysia and Thailand in logistics development.

Goods exchange between Vietnam and Chongqing is diverse, abundant and greatly complementary. Many Chongqing businesses are successfully doing business with their Vietnamese partners in different fields, significantly contributing to Vietnam's economic growth over recent years, Khanh said while showing his wish that both sides would promote business connectivity in order to fully exploit their cooperation potential.

Deputy Mayor of Chongqing city Liu Guiping said that multi-model transportation, cross-border road transport and international railways are three main types of transportation helping to connect Chongqing and China’s western localities with Vietnam and other ASEAN nations. He said he hopes that that enterprises will work closely to bolster cooperation in the field.

On the occasion, the leaders witnessed the signing of a number of agreements on strengthening logistics cooperation between enterprises from both nations.

Cosco Shipping Holdings net profit plunges 33pc as revenues increase 9pc
Friday, 18 May 2018 03:11

COSCO Shipping Holdings Co Ltd announced that net profit for the first quarter of the year ending March 31, 2018, has fallen 33 per cent to CNY181 million (US$28.3 million) from CNY270 million in the same period last year.

Revenues during the three-month period totalled CNY21.9 billion, an increase of CNY1.8 billion or 9.06 per cent as compared to the same period of last year.

Revenues from container shipping and related business amounted to CNY20.6 billion, representing an increase of CNY1.3 billion or 6.5 per cent over Q1 2017. Revenues from terminal and related business amounted to CNY1.5 billion, representing an increase of CNY642 million or 72.1 per cent compared to the same period of last year.

Revenues from container shipping amounted to CNY18.5 billion, an 8 per cent increase.

Cosco saw an increase in the number of containers it carried overall and on most routes.

In total, it carried 5.2 million TEU in the first quarter, 11.8 per cent more than the 4.7 million TEU in first quarter of 2017.

On individual trade routes volumes: Increased 7.5 per cent in the transpacific to 762,455 TEU; decreased 10 per cent on the Asia-Europe lane, including the Mediterranean, to 933,378 TEU; increased 22 per cent on intra-Asia lanes, including Australia, to 1.5 million TEU; increased 52.7 per cent on other international trade lanes to 556,341 TEU; and increased 10.4 per cent on domestic Chinese routes to 1.4 million TEU.

The container terminals in which Cosco is a participant handled 27.2 million TEU in the first quarter of 2018, an increase of 38 per cent when compared 19.7 million TEU in the same period in 2017. At terminals it controls, the volume was up 38.5 per cent to 5.2 million TEU, according to American Shipper.

OOCL sees high Asia-Europe volumes on good revenue in Q1
Wednesday, 16 May 2018 07:52

Hong Kong-based line Orient Overseas Container Line (OOCL) has really benefitted from its new high capacity vessels, taking full advantage after the delivery of its last megaship in January to see a 21% rise in Asia-Europe liftings in the first quarter to 302,679 teu.

The series of six 21,000 teu container ships was specifically aimed at the trade and OOCL has also done well to not only increase liftings but also raise revenue by an even higher rate, with turnover rising 24% to $281.3m.

The transpacific segment saw a 16% rise in liftings to 457,461 teu. Revenue growth also outpaced liftings here, rising by almost a fifth to $529m, and making this the top revenue earning trade for OOCL.

Overall volumes rose 8% to 1.58m teu. Loadable capacity spiked 16% but a sharp focus on maintaining revenue saw overall load factor fall 6.4 percentage points as total revenue rose 16% to $1.38bn and average revenue per teu rose 8% compared to the previous corresponding period.

In another key segment, Intra-Asia, OOCL saw volume drop 1% to 716,390 teu but revenue jump 13% to $447.3m.

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