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The Export Import Bank of India will provide lines of credit totalling USD 300 million to Vietnam for procuring high-speed guard boats and offshore patrol vessels. The Exim Bank had entered into an agreement on July 31, 2024 with the Government of the Socialist Republic of Vietnam (GO-VNM), for making available to the latter, Government of India supported Line of Credit (LoC) of USD 180 million for procurement of four Offshore Patrol Vessels (OPV), the Reserve Bank said. The bank had also entered into an agreement with GO-VNM for making available to the latter, India supported LoC of USD 120 million for procurement of high-speed guard boats, it said in another circular. Both agreements are effective from January 20, 2025 and the last date for disbursement will be 60 months after the scheduled completion date of the project. The export of eligible goods and services from India would be allowed subject to the Foreign Trade Policy.
Vietnam's electric vehicle maker VinFast Auto on Saturday said its two electric SUVs -- VF 7 and VF 6 -- will hit the Indian market later this year to mark its foray into the country, which it says has a huge growth potential. The company, which is investing USD 500 million to set up its manufacturing plant at Tuticorin in Tamil Nadu, expects completion of the facility in the second half of 2025 after which it will launch the products. It is also in talks with the government for its investment in India to be considered for incentives under the new EV policy and is looking to export EVs produced in India to the Middle East and African markets. "We hope that it (Tuticorin plant) will be completed by the end of H1 or H2 beginning of 2025, then we can launch our cars," VinFast Asia CEO Pham Sanh Chau said here in an interaction. "This year, we will launch two products," he said when asked about the product launch plans of the company in India. Stressing that the premium SUVs VF 7 and
Russia will facilitate Vietnam's participation in the BRICS bloc of developing economies as a partner country, the countries said in a joint statement on Wednesday after Russian Prime Minister Mikhail Mishustin's two-day visit to Hanoi. The Russian side welcomed Vietnam's active participation in BRICS events in 2024 and expressed its readiness to create favourable conditions if Vietnam joins BRICS as a partner country, the statement said. BRICS was formed by Brazil, Russia, India and China in 2009, with South Africa added in 2010, as a counterweight to the Group of Seven leading industrialised nations. Last year, the bloc added Iran, Egypt, Ethiopia and the United Arab Emirates. Saudi Arabia has been invited to join. Turkiye, Azerbaijan and Malaysia have formally applied to become members, and a few others have expressed interest. Vietnam's Southeast Asian neighbour Indonesia was admitted as a full BRICS member this month. But Vietnam remains reticent to join the bloc, said Nguyen
Vietnam and Russia inked Tuesday an agreement to boost cooperation on nuclear energy during Russian Prime Minister Mikhail Mishustin's two-day visit to Hanoi. The Southeast Asian country has been trying to revive its nuclear energy plans after it shelved building two nuclear power plants in 2016 due to ballooning costs and concerns around safety hoping it will help it become energy-sufficient and reach its goal of curbing additional greenhouse emissions by 2050. The agreement was signed between Russia's state-owned nuclear energy company Rosatom and Vietnam's state-owned power utility EVN. Mishustin also held bilateral talks with his counterpart Pham Minh Chinh and met Vietnam's Communist Party chief To Lam and the chairman of Vietnam's National Assembly Tran Thanh Man. Vietnam is an important partner of Russia in Southeast Asia," Mishustin said. Today we plan to discuss with you a comprehensive plan for cooperation between Russia and Vietnam, which runs until 2030. He is set to
Vietnam has suspended the operations of Chinese online retailer Temu after it failed to meet a government deadline to register the company by the end of November. It is unclear if Temu, a unit of Chinese e-commerce giant Pinduoduo, will be allowed to resume its business once it registers. The suspension comes after the ministry had raised concerns about the authenticity of Temu's extremely cheap products and their impact on Vietnamese manufacturers. Temu said Thursday it was working with the Vietnam E-commerce and Digital Economy Agency and the Ministry of Industry and Trade to register its e-commerce services and had submitted required documents. Temu began selling goods in Vietnam in October with aggressive discounts and free shipping. The government had warned the company that its app and website would be blocked if it did not register before an end-of-November deadline, official Vietnam News Agency cited the Ministry of Industry and Trade as saying. On Thursday, Vietnamese ...