Latest news with #Thang
Business Times
10-07-2025
- Business
- Business Times
Vietnam prepares for impact of 20% tariffs as investors back deal
[HANOI] Vietnam aims to sign more free trade agreements to diversify its export markets as it grapples with global uncertainty posed by the US tariff offensive. 'The global economy is being impacted by geopolitical competition, climate change, digital transformation, and especially tariff policies from major markets such as the United States,' Deputy Trade Minister Phan Thi Thang said at an investment summit in Hanoi on Wednesday (Jul 9). 'However, Vietnam still has many opportunities to break through.' Vietnam, an export powerhouse that last year had the world's third-biggest trade surplus with the US, is trying to navigate Washington's demands while keeping good relations with China, its biggest trading partner. The US has said a tentative deal has been reached, setting a 20 per cent levy on Vietnamese goods and 40 per cent on transhipments, which is mainly aimed at China. 'Electronic components, automobiles and textiles are facing tariffs from the US,' Thang said. 'But this is an opportunity to increase added value and to shift to high-tech products.' Vietnam's negotiators are still working to finalise the details of the trade deal announced by US President Donald Trump last week. The 20 per cent tariff was a significant reduction from the previously threatened 46 per cent rate and puts it ahead of regional rivals such as Thailand, Malaysia and Indonesia, who were sent letters on Monday setting out tariffs from 25 per cent upwards. While Vietnam currently holds a first-mover advantage in Asia, it's possible that neighbours will end up with lower levies. And it's unclear how the terms of the 40 per cent transhipment tariff will be enacted and enforced. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Still, investors in the nation's stock market see the 20 per cent tariff as 'good news', according to Thu Nguyen, deputy CEO of VinaCapital Fund Management, who expects to see more technology companies listing in Vietnam. Vietnam's stocks have rallied to a three-year high as trade tensions shifted to other Asian nations facing higher tariffs. Vietnam saw growth accelerate in the second quarter as foreign buyers raced to get ahead of higher Trump levies, but the uncertainty in global markets has put the central bank on standby to act to curb inflation and support growth. The nation is keeping its target of at least 8 per cent GDP growth this year, and will continue to strive for economic expansion of 10 per cent or above in 2026 to 2030, Deputy Prime Minister Ho Duc Phoc said at the same investment summit on Wednesday. One of the biggest sticking points throughout negotiations was Vietnam's trade relationship with China. The US demanded more action from Hanoi to prevent Chinese goods from being rerouted and repackaged through Vietnam to skirt higher tariffs. Beijing said it was examining the trade deal and would retaliate if its interests were hurt. BLOOMBERG
Business Times
09-07-2025
- Business
- Business Times
Vietnam prepares for impact of 20% tariff as investors back deal
[HANOI] Vietnam aims to sign more free trade agreements to diversify its export markets as it grapples with global uncertainty posed by the US tariff offensive. 'The global economy is being impacted by geopolitical competition, climate change, digital transformation, and especially tariff policies from major markets such as the United States,' Deputy Trade Minister Phan Thi Thang said at an investment summit in Hanoi on Wednesday (Jul 9). 'However, Vietnam still has many opportunities to break through.' Vietnam, an export powerhouse that last year had the world's third-biggest trade surplus with the US, is trying to navigate Washington's demands while keeping good relations with Beijing, its biggest trading partner. The US has said a tentative deal has been reached, setting a 20 per cent levy on Vietnamese goods and 40 per cent on transshipments, which is mainly aimed at China. 'Electronic components, automobiles and textiles are facing tariffs from the US,' Thang said. 'But this is an opportunity to increase added value and to shift to high-tech products.' Vietnam's negotiators are still working to finalise the details of the trade deal announced by US President Donald Trump last week. The 20 per cent tariff was a significant reduction from the previously threatened 46 per cent rate and puts it ahead of regional rivals such as Thailand, Malaysia and Indonesia, who were sent letters on Monday setting out tariffs from 25 per cent upwards. While Vietnam currently holds a first-mover advantage in Asia, it's possible that neighbours will end up with lower levies. And it's unclear how the terms of the 40 per cent transhipment tariff will be enacted and enforced. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Still, investors in the nation's stock market see the 20 per cent tariff as 'good news', according to Thu Nguyen, deputy CEO of VinaCapital Fund Management, who expects to see more technology companies listing in Vietnam. Vietnam's stocks have rallied to a three-year high as trade tensions shifted to other Asian nations facing higher tariffs. Vietnam saw growth accelerate in the second quarter as foreign buyers raced to get ahead of higher Trump levies, but the uncertainty in global markets has put the central bank on standby to take steps to curb inflation and support growth. The nation is keeping its target of at least 8 per cent GDP growth this year, and will continue to strive for economic expansion of 10 per cent or above in 2026 to 2030, Deputy Prime Minister Ho Duc Phoc said at the same investment summit on Wednesday. One of the biggest sticking points throughout negotiations was Vietnam's trade relationship with China. The US demanded more action from Hanoi to prevent Chinese goods from being rerouted and repackaged through Vietnam to skirt higher tariffs. Beijing said it was examining the trade deal and would retaliate if its interests were hurt. BLOOMBERG
The Star
12-06-2025
- Business
- The Star
Vietnam advances plans for international financial centre as trade risks grow
FILE PHOTO: A container ship sails past a luxury apartment complex in Ho Chi Minh City on December 3, 2021. The financial centre will operate in both financial hub Ho Chi Minh City and tourism-focused Danang.- AFP HANOI: Vietnam is moving forward with plans to establish an international financial centre to enhance its role in the global financial market and attract international capital flows, Finance Minister Nguyen Van Thang told parliament on Tuesday (June 10). The initiative could position Vietnam as a regional hub for financial activity, boosting its economic influence, according to Thang and a draft plan, now in its 30th version, seen by Reuters. The draft includes policies covering foreign exchange liberalisation, banking activities, capital market development, tax incentives and labour provisions targeting experts and investors. Foreign investment inflows into Vietnam in January-May rose 7.9 per cent to US$8.9 billion, the government said, while foreign investment pledges were up 51.1 per cent to US$18.4 billion. But the United States has threatened heavy tariffs on Vietnamese-made goods if it does not make major concessions, which could dampen its investment momentum. The country is an important manufacturing base for companies ranging from Samsung Electronics, Foxconn and Intel to Nike and Adidas. The National Assembly, Vietnamese parliament, will vote on the resolution on June 27. A key feature allows members of the financial centre to use foreign currency for transactions and secure international financing, according to the draft. "Members are permitted to establish trading floors and platforms for commodities, carbon credits, cultural products and innovative startups," the draft said. Two sources familiar with the matter confirmed the draft as the latest version. Administrative procedures will be simplified, the draft added, creating more favourable conditions for participants. The financial centre will apply accounting and financial standards, including minimum capital adequacy and liquidity ratios, specific to both 100 per cent foreign-owned banks and domestic banks, aligning with international practices. It will operate across two cities: financial hub Ho Chi Minh City and tourism-focused Danang. The government had earlier set a goal to have the centres operational this year. - Reuters
Time of India
24-05-2025
- Time of India
Over 5kg of heroin seized from school near Mizoram border
Aizawl: Hualngoram police seized 427 hawngs (packet), containing around 5kg and 200 grams of heroin, from a school classroom in Khawmawi village located at Chin state of Myanmar near the Mizoram border on Thursday, Hualngoram People's Organisation (HPO) leader Pu Hminga said on Friday. Hualngoram police is a part of HPO, a civil administration governing some areas adjacent to Mizoram's Champhai district, which have been liberated by combined forces of the Chin National Army (CNA) and the Chin Defence Force (CDF)-Hualngoram from Myanmar army rule. Hminga told TOI over phone from Khawmawi village that the contraband, suspected to be trafficked to Mizoram, was seized from TPCE nursery school, a private institution owned and run by Ngun Sui Thang (37). Thang is known to be a member of education board of the Chin National Organisation (CNO) and its armed wing Chin National Defence Force (CNDF). "As Thang had already absconded when the school was searched, his wife Tuan Kim Thiam (35) was arrested. Hualngoram police launch a manhunt to find Thang and seek the help of Young Mizo Association (YMA), the largest civil society in Mizoram, and the Mizoram Police for his arrest," he said. Get the latest lifestyle updates on Times of India, along with Brother's Day wishes , messages and quotes !
The Star
17-05-2025
- Business
- The Star
Petaling Jaya's new Chu is designed for meat lovers of every stripe
Ensconced in Petaling Jaya's fast-gentrifying Section 17 neighbourhood is Chu by Chef Nickt. The eatery is the brainchild of chef-owner Nicholas Thang, a passionate chef and food consultant whose knowledge of meat is unparalleled. Thang also helms Honest Butcher – his first advent into F&B after years of helping other restaurant owners open their own restaurants. Honest Butcher started out as an online delivery steak business and eventually transitioned into a brick-and-mortar outlet in an industrial area in Sunway Damansara, where it has captured the hearts of carnivores of every stripe. Chu meanwhile happened more organically. While Thang and his wife (who is his business partner) had been contemplating opening a second restaurant, the impetus to launch their next outlet only happened when a shoplot in Section 17 became available. The new eatery is homey and has an instantly welcoming vibe. 'We were always like, 'Let's open another shop!' But we couldn't figure out where to open. And then this shop became available. 'We were like, okay, we could afford that. It's not too much of an investment. The rental is not too expensive. So we just jumped in. 'We paid quite a good price for all the equipment and all that. But in the end, all the equipment wasn't really working very well so we had to replace it with new ones. So it ended up not really being the bargain we thought it would be. But at least it gave us a push to open another restaurant,' says Thang, laughing. Once the restaurant was secured, Thang ran into another roadblock. Initially Chu was meant to serve brunch by day and operate as a steakhouse at night. But just three days before the restaurant opened, Thang pored over the menu again and realised it simply wasn't good enough. Thang is the chef-owner behind the brand new Chu, which follows in the meat-centric veins of his popular original eatery Honest Butcher. 'We scrapped everything three days before the opening. And my wife and I sat up until 4am in the morning and came up with the new menu that we are serving today. Then we woke up in the morning and went out and bought all the ingredients and put together all the meals,' he says. Chu's current menu still tilts very heavily towards the bovine side of life, with the restaurant carrying up to 60 different steaks. You can also purchase the steaks of your choice from a chiller packed with meat-laden goodies. Where Chu deviates slightly from the Honest Butcher is in the portion sizes, which are smaller and therefore cheaper. There is also a slight Japanese slant in the introduction of various katsu (meat or chicken breaded with panko bread crumbs and then deep-fried), which is the signature offering at the restaurant. Sumptuous and filled with rich bovine elements, the bone marrow makes for an unforgettable meal opener. — YAP CHEE HONG/The Star Start your meal at Chu with the Miso Glazed Bone Marrow (RM39), which is a take on a miso-glazed eggplant. Here, the grain-fed beef marrow is the star of this show and a spoon dipped into its core will yield buttery, velvety unctuous richness that slides smoothly on the toast slices served as part of this dish. It's a celebratory dish that makes for a memorable meal opener. Up next, try the restaurant's signature Hokkaido tonkatsu in the form of the Angus Beef Katsu (RM89). The meal is a filling one and comes with the requisite thick-cut beef katsu, pearl rice, wafu dressing cabbage, pickle and a sauce. From April 1 onwards, hot stone grills will be provided with the meal, with the idea being that diners can grill the meat to their desired doneness. 'We cook the meats very rare and then we let diners play around with the grill and finish the cooking process. That way, everyone gets to eat based on their individual preference – plus it's more fun!' explains Thang. Flounder fin and hot claypot rice make for the ultimate pairing. The beef katsu is sublime – a crusty breaded outer core gives way to meat that is still juicy and tender on the inside and this fried festivity is rounded off by the fluffy rice and other condiments in this amalgamation. The sauces provided on the side, like the curry sauce, provide extra depth and dimension to the meal, lacing it with hearty attributes. Next, dip your palate in soothing aquatic waters with the Lobster Bisque (RM29). Here, lobster heads are used to flavour the bisque, which is rich, thick, creamy and awash in sea-faring flavours. This goodness is accentuated by the plump, grilled Hokkaido scallop set adrift in the soup in what proves to be a delicious voyage through oceanic terrain. Move on to the charms of the Engawa Aburi Hot Claypot Rice (RM79). Here, flame-seared flounder fin is paired with furikake, seaweed butter, sliced seaweed, shio kombu, spring onion, don sauce, egg yolk and pearl white rice. The dish arrives piping hot and you'll have to quickly stir the raw egg yolk into the rice and scrape the bottom of the claypot so you can enjoy the lovely charred bits of rice at the bottom. The cold capellini is a smooth, slick operator with a bounty of oceanic overtures. This hedonistic delight is comfort food at its finest. The rice is incredibly flavourful and retains a slight char and smoke which permeates throughout its veins, while the engawa lends firm, slightly sweet flesh and buoyant aquatic notes to the dish. This meal is a masterclass in how applying restraint and equilibrium can result in every single component bringing their A-game to the table. The Cold Capellini (RM69) is one of the mainstays on Thang's menu and has been a hit since it was first introduced years ago at Honest Butcher. Here, the capellini forms the foundational structure upon which ingredients like Hokkaido scallop, shoyu ikura, spring onion, bonito sesame seeds, kombu and creamy uni sauce are layered atop and around, forming a show-stopping underwater extravaganza. The noodles are slick and smooth and this is countenanced by the silken texture of the scallop. The creamy uni sauce is addictively good and cumulatively – everything ties together beautifully, like a gift-wrapped present whose contents are as beguiling as its appearance. The Korean x wagyu crossbreed is fabulous from start to finish. Save the best for last and indulge in a good, old-fashioned steak – of which there are plenty to choose from. Of what's on offer, definitely look at indulging in something off-the-beaten-path, like the Korean X Wagyu Crossbreed (RM279 for 300 grams of ribeye). Currently only about eight restaurants in Malaysia serve this particular breed, so you're in rarefied company. It's also Thang's current favourite steak and given his beef pedigree, you'd do well to go with his recommendation. The beef has been grilled to perfection and retains a sturdy charred crust that gives way to meat that is pink in the middle and incredibly tender and succulent on the palate. The Korean X Wagyu crossbreed offers the best of both worlds – it has the strong beefy, meaty overtures so prominent in Korean Hanwoo beef alongside the melt-in-the-mouth texture so desirous in Wagyu. It's a win-win that translates to pure magic. Moving forward, Thang says he is looking at opening more outlets but is aiming to do it organically – as and when a need arises. 'It's just me and my wife – it's a small company. So we don't look for investments or investors. I always feel like when businesses expand too fast, a lot of people can't cope and that's when everything crumbles. So we are doing it slow and steady,' says Thang. Chu by Chef Nickt 19, Jalan 17/45 Section 17 46400 Petaling Jaya Tel: 012 517 1491 Open Wednesday to Sunday: 11.30am to 2.30pm; 5.30pm to 10pm
