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The Hanoitimes - The foreign-invested sector made up 76.4% of Vietnam’s total exports in the first two months with US$37.07 billion, representing an increase of 30.5% year-on-year. Vietnam reported an estimated trade deficit of US$800 million in February, narrowing the trade surplus in the first two months of 2021 to US$1.29 billion in 2019, the General Statistics Office (GSO) has said in a monthly report. Data: GSO. Chart: Ngoc Thuy Overall, Vietnam's trade turnover in the January-February period is likely to rise by 24.5% year-on-year to reach US$95.81 billion, of which its export value could amount to US$48.55 billion, up 23.2% year-on-year, and imports are estimated at US$47.26 billion, up 25.9%. According to the GSO, the foreign-invested sector made up 76.4% of the total exports with US$37.07 billion, representing an increase of 30.5% year-on-year, and the domestic-invested sector with US$11.48 billion, or 23.6% of the total. Among Vietnam’s key … [Read more...] about Vietnam posts trade surplus of US$1.3 billion in 2-month period

The Hanoitimes - The trade deal is expected to spark new opportunities for Vietnam as one of the few Asian countries to secure an exclusive FTA with the UK. The signing of the UK – Vietnam Free Trade Agreement (UKVFTA) has ensured continuity of mutual trade after the end of Brexit’s transitional period on December 31, 2020. Vietnam’s Minister of Industry and Trade Tran Tuan Anh and UK International Trade Secretary Liz Truss at the signing of the free trade agreement in Hanoi on December 11. Photo: Nhac Nguyen/AFP/Getty Images The UKVFTA, which was signed in Hanoi last week, will reproduce similar effects from the EU – Vietnam Free Trade Agreement (EVFTA) as the UK will be out of the EU by the end of 2020, according to Savills Vietnam. For Vietnam, the UKVFTA will primarily boost exports, while for the UK, it is considered an essential first step in gaining access to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), said … [Read more...] about UKVFTA maintains smooth Vietnam-UK trade after Brexit

The Hanoitimes - The repository is expected to facilitate free trade and open markets in Vietnam. On the sidelines of the 37th ASEAN Summit and related meetings, on November 12, Mr. Greg Hands, the UK’s Minister of State for Trade Policy, and Mr. Tran Quoc Khanh, Vietnam’s Vice Minister of Industry and Trade, held a virtual signing ceremony of the letter of intent to officially initiate the collaboration in developing a national trade repository (NTR) for Vietnam, which will be linked to the ASEAN trade repository. An online ceremony. Photo: the British embassy in Hanoi This is a UK government funded project for Vietnam as part of the Global Trade Program under the Prosperity Fund. Information transparency is one of the key elements of a fair business environment, especially in developing countries like Vietnam. Once completed, the NTR is expected to facilitate free trade and open markets by providing easier access to regulations and trade facilitation … [Read more...] about UK and Vietnam to develop national trade repository

The Hanoitimes - Both Vietnam and the UK are looking for a trade deal after Brexit. UK Foreign Secretary Dominic Raab is scheduled to visit Vietnam from September 29 – 30 to hold talks with his Vietnamese counterpart Pham Binh Minh, with a trade deal at the top of the agenda ahead of the ending of the transition period for Britain's exit from the European Union this year, Nikkei Asia reported. UK Foreign Secretary Dominic Raab to seek a trade deal with Vietnam in two-day visit. Photo: Reuters. Britain hopes to strengthen economic ties with Asia-Pacific countries and expand trade beyond Europe after Brexit. Vietnam approved a free trade deal with the EU in June and the EU-Vietnam Free Trade Agreement came into effect in August. Without a new bilateral trade deal with Vietnam, Britain faces higher tariffs from January 2020. Additionally, Britain is also seeking to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an … [Read more...] about UK foreign minister seeks trade deal in Vietnam visit

But the city, the country's largest, also has a great deal of historical value related to the wars of resistance against the French and Americans to offer interest to tourists as well as locals. One of the most fascinating destinations is Cu Chi guerrilla warfare tunnels, located about 70km from downtown HCM City. Built by South Vietnamese liberation forces as shelter from US and Sai Gon troops during the war, the site is known over the world, but even many locals have yet to visit the tunnels. Revolutionary spirit First formed in 1948 during the resistance war against the French colonialists, the original network of tunnels was in Tan Phu Trung and Phuoc Vinh An wards. Initially, the tunnels had only short paths and simple structure that were used to hide documents, weapons and resistance members deep inside the enemy-controlled area. Only during the anti-American war were the tunnels reinforced and widened. Beginning in 1961, when the Party Committee and headquarters … [Read more...] about Historic Cu Chi Tunnels site seeks UNESCO World Heritage Site recognition