Free trade agreement

Cat Lai traffic junction connects HCM City with provinces in the Southeast region of Viet Nam and the Northern provinces. — Photo hanoimoi.com.vn Viet Nam is predicted to record positive growth this year, especially in the context of US-China trade tensions that may persist in the coming years. As a leading financial newspaper run by Japanese media giants Nikkei Inc, Nikkei Asia stated that: “Southeast Asia's growth leader in 2021 may well be Viet Nam,” during a recent article detailing ASEAN's GDP forecasts for the year ahead. According to Nikkei, the country recorded economic growth of 2.9 per cent last year due to its success in containing the novel coronavirus (COVID-19), in addition to robust exports of electronics and other consumer products, with the nation reportedly targeting a growth rate of 6.5 per cent this year. Gareth Leather, senior Asia economist at Capital Economics, said that Vietnamese exports should continue to be supported by tariffs imposed by the US on … [Read more...] about Viet Nam to take the lead in economic growth in Southeast Asia: Nikkei Asia

Between the beginning of the year and mid-February, the country's export turnover recorded an impressive surge of 36% to US$38 billion compared to the same period from last year, while imports also increased by approximately 25%, according to the Ministry of Industry and Trade (MoIT). Hai emphasized that this year's export target of between 4% and 5% remains reasonable due to the COVID-19 pandemic not being brought under complete control across the world, especially in major Vietnamese export markets. Following the signing of three FTAs, including the EU-Vietnam Free Trade Agreement (EVFTA), the Regional Comprehensive Economic Partnership (RCEP), and the UK-Vietnam Free Trade Agreement (UKVFTA), they are anticipated to give fresh impetus to the nation’s import and export activities. After coming into force last year, each of the FTAs, especially the EVFTA and RCEP, represent large-scale agreements that the nation can benefit from, Hai noted. He elaborated that when the EVFTA … [Read more...] about MoIT sets export growth target of up to 5% despite COVID-19 challenges

HCM City eyes 10 percent growth in export in 2021 Shrimps processed for export Ho Chi Minh City’s Department of Industry and Trade has set the target to export 48.19 billion USD worth of products in 2021, a year-on-year surge of 10 percent. Under its development plan for 2021 recently submitted to the municipal People’s Committee, the sector said import revenue is estimated at 56.47 billion USD for the whole year, up 11 percent against the previous year. Besides, it eyed to reel in more than 835.68 trillion VND (36.29 billion USD) from retail sales and services revenues in the year, up 10 percent year-on-year. The department said it will carry out necessary measures in a comprehensive fashion to branch out industry and trade, contributing to promoting economic recovery of the southern hub. Earlier, HCM City set a goal of boosting the export of its key products this year and beyond via trade promotion activities and assistance to enterprises. Head of the … [Read more...] about VIETNAM BUSINESS NEWS FEB. 25

Export growth despite challenges According to Do Xuan Lap, Chair of the Vietnam Timber and Forest Product Association (VIFORES), 2020 was an extremely difficult year for the industry. In addition to supply chain disruptions caused by Covid-19, the wood industry was hit with lawsuits related to trade defense, dumping, avoidance of origin indication, and skyrocketing prices of materials. The pandemic also had a negative impact on 6,000 enterprises in the forest production industry, especially over 1,600 enterprises processing and exporting forest products, forcing some of them to close. In addition, logistics activities faced many difficulties due to the lack of containers, increasing freight rates. Nonetheless, the export value of timber and wooden products rose 16.4 percent to US$13.17 billion, accounting for 31 percent of the agriculture sector’s total export value. Addressing a January 6 conference, Minister of Agriculture and Rural Development Nguyen Xuan Cuong … [Read more...] about Vietnam’s timber industry growth in difficult period

Vietnam exported 8.4 billion USD worth of aquatic products last year. (Photo: VNA) HCM City (VNA) – With rosy signs in the second half of last year, Vietnam's fishery sector is expected to post positive growth this year. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), Vietnam exported 8.4 billion USD worth of aquatic products last year, a slight increase from 2019, of which aquaculture products made up 54 percent. In January, the total export value was estimated at 600 million USD, a year-on-year rise of 19.6 percent thanks to the sector’s great efforts to boost exports. Shrimp has maintained its significant role in the country’s aquatic product exports, with revenue forecast to reach 4.4 billion USD in 2021, up 15 percent from the previous year. The Minh Phu Seafood Joint Stock Company announced on February 17 that the US Customs and Border Protection (CBP) has cancelled a decision issued on October 13, 2020 on the imposition of … [Read more...] about Bright outlook for aquatic product exports in 2021