VOV.VN - Japan is always a strategic partner of paramount importance to Vietnam, especially in economics, trade and investment, said Prime Minister Nguyen Xuan Phuc during a reception in Hanoi on January 6 for visiting Japanese Minister for Foreign Affairs Motegi Toshimitsu.
International free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA) have opened up unprecedented opportunities for Vietnamese steelmakers with the industry forecast to see robust growth.
Vietnam's customs department contributed a record 348 trillion VND (15 billion USD) to the State budget from the collection of import and export taxes in 2019, according to the General Department of Customs.
VOV.VN - Vietnam’s wood exports are predicted to reach US$12 billion during the course of 2020 following the wood processing industry’s great success during 2019, according to the Ministry of Industry and Trade.
Vietnam’s wood exports this year are set to reach up to 11.5 billion USD, exceeding the industry’s own target of 10.5 billion USD, according to the Vietnam Timber and Forest Product Association (VTFPA).
Rice producers need to be more creative and increase quality if they want to see export profits rise next year.
Fuelled by its positive performance in 2019, Vietnam is expected to continue witnessing high growth in the year to come, Michael Mugliston and Milton Churche, visiting fellows from the Institute for International Trade at the University of Adelaide in South Australia, provide analysis on the outlook for the Vietnamese economy in 2020 amid the country’s growing international integration.
VOV.VN - Vietnamese exports were projected to obtain the growth rate of 8 percent during 2019 with the estimated total turnover of US$263 billion, enabling the country to enjoy its fourth consecutive year of trade surplus worth more than US$9 billion.
The Asian Development Bank has revised up its forecast of Vietnam’s GDP growth for 2019 and 20202 from 6.8 percent to 6.9 percent and 6.7 percent to 6.8 percent, respectively, in contrary with projections for Asia.
VOV.VN - Vietnam’s pepper exports are poised to continue to encounter a number of difficulties as a result of low prices due to high levels of supply and increasing competition within the global market, according to the Import-Export Department under the Ministry of Industry and Trade.
The signing and implementation of free trade agreements has increased Vietnam's tax collection this year, said Luu Manh Tuong, director of Import-Export Tax Department under Vietnam Customs.
Reduced revenue from cutting taxes on imported goods in accordance with various free trade agreements (FTA) Vietnam had signed was unlikely to affect State revenue, said the finance ministry in a conference held on December 12 in Hanoi.
Vietnam’s foreign trade turnover is likely to surpass 500 billion USD in 2019, Deputy Minister of Industry and Trade Do Thang Hai said at a press conference in Hanoi on December 12.
The Ministry of Finance has recently sent Dispatch No.14813/BTC-CST to competent ministries and sectors, suggesting cutting import on chicken and pork products.
A number of foreign-invested firms have falsely labeled their products as originating from Vietnam to avoid trade safeguard instruments amid the US-China trade war.
With preferential tariffs provided under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam has the opportunity to increase exports of garments, footwear, timber products, and beverages to other member countries.
The Canadian government and businesses should place the Vietnamese market in a prioritised position in its partnership development, stated Douglas Kennedy, the Royal Bank of Canada’s Managing Director at the Center for Global Enterprises.
Free trade agreements (FTAs) have created opportunities for food imports and foreign investment in the domestic food industry, according to experts.
Opportunities are also open more for foreign investors in the Vietnamese aviation sector as the foreign ownership cap in Vietnamese air transport businesses will be loosened to 34% from the current 30% from early next year.
Foreign direct investment inflows into Vietnam’s textile and garment industry mounted to 19.5 billion USD over the last three decades with the Republic of Korea (RoK) being the top investor.