Vietnam has to spare no effort to achieve economic growth of 6.8 percent and keep inflation rate of below 4 percent in 2020 amid global political uncertainties, said the Vietnam Institute for Economic and Policy Research (VERP) at a workshop in Hanoi on January 16.
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, a 20 percent increase compared to last year.
Prime Minister Nguyen Xuan Phuc asked the industry and trade sector to strive for an export turnover of 300 billion USD next year during a conference held in Hanoi on December 27.
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.
The leather-footwear industry of Vietnam has established its foothold in the global market, but challenges are still lying ahead, requiring it to work harder to grasp big chances created by new-generation free trade agreements (FTAs).
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.
The leather – footwear industry of Vietnam now has big opportunities thanks to FTAs, but to make full use of those deals, it needs to remove bottlenecks relevant to the supporting industry.
A draft regulation put forward by the State Bank of Vietnam (SBV) that would limit the foreign ownership rate in the payment intermediary service sector to 49 percent was discussed at a workshop in Hanoi on December 12.
Vietnam’s import-export turnover is likely to surpass 500 billion USD in 2019 despite declining demand in the world market, heard a regular press conference in Hanoi on December 12.
Whether Vietnamese enterprises can cash on the opportunity brought by the CPTPP to increase exports of garments, footwear, timber products, and beverages depends on their preparation, experts said.
Joint efforts of Vietnam and the Republic of Korea (RoK) in dealing with difficulties to promote the bilateral comprehensive cooperation have resulted in miracles in partnership between the two countries, stated Prime Minister Nguyen Xuan Phuc.
Vietnam’s gross domestic product (GDP) is forecast to expand 7 percent during 2021-2025 on the back of new-generation free trade agreements, according to the Ministry of Planning and Investment’s National Centre for Socio-Economic Information and Forecast (NCEIF).
After 13 years of joining the World Trade Organisation (WTO), Vietnam has become a part of the global economy with total export and import turnover of nearly 480 billion USD, nearly double its GDP.
Vietnam’s access-to-electricity index has increased for the sixth consecutive year, scoring 88.2 points in 2019, up 0.26 point compared to the previous year (87.94 points).
The Japan International Cooperation Agency (JICA) has pledged to support Vietnam in its long-term strategies such as making plans at central and local levels.
Vietnam exported 194.3 billion USD worth of products in the first nine months of the year, a year-on-year surge of 8.2 percent, the Ministry of Industry and Trade said on September 30.
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