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.
Forestry sector maintained a high growth of over 5 percent this year, with forestry product export reaching 11.3 billion USD, up nearly 20 percent from 2018.
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.
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.
National Assembly Vice Chairman Do Ba Ty has affirmed that the Vietnamese legislature will support cooperation with Mexico in national defence and security.
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.
New-generation Free Trade Agreements (FTAs) are expected to help Vietnam become more competitive if the country reduces trading costs and improves its business environment, experts said at a conference in Ho Chi Minh City.
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.
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).
The International Labour Organisation (ILO) has praised Vietnam’s adoption of the revised Labour Code on November 20, saying that the code will held everyone gain fair benefits of economic growth.
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