The processing and manufacturing sector is attractive to foreign investment, but domestic supporting industries still need favourable mechanisms to develop, heard a workshop in Ho Chi Minh City on March 9.
Under a strategy to develop garments, textiles and footwear by 2030 with a vision to 2035, Vietnam aims to gain 38-39 billion USD in export turnover from leather and footwear products by 2030.
Two years on from its enforcement, the European Union – Vietnam Free Trade Agreement (EVFTA) has seen outstanding results as many Vietnamese products such as garments, leather footwear, and farm produce have been increasing their market shares in the EU.
Domestic enterprises need to increase their initiative in seizing incentives in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to optimise the deal, experts said.
The foreign direct investment (FDI) sector continues to be an important economic driver, contributing to making Vietnam more prosperous, Deputy Prime Minister Pham Binh Minh said.
Among 124 domestic enterprises featuring 283 products officially honoured with the title of 2020 Vietnam National Brands, five are subsidiaries of the Vietnam Oil and Gas Group (PetroVietnam).
Exports by the domestic sector have been a silver lining of the cloud of Vietnam’s trade in the first eight months of 2020, with overseas shipments reeling in 60.8 billion USD during the period, up 15.3 percent.
Ho Chi Minh City attracted 6.17 billion USD in foreign direct investment (FDI) during January-October, a year-on-year increase of 3.4 percent, the municipal Department of Planning and Investment has said.
The Government has considered mobilising capital from domestic enterprises to invest in the first construction phase of Long Thanh international airport project.
Vietnamese businesses in foreign countries serve as an important bridge to connect domestic enterprises with foreign partners and integrate into global markets, heard a conference held in Ho Chi Minh City on September 12.
The EU – Vietnam Free Trade Agreement (EVTA) to be signed on June 30 will bring both opportunities and challenges to Vietnam, so domestic enterprises should be really prepared to take full advantages of benefits from the deal, said Sebastian Eckardt, lead economist of the World Bank (WB) in Vietnam.
The Ministry of Industry and Trade (MoIT) said it will take the initiative in changing trade policies and collaborate with other ministries and localities to effectively support domestic enterprises to increase exports.
The Vietnam Association of Seafood Exporters and Producers (VASEP) has urged domestic enterprises to maintain strict quality control of aquatic products exported to China amidst the fast growth of tra fish export to this market recently.
Connecting enterprises at home and abroad for common interests is the aim of the Vietnam Business Forum (VBF) held in Hanoi on July 4, Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc and Vice Chairman of the European Chamber of Commerce in Vietnam (EurcoCham) Tomaso Andreatta have affirmed.
Vietnam has been developing strongly after joining the World Trade Organization (WTO) 10 years ago thanks to expansion of relations and reform policies.
Economic experts have suggested Vietnam thoroughly assess the impacts that the Vietnam-Eurasian Economic Union (EAEU) free trade agreement (FTA) may exert on specific sectors and markets.
Foreign credit institutions intending to contribute to establishing non-banking financial companies will be required to own minimum 10 billion USD of assets at the end of the previous year.
The central province of Binh Dinh licensed 33 domestic and foreign invested projects in the first ten months of this year, said the province’s Investment Promotion Centre (IPC).
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