Vietnamplus

The logistics sector is forecast to continue growing strongly this year, with expansion in both retail and e-commerce channels.

The recently signed US-China trade deal, an effort to calm trade tensions between the world’s two largest economies, will force Vietnamese businesses to grow in order to meet the challenges as well as the opportunities it brings, said economic experts.

Vietnamese expatriates and businesses in Cambodia gathered at the Lunar New Year (Tet) celebrations in Phnom Penh on January 17, as the biggest Vietnamese traditional festival only about a week away.

Foreign investors, especially those from the European Union (EU) would find it more appealing to land investment in Vietnam when the EU- Vietnam Free Trade Agreement (EVFTA) takes effect, according to German broadcaster Deutsche Welle (DW).

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.

Permanent Deputy Foreign Minister Bui Thanh Son paid a visit to the European Parliament (EP) from January 13 to 16 to discuss the ratification process of the EU-Vietnam Free Trade Agreement (EVFTA) and Investment Protection Agreement (EVIPA).

Vietnam holds great potential in food value chain development with a large consumption market and high export values, especially as the country is a member of various free trade agreements (FTAs), heard a seminar held in Hanoi on January 14.

Deputy Prime Minister and Foreign Minister (FM) Pham Binh Minh had meetings with countries’ leaders and foreign ministers that took part in a ministerial-level open debate held by the UN Security Council (UNSC) in New York on January 9.

To take advantage of free trade agreements and expand exports, meeting rules of origin is crucial for the garment and textile sector, industry insiders have said.

International free trade agreements such as the CPTPP and the EU-Vietnam Free Trade Agreement have opened up unprecedented opportunities for Vietnamese steelmakers with the industry forecast to see robust growth.

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.

While the world saw profound instability in 2019, the Pacific – Asia region proved to be the leading region in terms of economic integration, Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh has said.

One of the fastest economic growth rates in the region, the signing of free trade and investment protection deals with the EU, and the Politburo’s first-ever resolution on foreign investment attraction were among the top 10 economic events of Vietnam in 2019.

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).

The European Union-Vietnam Free Trade Agreement (EVFTA) will boost the demand for logistics services and significantly impact on Vietnam's logistics industry, said a trade official.

The EU is a potential market for Vietnam's shrimp industry next year because it is the largest shrimp market in the world, while the shrimp production of this bloc has not met its demand, according to domestic seafood experts.

Vietnamese businesses should prepare to deal with potential trade barriers that could arise early next year when the European Union-Vietnam Free Trade Agreement (EVFTA) takes effect, experts have said.

The Vietnamese Government is willing to create favourable conditions for Nike to operate in the long run in Vietnam, Deputy Prime Minister Vuong Dinh Hue said while receiving Nike Vice President Chris Helzer in Hanoi on December 17.

Vietnam always treasures relations with the European Union (EU), and is willing to discuss with the bloc issues of mutual concern, said Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh on December 15.

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.