Prime Minister Pham Minh Chinh chaired a meeting on November 27 with relevant ministries and agencies, aimed to speed up the research and technology transfer of Covid-19 vaccine and drug production in Vietnam.
Trade remedies should be utilised more and in a more effective way to ensure fair competition and protect domestic production in the context of Vietnam’s deeper integration into the global economy through joining more free trade agreements (FTAs), according to experts.
The shortage of raw materials due to the COVID-19 pandemic has disrupted supply chains, raised logistics costs and lengthened transportation time, making many businesses to face difficulties in production.
Despite trade deficit in the first half of 2021, experts still predicted that Vietnam will soon resume balance in the trade of goods thanks to the strong growth in production.
If breakthroughs in institutional reforms are achieved to improve growth quality, coupling with timely and sound fiscal and monetary policies, the Vietnamese economy could expand 6.76 percent a year during 2021-2023, according to Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh.
Increasing global demand, stable domestic production, and better rice quality count among the reasons Vietnam can be confident its rice exports will prosper again in 2021 and surpass the 3.1 billion USD in revenue posted in 2020, despite a significant decline in the first two months of this year.
The Advisory Council for the Registration of Circulation of Drugs and Medicinal Ingredients under the Ministry of Health (MoH) has proposed that the Health Ministry approve the use of COVID-19 vaccines produced by Moderna Company of the US and JSC Generium Company of Russia, for urgent use in Vietnam.
Many members of the Food and Foodstuff Association of Ho Chi Minh City have promised not to increase the prices of goods, especially essential goods, to share consumers’ difficulties amid the COVID-19 outbreak.
The Ministry of Industry and Trade (MoIT) is planning to increase the number of training courses on trade remedies for the domestic production industry.
Motorbike and automobile manufacturer Honda Vietnam on May 11 clarified reports that it is likely to shift its business model from manufacturing to imports.
The central bank’s decision to lower refinance rate shows that the bank is ready to provide lower-cost capital sources for commercial banks, enabling them to restructure debts to provide new loans.
Trade defence measures both support the protection of domestic production and employment and reduce the dependence on imported goods, said an official from the Ministry of Industry and Trade.
Competition in the automobile sector on the domestic market is fierce, not only in the production of local enterprises, but also the significant imports of cars in the first nine months of this year.
Vietnam’s export turnover of garment-textile and leather shoes during January-July grew 10.5 percent year-on-year to 18.34 billion USD, the Ministry of Industry and Trade (MoIT) said on August 9.
Domestic production has faced strong competition as the US and China are increasing exports to Vietnam on the back of their escalating trade war, head of the Ministry of Industry and Trade’s Trade Remedies Authority of Vietnam Le Trieu Dung said on August 9.
The Ministry of Industry and Trade (MoIT) has announced temporary anti-dumping duties on colour-coated steel sheets originating from China and the Republic of Korea (RoK), which take effect from June 25.
The Ministry of Industry and Trade has issued a comprehensive programme in response to trade protection measures in a bid to develop several Vietnamese industries.
Under a recently issued programme, Vietnam is set to step up the use of and response to trade remedies to support the future development of several domestic industries.
Most banks will not officially set their annual targets until their shareholder meetings in April, but many bank leaders are optimistic about 2019 with plans to increase profits through cutting operating costs and promoting digital services.
Politics
