Vietnam’s textile and garment industry was likely to reach its target of 40 billion USD in export turnover this year despite facing difficulties in some markets.
The 51st ASEAN Economic Ministers’ Meeting (AEM 51) and related meetings officially opened in Bangkok on September 6, bringing together economic leaders from the 10 member countries of the Association of Southeast Asian Nations (ASEAN) and partner countries.
Free Trade Agreements (FTAs) between Thailand and 17 partner countries have helped international trade value in the first half of this year to reach 140 billion USD, with ASEAN remaining the top trading partner.
Minister of Industry and Trade Tran Tuan Anh has directed relevant agencies to coordinate and implement the most effective solutions to ensure the achievement of export growth targets.
Vietnam gained a trade surplus of 1.59 billion USD in the first half of this year, according to the latest statistics from the General Department of Customs.
Sectors which have seen high growth in the past few years such as wooden furniture, garments and textiles, seafood and steel are being placed under special supervision by the Ministry of Industry and Trade (MoIT) to avoid having high tariffs and trade sanctions imposed by other nations.
Vietnamese enterprises must develop globally competitive brands if they want to succeed internationally, speakers said at a conference on domestic trademarks held recently in Ho Chi Minh City.
The Ministry of Industry and Trade (MoIT) has proposed the Government promulgate regulations on Vietnamese goods and ‘Made in Vietnam’ products as there are no specific rules on the issue.
The freshly-signed EU-Vietnam Free Trade Agreement (EVFTA) will help the Vietnamese steel sector expand export markets in Europe, industry insiders said.
Preferential export taxes offered by CPTPP are expected to be promulgated this month. However, the tax reduction is only one of the incentives for Vietnamese goods when entering markets, not a ‘lifesaver’ for businesses, said the Ministry of Industry and Trade.
The participation in new-generation free trade agreements (FTAs) has proved to be a driving force for exports but also posed challenges for Vietnamese firms in meeting importers’ requirements and competing with foreign rivals right in the domestic market.
Deputy Prime Minister Pham Binh Minh made clear a number of issues of public concern following the part of the question-and-answer session on culture, sports and tourism during the ongoing seventh session of the 14th National Assembly in Hanoi on June 6.
Chairwoman of the National Assembly Nguyen Thi Kim Ngan on May 13 held talks with Chairman of the National Council (Upper House) of Bhutan Tashi Dorji, who is in Vietnam for an official visit and to attend the 16th UN Day of Vesak.
The Ministry of Trade, Industry and Energy of the Republic of Korea (RoK) is set to hold open hearings in Seoul on May 7 to promote the country’s free trade agreements (FTAs) with the Philippines and Malaysia.
Laos’ exports via the Generalised System of Preferences (GSP) and free trade agreements (FTAs) neared 1.31 billion USD last year, accounting for 24.3 percent of the total exports, according to the Lao News Agency KPL on May 6.
Business
