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.
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.
The footwear and handbag industry aims to reach export revenue of 24 billion USD in 2020, after hitting 22 billion USD last year, the industry association said.
Prime Minister Nguyen Xuan Phuc chaired a ceremony in Hanoi on January 6 to launch Vietnam’s 2020 ASEAN Chairmanship, with about 300 distinguished guests taking part.
Vietnam's customs department contributed a record 348 trillion VND (15 billion USD) to the State budget from the collection of import and export taxes in 2019, according to the General Department of Customs.
The Government issued a resolution on January 1 outlining major tasks and solutions to realize the country’s socio-economic development plan and state budget estimates in 2020.
Deputy Prime Minister Vuong Dinh Hue presented the Government’s draft resolution on key tasks and measures for the implementation of the socio-economic development plan and State budget estimate for 2020 during a teleconference with localities in Hanoi on December 30.
International media outlets have highlighted Vietnam’s thriving economy which is among the fastest-growing in Southeast Asia in 2019 amid the global economic slowdown.
Indonesian firms reached deals worth 16 billion VND (695,000 USD) at the Vietnam Expo 2019 that took place earlier this month in Ho Chi Minh City, said Chief Indonesian Trade Attaché in Hanoi Mohammad Iqbal Djamil.
Vietnam's real estate market will not be short of capital next year but will still face many challenges from policies and administrative procedures, experts said at the annual Vietnam Real Estate Forum.
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.
Coffee exports in November saw a 13.9 percent decrease in volume to 120,000 tonnes, earning 207 million USD, a drop of 20.4 percent compared to the same period last year.
Foreign direct investment in the wood processing industry has increased rapidly, especially since 2018, the Vietnam Timber and Forest Product Association has said.
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.
Prime Minister Nguyen Xuan Phuc has asked the textile and garment industry to strongly shift from processing to production, aiming to create more highly added value products.
Vietnam’s foreign trade turnover is likely to surpass 500 billion USD in 2019, Deputy Minister of Industry and Trade Do Thang Hai said at a press conference in Hanoi on December 12.
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