The Comprehensive Progressive Trans Pacific Partnership (CPTPP) promises great benefits for Vietnamese firms, but many regulations on technical barriers and social responsibility will have to be met in order to take full advantage of the trade deal, experts said at a conference in HCM City on December 15.
Minister of Industry and Trade Tran Tuan Anh pledged continued support for domestic businesses in the context of international economic integration while fielding questions raised by National Assembly deputies on October 31.
The Vietnam Northern Food Corporation (Vinafood 1) and the Vietnam Southern Food Corporation (Vinafood 2) will sell 14,000 tonnes and 15,000 tonnes of rice, respectively, to the Philippines.
Only 15 percent of around 8,000 manufacturing companies in HCM City are capable of joining global supply chains but authorities are trying to increase the number.
Thanks to their cooperation with multinational groups and foreign retailers, many Vietnamese businesses have been stepping up innovation to meet standards in both domestic and foreign markets, Deputy Minister of Industry and Trade Do Thang Hai said.
Almost a third of more than 4,100 enterprises surveyed in Vietnam do business on social networks, a slight decrease from the previous year, according to a survey conducted by Vietnam E-commerce Association (VECOM).
VinGroup and TH True Milk have registered to invest 1.2 trillion VND (53 million USD) in ginseng and herbs farm projects in mountainous Nam Tra My district of Quang Nam province.
The animal feed industry of Vietnam, despite being among the world’s fastest-growing by scale and output, is dominated by foreign firms while local producers are struggling to compete.
Local businesses should consider promoting trade to the Middle East market as a strategic and long-term orientation amid the falling demand in traditional markets.
The Ministry of Industry and Trade (MoIT) will enhance trade promotion programmes and give more support to businesses to increase their competitiveness in the local market in 2018.
Hanoi has helped local businesses access to new technologies and raise their competitiveness, said Tran Thi Phuong Lan, Deputy Director of the municipal Department of Industry and Trade.
Only about 17 percent of listed companies comply with information disclosure regulations, lower than the figure in 2016, according to the Vietnam Association of Financial Executives (VAFE).
The core of the Fourth Industrial Revolution is “smart manufacturing plants”. However, Vietnamese enterprises are not fully prepared to access the revolution, Deputy Minister of Industry and Trade (MoIT) Cao Quoc Hung has said.
Domestic firms should make great efforts in the competition with foreign invested firms to contribute more to the global value chain and participate more effectively in the world’s production network.
Vietnamese firms must draw up long-term business strategies to exploit opportunities in the European Union (EU), as the EU-Vietnam Free Trade Agreement (EVFTA) will come into force by 2018.
Local enterprises face barriers in doing business, and they expect the State to improve the domestic business environment in order to encourage the development of enterprises.
Vietnamese firms have a chance to enter consumption markets of five nations with over 180 million people and the GDP exceeding 2.5 trillion USD in the Eurasian Economic Union (EAEU).
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