New-generation Free Trade Agreements (FTAs) are expected to help Vietnam become more competitive if the country reduces trading costs and improves its business environment, experts said at a conference in Ho Chi Minh City.
Vietnam’s GDP growth is projected to reach 7% per year from 2021-2025. By 2025, the average GDP per capita is forecast to hit 4,688 USD, making Vietnam an above average income country.
Vietnam’s gross domestic product (GDP) is forecast to expand 7 percent during 2021-2025 on the back of new-generation free trade agreements, according to the Ministry of Planning and Investment’s National Centre for Socio-Economic Information and Forecast (NCEIF).
The Ministry of Labour, Invalids and Social Affairs (MoLISA) held a symposium in the central city of Da Nang on November 14 to discuss international integration and human rights guarantee in labour and social field.
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.
Vietnam is gradually aligning its national legislation with global labour standards so as to realise its commitments when taking part in international agreements.
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.
The Life and Building Safety (LABS) Initiative was officially launched in Hanoi on August 6 by IDH - the sustainable trade initiative and the Vietnam Textile and Apparel Association (VITAS), aiming to promote safer conditions for factory workers in the apparel and footwear industries.
The garment-textile sector has gained significant benefits brought about by the EU-Vietnam Free Trade Agreement (EVFTA) as more and more European businesses are investing in the industry.
Vietnam’s export turnover in July reached 22.60 billion USD, lifting the country’s export value in the first seven months of 2019 to 145.13 billion USD, up 7.5 percent year-on-year.
The Government and relevant parties have been recommended to take strong actions to facilitate mergers and acquisitions (M&As) amidst certain challenges posed by both external and internal factors.
Domestic businesses, especially small and medium-sized enterprises (SMEs) need further support from state management agencies to better compete in the context of deep global integration, said Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.
Foreign investors have been encouraged to take advantage of the double benefits Vietnam is offering through its commitments in the many trade pacts signed with other countries.
'Vietnam's participation in new-generation free trade agreements, such as CPTPP and EVFTA, will increase the opportunities for foreign investors to access partners in trade agreements.'
The competition in the Vietnamese finance and banking market has become fiercer as existing foreign institutions are rushing to increase capital even as new entrants continually join the market.
A trade facilitation programme worth over 21.7 million USD funded by the United States Agency for International Development (USAID) was launched in Hanoi on July 10.
The solidarity, friendship, and cooperation between the Vietnam General Confederation of Labour (VGCL) and the Swedish Trade Union Confederation (LO) over the past 22 years has contributed to deepening and diversifying relations between the two countries, the VGCL leader has said.
Prime Minister Nguyen Xuan Phuc said on May 27 that Vietnam hopes that Swedish investors and businesses will cooperate with and invest in the Southeast Asian nation.
Several leading Swedish businesses expressed their intention to expand investment in Vietnam, during a meeting with visiting Prime Minister Nguyen Xuan Phuc in Stockholm on May 27.
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