Vietnamese exporters have proactively diversified their markets from the start of the year to mitigate risks as they may soon face significant tax hikes globally, said industry insiders and experts.
Vietnam’s aquatic exports are expected to exceed the annual target of 10 billion USD on the back of strong demand from major markets, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Although the EU-Vietnam Free Trade Agreement (EVFTA) appears to be a boon for Vietnamese pepper, expanding market reach in Europe requires much more than FTA-induced tariff advantages.
Philippine President Ferdinand Marcos Jr. has approved the recommendation of the economic ministry to extend tariff reductions on rice and other food items until the end of next year to curb inflation.
Vietnam is anticipated to enjoy the highest trade and income gains among members of Regional Comprehensive Economic Partnership (RCEP), according to a latest World Bank report.
The Regional Comprehensive Economic Partnership (RCEP), the world’s largest trade pact, will reduce tariffs and harmonise trade rules, and Singapore and regional nations stand to gain from it by being more deeply plugged into global supply chains.
After the UK-Vietnam Free Trade Agreement (UKVFTA) took effect on December 31, 2020, both sides saw impressive growth in their two-way trade though exports faced formidable challenges caused by the COVID-19 pandemic.
The United States suspended tariff privileges under the Generalised System of Preferences (GSP) on 573 Thai products from April 25 as originally scheduled.
The Comprehensive Partnership and Trans-Pacific Progress Agreement (CPTPP) will eliminate and reduce tariff barriers on Vietnam’s goods exports to 10 CPTPP member countries.
A trade war waged by the US is likely to deliver a further blow to China’s economy in 2019, but the Association of Southeast Asian Nations (ASEAN) may benefit from the dispute between the world’s two biggest economies, according to Japan’s Kyodo News.
As 2018 brings newer and bigger FTAs, Vietnamese enterprises are faced with tough choices. They can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market.
Vietnam’s textile-garment industry still relies heavily on imported materials, with domestic producers importing 86 percent of their fabrics, according to the Vietnam Textile and Apparel Association (VITAS).
Nearly 90 percent of tariff lines have been cut and reduced, with 59 percent abolished immediately as the FTA between Vietnam and the Eurasian Economic Union has taken effect since October 2016.
The United States Department of Commerce (DOC) has officially levied higher anti-dumping duties on Vietnamese frozen warm-water shrimp exports during the review period starting 2014 to 2015.
Trade revenues between Vietnam and the Eurasian Economic Union (EAEU) are expected to increase to 10-12 billion USD by 2020, after a free trade agreement between the two sides takes effect in 2016.
Prime Minister Nguyen Tan Dung has approved calculation of petroleum import tax based on weighted average of the tariffs, taking into account Most Favoured Nation status and Free Trade Agreement.
The United States has levied higher anti-dumping duties on Vietnamese warm-water shrimp exports during the period of review from February 1, 2014 to January 31, 2015.
Many Vietnamese businesses have begun preparing themselves to meet the challenges and opportunities that will be brought about by the ASEAN Economic Community (AEC).
