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Hanoi (VNA) - Vietnam’s export is set to grow 5 percent annually from 2021 to 2025 to reach 340 billion USD in 2025, according to the Ministry of Industry and Trade (MoIT)’s plan on socio-economic development for the five-year period. The goods export growth of domestic firms is projected at 5 percent, with export to Europe and America expanding from 7-10 percent each year. Meanwhile, import growth during the period would rise 4.9 percent annually, hitting around 330 billion USD in 2025. The pace of local businesses is expected to stand at 6 percent. Under the plan, the industrial sector would make up over 35 percent of the national gross product (GDP), while the commercial sector accounts for 13.5 percent in 2025. The total revenue of retail sales of goods and consumer services is expected to increase 9-9.5 percent each year. The ministry aims to have 45 percent of small-and medium-sized enterprises to join e-commerce. To that end, it will step up economic … [Read more...] about Export set to hit 340 billion USD in 2025

Prime Minister Nguyen Xuan Phuc (third, left, behind row) and other officials witness the exchange of cooperation documents between Vietnamese and Japanese businesses at the investment promotion conference in Tokyo on July 1 He added Vietnam is striving to make breakthroughs in institutional reforms, governance capacity improvement, environmental standard upgrade, human resources training, along with infrastructure and logistics development, so as to promote its competitiveness and create the best possible environment for investors. … [Read more...] about Vietnam to be “promising land” for Japanese investors: PM

Hanoi (VNA) – With a wide and diverse retail sector, Russia has been considered a promising market for agro-forestry-fishery products of Vietnam. Statistics showed that in 2019, Russia spent over 5 billion USD on importing fresh fruits, along with 1.3-1.5 billion USD on processed vegetable, fruits and nuts, more than 2 billion USD on meat, over 2.4 billion USD on fisheries products. Many Vietnamese products are Russians’ favourite, especially wooden furniture and farm produce. The market also has high demand for tropical vegetables and fruit. In the first two months of 2020, Vietnam earned 8.2 million USD from exporting vegetables and fruit to Russia, up 246.1 percent year on year, including 6.7 million USD of processed products, a rise of 293.5 percent over the same period last year. At the same time, Vietnam is Russia’s top supplier of coffee in 2019, with 154.3 million USD, making up 24.5 percent of the country’s total spending on the product. According … [Read more...] about Russia remains potential market for Vietnamese farm produce

Hanoi (VNA) – The Thai Ministry of Commerce will push the country’s Cabinet in October to consider signing the Regional Comprehensive Economic Partnership (RCEP) agreement. Thai media quoted Director General of the ministry’s Department of Trade Negotiations Auramon Supthaweethum as saying that the vetting of all 20 chapters of the accord has been completed and that it can be signed during the ASEAN Summit in Vietnam in November. After the signing, Thailand will have to undertake a parliamentary process to ratify the deal, which is expected to come into force by mid-2021. The official noted that her department is educating Thai farmers and business owners on how they can benefit from the agreement. The Commerce Ministry is also studying plans to set up a fund to compensate parties affected by Thailand’s free trade agreements (FTAs) with foreign countries or free-trade blocs. The RCEP covers 16 countries – the 10 members of ASEAN plus the six countries … [Read more...] about Thai commerce ministry to push for RCEP signing

Jakarta (VNA) - A Reuters poll announced on August 14 showed that Indonesia’s exports and imports may have plummeted in July, following an improvement a month prior, with global trade still reeling under the fallout from the coronavirus crisis. The growth pace of exports and imports in the resource-rich country improved in June after many countries eased coronavirus-induced restrictions, although demand was yet to return to pre-pandemic levels. The median forecast from 14 analysts for exports to fall 16.65 percent on-year in July, compared with the previous month’s 2.28 percent annual expansion - which was the first growth since February. Indonesia’s imports were estimated to plunge 22.48 percent last month, following June’s 6.36 percent drop, which economists said reflected weak domestic demand. Southeast Asia’s largest economy had likely booked a 680 million USD surplus last month, lower than the June figure of 1.27 billion USD./. … [Read more...] about Indonesia export-import revenue plummets in July