Cptpp

According to the recent statistics of the Ministry of Industry and Trade, the nation gained US$194.3 billion from exporting, a year-on-year increase of 8.2% and making up 73.9% of the year’s plan.  Exports to countries signing the Free Trade Agreement (FTA) with Viet Nam saw high growths such as Japan up 10%, the Republic of Korea up 8.1%, ASEAN up 4.7%, Russia up 13.9% and New Zealand up 12.5%.  Viet Nam’s export value to two American nations which are members of the CPTPP rocketed such as Canada US$2.9 billion, up 30.9% and Mexico US$2.2 billion, up 27%. In nine months, the U.S. maintained the largest export of Viet Nam with the export value of US$44.86 billion, up 28.2%.    As the negotiations and signing of FTAs have reduced tariffs and expanded market for Viet Nam, the Ministry of Industry and Trade highlighted the importance of improving the national competitiveness, attracting more foreign and domestic investment and development of … [Read more...] about Exports to CPTPP members rocket

Opening up opportunities Dang Hoang Hai, director of the Department of E-commerce and Digital Economy under the Ministry of Industry and Trade, said the CPTPP is a new-generation free trade agreement with a high level of commitment covering trade and non-trade issues. The main objectives of the CPTPP are to eliminate tariffs and technical barriers to import and export goods and services, to agree on common rules and regulations among member countries, and to promote the development of digital commerce. Chapter 14 of the agreement signed in March deals with e-commerce. It prohibits the imposition of customs duties on digital products, to ensure that products distributed electronically, such as software, music, video, e-books, and games are not disadvantaged. To facilitate digital trade, the chapter includes provisions encouraging CPTPP member countries to promote paperless trading between businesses and the government, such as customs forms in electronic format, as well as providing for … [Read more...] about CPTPP offers opportunities for e-commerce

Participants at the conference discuss cooperation opportunities. (Photo: VNA) Montreal (VNA) – The Ministry of Industry and Trade (MoIT) in collaboration with the Vietnam Association for Supporting Industries (VASI) on October 2 organised a conference in Montreal, Canada, to seek business cooperation in supporting industry between Vietnam and Quebec province. Experts said Vietnam has favourable conditions to develop supporting industry. Thanks to its sound business climate, the Southeast Asian country has become an attractive destination for foreign investors, including those from Canada. They expressed firm belief that the thriving Vietnam-Canada comprehensive partnership, together with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), will lay a foundation for businesses of both nations to enhance cooperation in the field. At the conference, Deputy Director General of the MoIT’s Department of European-American Market Department Nguyen … [Read more...] about VN, Canada hold huge potential to cooperate in supporting industry

Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam shipped abroad 586,000 tonnes of rice in September for 251 million USD, pushing the total rice export volume and value in the first nine months of this year to 5.2 million tonnes and 2.24 billion USD, respectively. According to the Ministry of Agriculture and Rural Development (MARD), the figures represented a rise of 5.9 percent in volume and a drop of 9.8 percent in value compared to the same period in 2018. The Philippines was the top market for Vietnamese rice in the first eight months of this year, consuming 1.76 million tonnes worth 720 million USD, 2.9 times higher in volume and 2.6 times in value over the same period last year. Strong growth was also seen in other markets, including Australia (75 percent), Ivory Coast (nearly 35 percent), and Hong Kong (nearly 35 percent). The average rice price in the first eight months of 2018 fell 13.8 percent year on year to 435 USD per tonne. White rice led the way in the … [Read more...] about Rice exports bring home 2.24 billion USD in nine months

Following six years of negotiations, the Regional Comprehensive Economic Partnership (RCEP) has entered its final stage of talks, with the agreement expected to be signed in 2020. The RCEP comprises of a total of 16 nations, including all 10 ASEAN member states and their six partners (Australia, China, India, Japan, the Republic of Korea, and New Zealand). The RCEP is regarded as the world’s largest regional trade agreement as it covers a market of 47.4 per cent of the world’s population, accounts for 30 per cent of global gross domestic product, 29.1 per cent of global trade, and 32.5 per cent of global investment flows. According to Minister of Industry and Trade Tran Tuan Anh, the RCEP is expected to create the world’s largest free trade area with the development of regional and global value chains that will contribute to spurring the economic growth of all RCEP members, including Vietnam. RCEP signatories have pledged to open their doors to goods, services, and … [Read more...] about Businesses set to capitalise on RCEP opportunities to bolster exports