Processing farm produce for exports (Photo: VNA) Hanoi (VNA) – Optimising advantages in the markets signing free trade agreements (FTA) with Vietnam is expected to contribute to boosting Vietnam’s export revenue. In the first five months of this year, agro-forestry-fishery exports hit 15.6 billion USD, a rise of 9.9 percent over the same period last year. Four leading markets of the products were the US, Japan, China and the Republic of Korea. But many experts worried that the dependence on some major markets will pose high risks to not only agro-forestry-fishery products but others produced by Vietnam when fluctuation happens in these markets. In the January-May period, Vietnam earned 1.45 billion USD from rice export, up 13.9 percent in volume and 40 percent in value over the same time in 2017. The top market of Vietnamese rice was China. According to Nguyen Ngoc Nam, President of the Vietnam Food Association, opportunities for Vietnam’s rice export are … [Read more...] about Exploiting FTA markets – good way to boost export revenue
Vietnam’s exports have enjoyed significant expansion in terms of market scale and commodity structure, thereby making an outstanding contribution to the growth of the country’s export turnover. The country has made rapid improvements in its position in the world’s rankings for exports, rising from 50th place in 2007 to 26th position in 2018. With regard to the overall scale of export market, back in 2007, the Southeast Asian nation saw only 14 of its export markets earn a turnover of over US$1 billion, with the US being the only destination to reach over US$10 billion. By 2018, this figure had grown exponentially, with the country enjoying 31 export markets with an annual turnover of over US$1 billion, of which four markets stood at over US$10 billion. During the first 10 months of the year, the US remained as the nation’s largest export market. This is primarily attributable to the policy of diversifying markets with increased exports to China, ASEAN, Japan, … [Read more...] about Vietnamese goods enjoy market share in 200 countries worldwide
Illustrative photo (Photo: https://www.nationthailand.com/) Bangkok (VNA) - The Commerce Ministry is preparing to wrap up consultations with relevant agencies and organisations across the country on a proposal to resume free-trade talks with the European Union. A summary of opinions would be submitted to a committee on international economic policy chaired by Deputy Prime Minister Somkid Jatusripitak, The Nation quoted Auramon Supthaweethum, Director-General of the Department of Trade Negotiations, as saying. Auramon said many parties support the resumption of trade talks, but concerns were expressed over the possible influx into Thailand of products such as wine and liquor on a zero-percent tariff if a trade pact were ultimately to be signed. Some parties were worried that access to cheaper wine and liquor would have an adverse impact on public health. Trade negotiations between the EU and Thailand have been halted since 2014. According to the European Commission, two-way trade … [Read more...] about Thailand to wrap up domestic consultations on FTA with EU
By increasing processed and high-tech products and taking advantage of free trade agreements, Vietnam’s goods are being increasingly chosen by consumers in the world market. The Ministry of Industry and trade (MOIT) reported that raw exports are on the decrease, while processed and hi-tech industrial products are on the rise, especially farm produce, phones and electronic components. By the end of April 2019, phone and electronic export turnover had reached $16.01 billion, of which the exports to the EU alone brought $.438 billion. Meanwhile, Vietnam earned $3.32 billion from the US market, an increase of 94.4 percent, and $1.67 billion from South Korea, an incraese of 8.1 percent compared with the same period last year. As for textiles and garments, the export value in the first four months of the year was $9.46 billion, increasing by 10.2 percent. According to the General Department of Customs (GDC), the US remains the biggest textile and garment importer, consuming $4.42 … [Read more...] about Vietnam’s exports see more opportunities in world market
Since it normalized relations with the powers like China in 1991 and the USA in 1995, Vietnam has begun to integrate into the global economy. Throughout this process of integration, Vietnam has signed numerous free trade agreements (FTAs) with countries and groups of countries. Vietnam's earliest FTA was the agreement signed with the Association of Southeast Asian Nations (ASEAN) in 1996, just one year after Vietnam joined ASEAN. Then, in 2007, Vietnam officially became a member of the World Trade Organization (WTO). After that, Vietnam signed many more FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the end of 2018 and most recently the EU-Vietnam Free Trade Agreement (EVFTA) in June 2019. So far, Vietnam has signed 13 trade agreements, of which 12 have entered into force. Vietnam is also negotiating three other agreements. Economic powers such as the US, China, Japan and South Korea have inked trade agreements with Vietnam. These … [Read more...] about Who will lead Vietnam’s economy?