Ghana trade minister

Prof. Dr. Andreas Stoffers - Country director, Vietnam The Friedrich Naumann Foundation for Freedom The United Kingdom is an important trading partner of Vietnam. In 2020, trade turnover between the two countries amounted to $6.6 billion. With $5.8 billion in exports, Vietnam’s trade balance was clearly positive, which also underlines the country’s strong interest in reaching an amicable agreement with the UK. In recent years, despite the uncertainties associated with Brexit, the growth of trade relations has been unbroken, averaging 12.1 per cent per annum in 2011-2019. The trade relations between the EU and Vietnam are naturally greater given the fact that the EU is the world’s largest market. In 2019, the EU was the second-most important overseas market for Vietnamese products with a total trade volume of $56.45 billion, of which Vietnam’s exports accounted for two-thirds ($41.55 billion). This is 16 per cent of the country’s total export volume. In 2020, exports to the EU increased to $34.8 billion, and imports to $14.5 billion. Vietnam benefits significantly more from bilateral economic relations than the EU. The continuous surplus Vietnam enjoys in its bilateral trade relations with the EU has been instrumental in offsetting Vietnam’s huge trade deficits with China and South Korea. Vietnam exports mainly electronics, footwear, clothing and textiles, coffee, seafood, and furniture. The most important goods of EU exports to Vietnam are high-tech products including boilers, machinery and mechanical products, electrical machinery and equipment, pharmaceuticals, and a very limited number of motor vehicles. The EVFTA opens many opportunities for producers and traders on both sides, including small- and medium-sized enterprises. The EVFTA is of course one of the most modern and far-reaching agreements of its kind. It plays an important role in promoting trade liberalisation between Vietnam and the EU. Combined with the new Law on Investment which …

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The Vietnamese stock market faces a successful year in terms of size and quality Stable development Tran Van Dung, chairman of the State Securities Commission of Vietnam, said Vietnam’s stock market plummeted at the beginning of 2020 as the Covid-19 pandemic pushed foreign investors into the net short position. But the market recovered in the final months of the year, with the VN-Index rising 14.9 percent compared to the beginning of 2020 and 67 percent against the rock bottom recorded in late March. The liquidity of the stock market improved significantly to an average trading value of nearly VND7.4 trillion, with the November and December average at VND10 trillion and VND14.8 trillion per trading session, respectively. The capitalization of Vietnam’s stock market also climbed to 84.3 percent of gross domestic product (GDP). Total capital raised through the stock market hit VND384 trillion in 2020, a year-on-year increase of 20 percent. About 84 percent of large-scale public companies generated profits, a high rate amid the Covid-19 pandemic. The bond and derivatives markets also recorded impressive growth. The State Treasury of Vietnam raised VND333 trillion through government bond auctions in 2020, an increase of 64 percent compared to a year ago, while the figure from the corporate bond market stood at VND400 trillion, equivalent to 14.7 percent of the overall GDP. Deposit interest rates declined from 4.51 percent per year in 2019 to 2.83 percent per year in 2020. The positive results were attributed to the efforts of the State Securities Commission of Vietnam in issuing market-supportive policies and devising solutions to overcome difficulties facing businesses. New opportunities The Vietnamese stock market may experience complicated developments in 2021, depending on how the Covid-19 pandemic develops. In the face of the long-term impact of the pandemic, the world economy in general and the Vietnamese economy in particular need to be …

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Export value skyrockets over Lunar New Year Vietnam's export turnover during this Lunar New Year saw breakthrough growth, occupying nearly half of the total export-import turnover. The latest data published by the General Department of Vietnam Customs showed that export volume over the seven days (February 10-16) of the Lunar New Year holiday reached $730 million, rising 79 per cent on-year and accounting for about 44 per cent of the $1.67 billion export-import turnover. The main export articles include mobile devices and components valued at $332 million; computer and electronic products worth $251 million. The two categories accounted for 80 per cent of the total export value. This Lunar New Year saw exports going to 80 markets, seven more than last year. China continues to be the leading export market with a value of $189 million (26 per cent). Following are the US ($152 million), South Korea ($67 million), and Hong Kong ($57 million). According to statistics from the General Department of Vietnam Customs, there were 960 import-export businesses, up 59 per cent on-year. Nevertheless, importers still outnumbered exporters with an import turnover of $940 million, up 37 per cent on-year. Thus, from early this year to February 16, the total export-import turnover reached $74.51 billion, up 31 per cent on-year. Of this, exports hit $38.57 billion, up 36 per cent on-year while imports reached $35.94 billion, up 26 per cent, resulting in a trade surplus of $2.63 billion. Drug market forecast to grow by 15 per cent in 2021 The pharmaceutical industry grew by just 2.8 per cent last year, much lower than its average 11.8 per cent growth in the last five years. It is expected to recover and grow by 15 per cent this year, mainly due to a rapidly ageing population and increasing incomes, analysts at SSI Securities Corporation said. Last year there was a short supply of active pharmaceutical ingredients from China and India due to social distancing and …

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