(VEN) - Total value of foreign trade reached an estimated US$107.32 billion in the first quarter of this year, a rise of 17.7 percent compared with the same period in 2017. Favorable conditions exist for Vietnam to boost rice exports US$1.3 billion trade surplus In March, the export value reached an estimated US$19.8 billion, up 38.2 percent compared with February. In the first three months, the export value reached US$54.3 billion, 22 percent higher compared with the same period last year. Major contributions to this export growth came from key products, such as telephones and components, textiles and garments, computers, electronic products and components, iron and steel, and cameras. According to Vietnam Steel Association Vice President Nguyen Van Sua, steel sales in the first quarter grew 16-18 percent compared with the same period last year, with export value reaching an estimated US$949 million, up 43.3 percent. The import value reached US$19 billion … [Read more...] about Q1 foreign trade soars
Importance of foreign trade
VietNamNet Bridge - Vietnam has one of the highest proportions of import/export turnover to GDP in the region, over 180 percent. The growth of import/export turnover is considered an important target Analysts and policymakers point to the close relations between foreign trade and economic growth, saying that the growth of import/export turnover is considered one of the most important targets by the National Assembly. Vietnam’s proportion of import/export turnover to GDP is higher than the 120 percent of Thailand and Malaysia, and higher than the 40 percent of China, which has been the fastest growing economy in the world in the last four decades. Pham Van Dai, an analyst, in his article in Thoi Bao Kinh Te Sai Gon, pointed out that Vietnam is an outsourcing economy with limited domestic input materials (mostly natural resources such as land, water sources, minerals and cheap labor force). RELATED NEWS Oil & gas loses the ‘throne’ as the biggest … [Read more...] about What is a suitable growth rate of foreign trade for Vietnam?
VCCI Opines Foreign Trade Administration Law At the socio-economic discussion session of the second plenary meeting of the 14th National Assembly on November 7, Deputy Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI) and Member of Thai Binh Parliamentarian College, said he agreed with the Government of Vietnam on the recommended introduction of the Foreign Trade Administration Law. This was a meticulously and seriously prepared and drafted bill. He spoke highly of the Drafting Committee for not only submitting the bill but also delivering relatively completed directive decrees for the enforcement to members of the National Assembly. He also put forth some suggestions for the perfection of this bill. Comments on the scope of application Dr Vu Tien Loc proposed some additions to the scope of application of the law. Generally speaking, the draft covers so many unnecessary or inefficient issues which imperceptibly put on more regulatory … [Read more...] about VCCI Opines Foreign Trade Administration Law
HÀ NỘI - The National Assembly Standing Committee (NASC) raised concerns over the amount of power the draft Law on Foreign Trade gives to the Industry and Trade Ministry. The law, which was being discussed by the NASC for the first time, is aimed to be a State management tool on foreign trade that ensures transparency and compliance with international law as well as increasing the competitiveness of the economy. Promulgating the Law on Foreign Trade was necessary to complete the legal framework for foreign trade activities, according to a report delivered by deputy Minister of Industry and Trade Nguyễn Cẩm Tú to the NASC meeting yesterday. "At present, there are many legal documents of State management on foreign trade activities. These lead to overlaps in State management and a lack of transparency which causes risks for businesses import/export activities", Tú said. "The draft law regulates administrative management of import-export limitations such as quotas, designating … [Read more...] about Lawmakers concern the Foreign Trade Law giving much power to trade ministry
Illustration photo 1. The Government issued Decree No. 98/2017/NĐ-CP stipulating functions, tasks, rights and organization of the MoIT. 2. The MoIT has removed and simplified 123 administrative procedures. As many as 675 business and investment conditions were cut down, 63 conditions higher than the expected plan and equivalent to 55.5% of the total conditions. After the reduction, the remaining conditions are 541.3. The Ministry has approved a plan to tackle shortcomings of some ineffective and sluggish projects and businesses under the control of the industry and trade sector. 4. Total exports-imports set a record of US$420 billion, including US$2113.8 billion from exporting, up 21.1% against the previous year. The trade surplus reached US$2.67 billion, the highest figure ever recorded. A total number of 29 export items joined the US$1 billion export club. 5. The auction of up to 54% of Saigon Beer - Alcohol - … [Read more...] about 10 remarkable events of industry, trade sector