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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 Hanoitimes - Vietnam’s rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10. Vietnam moved up three places to 8th in the top 10 countries of the Emerging Markets Logistics Index 2021 by Agility, one of the world’s top freight forwarding and contract logistics providers. Cargos handling at Dinh Vu port, Hai Phong. Photo: Pham Hung Among countries in ASEAN, Vietnam stood at third behind Indonesia (3rd overall) and Malaysia (5th), and was above the likes of Thailand (11th), the Philippines (21st) and Cambodia (41st). According to Agility, Vietnam’s handling of the Covid-19 pandemic has been one of the most successful globally, with data from Johns Hopkins University showing less than 1,500 reports of Covid-19 cases in the country in 2020. The combination of social and economic restrictions with a strict and comprehensive testing and tracing system, saw lockdowns last less than three months, and by June many factories were reopened and domestic operations were recovering quickly, it said. “The steps taken by Vietnam in 2020 propel it into the top 10 ranking in 2021 – its rise of three ranking positions to 8th overall is the fastest rise in the top half of the Index and displaces regional partner Thailand in the top 10,” stated the logistics firm. “The country’s economy has performed well as a result of the minimal domestic disruptions and is set to be one of the best performing globally in 2020,” noted the report. The foundation provided by the strong performance in 2020 is expected to underpin a 2021 expansion of 6.5% as domestic and international conditions normalize and the Covid-19 pandemic recedes. In recent years, Vietnam has added significant hightech manufacturing capacity, helping attract investment from producers higher up the value chain as costs in China increased. The option to avoid additional costs associated with …

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The Hanoitimes - The OCOP program, with a view to honoring prominent craft villages’ goods and products, has been identified by Hanoi’s authorities as one of the solutions to boost domestic consumption. Hanoi is committed to creating favorable conditions for other provinces/cities to sell their products under the national’s One Commune One Product (OCOP) program in the capital city. Vice Secretary of the Hanoi Party Committee Nguyen Thi Tuyen made the statement at the trade promotion event for OCOP products from southern region on December 18. Vice Secretary of the Hanoi Party Committee Nguyen Thi Tuyen at the event. Photo: Pham Hung. The OCOP program, with a view to honoring prominent craft villages’ goods and products, has been identified by Hanoi’s authorities as one of the solutions to boost domestic consumption at a time when the Covid-19 pandemic is causing severe consequences on the local economy. To date, Hanoi has completed the evaluation and classification for 630 OCOP products achieving 3-star rating and above, noted, Mrs. Tuyen. “The city is cooperating with other provinces/cities to promote OCOP products across the country to both domestic and international customers,” she added. This year, the agricultural sector has emerged as a driving force for Hanoi’s economic development, posting a  growth rate of 4.2% year-on-year, which is considered high, Mrs. Tuyen added. Delegates visit OCOP products display section. Photo: Pham Hung. During the 2018-20 period, Hanoi allocated VND82 billion (US$3.54 million) to classify 800-1,000 goods and products under the OCOP program and acknowledge other 500 as OCOP products. So far, 630 products have been classified as OCOP products, exceeding the original target. Along with the development of OCOP products, Hanoi has launched 13 OCOP showrooms in the city and organized four OCOP trade promotion events for products from northern mountainous, Red river delta, …

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