Private sector business

It was followed by the industry and construction sector, up VND211-555 trillion ($9.09-23.91 billion) a year. The agriculture, forestry, and fisheries sector rose VND25-46 trillion ($1.08-1.98 billion) per year. After revising its GDP methodology to match international standards, the agriculture, forestry and fisher sector’s GDP contribution decreased from 17.4 percent to 14.7 percent, according to the General Statistics Office (GSO). The industry and construction sectors grew from 33 percent to 34 percent of GDP, while the service grew from 39.2 percent to 41.2 percent. With the revised methodology, Vietnam formally raised its GDP by an average 25.4 percent for the 2010-2017 period. The figure was recalculated by the General Statistics Office (GSO) in August, but formalization was delayed to give the government more time to assess its impacts. 2017’s GDP has been raised to VND6.3 quadrillion ($271.29 billion) from VND5 quadrillion ($215.71 billion), up 25.7 percent. … [Read more...] about Service sector sees biggest increase after GDP recalculation

Vietnam has become an appealing investment destination for international textile and garment enterprises, as Vietnam’s apparel sector is expected to continue to register strong growth in the coming years. Visitors inspect equipment in the apparel sector at the 2019 Saigon Tex & Saigon Fabric Specifically, more than 1,000 suppliers from 24 countries and territories, including China, France, Germany, Japan, Singapore, the United Kingdom and Thailand, are participating in the 2019 Saigon Tex and Saigon Fabric exhibitions, the two events in the textile and garment industry held concurrently at the Saigon Exhibition and Convention Center in HCMC’s District 7 from April 10 to 13. There are 100 more exhibitors this year, than in 2018. Most of them agreed that Vietnam, a leading exporter of textiles and garments, is a promising market for suppliers of apparel materials and equipment. According to data from the General Statistics Office, Vietnam exported US$7.3 billion worth … [Read more...] about Vietnam’s apparel sector increasingly attractive to foreign investors

The Ministry of Industry and Trade (MoIT) is drafting a circular providing guidance for the application of safeguard measures for textile and apparel products under the CPTPP. Workers iron clothes at Garment 10 Corporation. The MoIT is drafting a circular on safeguard measures for textile and apparel products under CPTPP. The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is the first “new-generation” free trade agreement (FTA) that Viet Nam has signed. It officially took effect on January 14 this year. With 11 member countries and high tariff reduction commitments, the use of legal tools to protect the domestic industry is likely to occur. Therefore, the ministry said it was essential to issue guidelines for measures to safeguard against the risk of increasing imports. They include transitional and emergency action measures. The transition period for Viet Nam’s textile and apparel products is up to five years. During this period, … [Read more...] about Vietnam considers safeguard measures for apparel sector under CPTPP

  The AHK publicises a report on German firms worldwide (Photo: VietnamPlus)   Hanoi (VNA) – Compared to other regional countries, Vietnam has received special attention from German businesses and become a magnet for investment in the medium term. The AHK World Business Outlook (AHK WBO) was conducted by the Association of German Chambers of Commerce and Industry (AHK), with the participation of German entrepreneurs in Vietnam. It showed that Vietnam is a top investment destination for German businesses with high expectations of economic development in the medium term. German enterprises are optimistic about their businesses as well as the prospects for growth in the next year, despite the instability of the global economy due to trade tension, the outlook said. [Germany helps improve Vietnam’s SMEs via innovation programme] Representatives of as many as 77 percent of German businesses in Vietnam said their business is better this year, much higher than the … [Read more...] about Vietnam remains attractive investment destination for German firms

The benefits brought by EVFTA, CPTPP and other free trade agreements are described as ‘tonics’ and ‘supplements’ for Vietnam. However, experts have warned that if Vietnam cannot use the tonics properly, they will do more harm than good. The benefits brought by EVFTA, CPTPP and other free trade agreements are described as ‘tonics’ and ‘supplements’ for Vietnam. EVFTA seems to offer more favorable conditions than CPTPP in terms of origin rule. But in fact, enterprises won’t get benefits immediately. Vietnam has to import fabric and other input materials, mostly from China, Taiwan and ASEAN countries, which still don’t have FTAs with the EU,” he said. Mai Lan EVFTA boosts bilateral trade between Vietnam and EU member states The EU-Vietnam Free Trade Agreement has been inked, and is expected to usher in immense opportunities for Vietnam to expand its trade and investment ties with EU member states.   … [Read more...] about Experts issue warning about the EVFTA