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The Hanoitimes - Both governments are advised to take a proactive approach to trade and investment and realize this potential. The year 2020 marks the 42nd anniversary of India-Vietnam bilateral trade. Vietnam and India have shared strong bilateral relations historically, and for the past two decades, trade between the two countries has risen considerably. These economic ties have materialized into several Indian investments in Vietnam in various sectors. India's Prime Minister Narendra Modi and Vietnam's counterpart Nguyen Xuan Phuc The enormous volatility in the global trade environment has pushed businesses into diversifying their supply chains away from China, which has increased the importance of the India-Vietnam trade route for international business. India, which is one of the fastest-growing economies in the world, currently ranks fifth globally in terms of GDP. The ASEAN-India Free Trade Area (AIFTA), which Vietnam is a part of, was established in 2009 as a result of convergence in interests of all parties in advancing their economic ties across the Asia-Pacific. Vietnam’s manufacturing industry has rapidly emerged as a highly effective location for incoming electronics and telecom manufacturers who are relocating from China due to increased costs and the US-China trade war. The country has bolstered investor confidence with quick and efficient containment of the Covid-19 pandemic. Vietnam is becoming a leading choice for major companies looking to set up their new manufacturing hubs and diversify their supply chains. India has significant expertise in IT services, pharmaceuticals, and oil & gas, all of which can significantly benefit Vietnam. Additionally, there are export opportunities in zinc, iron, steel, and man-made staple fibers from India to Vietnam. A large middle class in India’s 1.3 billion population and its customs-duty exemption for ASEAN products make it a lucrative destination for Vietnamese exports. …

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Ministry to boost trade defence measures in line with int’l commitments Workers loading coils on trucks at a steel mill in northern Viet Nam. An early warning system on trade remedy risks for certain exports will be completed this year so that enterprises can gear themselves up early. — Photo baodautu.vn Le Trieu Dung, Director of the MoIT’s Trade Remedies Authority of Vietnam (TRAV), said the ministry will accelerate current trade remedy probes into imports so as to take timely action to protect domestic manufacturers. An early warning system on trade remedy risks for certain exports will be completed this year so that enterprises can gear themselves up early. Additionally, MoIT will coordinate with relevant agencies to boost action against origin fraud and illegal transhipments aimed at evading trade remedies, while working to improve the trade remedy-related capacity of domestic businesses and State agencies, Dung said. Since becoming a member of the WTO and free trade agreements (FTAs), Viet Nam has opened its market and slashed import tariffs on a large number of goods, exposing its businesses to strong competition from imports. Trade defence measures, which are policy tools permitted by the WTO, he said, have an important role to play in ensuring effective economic integration and minimising its adverse impact on businesses. Between 2016 and 2020, MoIT launched 13 trade remedy investigations into imported commodities such as DAP fertiliser, monosodium glutamate (MSG), steel, and BOPP film. Remedies applied so far have proved effective in addressing losses caused by surges of imports and protecting domestic producers, he said. He pointed out that State agencies and some enterprises have worked to promote their trade remedy-related capacity, but many shortcomings remain, so a new policy and legal framework that matches provisions in the FTAs Viet Nam has joined is needed. The issue of trade defence as stipulated in Chapter 5 …

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Hi-tech agriculture proves effective in Dong Nai Agricultural production has been affected by abnormal weather conditions, climate change, and diseases over recent years. Many farms in southern Dong Nai province have applied high-technology in agricultural production in order to cope with the situation, helping increase quality and output. High-tech production requires massive investment, not just capital but also technology, equipment, and “grey matter”, to adapt to cutting-edge manufacturing methods. High-tech manufacturing models have been expanded around Dong Nai, especially in animal husbandry and on poultry farms. Dong Nai has more than 46,000 hectares of crops using water-saving technology and the province has gradually changed to green breeding in accordance with Vietnamese Good Agricultural Practice (VietGAP) standards. Agriculture accounts for 8.3 percent of Dong Nai’s economic structure and agro-forestry-fisheries value currently stands at nearly 1.8 billion USD. The results reflect the province’s large-scale manufacturing development investment and high-tech application to adapt to unfavourable conditions and meet market demand. Vietnam’s growth outlook to depend on authorities’ response to new outbreak: WB Vietnam’s growth prospects will depend on how well and how quickly the authorities will bring the new coronavirus outbreak under control and how quickly international and national vaccinations will proceed, according to the World Bank (WB). In its Vietnam Macro Monitoring report issued earlier this month, the WB said January’s industrial production index jumped by 24.5 percent year on year, the highest growth rate since the beginning of 2019. Merchandise exports and imports respectively grew 51.8 percent and 41.8 percent from the same period last year. The preliminary January goods trade surplus is estimated at 1.1 billion USD. Exports to the US and China continued the robust growth of 2020 while those to the EU, ASEAN, Japan …

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