Trade deal vietnam

Accelerated government spending is expected to boost demand in the remaining months of the year. ADB’s Principal Country Economist Nguyen Ba Hung shared his thoughts on Vietnam’s economic performance and its prospects for 2023 with The Hanoi Times. ADB’s Principal Country Economist Nguyen Ba Hung. What is the primary obstacle confronting Vietnam's economy for the remainder of the year? In the first half of 2023, Vietnam experienced a slowdown in GDP growth, with growth projected at only 3.7% compared to the positive momentum seen last year, when GDP grew 6.5% in the first half and 9.5% in the second half, resulting in an annual growth rate of 8% for the whole of 2022. One factor contributing to GDP growth in recent years has been public investment's sustained and steady growth. However, significant internal challenges have emerged during the Covid-19 pandemic. Vietnam's economy heavily relies on exports and foreign direct investment (FDI) … [Read more...] about Public investment as catalyst for Vietnam’s economic recovery in 2023: ADB

Lower-than-expected growth in advanced economies and China could reduce external demand for Vietnamese exports. Vietnam's economic growth for 2023 is set to hit 4.7%, primarily influenced by weak domestic and external demand . Production of aircraft components at MHI Aerospace Vietnam. Photo: Pham Hung/The Hanoi Times The World Bank released the forecast in its latest East Asia and Pacific October 2023 Economic Update. However, there's optimism for a recovery in the following years, with growth expected to reach 5.5% in 2024 and 6.0% in 2025. The main driver of this growth will be domestic demand, although at a slower pace than in previous years. In terms of inflation, the Consumer Price Index (CPI) is projected to average 3.5% this year, largely due to scheduled increases in civil servant salaries. In the following years, assuming stable energy and commodity prices, inflation is expected to decline to 3.0% in both 2024 and 2025. On the fiscal side, … [Read more...] about Vietnam’s GDP growth forecast to expand by 4.7% in 2023: WB

The agriculture sector saw growth in exports of 26.4 per cent to $369 million for livestock products in the first nine months of this year. — VNA/VNS Photo Việt Nam's agriculture sector achieved a trade surplus of US$8.04 billion in the first nine months of 2023, an increase of 22.5 per cent over the same period last year, according to the Ministry of Agriculture and Rural Development. However, the total export and import turnover in the first nine months decreased by 7.5 per cent year-on-year to $68.92 billion. Deputy Minister of Agriculture and Rural Development Phùng Đức Tiến said that during the nine months, the total export turnover was estimated at $38.48 billion, down 5.1 per cent over the same period last year because the export value of several main export products decreased sharply. Of which, the value dropped by 21.7 per cent to $6.67 billion for seafood exports and 20.6 per cent to $10.44 billion for forest product exports. The sector saw growth in exports of 16.7 … [Read more...] about Agriculture sector achieves trade surplus of $8b in nine months

Energy is one of the key pillars in Vietnam-Germany relations over the past decades with a series of projects and programs operated by The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) – the German Development Agency. A delegation of nearly 50 German companies led by Minister-President of the German state of Lower Saxony , Stephan Weil, has expressed their interest in renewable energy and energy efficiency , the field in which the Federal Government of Germany has cooperated with Vietnam for years. Vietnam's Prime Minister Pham Minh Chinh (R) and Minister-President of the German state of Lower Saxony , Stephan Weil, in Hanoi on October 1. Photo: VGP Other fields of potential cooperation that the Lower Saxony’s government and businesses want to focus on include vocational training, skilled labor migration, tourism, digitalization, and Industry 4.0. The issues were stated by Prime Minister-President Stephan Weil at … [Read more...] about Lower Saxony wants to invest in energy transition in Vietnam

The deal is set to boost competition in Vietnam's retail market, as rapid urbanization draws domestic and foreign investors looking to expand or gain a foothold in the country of 100 million. Proceeds will go to strengthen Masan's financial position, said the fast-moving consumer goods firm, which runs more than 3,200 supermarkets and minimarts in the southeast Asian nation. "Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market," Bain partner Barnaby Lyons said in the joint statement. The investment would be in the form of convertible dividend preference shares priced at 85,000 dong ($3.50) each, which can be converted into ordinary shares in a one-for-one ratio, Masan added. "We look forward to working with Bain to accelerate our vision to be the one-stop shop for consumer daily needs," its chief executive, Danny Le, said in the statement. Last week Reuters reported that Singapore's sovereign wealth fund, … [Read more...] about Bain Capital invests $200M in Vietnam conglomerate Masan

Workers of Viet Vuong 3 company in Ben Tre province (Photo: VNA) Ottawa (VNA) – The Vietnam Trade Office in Canada is focusing on helping Vietnamese businesses make the most of CPTPP's principles of origin in the garment and textile sector through connection activities and provision of information about the Canadian market, according to Trade Counsellor Tran Thu Quynh at the Vietnamese Embassy in Canada. She said after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect in December 2018, Canada immediately eliminated 42 tariff lines on Vietnamese textile and garment products, and after five years of implementation, the export value of Vietnamese textile and garment products increased by 100% compared to that in 2018. At the Apparel and Textile Sourcing Canada 2023, held in Toronto in late August, Vietnam’s Viet Vuong company received attention from the organisers and the Canadian Textile Industry Association, thanks to its … [Read more...] about Trade Office helps Vietnamese firms grasp opportunities in Canadian market

Follow us to see the latest news about Vietnam. Kon Tum - Ngoc Linh Ginseng Festival to be held every two years The event will include activities such as an exhibition showcasing Ngoc Linh ginseng and other medicinal herbs related to the development of tourism and the life of ethnic communities. Distinctive tourism products related to Ngoc Linh ginseng and other " One Commune One Product " (OCOP) products and various cultural and sports activities will be displayed. Vietnam hosts world's first post-pandemic meeting of instant noodle producers Acecook Vietnam production line. Photo courtesy of the company The first post-pandemic meeting of the World Instant Noodle Association was recently held in Ho Chi Minh City. This is also the first meeting of the association in Vietnam. The meeting brought together 13 companies from 11 countries and two research institutes. Acecook Vietnam was the only Vietnamese noodle producer to attend the event. Vietnamese … [Read more...] about Vietnam news in brief – October 3

With the presence of leading renewable energy developers in Vietnam, Denmark has contributed international resources to the country’s net-zero journey. Denmark in Your Eyes – an annual painting competition launched in Vietnam in 2016 – is an activity demonstrating Vietnam-Denmark cooperation in green growth in recent years. Ambassador of Denmark to Vietnam Nicolai Prytz speaks at the launch of Denmark in Your Eyes competition 2023. Photo: Danish Embassy in Hanoi The competition has “added a lot of value to strengthening our two countries’ long-term cooperation on promoting green and sustainable development,” said Ambassador of Denmark to Vietnam Nicolai Prytz. With more than 18,000 paintings submitted in the last competition, it shows the great popularity of the event among schoolchildren all over Vietnam. For that reason, “it is an amazing playground for Vietnamese children, not only to express wishes about their future but more importantly to come up … [Read more...] about Green Future promotes Vietnam-Denmark cooperation for sustainable growth

SZ newspaper runs a story about Minister-President of the Lower Saxony state Stephan Weil's visit to Vietnam (Photo: VNA) Berlin (VNA) – Lower Saxony (Niedersachsen), the second biggest state of Germany, is keen on promoting cooperation with Vietnam, especially in economy, and wants to receive more Vietnamese workers, Minister-President of the state Stephan Weil has been quoted by SZ, Germany's largest broadsheet newspaper, as saying. Lower Saxony is interested in further beef up economic collaboration with Vietnamese partners. German firms who want to diversify their market, he held, highly valuing the role of Vietnam in the context that the EU-Vietnam Free Trade Agreement (EVFTA) has took effect in several years. VNA … [Read more...] about Germany’s Lower Saxony state interested in expanding partnership with Vietnam

Nothing illustrates the crisis at the World Trade Organization more than the piling up of unresolved disputes and the growing list of what it terms the "trade concerns" of its members. Since late 2019, after the U.S. blocked the appointment of new judges to the WTO's Appellate Body due to complaints over judicial overreach, 29 cases have been left in limbo, delivering a heavy blow to the dispute settlement system. Those depositing cases include China, Dominican Republic, India, Indonesia, Morocco, Pakistan, South Korea and the United States. "No more fraud, no more pretending you're appealing,” former deputy director-general Alan Wolff told a WTO conference last month, urging countries to hold off on fresh appeals from 2024, when WTO members have pledged to address the issue. The WTO has warned a "polycrisis" of pandemic, military conflict in Ukraine and inflation is sapping faith in globalisation. The result is a growing disregard for global trading rules among WTO members. … [Read more...] about At WTO, growing disregard for trade rules shows world is fragmenting