Since it normalized relations with the powers like China in 1991 and the USA in 1995, Vietnam has begun to integrate into the global economy. Throughout this process of integration, Vietnam has signed numerous free trade agreements (FTAs) with countries and groups of countries. Vietnam's earliest FTA was the agreement signed with the Association of Southeast Asian Nations (ASEAN) in 1996, just one year after Vietnam joined ASEAN. Then, in 2007, Vietnam officially became a member of the World Trade Organization (WTO). After that, Vietnam signed many more FTAs, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the end of 2018 and most recently the EU-Vietnam Free Trade Agreement (EVFTA) in June 2019. So far, Vietnam has signed 13 trade agreements, of which 12 have entered into force. Vietnam is also negotiating three other agreements. Economic powers such as the US, China, Japan and South Korea have inked trade agreements with Vietnam. These … [Read more...] about Who will lead Vietnam’s economy?
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By increasing processed and high-tech products and taking advantage of free trade agreements, Vietnam’s goods are being increasingly chosen by consumers in the world market. The Ministry of Industry and trade (MOIT) reported that raw exports are on the decrease, while processed and hi-tech industrial products are on the rise, especially farm produce, phones and electronic components. By the end of April 2019, phone and electronic export turnover had reached $16.01 billion, of which the exports to the EU alone brought $.438 billion. Meanwhile, Vietnam earned $3.32 billion from the US market, an increase of 94.4 percent, and $1.67 billion from South Korea, an incraese of 8.1 percent compared with the same period last year. As for textiles and garments, the export value in the first four months of the year was $9.46 billion, increasing by 10.2 percent. According to the General Department of Customs (GDC), the US remains the biggest textile and garment importer, consuming $4.42 … [Read more...] about Vietnam’s exports see more opportunities in world market
This resulted in Vietnam importing an average of 9,230 cars per month and over 300 cars per day, and car imports of nearly US$1.75 billion during the period, up 250% year-on-year. Vietnam imported 92,230 passenger cars, or cars with less than nine seats, in the first ten months of 2019, up 150% year-on-year, according to the Ministry of Industry and Trade (MoIT). This resulted in Vietnam importing an average of 9,230 cars per month and over 300 cars per day, leading to car imports of nearly US$1.75 billion during the 10-month period, up 250% year-on-year. In October, Vietnam imported 15,000 vehicles, in which 90% were passenger cars worth US$206 million. Meanwhile, 37,800 were assembled locally, up 1.3% year-on-year, accumulating a total of 284,200 in the January – October period, up 8.6%. According to the MoIT’s statistics, imported car parts and accessories also witnessed a hike of 123% year-on-year in October at US$400 million. As of September, Vietnam imported 109,000 … [Read more...] about Vietnam passenger car import surges 150% in Jan-Oct
A slowdown in export growth of the foreign-invested sector could have a negative impact on Vietnam’s economy in 2020, according to SSI Securities Corporation, Vietnam’s largest brokerage house. As exports from foreign direct investment (FDI) firms currently account for 69% of Vietnam’s export turnover, the sector plays a decisive role to the country’s exports, stated SSI report. “Export growth of the FDI sector is slowing down at an alarming rate of 5% in the first nine months of 2019, much lower than that of the domestic sector at 16.2%. A number of key export products witnessed low growth rate, or even decline,” said the report. Specifically, phone and parts recorded are the largest export staple but only expanded by 2% during the January – September period, slower than the 16% growth recorded in the same period of last year. Similarly, exports of electronic products only grew 11.7% year-on-year against the 14% of the comparable period … [Read more...] about Slowdown in FDI’s export growth to impact Vietnam’s economy in 2020
“I expect Vietnam’s economy to continue to be one of the world’s fastest growing in the coming years,” said Dr. Frank Jurgen, Chairman of the Horasis in an interview with VietNamNet’s Lan Anh. Vietnamese Deputy PM Trinh Dinh Dung and Dr. Frank Jürgen Richter, Chairman of Horasis - Photo: VGP This is the second time that the Horasis Meeting will be organized in Vietnam. What are the key messages and solutions to be given at the meeting? How do you think foreign investors view Vietnam? Vietnam is stuck in the middle of the US-China trade war. What are the advantages and challenges that Vietnam faces? Vietnam's economy in the past 30 years has been growing rapidly and is one of the best in the world. However, other economies have also been growing fast and strongly. Do you think that Vietnam has a chance to catch up with those economies? What are the areas that Vietnam needs to change? How long do you think the US-China trade war … [Read more...] about Vietnam – a destination for foreign investors