Vietnam us trade

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

The US-Vietnam trade rocketed 309-fold since 1995 to US$139 billion in 2022 and the US has been the largest destination for Vietnamese exports in recent years. One of the key tenets of the recently established Comprehensive Strategic Partnership between Vietnam and the US is to promote economic cooperation through trade and investment. Vietnamese Prime Minister Pham Minh Chinh rings the opening bell for Friday trading session at Nasdaq's MarketSite in New York City. Photos: Nhat Bac/VGP Vietnamese Prime Minister Pham Minh Chinh said during the visit to the Nasdaq Stock Market, the most active stock trading venue in the US by volume and the second on the list of stock exchanges by market capitalization of shares traded, behind the New York Stock Exchange (NYSE) . Vietnam has the necessary conditions and potential to move forward in this area, where the US has advantages, PM Chinh said at Nasdaq’s MarketSite in Times Square, New York City chaired by … [Read more...] about Economic ties: Implication of Vietnam-US Comprehensive Strategic Partnership

Vietnam’s economic growth is expected to expand by 5.8% in 2023 and later rebound to 6.0% in 2024. Vietnam’s economy remains resilient and recovery is expected to strengthen in the near term driven by strong domestic consumption, which is supported by moderate inflation, accelerating public investment, and improved trade activities. Overview of the launch. Photo: Hai Yen/The Hanoi Times ADB Country Director for Vietnam Shantanu Chakraborty shared this view today [September 27] at the launch of the bank's Asian Development Outlook (ADO) report. "A weak external environment, including from a subdued recovery in China, has hampered export-led manufacturing, resulting in a contraction of industrial production in Vietnam," added Chakraborty. In this context, Vietnam's economic growth is predicted to slow to 5.8% in 2023 and 6.0% in 2024 , compared to the April 2023 forecast of 6.5% and 6.8%, respectively. ADB's Principal Country Economist Nguyen Ba … [Read more...] about Vietnam’s economy remains resilient amid weakening global demand

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 Vietnamese women’s sepak takraw team brought home another gold medal for the Southeast Asian country at the 19th Asian Games in Hangzhou, China after staging a thrilling comeback to defeat Indonesia 2-1 in the women’s quadrant finals on Wednesday morning. Vietnam emerged as a strong contender in the sport at the quadrennial tournament, impressing fans with three group stage victories. They progressed to the semifinals where they shutout China 2-0 to land a spot in the finals against Indonesia, whom they had previously toppled 2-1 in the group stage. Still, despite prior success, the Vietnamese side got off to a shaky start in the opening game of their finals match, losing 18-21 to their Indonesian rivals. The Vietnamese women’s sepak takraw team defend in the women’s quadrant final game against Indonesia at the 19th Asian Games in Hangzhou, China, October 4, 2023. Photo: Duc Khue / Tuoi Tre They were able to regain their composure in the second game, getting … [Read more...] about Vietnam takes gold in women’s sepak takraw at Asian Games

The Government has been actively providing support for the economy, and the situation is expected to get better next year. The ASEAN+3 Macroeconomic Research Office (AMRO) has revised Vietnam’s GDP growth forecast for 2023 to 4.7% from the previous 4.4% in its October quarterly update. Chief Economist Hoe Ee Khor (l) at the press briefing. “The recent numbers have shown more strength than we initially expected in July,” said AMRO Chief Economist Hoe Ee Khor during a press briefing held online today [October 4]. However, it's essential to note that this is still a significant decline from last year's 8% growth rate, which was among the highest in the world, he noted. According to Khor, growth for the ASEAN+3 region (including China, Japan, and South Korea) is expected to be significantly impacted this year with an average rate of 4.3%, down from July’s projection of 4.6%, primarily due to challenges in the export sector. “Most countries in the region rely … [Read more...] about Vietnam’s economy shows encouraging signs: AMRO

Chairman of Ho Chi Minh City People's Committee Phan Van Mai (5th from left) receives Dr. Sonethanou Thammavong (4th from left), President of the Lao Academy of Social and Economic Sciences and Social Science s and  Sok Touch (middle), President of the Royal Academy of Cambodia.(Photo: VNA) HCM City (VNA) – Chairman of Ho Chi Minh City People’s Committee Phan Van Mai received Dr Sonethanou Thammavong, President of the Lao Academy of Social and Economic Sciences, and Sok Touch, President of the Royal Academy of Cambodia, in the city on September 19. During the meeting, Mai briefed the guests on the city’s socio-economic development over the past time and affirmed that the locality has always wished to strengthen collaboration with partners from Laos and Cambodia, including the Lao Academy of Social and Economic Sciences and the Royal Academy of Cambodia , and share experience and bolster cooperation with the two neighbouring countries’ localities to promote a stronger … [Read more...] about Vietnam, Laos, Cambodia boost ties in scientific research

Prime Minister Pham Minh Chinh (right) and US Trade Representative Katherine Tai. (Photo: VNA) Washington D.C. (VNA) – Prime Minister Pham Minh Chinh suggested Vietnam and the US create breakthroughs in cooperation in science-technology, innovation, and education-training at a meeting with US Trade Representative Katherine Tai in Washington D.C. on September 19. Host and guest shared the view that the formation of the Comprehensive Strategic Partnership for peace, cooperation and sustainable development on the occasion of the recent state visit to Vietnam by President Joe Biden will open up a new stage for the intensive and extensive cooperation between the two countries, particularly in economy, trade and investment. Chinh thanked the Trade Representative for her contributions to the development of the bilateral ties, and suggested the two sides actively coordinate to quickly materialise agreements reached by their high-ranking leaders, including the US’s priority of … [Read more...] about PM suggests Vietnam, US create cooperation breakthroughs

Vietnamese Ambassador to Japan Pham Quang Hieu grants an interview to the Vietnam News Agency. (Photo: VNA) Tokyo (VNA) – The Vietnam - Japan relations are now in their prime and live up to the countries’ extensive strategic partnership, Vietnamese Ambassador to Japan Pham Quang Hieu said on the occasion of the 50th anniversary of the bilateral diplomatic ties (September 21, 1973 - 2023). Talking to the Vietnam News Agency, he said that over the last 50 years, the countries’ friendship and cooperation have been reinforced unceasingly and developed comprehensively in all aspects, becoming a bright spot in the implementation of Vietnam’s foreign policy of independence, self-reliance, and diversification and multilateralisation of international relations. Japan currently ranks first among providers of official development assistance (ODA), second among labour cooperation partners, third among foreign investors and tourism partners, and fourth among trading partners of … [Read more...] about Vietnam – Japan ties live up to extensive strategic partnership: ambassador

Vietnam’s gross domestic product (GDP) is hoped to grow 6.46% in the third scenario when the global economy will see positive changes, and Vietnam will take drastic actions in reform and management (Photo: VietnamPlus) Hanoi (VNA) – The Central Institute for Economic Management ( CIEM ) put forwards three scenarios for Vietnam’s economic growth in 2023 at a seminar in Hanoi on July 10 to announce a report on the domestic economy in the first half of this year, and prospects for the second half. Specifically, Vietnam’s gross domestic product (GDP) is expected to grow 5.34% this year under the first scenario. The first scenario assumes the global economic development matches assessments of international organisations and Vietnam, under which the country’s export turnover is projected to drop by 5.64%, and its consumer price index (CPI) will rise 3.43%, with a trade surplus of 9.1 billion USD. Under the second as, given monetary and fiscal easing in Vietnam , the GDP … [Read more...] about CIEM forecasts three economic growth scenarios for Vietnam in 2023