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Peter Bernhardt, team leader of the ARISE+ Vietnam project Since coming into force in August 2021, the EU - Vietnam Free Trade Agreement (EVFTA) has become an effective tool for boosting trade ties between the EU and Vietnam. What should Vietnam pay attention to in order to benefit more from this deal? I agree that the overall picture of EVFTA performance in this starting period, where exporters and government authorities from both sides have to adapt to the new situation, looks definitely promising. The EVFTA is the most ambitious FTA that the EU has ever signed with a developing country. The deal will mutually lift about 99 per cent of the tariffs within 10 years. Duty was lifted from 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU, immediately after the EVFTA came into effect. As most Vietnamese exporting products are consumer products, the real challenge Vietnam exporters will face to comply with EU consumer protection regulations is … [Read more...] about EU supporting comprehensive implementation of the EVFTA

Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

Viet Nam has seen rapid growth in e-commerce in recent years, and demand for logistics services is growing commensurately. — Photo courtesy of J&T Express The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders. In its E-commerce White Book 2021, the Viet Nam E-Commerce and Digital Economy Agency said Viet Nam has the highest number of people shopping on e-commerce platforms in the Southeast Asia region at some 49.3 million. In the last two years, the country has seen both consumers and firms moving online, it said. Nguyen Ngoc Dung, president of the Vietnam E-commerce Association, said there has been a boom in e-commerce since the pandemic began. More than 70 per cent of the population have access to the internet and nearly 50 per cent shop online, he said. The online shopping boom has offered opportunities as well as challenges to the logistics industry, … [Read more...] about Explosive e-commerce growth drives demand for logistics

Deputy Minister of Agriculture and Rural Development of Vietnam Phung Duc Tien suggests the UK government to soon consider opening the market for fresh fruits (Photo: VNA) London (VNA) –  Minister of State at the Department for Environment, Food and Rural Affairs (DEFRA) of the UK Victoria Prentis on May 25 highlighted the importance of the Vietnam-UK agriculture and rural development cooperation , especially now that the UK government considers Vietnam as a vital partner in the Indo-Pacific region. Phung Duc Tien at the headquarters of DEFRA, Prentis affirmed her country’s commitment to strongly support the transformation of Vietnam's agriculture towards green, low emission and sustainable development. Vietnam 's agriculture towards green, low emission and sustainable development. VNA … [Read more...] about UK attaches importance to agriculture cooperation with Vietnam