Vietnam’s attraction of overseas electronics and technology conglomerates cannot be overlooked. However, as the government is focusing on long-term acceleration of research and development and incentives for this sector, a shift from merely manufacturing to creating may soon take place among foreign-invested enterprises.
The growing stores of COVID-19 vaccines are widely regarded as a positive factor for foreign investment mobilisation this year as the world tries to move back to some kind of normality. Deputy Minister of Planning and Investment Tran Duy Dong told VIR’s Nguyen Huong about the solutions Vietnam will take to mobilise foreign investment and move forward.
The United Kingdom-Vietnam Free Trade Agreement (UKVFTA), which was inked in December last year and came into force on the last day of the year, is a seamless part of Vietnam’s great efforts to achieve economic integration and development. Despite the great overlap between the UKVFTA and the EU-Vietnam deal (EVFTA), there are some differences, not only in terms of the objectives of the European contracting party, but also – to a lesser extent – in terms of content.
In early 2021, Vietnam's agricultural, forestry and fishery exports had a relatively smooth start with strong growth numbers. Promoting the application of digital technology in agriculture in both production and market stages, removing barriers in key export markets is an important solution to help Vietnamese agricultural products reach theexport goal of US $44 billion this year.
According to Dr. Nguyen DinhCung, an economist, member of the Prime Minister's Economic Advisory Group, former Director of Central Institute for Economic Management (CIEM), the internal force of the Vietnamese economy hasstrong development potential. It is important to know how to bring into play its strengths, mobilize all resources and quickly seize opportunities so that Vietnam can grow steadily and thrive in the 2021-2025 period.
Regarding agricultural, forestry and fishery exports in 2021, Mr. Nguyen Quoc Toan, Director of Department of Agricultural Product Processing and Market Development, Ministry of Agriculture and Rural Development, said one of the key solutions to reach US$44 billion in exports is that it is necessary to promote the exploitation of the market group in the signed Free Trade Agreements (FTAs) along with traditional markets.
The ongoing pandemic has been pushing the timber market towards sustainable development, but the imbalance of interests between all stakeholders in the supply chains could make it difficult for it to develop sustainably. Thus, experts now advise deploying supportive policies and reform strategies to boost the sector.
Indian companies are turning their focus to Vietnam as the country is emerging as one of the bright stars in the COVID-19 dark sky.
Vietnam's export value in terms of livestock products (pork, chicken, eggs, processed meat, sausages, and honey) reached approximately US$300 million in 2020, according to the Department of Livestock Production under the Ministry of Agriculture and Rural Development. This result remains modest compared to its potential, so how to increase the export value of livestock products remains a challenge for the industry.
With 17 FTAs, 2020 marked an important step into a new, more extensive and comprehensive stage of international economic integration. This is considered as a launch pad for Vietnam's economic recovery, helping Vietnamese goods and businesses reach out to the "great sea".
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