Trade promotion activities have helped Vietnam to not only reach export surpluses throughout most of the last decade but also extend its reach towards 12 times the amount of countries and territories in 2000. Vu Ba Phu, director general of the Trade Promotion Agency under the Ministry of Industry and Trade, discussed with Van Nguyen current bottlenecks that hinder further expansion of trade promotion abroad.
Vietnam has basically controlled the second Covid-19 outbreak, however, the Vietnamese economy has faced difficulties in implementing the "dual goal" of fighting the pandemic and boosting economic development in the last months of 2020 and 2021. Therefore, it is necessary to make efforts to mobilize and clear motives to restore the economy.
The ratio of Vietnamese goods imported and used as input materials by foreign countries is decreasing, while the ratio of Vietnam’s import of input materials to produce goods for end-consumption is increasing.
The historic EU-Vietnam Free Trade Agreement has been in force for nearly two months now. Minister of Agriculture and Rural Development Nguyen Xuan Cuong talked with VIR’s Thu Phuong how the agricultural sector has availed of the deal’s benefits and what suite of measures will come out in the rest of the year to expand the gains and reach annual development targets.
Enterprises from a number of EU member countries have already made efforts to take full advantage of the EU-Vietnam Free Trade Agreement (EVFTA) and make moves into the Vietnamese market.
More Singaporean manufacturers are seizing the chance to look for investment opportunities as Vietnam is resuming international flights and is step-by-step opening the market again.
Increasing agricultural exports to the EU will not only enhance the value of exports but also show Vietnamese products can enter any market in the world. Minister of Agriculture and Rural Development Nguyễn Xuân Cường spoke to Việt Nam News about this issue.
Despite the ongoing trade tensions between major economies, and the pandemic, supply chain shifts of Japanese investors are still taking place, mostly in the form of specifically targeted production expansions, with Vietnam being one of the prioritised destinations.
Many large corporations are promoting information inquiry to invest in Vietnam. The most important thing is that Vietnam needs to prepare the necessary conditions to catch this investment inflow.
As manufacturing in China contracts, Vietnam is experiencing continued and unprecedented growth relative to other low-cost countries. Foreign investors are increasingly choosing Vietnam as a China plus one destination to combat rising costs in China and other unpredictable scenarios, such as trade shocks.
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