The European Union - Vietnam Free Trade Agreement (EVFTA) will open a wider door for HCMC’s goods to access the EU's market of 500 million people. To prepare for EVFTA implementation, the city has implemented a plan to proactively welcome opportunities from this agreement.
Do not let the economy be broken is the Government's goal in the second outbreak of the Covid-19 pandemic. However, this is a very difficult time to say anything because the economy's variables are constantly changing due to the complexity and unpredictability of the pandemic.
Although the export of agro-forestry-fishery products in the first seven months of the year decreased by 2.8% compared to the same period last year, the Ministry of Agriculture and Rural Development affirmed that if we make the best efforts and there are no major changes in the global situation, the total export value this year will reach over US$40 billion.
In late July, news that 15 Japanese companies received support from their Government to move to Việt Nam from China became a hot topic in the media.
Promoting digital transformation and focusing on e-commerce is considered the most viable option to help exports overcome the Covid-19"storm".
As the EU-Vietnam Free Trade Agreement (EVFTA) took effect on Saturday, 99% of tariff lines will be gradually eliminated to increase trade between Vietnam and the EU.
Vietnamese enterprises have been urged to renovate their business strategies if they want to benefit from the EU-Việt Nam Free Trade Agreement (EVFTA), especially after the country opens the market for goods, services and investment to EU partners, forcing local businesses to compete directly with foreign peers at home.
It is forecasted that there will be many prospects for the second half of 2020, but Vietnam's economy still faces many difficulties due to the impacts of Covid-19 in the previous period as well as complicated developments of the disease in Da Nang. Therefore, more than ever, the "dual goal" of combating the pandemic and reviving the economy should continue to be implemented with the first priority being to fight against the virus.
With the EU-Vietnam Free Trade Agreement coming into force, Vietnam’s investment and trade ties with the European Union are expected to receive a new boost. However, materialising these expectations depends largely on the success of the country’s efforts to accelerate regulatory reforms.
The second outbreak of the pandemic in Vietnam will certainly have effects on the economy. However, according to expert Dr. Nguyen DinhCung, former Director of the Central Institute for Economic Management (CIEM), member of the Prime Minister's Economic Advisory Group, if the authorities take the right steps and get right to the heart of strategy, the economy will minimize losses and proceed to sustainable development.
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