Consumers in the European Union are shifting their preferences for textile and garment products, with fast and cheap fashion gradually being replaced by environmentally friendly goods. This trend is expected to force domestic textile and apparel manufacturers to change their production methods accordingly.
Việt Nam will continue to fulfill its international commitments so that it can take full advantage of the EU-Việt Nam Free Trade Agreement (EVFTA) and recover its economy amid a resurgence of COVID-19 pandemic.
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Việt Nam became the seventh member of the Association of Southeast Asian Association of Nations (ASEAN) on July 28, 1995, marking a milestone in the country’s integration into regional affairs as well as in regional co-operation.
Although it is forecasted that it will continue to face many difficulties in the second half of the year, the whole seafood industry has determined to make the best effort to reach US$10 billion in export value, and strive to overcome the recommendations of the European Commission (EC) on combating illegal, unreported and unregulated (IUU) fishing, aiming to remove the "yellow card".
The global health crisis is accelerating global trends in supply chain shifts, offering Vietnam possible development advantages on a silver platter. Vietnam Citi country officer Natasha Ansell shared her view with VIR’s Phu Canh on Vietnam’s economic outlook and its current position as a potential manufacturing hub in the region.
After more than a year of the Voluntary Partnership Agreement on Forest Law Enforcement, Governance and Trade in Forest Products between Vietnam and the European Union (VPA/FLEGT) takes effect, Vietnam is making efforts to legislate regulations to enable FLEGT licensing, paving the way for Vietnamese timber to "enter" into the EU and other prestigious markets.
One year after its coming into force, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has initially brought about positive effects for foreign trade activities; however, many opportunities from the agreement have not been fully explored.
Despite maintaining positive growth in the first six months of the year, Vietnam's economy in the last months of the year is expected to face many challenges in the context of the complicated and unpredictable Covid-19 pandemic. With the goal of striving for GDP growth of 3-4% for the whole year, it is clear that Vietnam will have to try to overcome many barriers.
Talking with Customs Newspaper, Nguyen Cam Trang, Deputy Director of the Import and Export Department (Ministry of Industry and Trade), said the important point in granting a Certificate of Origin (C/O)) now is to ensure both the prevention of fraud of origin as well as creating favourable conditions for enterprises to enjoy preferential treatment when exporting.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has been in force for Vietnam for 1.5 years, but the utilization efficiency has not been as expected. To avoid wasting opportunities from this FTA, along with the change of propaganda and support of State management agencies, the business community must improve its initiative and really participate.
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