The popular consensus is that Vietnam has been one of the world’s biggest US-China trade war winners, as global supply chains shift production away from tariff-hit China and towards the low-cost Southeast Asian nation.
Việt Nam will become the leading digital country and economy in the ASEAN region by 2030 and allow testing of new technologies in the digital economy.
Besides the opportunities for trade and investment, the consequences of the US-China trade war will be larger if Vietnam is not alert to the risks of Chinese enterprises taking advantage of policies in attracting FDI to avoid US tariffs.
Local firms must prepare strategic digital transformation blueprints in line with technological changes emerging from Industry 4.0 in order to keep up with market trends.
Talking to reporters from Customs News, Nguyen Ton Quyen (photo), Deputy Chairman and General Secretary of Vietnam Timber and Forest Product Association said that the EVFTA will create many opportunities for Vietnam’s wood industry, even raising export turnover to US$1 billion by 2020.
The Government issued Decree No. 57/2019 / ND-CP on Vietnam's Special Preferential Import and Export Tariff for implementation of the CPTPP in the period 2019-2022 to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This Tariff is applied from 14 January 2019 until 31 December 2022.
At the invitation of Chairman of the Standing Committee of the Chinese National People's Congress, Li Zhanshu, Vietnamese National Assembly Chairwoman Nguyen Thi Kim Ngan will begin an official visit to China from July 8-12.
A vibrant small medium enterprise (SME) ecosystem holds the key to achieving broad-based and inclusive growth in developing countries. Now with technological advancements, micro enterprises have the same opportunities to reach out to the international market as do SMEs.
Over the past decade, Vietnam has become one of Southeast Asia's most vibrant emerging economies. The country's large and inexpensive labor pool, stable political environment, favorable investment policy and strong foreign relations has helped escalate Hanoi's move up the industrial value chain.
Both countries face opportunities, but investors cannot overlook the lingering risks. With China’s demographic dividend gradually disappearing in recent years, production costs have soared in the world’s second largest economy.
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