Vietnam has many opportunities to attract foreign direct investment (FDI) in the context of the world trend of shifting FDI capital.
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After 2 years of implementing the Free Trade Agreement between Vietnam and the European Union, import and export activities as well as the perception of Vietnamese businesses have changed a lot. However, in the past 2 years, there have also been many market fluctuations, requiring the removal of barriers for businesses to optimize efficiency from EVFTA.
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The free trade agreement index (FTA Index) was expected to create an impetus for localities to create a favourable environment for enterprises and enable them to take advantage of free trade deals.
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Japan continues to be one of Vietnam's leading economic partners, especially in supporting industries. This connection is expected to boost the export of supporting industry products to the Japanese market.
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According to Mr Nguyen Hai Minh, Vice President of the European Chamber of Commerce in Vietnam (EuroCham), member of the Advisory Council for Administrative Procedure Reform of the Prime Minister, and Deputy General Director of Mazars Vietnam, the business investment environment needs to be greatly improved to meet the new trends of foreign investors.
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The growth of exports to Vietnam’s key markets is expected to slow down due to pressure from inflation and economic recession. Strengthening trade promotion in traditional markets, and increasing export promotion to new and niche markets is an effective solution to solve difficulties in the future.
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Talking to Customs Magazine, Mr. Le Hoai Nam, Director of the Environmental Quality Management Department, General Department of Environment (Ministry of Natural Resources and Environment), said: The General Department of Environment and the General Department of Customs have strengthened coordination with enterprises via sharing information related to regulations on import and use of persistent pollutants and raw materials, fuels, materials, products, goods and equipment containing such decomposers (also known as POPs). The problem is that to implement the regulations from January 1, 2023, businesses need to understand the regulations to avoid penalties
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For the first time, an initiative to promote socially responsible business practices known as the Standards: Environment, Society and Governance (ESG) for Small and Growing Businesses (SGBs) has been launched in Vietnam.
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Products such as Luc Ngan lychee (Bac Giang), Vinh Chau purple onion (Soc Trang), Bac Ha plum blossom (Lao Cai), and fragrant zucchini of Bac Kan province are offered for sale in different prominent locations on reputable e-commerce platforms such as Alibaba, Seashell, Postmart, Lazada, etc.
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According to Nguyen Thi Thu Trang, Director of the Center for WTO and Integration, under the Vietnam Chamber of Commerce and Industry (VCCI), with the momentum from the Free Trade Agreement between Vietnam and the European Union (EVFTA), Vietnamese businesses will not only have opportunities in the EU but will also spread to other developed markets.
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