Ngô Thúy Quỳnh, deputy director of Petroleum and Coal Department under Ministry of Industry and Trade spoke to Công Thương (Industry and Trade) newspaper about the master plan for development of Việt Nam's petroleum industry.
To simultaneously achieve two economic growth goals associated with macro stability and ensuring social security, according to Politburo member, Head of Central Economic Commission, Minister of Industry and Trade Tran Tuan Anh, the continued recovery, bringing the economy back to normal must be placed in the new context of the year 2021 with full opportunities and favorable conditions, as well as a full awareness of challenges and pressures.
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To remove difficulties for businesses, the Vietnam Steel Association proposes the Ministry of Finance to direct local tax authorities to extend tax payment time and budget revenues of steel enterprises to avoid putting more pressure on the business.
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Despite the export restrictions due to the high rise in sea freight, seafood export in the first two months of the year saw good growth as a number of commodities increased strongly.
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As reflected by exporting enterprises, since the end of 2020, container shipping rates have continuously increased from US$1,000/20-foot containerto nearly US$5,300/20-foot container. For a 40 feet container, this price was even higher, making it difficult for exporting businesses.
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Tea exports at the beginning of 2021 recorded strong growth over the same period last year. However, the difficulties from Covid-19, as well as a series of inherent weaknesses, including buying, selling, not controlling food quality, safety is a big problem for the Vietnamese tea industry if this industry wants to reach out further.
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Vietnam’s attraction of overseas electronics and technology conglomerates cannot be overlooked. However, as the government is focusing on long-term acceleration of research and development and incentives for this sector, a shift from merely manufacturing to creating may soon take place among foreign-invested enterprises.
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The growing stores of COVID-19 vaccines are widely regarded as a positive factor for foreign investment mobilisation this year as the world tries to move back to some kind of normality. Deputy Minister of Planning and Investment Tran Duy Dong told VIR’s Nguyen Huong about the solutions Vietnam will take to mobilise foreign investment and move forward.
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The United Kingdom-Vietnam Free Trade Agreement (UKVFTA), which was inked in December last year and came into force on the last day of the year, is a seamless part of Vietnam’s great efforts to achieve economic integration and development. Despite the great overlap between the UKVFTA and the EU-Vietnam deal (EVFTA), there are some differences, not only in terms of the objectives of the European contracting party, but also – to a lesser extent – in terms of content.
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In early 2021, Vietnam's agricultural, forestry and fishery exports had a relatively smooth start with strong growth numbers. Promoting the application of digital technology in agriculture in both production and market stages, removing barriers in key export markets is an important solution to help Vietnamese agricultural products reach theexport goal of US $44 billion this year.
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