One of the emerging challenges for Vietnam's industrial development is that the driving force in Vietnam's production and export of industrial products is currently driven by the FDI sector, accounting for approximately 70% of the country's total export turnover.
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Throughout more than three decades of economic reform, Vietnamese companies from many sectors have been venturing abroad and become role models. Yet, the logistics sector remains too focused on the domestic market. Tran Thanh Hai, deputy director of the Ministry of Industry and Trade’s Agency of Foreign Trade, emphasised that local players should follow regional examples and take their business to international arena.
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Alongside containing the COVID-19 pandemic, the Government has been advised to stabilise the macroeconomy, improve the local business climate, and ensure that public investment is strictly supervised and implemented in an effective manner in order to enhance the resilience of the economy, according to insiders.
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The seaport and logistics industry was forecast to grow significantly on the prospect of global trade recovery in 2021 when the vaccine to prevent COVID-19 is administered worldwide.
Experts say they expect more pronounced support for the private sector from Vietnam's new leadership in the coming years.
There were positive signs for Việt Nam's economic recovery in the first month of 2021 amid fluctuations in the world economy, said Prime Minister Nguyễn Xuân Phúc.
The leather and footwear industry has gradually penetrated deeply into the global supply chain
Vietnam will become an attractive destination for franchising businesses after the pandemic ends, experts have said.
The RCEP agreement is expected to come into effect soon and improve market access for Vietnamese exports. However, the reality of Vietnam's trade deficit with the RCEP region in recent years and consequences of supply chain disruption due to the Covid-19 pandemic in 2020 also make some Vietnamese experts concerned about the benefits Vietnam can derive from the RCEP, especially in a more recent dimension of the degree of economic autonomy.
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The new Law on Investment, which took effect on January 1, aims to ease the doing of business in Vietnam and will have a positive impact on the attraction of foreign investment and improvement of Vietnam’s business environment.
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