Vietnam attained a trade surplus in three consecutive years from 2016 to 2018. However, the trade deficit has returned in the first two months of this year. Associate Professor Pham Tat Thang, senior researcher of the Trade Research Institute under the Ministry of Industry and Trade, speaks to Hải Quan (Customs) newspaper about the deficit.
Digitizing has been drastically changing the "face" of the global economy. Not standing outside the "game", Vietnam is considered as a country with great potential to strongly develop to a digital economy, if it resolves inadequacies and limitations of mechanisms and policies.
The private sector, despite being considered the driving force of the economy, has yet to achieve a breakthrough due to many reasons, experts said.
The outcomes of the Free Trade Agreement between the EAEU and Vietnam over the first two years are mixed. They are quite noticeable when it comes to trade in goods, but elusive in other areas.
Extensive international economic integration opens up many opportunities but also poses many challenges for agricultural exports, especially when the small scale and dispersed characteristics of Vietnamese agriculture cannot change in "a day or day two".
In addition to benefiting from import tariff cuts, under the EU-Vietnam Free Trade Agreement, European businesses will be able to have their products protected in Vietnam, to which they can boost exports on account of the nation’s commitments in protection of geographical indications.
Deputy Prime Minister Vuong Dinh Hue has asked ministries, sectors, and localities to further hasten the allocation of public investment capital as well as investors to promptly make receving reports and payments.
Businesses must step up to the plate and obtain green product certification as more and more people are eating healthier around the world.
Vietnam’s medical equipment and pharmaceutical markets have seen double-digit growth in recent years and that momentum would continue, making the country increasingly attractive to foreign investors, experts have said.
The Ministry of Industry and Trade has approved a plan for the execution of the CPTPP to which Vietnam is a signatory the Multilateral Trade Policy Department said in a statement.
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