Vietnam remains one of the top 10 exporters of textiles and apparel. However, with the harsh impact of the pandemic on the industry and strict rules of origins following transnational trade agreements, the sector’s supply of raw materials faces a difficult start into the new year.
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The recently-signed Regional Comprehensive Economic Partnership (RCEP) presents both opportunities and challenges to Vietnamese businesses, making prompt action crucial to address existing weaknesses and capitalise on deal-generated advantages.
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The post-Covid-19 period is a decisive opportunity for Vietnam to realize its aspirations to become a high-income country by 2045, and continue to strongly promote the process of economic restructuring and transformation of the growth model in order to completely overcome internal weaknesses, in parallel with solving a series of newly arising problems.
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The processing and manufacturing industry has an important role in the overall growth of the economy, but its development still faces many "bottlenecks". In order to increase the added value of this industry, the Ministry of Industry and Trade is planning to build a separate law on industry and at the same time form the leading enterprises in the processing and manufacturing industry.
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The Vietnam-UK Free Trade Agreement (UKVFTA) has just been signed and ended the negotiations, and is expected to take effect in early 2021. This FTA is setto open up many opportunities to promote exports for a seriesVietnam’s billion-dollar export product to the UK market are rich in potential.
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Many garment processing enterprises for export in Ho Chi Minh City said that in the fourth quarter of this year, some orders, especially from the US market, have started to increase again. This is good news for the industry in the context that the Covid-19 pandemic still develops complicatedly in many traditional markets of Vietnam.
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The US Treasury Department’s labelling of Việt Nam as a currency manipulator is biased, as it is only based on US standards and lacks suitable consideration as well as recommendations from international organisations, according to experts.
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After recent decreasing prices, it is forecast that the pangasius price reduction cycle will end in 2021. The farming area tends to be narrowed, resulting in a decrease in output and pushing up pangasius prices again.
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The pandemic and uncertainties have put pressure on the global economy. However, Vietnam, though facing many risks, is expected to continue growing well.
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Vietnam and New Zealand have cemented new ties with the latest signing of the Regional Comprehensive Economic Partnership and the strategic partnership between both nations. Wendy Matthews, New Zealand’s Ambassador to Vietnam, shared with VIR’s Thanh Van the upcoming opportunities and key areas for stronger bilateral collaboration.
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