The government is formulating its new economic growth goal for the next five years, amid its struggle against the health crisis and natural calamities undermining its efforts to reach targets. Questions are now being asked on how the country can effectively drive the economy forwards.
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Vietnam has tremendous opportunities to attract foreign investment as global companies are seeking for a destination promising continuity, World Bank Country Director for Vietnam Carolyn Turk said during an interview with the Vietnam News Agency.
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As Vietnam is emerging as a bright spot in the Asian investment map, Michael Isenschmid, managing director of Zurich-based IAP Investment & Trust Services AG, shares with Thuc Minh a few suggestions to make it even more attractive.
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Plenty of local firms have weathered the COVID-19 crisis by selecting niche markets and diversify products to enhance their competitiveness and gain access to the EU market.
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Although the collective economy in HCM City has gained positive results, limitations still exist, district officials and co-operative leaders have said.
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Vietnam is taking a number of actions to accelerate digital transformation to adapt to the global health crisis and to develop in the new normal. Giorgio Aliberti, EU Ambassador to Vietnam, talked to VIR’s Bich Thuy about the importance of the EU-Vietnam Free Trade Agreement for spurring the digitalisation in the country.
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In the first half of 2020, trade between the ASEAN region and China rose 5.6 per cent to $314 billion, accounting for 14.7 per cent of China’s total foreign trade volume, signifying the growing trade relationship between China and the ASEAN region since the outbreak of the US-China trade war.
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According to the Vietnam Steel Association (VSA), the third quarter of 2020 recorded a breakthrough in the production and consumption of steel products after the first half of the year slowed down due to the impact of the pandemic. This has helped consolidate the business growth prospects of these businesses in the last three months of the year.
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The Covid-19 pandemic had a strong impact on the production and export of Vietnamese leather and footwear industry during the first three quarters of the year. In the finalmonths of the year, although there are some better signs, the leather and footwear export forecast in 2020 cannot reach the goalof US$24 billion.
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The EU-Vietnam Free Trade Agreement (EVFTA) is likened to a "highway" leading Vietnamese goods, including agricultural products, to the large and potential EU market quickly and effectively. However, to go on that "highway", Vietnam is suggested to prepare a "vehicle" that satisfies the European standards.
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