The trend of increasingly diversifying supplies, avoiding dependence on a few markets of the Americas has opened up many opportunities for Vietnamese products to increase exports. Since the beginning of the year, despite the Covid-19 pandemic, the export of goods to the Americas has recorded positive growth.
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During a long time of development, Vietnam's supporting industry (SI) has been associated with the image of a weak team of businesses at the request of multinational corporations. Investing strongly in the downstream industry, especially creating a number of leading regional corporations, is considered a viable direction to help this industry change.
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Vietnamese businesses could increase exports to India by $633 million annually, the Standard Chartered Trade Opportunity Report has revealed. The study also found that Indian exporters could boost trade with Vietnam by an estimated $475 million, bringing the bilateral trade opportunity to $1.1 billion.
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Vietnam’s fourthquarter economic outlook is brighter on the back of a rise in domestic consumption and public investment.
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The world has been heavily affected during the COVID-19 pandemic since the beginning of the year, which has caused a serious decline in economies globally. However, due to the pandemic being under good control in many ASEAN member states, these economies are on the way to recovery and is one of the key points why capital inflows are being attracted away from China.
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Recognising the Americas as a high-potential export market, Deputy Minister of Industry and Trade Do Thang Hai said businesses need to focus on and promote exports of existing advantageous products to this market and seek other advantageous products to export this market, gradually conquering this market.
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The Covid-19 pandemic has caused the production and business activities of many enterprises to stagnate, and losses are unavoidable. In that context, many enterprises have made changes and efforts to overcome difficulties, turned challenges into opportunities to consolidate internal efforts, ready for the upcoming acceleration phase.
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In the face of the Covid-19 pandemic, many foreign partners have sought the cooperation of Vietnamese enterprises for mutual development.
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“We believe that when the pandemic is controlled from now to the end of the year, the opportunities to export to the European market are huge, which means we will continue to keep an export surplus. This will significantly contribute to supporting economic growth in 2020 in the context that the Government defines exports, investment and consumption as the three main growth engines of the economy in 2020,” said by Mr. Nguyen Trung Tien (photo), Deputy Director of General Statistics Office.
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Vietnamese logistics firms, especially small and medium-sized ones, need to get up to speed on digital transformation to enhance their competitiveness if they want to penetrate global markets after the pandemic ends, experts have said.
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