Over the past few decades, many companies worldwide have come to China, seeking a place to set up production bases and do business as they were lured by the country’s low labour costs and enormous domestic consumer market, allowing the country to become a global manufacturing hub.
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It is expected that the Vietnam-EU Free Trade Agreement (EVFTA) will be approved by the National Assembly on May 28 and take effect as early as July 20, 2020. It is forecast that the agreement will contribute to boosting the export of goods to the EU market, helping to significantly offset lossesof exports in the first half of the year due to the impact of the Covid-19 pandemic.
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To be ready to take advantage of opportunities from this agreement, the Government as well as ministries and authorities determine quickly to improve institutions, at the same time, promote support and help enterprises participate in production networks and regional and global supply chains.
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When negative impacts of the Covid-19 pandemic on the economy have become clearer, and the economic losses have been basically measured, the Government proposed the National Assembly to consider lowering 2020 economic growth targets. According to experts, although the new goals were decreased, it is not easy to achieve them.
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Exports of Vietnam’s shrimp to most of the main markets has increased, Vietnam's shrimp export price has been more positive, so businesses are taking advantage of the opportunity after the Covid-19 pandemic.
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The Vietnam-EU Free Trade Agreement (EVFTA) and Vietnam-EU Investment Protection Agreement (EVIPA) have been submitted to the National Assembly for consideration and approval on May 28. National Assembly Member Tran Hoang Ngan (HCM City) said early ratification of these two agreements will bring many benefits.
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Vietnamese firms need to diversify their overseas markets and improve their strengths to capitalise on opportunities after the Covid-19 pandemic ends, an online seminar heard in HCM City on Friday.
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In the first four months of 2020, the total export turnover of the whole country reached US$ 80.86 billion, increasing by 2%, equivalent to an increase of US$ 1.62 billion compared to the same period last year. Which groups contributed the most to export growth across the country and which groups are facing difficulties.
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Economic cooperation between Vietnam and the European Union (EU) is about to turn a new page in history as the Vietnamese National Assembly is moving very close to ratifying the EU-Vietnam Free Trade Agreement (EVFTA).
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According to the General Department of Customs, in the first fourmonths, total import turnover of the whole country touched US$78.08 billion, down0.3%.Notably, China is still the largest import market.
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