The Ministry of Industry and Trade said that the most important priority at present was to maintain the operation of domestic industrial enterprises during the novel coronavirus (COVID-19) pandemic.
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In the first quarter of 2020, Vietnam's export growth recorded the lowest level in 17 years. The Covid-19 epidemic in the EU, the United States, ASEAN, and the Middle East is on the rise, while countries applying measures to restrict travel will continue to affect Vietnam's import and export activities in the near future.
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The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is expected to create more impetus for Vietnam’s economic development and especially in the promotion of institutional reforms, if there is willingness and adaptability from Vietnamese policy-making agencies and the business community.
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The latest information of the General Department of Customs shows the import-export turnover of the country tends to decrease compared to the same period in 2019.
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Despite enjoying a large degree of economic openness, the Vietnamese economy is facing a range of challenges in the upcoming quarters and has been negatively influenced by many aspects of the turbulent global economy, according to Nguyen Bich Lam, director of the General Statistics Office (GSO).
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Việt Nam’s gross domestic product (GDP) expanded by 3.82 per cent in the first quarter of this year – the lowest growth rate posted in the past 10 years – showing the tremendous impact the novel coronavirus (COVID-19) pandemic is having on the country’s economy.
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The information that partners from the US and EU temporarily stopped importing textiles and many key products from Vietnam due to the Covid-19 epidemic is attracting great attention of the public, especially the import-export business community.
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When asked about the specialized inspection for import and export goods today, many enterprises still mentioned problems such as difficulties and costly implementation.
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Việt Nam has taken full advantage of the CPTPP to gain strong growth in exports to Canada and Mexico, according to the Ministry of Industry and Trade (MoIT).
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The Americas or the US and the European Union (EU) are the leading important export markets of Vietnam, of which the US is the largest market among more than 200 countries and territories with which Vietnam has foreign trade relations. But by continent, Asia is the largest trading partner and also the largest export market area of our country.
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