Since the EU-Vietnam Free Trade Agreement (EVFTA) took effect in August 2020, most commitments in the agreement have been implemented and left positive impacts on business activities, especially trade, said Do Viet Ha of the Trade Office of the Vietnamese Embassy in Germany.
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Enterprises should look for niche markets to better cope with declines in exports in major markets, said the Ministry of Industry and Trade.
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Trade promotion activities are being considered as “support” to help market development for products with strengths of localities.
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Prime Minister Pham Minh Chinh has ordered assistance to firms at risk of losing their farm produce shipments to the United Arab Emirates (UAE) market.
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The Vietnam-Israel Free Trade Agreement, which was signed on July 26 after seven years of negotiations, would create a conducive atmosphere for the export of Vietnamese products to Israel, according to many experts.
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Deputy Prime Minister Tran Hong Ha on July 27 hosted a reception for Steven Winn, Chief Global Strategist and Senior Managing Executive Officer of JERA Co. Inc.
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It is necessary for domestic enterprises to switch to green textile and garment production in an effort to achieve sustainable development goals and cope with the gradual loss of Vietnam’s cost advantage, insiders have said.
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The Ministry of Industry and Trade (MoIT) recommended on July 25 that Vietnamese companies be cautious and thoroughly negotiate payment clauses when conducting transactions with foreign firms, following a suspected scam involving five batches of Vietnamese farm produce in Dubai.
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The UK is set to recognise that Vietnam’s industries are operating in a market economy and will not impose unfavourable rules should they be investigated under trade defence measures, according to the Trade Remedies Authority of Vietnam.
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The Asian Development Bank (ADB) has revised its GDP growth forecast for Vietnam down to 5.8% for 2023 and 6.5% for 2024, from 6.5% and 6.8% in April, respectively, according to the Asian Development Outlook (ADO) released on July 19.
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