The country's economic growth was recorded at 4.5% during the last quarter of 2020, representing an annual growth rate of 2.9%, thereby making it one of the fastest growing economies in the world, according to the World Bank (WB).
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Many obstacles in the management activities of cross-border e-commerce will be removed when the Government approves the request to develop a decree on customs management for export and import goods that are traded via e-commerce.
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Economic experts forecast that 2021 will see continued economic recovery momentum potentially leading to the nation's GDP growth reaching 6%, in line with the Government’s plans, with this figure expected to be even higher than the set target.
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The Ministry of Industry and Trade (MoIT) has announced that most Vietnamese exporters were not dumping car tyres in the United States as detailed in the preliminary investigation from the US Department of Commerce (DOC).
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Vietnam’s agricultural and aquatic products are expected to see a big jump in exports to the United Kingdom on the back of the newly-enforced UK-Vietnam Free Trade Agreement.
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The US Trade Representative (USTR), in its report released on January 15 on findings in the Section 301 investigation of Vietnam’s acts, policies, and practices related to currency valuation, did not mention or recommend the imposition of tariff or any sanction measures on Vietnam’s exports, the Ministry of Industry and Trade said on January 16.
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Prime Minister Nguyen Xuan Phuc has recently issued a master plan aimed at improving productivity based on utilising science, technology, and innovation for the 2021 to 2030 period, under which the annual target for average labour productivity is expected to surge by over 7.5 % by 2030.
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Vietnam will remain at the centre of Asian supply chains and one of the most competitive manufacturing locations in the Asia-Pacific region, said analysts at the Economist Intelligence Unit in a report on the country released on January 13.
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Experts are again issuing a warning to local enterprises to pay attention to intellectual property (IP) rights when doing business overseas.
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The nation’s export of leather, footwear, and bag products last year reached US$20 billion, representing a decline of 10% compared to figures from 2019 due to a drop in the number of export orders in major markets, according to statistics released by the Vietnam Leather and Footwear Association (Lefaso).
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