Along with tariff incentives brought about by the implementation of the EU-Vietnam (EVFTA), local businesses have been advised to enhance their capacity to join new supply chains as a means of fully tapping into opportunities presented by the trade pact, according to insiders.
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The nation’s exports to the ASEAN market this year are expected to reach US$23.6 billion, while the average growth rate for the 2016 to 2020 period is predicted to witness a low level of growth at 5.26%, according to the latest report released by the Ministry of Industry and Trade (MoIT).
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The European Chamber of Commerce in Vietnam (EuroCham) and the Vietnam Chamber of Commerce and Industry (VCCI) jointly announced the founding of the EU-Vietnam Business Council (EVBC) at a ceremony in Hanoi on October 22.
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China (Hong Kong) and the United States remain the two largest export markets for Vietnamese tra fish, with their market shares accounting for more than 50% of the total export value of local tra fish to 133 foreign markets, according to figures released by the Vietnam Association of Seafood Exporters and Producers (VASEP).
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There is huge potential for co-operation with Việt Nam in sectors like hospitality, healthcare, pharmaceuticals, infrastructure development, energy, service, IT, mining, and agriculture, a senior Indian foreign affairs official has said.
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The Việt Nam Institute for Economic and Policy Research (VEPR) estimated local GDP growth for this year at between 2.6 per cent and 2.8 per cent at a workshop yesterday in Hà Nội, lower than the 3.8 per cent it forecast in July.
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The Ministry of Industry and Trade have revealed that Canada will not impose anti-subsidy duties on corrosion-resistant steel that originates or has been imported from Vietnam and will instead impose a substantial reduction on anti-dumping taxes on Vietnamese enterprises.
Read more...Customs officials are not allowed to request enterprises submit a paper of the phytosanitary certificate for imported plants and the new administrative procedures of the Ministry of Agriculture and Rural Development would officially be implemented through the National Single Window Mechanism (NSW) from October 17.
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Việt Nam's GDP is estimated to reach US$340.6 billion this year, making it the fourth-largest economy in Southeast Asia.
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Vietnam has enjoyed a surge in timber and wood product exports to the US this year, but businesses need to choose the right items to focus on in order to tap into this major market, insiders said.
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