Vietnam was ranked fifth in terms of global trade connectedness last year, up five places from the previous ranking in 2017, according to a report jointly released by the US’s New York University Stern School of Business and logistics giant DHL.
Vietnam and the U.K. have concluded negotiations on a bilateral free trade pact that will maintain their existing relationship in the EU-Vietnam FTA.
The agreement has a special significance in helping Vietnamese enterprises to take advantage of high- quality raw materials from South Korea and then export garment and textile products to the EU market.
Vietnamese enterprises have the opportunity to promote trade with countries in the Eurasian region, taking advantage of reduced tariff and non-tariff barriers.
Việt Nam jumped five spots to reach 49th position in the world for sustainable development in 2020 on the UN Sustainable Development Solutions Network, partly thanks to the efforts of local businesses, according to Deputy Prime Minister Vũ Đức Đam.
Local businesses have effectively utilised a number of free trade agreements (FTAs) signed by the country, many of which can be considered to add fresh impetus to boosting exports moving into next year, according to insiders.
Vietnam’s total export turnover during the past 11 months rose 5.5% to US$254.93 billion, with the US becoming Vietnam’s largest commodity consumer, according to the Ministry of Industry and Trade (MoIT).
HCM City will step up efforts to attract foreign direct investment by focusing on infrastructure and administrative procedures, with priority given to high-tech projects, a top city official has said.
The Vietnamese economy has remained extremely resilient throughout the year despite the adverse impact of the novel coronavirus (COVID-19) pandemic, with import-export activities witnessing a gradual bounce back, according to insiders.
Prime Minister Nguyen Xuan Phuc and his Lao counterpart Thongloun Sisoulith witnessed the signing of 17 cooperation agreements and memoranda of understanding at the 43rd session of the Vietnam-Lao Inter-Governmental Committee on bilateral cooperation in Hanoi on December 6.
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