Việt Nam ranked 42nd among 131 economies for the second consecutive year in the 2020 Global Innovation Index (GII), the World Intellectual Property Organization (WIPO) has announced.
Vietnam’s shrimp exports to the US market reached US$435.2 million, up nearly 33% over the same period last year. The US market is expected to pull Vietnamese shrimp to export positively this year.
As a means of compensating for a drop in export orders due to the impact of the COVID-19 epidemic, several local textile and garment businesses are striving to seize upon opportunities brought about by the EU-Vietnam Free Trade Agreement (EVFTA).
More than 7,200 sets of certificates of origin (C/O) of the EUR.1 form were granted to Vietnamese products worth a total of US$277 million, allowing them to export to 28 EU countries, a month since the coming into effect of the EU-Vietnam Free Trade Agreement (EVFTA).
Vietnam has become one of the world’s fastest growing economies since the country first opened up to foreign trade and investment more than three decades ago, with GDP last year being 12.5 times higher than in 2001 and growth averaging 7.26 percent from 2001 to 2010.
The Government should provide additional assistance in reducing costs and simplifying administrative procedures to help local firms get more involved in the global value chain and therefore make the most of the EU-Vietnam Free Trade Agreement (EVFTA), insiders believe.
Vietnam's import-export turnover is estimated at US$336.32 billion in the first eight months, an annual reduction of 0.3%, according to the General Statistics Office.
According to the report of the Ministry of Planning and Investment, as of August 20, the total FDI in Vietnam reached US$19.54 billion, equaling 86.3% over the same period in 2019.
Despite some impressive recovery momentum in July, however, many key import-export commodity groups declined in the first half of August.
ASEAN Economic Ministers held a video conference with the region’s partner countries including China, Japan and South Korea (ASEAN+3) on Friday.
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