Despite COVID-19 challenges, Vietnam is one of the brightest spots in Asia and its economy is likely to rebound soon, Edward Teather, ASEAN economist at UBS Research told CNBC recently.
Economic and trade ministers of signatories to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) met online on August 5 to discuss how best to intensify cooperation and prepare a plan of action to boost post-pandemic economic recovery.
Prime Minister Nguyen Xuan Phuc has issued a plan for implementing a trade agreement between Vietnam and Cuba. The plan outlines the tasks for ministries, ministerial-agencies, State agencies and localities, one of which is to promote the dissemination of information related to the agreement through the media, websites, training courses, and seminars.
Textile and electronics have been the two export-oriented sectors mostly impacted by the COVID-19 pandemic, an official has said.
Although the EU-Vietnam Free Trade Agreement may greatly benefit businesses from both sides, they must first abide by labour and social standards set out in the deal to reap the various advantages.
In July, Vietnam estimated an export surplus of US$1 billion. Generally, in seven months of 2020, the trade balance of goods will continue to have trade surplus of US$6.5 billion, much higher than the trade surplus of US$1.98 billion in the first seven months of 2019.
Resolution 116/2020/QH14 granting a reduction of 30 per cent on corporate income tax (CIT) for eligible enterprises officially came into effect on Monday.
Experts have raised concerns that Vietnamese businesses are slow in preparing conditions to enjoy preferential tariffs in the Việt Nam-EU Free Trade Agreement (EVFTA).
With the European-Vietnam Free Trade Agreement (EVFTA) set to come into force on August 1, many of the country's key commodities such as seafood and wood products are anticipated to enjoy numerous incentives from the trade pact, according to insiders.
Nguyễn Thị Xuân Thúy, deputy director of the industrial development centre under the Ministry of Industry and Trade, made the statement during the webinar themed 'Global Value Chains in the Time of COVID-19: The Experience of Ethiopia and Việt Nam', hosted last week by the World Bank Chief Economist Offices of the Africa and East Asia & Pacific Regions and the Finance, Competitiveness and Innovation Global Practice.
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