Eurasian Economic Union (EAEU) countries pledged to provide a tariff quota of 10,000 tonnes of rice from Vietnam next year under the Vietnam-EAEU Free Trade Agreement.
The Japan Center for Economic Research (JCER) has recently released a report relating to the medium-term forecasts of various Asian economies, in which the nation is anticipated to develop into a middle-income country by 2023, whilst going onto surpass Taiwan (China) in terms of GDP by 2035.
Incentives brought about by the implementation of the impending UK-Vietnam Free Trade Agreement (UKVFTA) are expected to assist Vietnamese rice exporters in increasing their market share in the UK, according to experts.
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).
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