Việt Nam’s economic growth rate is expected to slow sharply to 4.8 per cent this year due to the impact of the COVID-19 pandemic, said a new Asian Development Bank (ADB) report released on Thursday.
The European Council on March 30 passed a decision to ratify the EU-Vietnam Free Trade Agreement (EVFTA), paving the way for the deal to come into force.
Việt Nam recorded a trade surplus of US$2.8 billion in the first quarter of this year, higher than $1.5 billion seen in the same period last year despite the COVID-19 pandemic sweeping its major export markets.
The growth rate of foreign direct investment (FDI) enterprises accounts for a large proportion of Vietnam’s total import-export turnover, but it is showing signs of decreasing in the first months of the year.
Vietnam has taken full advantage of the CPTPP to gain strong growth in exports to Canada and Mexico, according to the Ministry of Industry and Trade (MoIT).
The Ministry of Industry and Trade (MoIT) told local business to be more cautious in trading with US partners as some Vietnamese firms reported being cheated in the US.
Trade and customs clearance for agricultural products at the border with China are slowly returning to normal due to strict regulations to prevent a further outbreak of COVID-19.
Following the signing of the Comprehensive and Progressive Agreement for Trans Pacific Partnership CPTPP Vietnamese firms are keen to utilise the trade pact to make inroads into Canada and Mexico two members who had yet to sign a bilateral trade agreement with Vietnam.
Việt Nam is increasing the application of trade defence instruments to protect the legitimate rights of domestic producers as the country integrates rapidly into the global economy.
With Việt Nam’s main agro-forestry and fisheries export markets after China such as the US and Europe being hit by the new coronavirus (Covid-19) pandemic, Vietnamese exporters are suffering.
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