The Regional Comprehensive Economic Partnership (RCEP), with its market of 2.2 billion people in 15 nations, has been forming the largest free trade area in the world. Vietnam is deliberately promoting goods export, especially seafood, to this lucrative market as its next strategic economic step.
The total export turnovers of Vietnam since January 2022 has reached US$39,58 billion, an increase of 2.7 percent compared to last year, showing positive signals to the national economic recovery. However, many domestic enterprises are still concerned about the current dual pressure of fuel price rise and technical barriers to trade (TBT).
Vietnam’s economy should get back to GDP growth of 6.8 percent next year, which will be driven by a return of strong foreign direct investment into the market, mainly focusing on the manufacturing sector, according to HSBC Vietnam.
The conclusion of the UK-Vietnam Free Trade Agreement (UKVFTA) demonstrates the importance of Vietnam as a market and its heightened position in the eyes of the UK, Vietnamese Ambassador to the UK Tran Ngoc An told the Vietnam News Agency after the finalisation of the bilateral trade deal in Hanoi on December 11.
As of early September this year, the total foreign investment in Vietnam reached US$19.5 billion, down 13.7 percent over the same period last year. However, among 1,797 newly-licensed projects, the registered capital reached $9.7 billion, up 6.6 percent in registered capital over the same period last year. This shows that the new-generation investment attraction policies have been gradually brought into play.
To ensure a fair competitive environment in the field of trade, the Ministry of Industry and Trade (MoIT) has implemented measures to improve the safeguard capacity for domestic manufacturing industries amid the context that Vietnam participates in new-generation free trade agreements (FTA).
The Ministry of Industry and Trade (MoIT) on March 9 announced detailed information about the current situation of the import of pork and actions to stabilize the market price amid the situation that the price of pork remained at high levels, imports of pork were low, and the import tariffs were high while the Prime Minister had entrusted relevant departments to implement measures to reduce the price of pork to below VND75,000 per kilogram.
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) between Vietnam and the first six countries which took effect since December 30, 2018, is considered as a big opportunity to boost export volume and create conditions for enterprises to develop production and trade but the result after a year of implementation remains extremely modest.
Prime Minister Nguyen Xuan Phuc described the European Parliament’s ratification of the EU-Vietnam Free Trade Agreement and EU-Vietnam Investment Protection Agreement as a great event of the year that marks the 30th anniversary of Vietnam-EU diplomatic relations.
A free trade agreement (FTA) with the European Union (EU) is likely to stimulate not only exports but also imports and investment as well, helping to raise Thailand's GDP by 1.63 percent a year, according to a study.
The Ministry of Industry and Trade said that from August 7 to 10 this year, more than 550 food and beverage manufacturing enterprises and 400 medical and pharmaceutical ones from 35 countries will participate in exhibitions to explore investment opportunities in Vietnam.