EU’s border closure yet to affect goods circulation: official

The European Union (EU)’s border closure to prevent the spread of the novel coronavirus disease (COVID-19) has not yet had a significant impact on goods circulation, said an official from the Ministry of Industry and Trade.

EU’s border closure yet to affect goods circulation: official hinh anh 1

People in Rome, Italy, wear face masks to prevent infection of SARS-CoV-2

The EU had formally agreed to temporarily close its external borders for 30 days to restrict non-essential travel in an effort to slow the spread of the pandemic.

Ta Hoang Linh, Director of the ministry’s European – African Market Department, said that it was too early to say how the EU’s move would affect cross-border trade as the European Commission stressed that goods would not be restricted across external borders.

The biggest impact of the COVID-19 pandemic, according to Linh, is the declining demand as Europeans will stay at home and reduce shopping for products like footwear, clothes and wooden items which are Vietnam’s major exports to the bloc.

He stressed that the ministry is keeping a close watch on the development of the EU’s closure of its external borders and the impacts on cross-border trade to develop detailed scenarios and measures to limit the negative impacts on Vietnam’s exports.

He also urged firms to prepare for any possible impacts on their import-export activities.

 

According to statistics of the General Department of Customs, Vietnam’s export revenue to the EU market was estimated at 5.15 billion USD in the first two months of this year, representing a drop by 4.56 percent over the same period last year. Experts said that the decline was, however, just temporary and more time was needed to see the trend.

Vietnam is having significant opportunities to boost exports into the 18 trillion USD market when the EU – Vietnam Free Trade Agreement (FTA) is expected to come into force in July.

Research by the Ministry of Planning and Investment pointed out that the trade deal will help increase Vietnam’s export revenue to the EU market by 20 percent in 2020 and 42.7 percent in 2025 compared with the scenario of no trade deal.

The EU was a major export market of Vietnam with revenue increasing more than 14 times from 2.8 billion USD in 2000 to more than 41.5 billion USD last year./.VNA

Coronavirus: European Union seals borders to most outsiders

Coronavirus: European Union seals borders to most outsiders

The unprecedented 30-day travel ban will bar foreign travellers, with some exceptions.

COVID-19: Vietnam Airlines prepares two scenarios if Europe closes airspace

COVID-19: Vietnam Airlines prepares two scenarios if Europe closes airspace

Vietnam Airlines said on March 17 that the national flag carrier is waiting for the outcomes of a meeting between European Union members to make a decision on its flight schedule between Vietnam and Europe.

 
 

Other News

.
Fate of five of 12 loss-making projects uncertain with EPC contractors out of reach
Fate of five of 12 loss-making projects uncertain with EPC contractors out of reach
BUSINESSicon  24/05/2020 

The fate of five of the 12 notorious loss-making projects remain uncertain because the Chinese contractors cannot be taken to court.

Resort real estate anticipates quick rebound
Resort real estate anticipates quick rebound
BUSINESSicon  24/05/2020 

Resort real estate is one of the segments expected to see the fastest pace of recovery in the post-pandemic times.

Commitment level of tariffs in new-generation FTAs comes under scrutiny
Commitment level of tariffs in new-generation FTAs comes under scrutiny
BUSINESSicon  24/05/2020 

Up to 99% of tariff lines with partner countries are poised to be eliminated over the course of the 10-year roadmap set out in new-generation trade pacts 

Vietnamese retail to be at heart of post-pandemic recovery
Vietnamese retail to be at heart of post-pandemic recovery
BUSINESSicon  24/05/2020 

If the Vietnamese economy is able to successfully enjoy a rapid economic recovery following the conclusion of the novel coronavirus (COVID-19) pandemic, the retail industry will be one of the driving factors in this revival process.

Vietnam’s first private IT museum inspires young generation
Vietnam’s first private IT museum inspires young generation
SCI-TECH & ENVIRONMENTicon  24/05/2020 

Vietnam’s first information technology museum was established by Doctor Nguyen Chi Cong, former Head of the Department of Science and Technology under the Vietnam Information Technology Association.

Vietnam in favourable position in new int’l economic order thanks to EVFTA: expert
Vietnam in favourable position in new int’l economic order thanks to EVFTA: expert
BUSINESSicon  24/05/2020 

Associate Professor, Dr. Chu Hoang Long from the Australian National University (ANU) on May 23 expressed his belief that the EU-Vietnam Free Trade Agreement (EVFTA), once effective, will boost two-way trade thanks to eased tax barriers.

Vietnam Railway reports VND600bn in losses
Vietnam Railway reports VND600bn in losses
BUSINESSicon  23/05/2020 

The Vietnam Railway Corporation (VNR) is facing losses of over VND600bn (USD26m) in 2020 because of Covid-19.

Four-month earnings slow but firms hope for better months ahead
Four-month earnings slow but firms hope for better months ahead
BUSINESSicon  23/05/2020 

A number of listed companies have announced lower earnings in April after closing for half of the month.

Demand for ready-built factories and warehouses increasing: CBRE
Demand for ready-built factories and warehouses increasing: CBRE
BUSINESSicon  23/05/2020 

The development of e-commerce together with delays to import and export activities due to disrupted logistics services has accelerated demand for ready-built factories and warehouses during the COVID-19 outbreak in Viet Nam.

Real estate firms gear up for the race after pandemic
Real estate firms gear up for the race after pandemic
BUSINESSicon  23/05/2020 

 Property firms are gearing up to tap opportunities from the post-pandemic recovery of the real estate market, which was predicted to soon get back on its feet.

Vietnam ready for new investment influx
Vietnam ready for new investment influx
BUSINESSicon  23/05/2020 

Foreign investors are speeding up the restructuring and reallocation of their production networks globally, with Vietnam considered a bright candidate for investment given its location within the world’s most dynamically-developing region.

S&P maintains stable outlook for Vietnam’s sovereign credit rating
S&P maintains stable outlook for Vietnam’s sovereign credit rating
BUSINESSicon  23/05/2020 

S&P Global Ratings has announced it has retained Vietnam’s sovereign credit rating at BB, with a stable outlook, according to the Ministry of Finance.

Covid-19 resets operational mode of VN retail market
Covid-19 resets operational mode of VN retail market
BUSINESSicon  23/05/2020 

Revenue from e-commerce has increased rapidly during Covid-19, but many traditional retailers have had to give back business premises to landlords.

Weak growth outlook to spur further monetary easing in Vietnam: Fitch Solutions
Weak growth outlook to spur further monetary easing in Vietnam: Fitch Solutions
BUSINESSicon  22/05/2020 

Given the weak economic outlook in Vietnam, Fitch Solutions expects further easing measures to be applied over the rest of 2020 as the country is still targeting real gross domestic product (GDP) growth above 5%.

Many hotels in HCMC priced too high for sale
Many hotels in HCMC priced too high for sale
BUSINESSicon  22/05/2020 

Many hotel owners in HCMC are putting their properties on sale due to the tourism decline inflicted by the coronavirus pandemic but at very high prices.

Agribusinesses rocked by twin negative impacts
Agribusinesses rocked by twin negative impacts
BUSINESSicon  22/05/2020 

In spite of several highlights, the agricultural picture remains gloomy due to twin blows of climate change and coronavirus.

Online food purchases predicted to rule the roost post-pandemic
Online food purchases predicted to rule the roost post-pandemic
BUSINESSicon  22/05/2020 

The online food and grocery delivery segment has gained remarkable momentum after multiple platforms launched services for those stuck at home during social distancing.

Vietnam set to become shelter for foreign real estate investment post-COVID-19
Vietnam set to become shelter for foreign real estate investment post-COVID-19
BUSINESSicon  22/05/2020 

Big companies like Apple, Nintendo, and Samsung and their supplier have switched out to limit damage.

Telecom industry expects high growth in the next five years
Telecom industry expects high growth in the next five years
BUSINESSicon  22/05/2020 

Five sectors of telecoms, information and technology, clean agriculture, clean technologies, retail, healthcare and pharmaceuticals have potential for high growth in the next three years.

Outstanding loans of twelve inefficient projects amount VND21 trillion
Outstanding loans of twelve inefficient projects amount VND21 trillion
BUSINESSicon  22/05/2020 

The outstanding loans of twelve inefficient projects under the Ministry of Industry and Trade totalled US$905 million as of the end of 2019, most were overdue, according to the Government’s report to the National Assembly.

 
 
 
Leave your comment on an article

OR QUICK LOGIN