Vietnam is boosting its diplomatic activities in hope of attracting more investment and expanding its trade in the global market, with many of the country’s major partners about to open their doors to the world again.

Vietnam’s export s are expected to bounce back as many partners are gradually exiting lockdown, in addition to the positive effects of free trade agreements.

The World Bank (WB) has predicted that the EU-Vietnam Free Trade Agreement (EVFTA) could help Vietnam’s GDP and exports grow 2.4 percent and 12 percent, respectively, by 2030, the Ministry of Industry and Trade (MoIT) has reported.

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 

Strengthening the application of trade defence instruments would be necessary for Vietnam, which was among countries with the highest economic openness level, according to the Ministry of Industry and Trade.

The COVID-19 pandemic has had a serious impact on Vietnam’s economy but it’s also believed to create the conditions to attract more FDI as there have been signs of a switch in capital flows away from China and to ASEAN member countries.

The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.

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).

2020 is a special year for Vietnam because of the 4.0 industry revolution and Covid-19 outbreak.

Management agencies have put in place drastic steps in a bid to support businesses as they actively seek out sources of raw materials to be used in production whilst boosting trade promotion activities.

At the request of Canada, Permanent Deputy Foreign Minister Bui Thanh Son has spoken over the phone with Canadian Deputy Foreign Minister Marta Morgan to discuss bilateral relations and share experience in COVID-19 prevention and control.

Some large electronics manufacturers in Vietnam are feeling the punch from the COVID-19 outbreak as material imports and finished product exports have been affected by tighter border control.

A year since the CPTPP came into force, trade between Viet Nam and other members of the trade deal had posted significant gains, but the potential to expand remained large, according to the Ministry of Industry and Trade.

The landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership has been in force for more than a year now, influencing the trade activities of member economies. 

The year 2020 is expected to bring about both opportunities and challenges for Vietnam to soar higher. 

Export turnover within the textile and apparel sector is forecast to reach up to US$42 billion in 2020, representing an increase of 7.7 per cent compared to the figures from 2019, according to SSI Securities Corporation.

Vietnam is a good destination for foreign investors as they relocate production bases out of China to reduce operation costs.

Implementing institutional reform is a crucial and challenging task of the National Assembly, especially in the context of the country's rapid development and deeper economic integration, according to NA Chairwoman Nguyen Thi Kim Ngan.

Vietnam has been unable to gain export growth to all CPTPP member countries, according to the Ministry of Industry and Trade.

HSBC expected Vietnam’s economic outlook to remain positive and GDP to grow 6.6% in 2020.