Vietnam always treasures relations with the European Union (EU), and is willing to discuss with the bloc issues of mutual concern, said Deputy Prime Minister and Minister of Foreign Affairs Pham Binh Minh on December 15.

The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019.

Agricultural businesses are amplifying investment to make use of opportunities provided by the EU-Vietnam Free Trade Agreement, which promises to increase Vietnam’s export of agricultural products.

Germany backs the promotion of Vietnam-EU relations as well as the early ratification of the EVFTA and the EVIPA has said State Secretary of the German Federal Foreign Office Andreas Michaelis.

German businesses are looking at Vietnam to grasp new opportunities ahead of enforcement of EU-Vietnam Free Trade Agreement, scheduled for next year.

The domestic textile and garment industry was still striving to reach its export revenue target of US$40 billion this year despite facing many difficulties, said Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (VITAS).

In recent years, Vietnam has signed several important trade agreements with major economic partners, notably the CPTPP and the EVFTA.

The Vietnamese economy is likely to grow at an annual average pace of 7% during the 2021-2015 period, according to a projection by the National Centre for Socio-economic Information and Forecast.

Vietnam’s GDP is forecast to expand 7 percent during 2021-2025 on the back of new-generation free trade agreements, according to the Ministry of Planning and Investment’s National Centre for Socio-Economic Information and Forecast (NCEIF).

Driven by growth momentum on the back of the ASEAN Economic Community, Vietnam’s investment picture in the region is expected to reach brighter prospects next year when the country takes over the role of the bloc’s chair. 

The European Union and Vietnam are completing procedures related to the EVFTA and expect to ratify the deal next year, opening up new opportunities for both sides, according to Giorgio Aliberti, new ambassador of the EU to Vietnam.

Thirty-eight Vietnam’s textile and garment companies recently attended ‘Global Sources Fashion and Global Sources Lifestyle’, the biggest fashion exhibition in Hong Kong, to seek buyers.

Vietnamese logistics is taking flight with new movements among international investors. 

With the newEU-Vietnam FTA (EVFTA), the insurance sector is expected to continue to see strong growth, while the telecom sector will be more difficult to join.

Even though a bigger lift in foreign ownership cap could become a driving force to lure further European investment in banking and telecommunications, the funding picture in these sectors remains a question.

The EU-Vietnam Free Trade Agreement (EVFTA) is poised to help Vietnam both create more job opportunities and improve the quality of her labor force. However, the road ahead is really tough.

Vietnamese logistics companies need to improve their competitiveness to stay afloat when the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect, according to experts.

Visiting Chairman of the European Parliament’s Committee on International Trade (INTA) Bernd Lange spoke to reporters in Hanoi on October 31 about the European Commission (EC)’s ‘yellow card’ to Vietnam’s fisheries sector.

The EU has a strong financial services market and the EVFTA will have a significant impact on the Vietnamese economy and finance market.

The domestic catfish price has fallen to a 2-year low, while Vietnam’s shrimp now has to compete fiercely in prices with rivals, including Thailand and India.