Rcep

Vietnam’s export turnover may expand by 10% this year, exceeding the original target of 4-5% set by the Government.

Vietnam is in a favorable condition to take advantage of free trade agreements (FTA) that the country is a part of, as well as growing global demand in the late-year shopping season.

The Regional Comprehensive Economic Partnership (RCEP) was one of Vietnam’s major achievements when the country was serving as the Chair of ASEAN in 2020.

Vietnam plans to organize a digital investment conference in Q3 this year, promoting investment into industrial parks or economic zones online.

The move will help ensure the effective utilization of the Agreement on Singapore-Vietnam Economic Connectivity.

The government has set up an FDI task force to support multinationals and foreign businesses grasping investment opportunities in Vietnam.

ASEAN+3 countries (plus South Korea, Japan and China) would remain committed to an open and rules-based multilateral trade and investment system.

The latest step forwards for regional integration is a reminder for foreign investors that Vietnam is open for business.

Despite unprecedented challenges from the Covid-19 pandemic, bilateral trade turnover in 2020 rose by 6.6% year-on-year to US$5.1 billion.

There could be a shift in trade movement as Vietnam’s trading advantage against China is diminished given the presence of the RCEP.