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Risks of further congestion remain due to uncertainties surrounding the Covid-19 situation and limited loading capabilities from both sides.

Assuming Vietnam keeps the current pace of trading growth, the turnover could set a new record and exceed the $700-billion mark in 2022.

Vietnam’s calculation of the localization rate should be consistent with international practices, which are based on the proportion of domestically generated value rather than the parts produced within the country.

Vietnam may seek other key markets, including the EU or US, to mitigate impacts from ongoing trade congestion with China.

AmCham will continue to work on lowering barriers to trade and creating a high-standard, transparent, and stable business environment in Vietnam.

He said Vietnam’s farm produces still relies on certain markets and lacks national brands of global reach.

The two countries would continue to bolster cooperation in a multilateral framework, especially in fully implementing the Regional Comprehensive Economic Partnership (RCEP), set to take effect on January 1, 2022.

Similar activities will take place in the city including Vietnamese Goods Week in Long Bien District with 100 stalls from December 16 to 20.

Vietnam has established trading activities with all 33 countries in the region, with two-way trade turnover rising over 63-fold from $245 million in 2000 to $15.6 billion in 2020.

The US is satisfied with the progress made by Vietnam in addressing the former’s concern over trade issues.

A long-standing relationship of over 70 years and high political trust between the two would open up a new chapter for cooperation.

The country benefits from strengthening international integration through multiple free trade agreements.

The city strives to ensure production and consumption sustainability in the future.

Businesses from Vietnam and Australia will have the opportunity to display and sell goods either directly or through the connection of the center.

Free trade agreements like CPTPP and EVFTA are driving Vietnam’s trading performance during a difficult economic year.

Global free trade should be based on an open multilateral trade framework that is inclusive, transparent, and in line with WTO regulations.