Trade - Service

The recovery program is intended to ensure Vietnam’s average GDP growth at 6.5-7% during the 2021-2025 period.

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

Vietnamese avocados will conquer Australian consumers in the near future thanks to the advantages of preservation, convenience, price and quality.

The RCEP Agreement took effect on January 1, 2022.

Vietnam and the EU can expect a strong bounce in the development of trade and investment cooperation in the context of the new normal with a solid foundation from the EVFTA.

Many Vietnamese fruits also have the opportunity to be exported to this market.

While the economic growth was a decade low, it remains a positive performance given the context in which the Government was facing a challenging task of both containing the pandemic and boosting growth.

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

Measures are being devised by two countries’ authorities to remove truck congestion at the Vietnam-China border.

Enterprises will receive support to form production, supply, and linkage chains in the city and across the country.

2022 would remain to be a favorable year for trade, especially as enterprises have improved their resilience and several economic sectors continue to benefit from CPTPP, EVFTA, and RCEP.

A shift to the local market should be a long-term solution for Vietnam to avoid a similar situation at border gates with China in the future.

The city’s investment, trade, and tourism promotion activities will focus on gathering the participation of Vietnamese businesses at home and abroad.

Vietnam has been discussing with other countries on measures to facilitate people's travel, restore economic and trade activities.

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.

Trade turnover this year could be well over US$667 billion, representing an increase of 22.4% year-on-year, which resulted in a surplus of $3 billion.

The impacts from free trade agreements that both Vietnam and Australia are members would open up new opportunities to attract Australian enterprises to do business in the country.

The development of e-commerce and digital logistics will help female entrepreneurs start their own businesses at home and easily export goods to foreign countries.

For the past 20 years, bilateral trade turnover expanded by an average of 8.6% per year, significantly higher than the similar rate of around 5.8% between Australia and ASEAN country members.

Barring any major disruptions such as those from the Omicron variant, Vietnam is likely to move towards a more “normal” economic expansion of 7.4% in 2022.