Trade - Service

The growing number of newly established enterprises shows the local economy is firmly on the recovery track, being an attractive destination for businesses.

Despite Covid-19 impacts, Vietnam’s trade turnover with the Americas rose by 16% year-on-year in 2020 to US$111.5 billion.

Vietnam and Laos agreed to speed up the negotiation for the revision of the Vietnam – Laos Trade Agreement signed in 2015, with the target of completing it this year.

Vietnam remains world’s 12th largest exporter of electronic products and the third in ASEAN.

The US-Vietnam Bilateral Trade Agreement (BTA) has made a big difference in the US, of how to go from war to peace, from enemy to friendship,” Chairwoman of the American Chamber of Commerce in Vietnam (AmCham) Virginia Foote has said.

The US – Vietnam Bilateral Trade Agreement has been a fundamental foundation in economic relations between the two countries, providing Vietnamese traders with opportunities to access to the world's largest economy and open door for global economic integration.

Resumption of economic activities as a result of effective Covid-19 containment has created room for strong rise in trade activities, stated the customs authorities.

Among US’ leading suppliers of textile and apparel, China continues to lose its market share (33% in 2019 to 28% in 2020) while Vietnam is the largest gainer (13% to 15%).

Not only witnessing a sharp increase in trade turnover, there has been a greater diversification in export market.

This would be the first step for Vietnam’s state firms to list shares on international stock exchanges.

Vietnam would be the second fastest growing economy in ASEAN.

Vietnam would restructure the services sector based on modern technologies under the Industry 4.0, especially in fields of finance-banking, insurance, healthcare, education, transportation, trade and tourism.

VinCommerce operates about 2,300 convenience stores and supermarkets across Vietnam, accounting for 50% of the country's retail market share.

Vietnam is calling for investment from African enterprises as the country is the gateway to Asian market, especially ASEAN with 650 million customers.

The number of imported cars in March are nearly the combined figure in the first two months of the year.

Prime Minister Nguyen Xuan Phuc made the statement in his last monthly meeting before a new government is formed.

The biggest challenge for Vietnam’s economy in 2021 is whether the country could deal with another resurgence of Covid-19 outbreak.

Global uncertainties are forcing financial centers around the world to redefine their activities, as such, Vietnam should grasp this opportunity to build a continental-level finance center to attract investment capital.

SMEs are having huge opportunities for development with the presence of free trade agreements, the Industry 4.0 and new business models.

It would be ideal for Vietnam to gradually reopen its borders from the third quarter of this year and adopt an open visa policy.