Trade - Service

At a time when the Covid-19 pandemic is causing severe impacts on the global economy, trade tensions among economies have escalated and resulted in excessive use of trade protection measures.

Vietnam's trade turnover is likely to have reached US$440.09 billion in the January–October period, up 2.7% year-on-year.

Sustainability becomes one of the most unsettling topics for Vietnamese consumers in recent years.

The RCEP along with other free trade agreements that Vietnam is a part of would continue to help the country become an attractive investment destination globally.

The conclusion of the RCEP is particularly meaningful for Vietnam as the ASEAN Chair in 2020, which has put much effort to help complete the long-awaited deal.

The repository is expected to facilitate free trade and open markets in Vietnam.

Vietnam is committed to cooperating with ASEAN countries in providing substantial supports for the business community, Prime Minister Nguyen Xuan Phuc has said.

Car sales in Vietnam in the January–October period dropped 18% year-on-year to 212,409 units across all segments.

Vietnam and Russia should further boost economic, trade, security and defense cooperation, Prime Minister Nguyen Xuan Phuc has said.

Over the past five years, Vietnam has generated around US$1.2 trillion worth of GDP and ensured a stable macro-economic environment for development.

If the world's GDP growth decreases by one percentage point, Vietnam's export expansion would fall by four percentage points, but the decline in 2020 seems to be even more serious.

E-commerce growth in Vietnam is estimated at 46% in 2020, alongside strong growth across most sectors except for travel.

Vietnam’s textile and apparel exports in 2020 are set to decrease by 10% against 2019 to US$35 billion.

The US – Vietnam relations have witnessed steady progress over the past 25 years, ranging from politics, foreign policy, to economy and trade, among others.

Over 1,000 administrative procedures, 3,893 out of 6,191 business conditions and 6,776 out of 9,926 categories of goods subject to specialized inspection have been simplified or removed in four years.

The rate is even higher than the 7.1% year-on-year growth from a pre-Covid-19 environment in 2019.

This year’s theme ‘Digital ASEAN: Sustainable and Inclusive’ will discuss the importance of the Fourth Industrial Revolution in stimulating growth, trade and investment.

E-commerce is the fastest-growing digital economy in Vietnam as online usage becomes part of the Vietnamese shopping life.

The government forewent over VND8.2 trillion (US$355.45 million) in customs revenue between January and October as a result of Vietnam's commitments to free trade agreements.

Vietnam seeks the World Bank’s support in the fields of renewable energy and electrification in remote areas.