Trade - Service

As the 16th largest US trade partner, Vietnam's exports to the US will be more expensive because of the elimination of preferential tariffs.

Vietnam remains South Korea’s major partner, and would certainly play a key role in the supply chain of South Korean companies, said South Korean official.

As the 16th largest US trade partner, Vietnam will see its exports to the US more expensive because of the elimination of preferential tariffs.

Whether Vietnam could take advantage of the CPTPP would depend on the country’s institutional capabilities and local enterprises' adaptability.

Vietnam’s consumer price index (CPI) growth in February is predicted to drop to 0.46% month-on-month and 5.10% year-on-year.

Of member companies that are able to estimate the impact, 70% say the coronavirus is expected to reduce their revenue by 10% or less this year.

Customs authorities attributed a speedy clearance process to a better preparation in terms of personnel and equipment, as well as strict compliance with regulations on Covid-19 prevention.

The suspension of the pilot program is to comply with new regulations stipulated in newly-issued Decree No. 10, which sets out conditions for transportation business.

This is despite the fact that Vietnam’s textile and garment industry is expected to benefit the most from the deal.

A majority of support from members of the EP in a voting for EVFTA and EVIPA ratification showed the EU’s confidence in the country’s reform process, said the head EU envoy to Vietnam.

The promotion aims to relieve pressure for Vietnam’s agricultural sector, as exports to China are poised to plunge due to the impact of the Covid-19 outbreak.

In January, Vietnam imported nearly 4,000 cars worth US$106 million, up 14% month-on-month in volume but down nearly 49% in value.

The EVFTA holds significant meaning as it opens up huge opportunities for Vietnamese enterprises to penetrate the EU markets.

Vietnam would be among four economies hardest hit by the Covid-19 outbreak, behind Singapore, Thailand and Hong Kong (China).

The EU – Vietnam Free Trade Agreement (EVFTA) has an endorsement of 401 out of 633 members of the European Parliament.

The agreement, concluded after six years of negotiations, has been dubbed “the most ambitious” FTA the EU has ever reached with a developing country.

Customs clearance of Vietnam’s exports of agricultural products to China, including dragon fruit, via official channels is carried out as usual.

In two border gates of Huu Nghi and Chi Mai in Lang Son province, over 4.2 millions of medical face masks were exported to China from January 29 – February 3.

A strong decline in bilateral trade turnover was due to the long Lunar New Year break in January and impacts from the outbreak of the new coronavirus (nCoV) in China.

The new coronavirus is estimated to shave 0.81 percentage points off Vietnam's annual GDP growth.