Trade - Service

Vietnam’s targets of becoming Asia’s logistics hub would only be feasible if local firms can fence off competition from the world’s major logistics players.

A strong business community is an essential component of a prosperous country, said Prime Minister Nguyen Xuan Phuc.

In the 2011 – 2019 period, Vietnam’s exports grew at an average of 15% annually, and are on track to contribute to an all-time high turnover of US$500 billion in mid-December.

The Philippines and China, Vietnam’s two major rice export markets, may reduce rice imports in 2020.

In 2020, Vietnam’s trade surplus is expected to reach US$8.6 billion.

Besides rapid urbanization, the rising income of consumers is one of the reasons for the booming of the Vietnamese retail market.

The bigger the economic size the higher the number of enterprises run by women, said Vu Tien Loc, chairman of Vietnam Chamber of Commerce and Industry.

In the January – November period, Vietnam imported 135,230 cars worth US$2.91 billion, up 100.4% in quantity and 97.7% in value year-on-year.

This move is part of Vingroup’s restructuring process, aiming to reallocate its resources to core businesses of industry and technology to compete globally, said a company executive.

The specific cash deposit rates would depend on the origin of the substrate and the type of steel product exported to the US, stated the US Commerce Department.

Vietnam is trying to purchase more goods from the US to narrow the US trade deficit with Vietnam, said Deputy Prime Minister Vuong Dinh Hue.

Delay in administrative reform is proving to be a bottleneck for economic development, said Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc.

Both the EU and Vietnam have huge potential for cooperation in various fields, including politics, security, economy, culture, and peace-keeping activities.

In case of completing the deal, the Japanese company would raise its stake in Bao Viet to 22.09% and remains the Vietnamese insurer’s second largest shareholder.

In the first 11 months of the year, the country’s external trade hit US$472.36 billion, up 7.3% compared to the same period in 2018, and recorded an all-time high trade surplus of US$10.94 billion.

The FDI sector posted exports of US$165.03 billion in the January – November period, up 4.1% year-on-year, accounting for 68.3% of Vietnam’s exports.

Vietnam is getting into a position where investment and manufacturing are becoming much easier to establish, said a Maersk executive.

The contribution of import duty to customs revenue has been declining over the past few years, from 21.85% in 2017 to 17.4% in 2018 and 16.7% in 2019.

After revision, Vietnam’s GDP grew an average of 25.4% annually in the 2010 – 2017 period, in which 2011 recorded the highest growth rate of 27.3%.

In 2019, the Vietnamese government issued three decrees to cut 106 business conditions, taking the total number of business conditions removed and simplified to 3,451 out of 6,191.