Trade - Service

The 16-nation trade deal, which includes major economies such as India and China, would make up nearly 50% of the world’s population, about 30% of global GDP and 28% of total trade turnover.

Illegal transshipment has become a growing concern in US-Vietnam trade.

The news comes shortly after the General Department of Vietnam Customs (GDVC) announced its capture of US-bound Chinses aluminum worth US$4.3 billion forging Vietnamese origin.

Vietnam’s retail market is growing at an annual rate of 10.9% in the 2013 – 2018 period, while most leading names in the market come from South Korea and Japan, ranging from convenience stores, department stores to e-commerce.

2019 will the second consecutive year that the Vietnamese government would achieve and beat 12 key social-economic goals, including the GDP growth target of 6.8%.

Vietnam’s Prime Minister Nguyen Xuan Phuc suggested Vietnam and Germany soon set up a strategic action plan for the 2019 – 2021 period.

The market is on track to hit US$4 billion by 2025, becoming the fourth in the region, after Indonesia, Singapore and Thailand.

Vietnam’s trade turnover in the third quarter (Q3) stood at US$138.6 billion, up 9% year-on-year and significantly higher than US$116 billion recorded in Q1 and US$127 billion in Q2.

Vietnam’s internet economy is booming, as it reaches for US$12 billion in 2019 on a 38% annualized growth rate since 2015, and projected to increase to US$43 billion by 2025.

With a population of nearly 100 million, the country’s final consumption expenditure has been maintaining at a high rate of over 70% annually, indicating huge potential remains for the market.

The conclusion was made based on three factors: the dumping act of Chinese producers and exporters; considerable damages to local production; and the act of dumping being the main factor that lead to huge losses of local enterprises.

Emerging channels contribute two thirds of total incremental spending come from these channels.

Vietnam`s trade turnover reached US$382.72 billion in the January – September period, of which its export value amounted to US194.3 billion, up 8.2% year-on-year, and imports totaled US$188.42 billion, up 8.9%.

Although they are a familiar sight in many other countries, lockboxes are currently not wildly available in Vietnam.

Human resources are the most valuable asset of a country, so the key issue would be to reform education at university level and vocational school, in turn improving the quality of the education system in overall, said World Bank’s expert.

The supply chains estimated at US$58 billion could be great potential for growth of Vietnam if being fully tapped. So the key issue would be whether Vietnamese SMEs could grasp this opportunity, said an expert.

There has been growing trend of companies abusing the Vietnamese origin for unfair gains, causing mistrust from customers and unfair competition among enterprises.

If Vietnam isn’t able to fast-track progress in closing its infrastructure gap, it risks losing its “mini-China” status.

Further underpinning the Vietnamese positive consumer outlook in 2019 is the fact that minimum wage growth continues, albeit at a slower rate.

Prime Minister Nguyen Xuan Phuc has issued a directive on tightening state administration against trade fraud.