Trade - Service

In the contest, the top 10 of outstanding business ideas would be selected and received direct supports from the Vietnam e-Commerce and Digital Economy Agency (iDEA), Amazon Global Selling and T&T Group, and other investors.

Vietnam’s street beer and café market is on track to reach a growth rate of 6% in terms of revenue and establish 32,400 selling points nationwide by 2023.

In the January – August period, trade turnover stood at US$169.98 billion, up 7.3% year-on-year, which is lower than the growth rates recorded in the same period in 2017 and 2018 (19.9% and 16.7%, respectively).

Vietnamese companies filed complaints against Chinese steel products, accusing them of being sold at prices below the fair market value in Vietnam with dumping margin at 21.3%.

The pork shortage is adding pressure to the government’s efforts to keep inflation below 4% this year. About 70% of all meat consumed last year in Vietnam was pork, according to the agriculture ministry.

Growing trade relations between Vietnam and the US would bring mutual benefits to the people of the two countries, contribute to peace, stability and cooperation in the Asia – Pacific region.

National carrier Vietnam Airline has been authorized to operate flights between Ho Chi Minh City and Hanoi to several US destinations as well as flights via points in Taipei, Taiwan and Osaka and Nagoya in Japan.

The US$9-billion Nghi Son Oil Refinery project is a symbol of successful cooperation between Vietnam, Kuwait and Japan.

Majority of Vietnam’s export growth during the trade war is from FDI companies, while the lack of raw materials, skilled human resources and technology will continue to prevent Vietnamese companies from reaching its full potential.

If excluding the price factor, the growth rate was 9.03% in the period, higher than an 8.98% rise recorded in the same period in 2018.

Vietnam’s thriving relationship with the US means there is much room for greater cooperation in trade between the two countries, said executive of the American Chamber of Commerce (AmCham).

The domestic sector reported a trade deficit of US$18.4 billion in the period, while foreign-invested firms posted a trade balance of US$21.8 billion.

Average registered capital per newly-established enterprise reached a record high of VND12.7 billion (US$542,000) during this period compared to the past few years, up 26.6% year-on-year, indicating better health of local companies entering the market.

Vietnam welcomes investments from major enterprises in Guangdong, while expecting the Chinese province to import more Vietnamese products.

Inefficient border procedures are preventing Vietnam from improving its trade competitiveness.

Stricter enforcement of intellectual property rights protection means local enterprises can be involved in legal disputes and all the rigorous investigation and screening processes that follow, unless they become aware of the importance of such issues.

Revenue collection from the state sector stood at VND36.51 trillion (US$1.57 billion), up 22.5% year-on-year, while that of the foreign invested sector was VND16 trillion (US$688.87 million), up 4.4% and private sector tax revenue was VND34.62 trillion (US$1.49 billion), up 23.7%.

Vietnam’s Sovico Group and Australia-based Linfox Group would cooperate in air transportation of passengers and cargo, developing aviation infrastructure and accommodation facilities in Australia.

Vietnam’s improving institutional setting will continue to underpin robust growth and support credit metrics, said an expert at global rating agency Standard and Poors (S&P).

Sustained demand from the US combined with the 25% tariff imposed on US$200 billion goods imported from China have boosted Vietnam’s exports.