Trade - Service

The move has caught criticism from lawyers, officials, and consumers in Vietnam who blamed the Thai group for infringing competition law.

The center aims to provide dispute settlement in the context of rising trade relations in Vietnam.

The number of newly-established enterprises in Vietnam in the first six months of 2019 reached a five-year-high of 67,000 with registered capital of VND870 trillion (US$37.54 billion).

In the first six-month period of 2019, Vietnam’s export climbed 7.1% year-on-year to US$122.42 billion, meeting the target set by the National Assembly for export growth of 7 – 8%.

In 2019, local supply of hot-rolled steel is projected to meet 40% of domestic demands, which is on track to increase to 70 – 80% following the upcoming operation of the US$2.6-billion Hoa Phat Dung Quat iron and steel production complex.

Vietnam’s Prime Minister requested the European Free Trade Association (EFTA) bloc to take a more practical approach during the negotiation process, particularly in trade, government procurement and intellectual property rights.

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Expert expressed concern over the lack of readiness from both government agencies and the business community as new trade deals become effective.

Failure in preventing trade frauds would cause negative impacts on Vietnam’s credibility in the international fronts, as well as the domestic market.

Vingroup has signed an agreement with CAE Oxford Aviation Academy to set up VinAviation School and Vinpearl Air Training Center in Vietnam.

The development will be backed by increasing industrial activities, growing e-commerce, and stronger investment in logistics infrastructure.

The number of container equivalents of goods shipped in and out of Vietnam annually may reach 23 million by 2025, up 64% in 2019.

Government agencies are tasked with closely monitoring the US – China trade war situation for timely minimizing its negative impacts on the economy.

The previous decision to stop purchasing products from local suppliers was owing to a change in the strategy of development of the soft-line concept with a shift towards products for higher customer segments.

Both scenarios for inflation in 2019 presented by the government indicate inflation will be in the range of 3.17 – 3.41%.

Vietnam’s Ministry of Industry and Trade (MoIT) has been cooperating with the Vietnam Steel Association and local companies to provide information for the US regarding steel production process in Vietnam.

Following the agreement, both sides have agreed to exchange intelligence and share customs data, strengthen cooperation in customs control, and fighting against transnational crimes.

Consumer credit plays an increasingly important role in the economy as the proportion of consumer credit in the total credit has increased from 12.3% in 2016 to 17% and 19.7% in 2017 and 2018, respectively.

Vietnam is the country with the lowest development level that has signed a free trade agreement with the EU, making the EVFTA “the best for Vietnam” with reference to long-term planning.

The market is estimated to post an annual growth rate of 4.2% in the 2016-2021 period.