Trade - Service

Lee Chang Kun, a Vietnamese descendant, was appointed as the Vietnamese Tourism Ambassador to South Korea for a three-year tenure between 2017 and 2020.

During three days of New Year holiday, from December 30 to January 1, the number of visitors to Hanoi was estimated at 253,139, a 10.6% increase from the same period last year.

Vietnam aims to receive about 18 million foreign visitors and 85 million domestic ones in 2019, and earn more than VND700 trillion (US$30.2 billion) from tourism, according to the Ministry of Culture, Sports and Tourism.

The domestic sector reported a trade deficit of US$2.6 billion while foreign-invested firms posted a trade surplus of US$1.8 billion, as usual.

The cruise ship passengers were welcomed at Chan May port with flowers, souvenirs and received best wishes from the local authorities.

Being the deal’s co-founder, Vietnam has the rights to accept or refuse a third country joining the CPTPP, while future participants could not propose too many new clauses to the deal as they must accept existing conditions.

The General Department of Vietnam Customs estimated that if Vietnam’s trade value increases by 5% year-on-year in 2019, the country could reach the US$500-billion mark in trade turnover for the first time in the fourth quarter of 2019.

Vietnam`s millennials tend to be more health- and beauty-conscious than earlier generations, and willing to pay a premium for quality.

The number of foreign visitors to Vietnam in 2018 was estimated at nearly 15.5 million, a 19.9% increase from 2017.

Thailand and Indonesia continued to be Vietnam’s main car import markets in 2018.

Vietnam will hold the chair of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) Commission in 2026 with Australia as its Vice Chair.

Domestic and international investors have been confident in growing businesses in Vietnam, thanks to the country’s macro-stability and capability to keep the VND stable in any circumstances.

CPTPP provides a more flexible rule of origin compared to other free trade agreements, which is a major advantage for Vietnam’s small and medium enterprises.

The system aims to offer smart solutions on information technology platforms to facilitate visitors, businesses and competent agencies.

Stronger strategic and economic ties with the US would help Vietnam reduce its reliance with China, the nation’s top trade partner, Bloomberg reported.

The app will help improve the service of businesses in the tourism supply chain, as well as increase their interaction.

Under the theme “ASEAN-The Power of One” the ATF will provide Vietnam a chance to improve its role and stature in regional tourism and introduce the country’s natural beauty and people to international friends.

Vietnam’s economy is growing at a rapid rate and attracting most of world’s leading IT companies, including Microsoft.

The meeting aims to set guidelines to ASEAN tourism development in the future and give out solutions to sustainable tourism development.

In the best scenario, the agreement could be effective in January 2020. In the worst case, there will not be a specific deadline for the deal. However, whether the EVFTA is ratified or not depends on the Vietnamese government’s determination.