Vietnam has leapfrogged Bangladesh to become the world’s second-largest exporter of clothing in 2020 with a turnover of US$29 billion, down 7% year-on-year, according to the World Trade Organization.
Growing number of local enterprises achieving success by adopting clean production standards have been direct results from Vietnam’s policies to promote green and sustainable growth.
Okonjo-Iweala appeared to be firmly determined to make out of her lifetime mission to new successes for the World Trade Organization (WTO).
In one month and a half, the amount of Vietnamese goods and products that benefit from EVFTA’s preferential treatment is equivalent to that of the CPTPP throughout 2019.
Benefits from FTAs have not brought along breakthrough changes for Vietnam, as most partners have similar economic structure, or even directly compete with Vietnam.
Under the revised regulation, local oil and petrol traders are now allowed to transfer their stakes to foreign investors but foreign ownership should not exceed 35%.
Vietnam remains steadfast on pursuing bilateral economic relations with the US towards harmonization and sustainability, according to the Ministry of Foreign Affairs.
Experts believed that allowing foreign ownership at local petroleum firms will result in better services and boost competitiveness.
Direct impacts from the CPTPP agreement would not be significant, but means a more stable and predictable environment for logistics firms in Vietnam, according to an expert.