Trade – Investment

Trade between Vietnam and the UK reached over 6 billion USD as of November 2021, up 17 percent year on year, with Vietnam enjoying surplus of 4.46 billion USD, the General Department of Vietnam Customs reported.

The Government has identified three focal tasks for economic development in 2022, noting that it will capitalise on every opportunity to promote socio-economic recovery and development nationwide, maintain long-term growth momentum, and make use of new and sustainable drivers.

Three more members have been added to a Domestic Advisory Group (DAG) established under the EU-Vietnam Free Trade Agreement (EVFTA), pushing the total number of its official members to six.

The Vietnam Trade Office in Sweden and North Europe plans to take European food importers to Vietnam to buy goods this year while popularising more Vietnamese products in the area.

The total social investment capital disbursed in 2021 was estimated at nearly 2,892 trillion VND (126.5 billion USD), up 3.2 percent annually, reported the General Statistics Office (GSO).

The Regional Comprehensive Economic Partnership (RCEP) , the world’s largest trade pact, officially came into effect on January 1.

Vietnam-Russia oil and gas joint venture Vietsovpetro has exceeded the production and financial targets for 2021 with profits for both sides was 282.5 million, or 73.2 percent higher than the set plan.

As a driving force of economic growth, enterprises should be more proactive in building production and business plans in the new situation given complicated developments of the COVID-19 pandemic, Minister of Industry and Trade Nguyen Hong Dien has said.

Vietnam’s pomelo has received green light from the US side to officially enter the US market in 60 days, according to Deputy Minister of Agriculture and Rural Development Tran Thanh Nam.

Despite difficulties due to weather, natural disasters and epidemics, the added value of the agro-forestry and fishery sector still increased 2.85-2.9% in 2021, according to the Ministry of Agriculture and Rural Development.

The Ministry of Transport has just submitted to the Prime Minister a master plan for the development of the national airport system for the 2021-2030 period, with a vision to 2050.

The number of newly-established firms in the last quarter of this year reached 31,400 with total registered capital amounting to 415.3 trillion VND (18.21 billion USD), the General Statistics Office (GSO) has said.

Loc Troi Group (LTG) has announced that it completed the export of final batch of rice this year to Europe, including 4,170 tonnes of jasmine and white rice.

The Vietnam News Agency (VNA) has selected top 10 major economic events in 2021.

Vietnam is currently the fifth biggest banana supplier to Japan, with the volume and value of imports increasing sharply in Jan-October 2021.

Hanoi’s average Consumer Price Index (CPI) in 2021 rose 1.77% from 2020, marking the lowest CPI increase over the past years, according to the Hanoi Statistics Office.

In 2020, export turnover of Vietnam’s wood and forest products totalled 12.6 billion USD (surplus about 10 billion USD), but by the end of 2021, this figure skyrocketed to nearly 16 billion USD (trade surplus of nearly 13 billion USD), continuing to set a new record.

Although Vietnam was severely affected by the 4th outbreak of the epidemic in the key export region in the South, in Jan-Nov 2021, two-way trade between Vietnam and the EU still recorded positive growth, with turnover of USD 51.3 billion, up 13.8% over the same period in 2020, according to a representative of the Ministry of Industry and Trade.

Vietnam's Consumer Price Index (CPI) edged up 1.84 percent year-on-year in 2021, the lowest ever recorded since 2016, according to the General Statistics Office (GSO).

Vietnam’s gross domestic product (GDP) in 2021 is estimated to expand by 2.58 percent from the previous year as the COVID-19 pandemic has imposed adverse impacts on all fields of the national economy, General Director of the General Statistics Office (GSO) Nguyen Thi Huong has said.

The total volume of goods handled at Vietnamese seaports in 2021 increased by 2% over the previous year, of which exports increased by 4%, according to the Ministry of Transport.

Vietnam’s foreign investment attraction in 2021 still achieved positive results, with 31.15 billion USD, up 9.2% over the same period.

The Vietnamese Government and the World Bank have signed an agreement for financing of 221.5 million USD to support Vietnam’s post-pandemic recovery through policy reforms aimed at improving financial inclusion and spurring greater environmental resilience.

Electronics giant Samsung of the Republic of Korea’s recent board meeting has approved the spending of some 850 million USD for its unit in Vietnam to manufacture flip-chip ball grid arrays (FC-BGA), according to KBS News.

Vietnam's export turnover is expected to reach USD335.23 billion in 2021, representing a year-on-year increase of 18.6%, according to the Ministry of Industry and Trade.

The Republic of Korea (RoK) and Japan are eyeing bigger shares of Vietnam’s agricultural product and food market, given that the festive season is approaching with growing customer demand.

Vietnam’s textile-garment export revenue is expected to reach 39 billion USD in 2021.

Shipments of fishery products are estimated to rake in 8.89 billion USD in 2021, posting a year-on-year rise of 5.7 percent, said Nguyen Quang Hung, deputy head of the Ministry of Agriculture and Rural Development’s Directorate of Fisheries.

The Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) has cooperated with Saigon Liberation Newspaper to launch a campaign for green consumption in 2021.

Two-way trade turnover between Vietnam and Russia totalled 4.97 billion USD in the Jan- Nov period of 2021, a year-on-year increase of 12.07%; accounting for 0.83% of the country’s total export turnover, according to statistics of the General Department of Vietnam Customs.