Trade – Investment

The People’s Committee of Hanoi hosted a press conference on March 4 to update the media on the capital city’s socio-economic development situation, which saw upbeat signals despite impacts from the COVID-19 pandemic.

Private investments in Vietnam have reached a new peak in contrast to the trend towards decline around the world and in the ASEAN region due to the impact of COVID-19.

Vietnam is to have 280,000 ha of marine aquaculture area and 10.5 million cubic metres of farming cages by 2025, according to the Ministry of Agriculture and Rural Development (MARD).

Ho Chi Minh City attracted 337.8 million USD of foreign investment registered during the first two months of 2021, equivalent to 70.3 percent of the figure in the same period last year, according to the Ho Chi Minh City Department of Planning and Investment.

The COVID-19 prevention and control work needs to ensure the twin targets of pandemic prevention and economic recovery and development so as not to affect production and business activities, Deputy Minister of Industry and Trade Do Thang Hai said at the Government’s regular press conference on March 2.

State budget collection was estimated at 220.5 trillion VND (nearly 9.57 billion USD) in the first two months, equivalent to 16.4 percent of the year’s estimate, according to the General Statistics Office.

The Ministry of Agriculture and Rural Development (MARD) has urged localities to adopt drastic measures to fight irregular, unreported and unregulated (IUU) fishing.

Vietnam is planning to raise the contribution of logistics services to its gross domestic product (GDP) to 5-6 percent by 2025, according to a recent decision signed by the Prime Minister.

Exports in the first half of February continued to gain remarkable growth, helping Vietnam maintain a trade surplus of nearly 3 billion USD.

In 2021, the Ho Chi Minh city Industry and Trade sector strives to achieve the specific and basic targets, including 5% growth in industrial production, with its four key industries (food processing, pharmaceutical chemicals-rubber-plastic, mechanical engineering, and electronics) growing by at least 6.7%.

Bilateral trade between Vietnam and Australia in January 2021 increased 39.92% compared to the same period last year, reaching an estimated 873 million USD, including almost 391 million USD worth of Vietnam’s exports to Australia, according to statistics of the General Department of Vietnam Customs.

In January 2021, seafood exports were valued at 600 million USD, a year-on-year increase of nearly 20%, reported the Ministry of Agriculture and Rural Development.

Deputy Prime Minister (PM) has signed a Decision amending and supplementing Decision 200/QD-TTg dated February 14, 2017, approving the Action Plan to improve competitive capacity and develop Vietnam’s logistics services by 2025.

Seaport areas seeing the most rapid growth are Hai Phong (26%), Ho Chi Minh City (27%) and Cai Mep – Thi Vai (29%), according to a representative of the Vietnam Maritime Administration.

Six projects were granted investment licenses, including three foreign-invested projects from Japan and the US, the two major investment attraction markets of Da Nang.

Vietnam’s GDP growth is expected to hit 7% in 2021 thanks to recovery of external demand, according to a preliminary assessment by the ASEAN+3 Macroeconomic Research Office (AMRO).

The Export-Import Bank of the Republic of Korea (KEXIM) has proposed that Ho Chi Minh city People’s Committee allow conducting an investment study for the phase 2 of Metro Line No. 5 (Bay Hien intersection – New Can Giuoc bus station) in the public-private partnership (PPP) form.

The export of Vietnamese farm produce such as aquatic products, pepper, rubber, and rice to the Netherlands has soared since the EU-Vietnam Free Trade Agreement (EVFTA) took effect, the Ministry of Industry and Trade (MoIT) has reported.

A Vietnamese entrepreneur has won the Golden Lion Award of Russia’s St. Petersburg city for his effective contributions to developing relations between the Russian locality and its global and regional partners.

A conference has been held in Moscow to discuss the outlook of the Eurasian Economic Union (EAEU) and the role of Vietnam and Belarus in the expansion of the Asia-Europe development space.

Automobile producer THACO recently shipped more than 200 Kia vehicles and auto parts to Thailand, Myanmar, Japan, and the Republic of Korea (RoK).

The US’s decision not to impose anti-dumping tariffs on frozen shrimp products of the Minh Phu Seafood Joint Stock Company exported to the US is objective and fair, said the Vietnamese Ministry of Industry and Trade (MoIT).

Soc Trang province's efforts to improve its business climate is paying off with more and more investors, both domestic and foreign, coming since 2016.

Foreign direct investment plays an important role in Vietnam's economic growth.

Of the six ASEAN nations, only Vietnam posted an increase in exports for 2020, up 7 percent to 282.66 billion USD, according to The Straits Times.

High hopes are pinned on Vietnam’s rice exports in 2021 when major export markets such as the Philippines and Africa continue to sign contracts to buy rice from Vietnam, while many others have great demand for fragrant rice and sticky rice – which are advantageous staples of Vietnamese enterprises.

The UK-Vietnam Free Trade Agreement (UKVFTA), which became effective on January 1, is expected to create a strong motivation pushing Vietnam forwards on the path of economic development and international integration.

Da Nang’s authorities are building a detailed plan for the city's first international duty-free zone and smart urban area for investors, with construction set to commence soon as the Import-Export Pan Pacific Group (IPPG) has asked the city to allocate land for the project.

Vietnam will continue with the building of a modernity-oriented agricultural sector with complete value chains in 2021, according to Minister of Agriculture and Rural Development Nguyen Xuan Cuong.

Free Trade Agreements (FTAs) which were signed and implemented have been opening favorable future prospects for Vietnam when it joins an economic unit with GDP accounting for 60% of global GDP.