Trade – Investment

On December 29, a free trade agreement (FTA) between Vietnam and the United Kingdom was officially signed by representatives of the two countries. The FTA will take effect from 23:00 of December 31, 2020.

The 2020 trade balance enjoys a surplus of about 19.1 billion USD, marking the highest level in 5 consecutive years since 2016, according to the Ministry of Planning and Investment’s General Statistics Office (GSO).

OCOP products feature the combination of indigenous resources and traditional culture with the application of science and technology; creating diverse, rich, and quality products, beautiful packaging design, and traceability, reported Vietnam News Agency.

(CPV) - Businesses added more than 5.5 quadrillion VND to the economy in 2020, a year-on-year increase of 39%, reported the General Statistics Office (GSO).

(CPV) – Thanks to trade agreements, Vietnam’s seafood export is forecast to increase by 10% in 2021, reaching more than 9.4 billion USD, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

(CPV) – The Consumer Price Index (CPI) in December 2020 rose by 0.1% compared to the previous month and increased by 0.19% compared to the same period last year, reported a representative of the General Statistics Office (GSO).

A 2.4 trillion VND (104.5 million USD) solar power plant was inaugurated in Van Ninh district, the central province of Khanh Hoa, on December 26.

(CPV) – The southern province of Binh Phuoc will call for 2 billion USD of investment in 80 projects in processing-manufacturing, support industry, and high technology agriculture, said the provincial leaders.

Under the framework of the Free Trade Agreement between Vietnam and the Eurasian Economic Union (EAEU), the countries of this bloc will provide a tariff quota of 10,000 tons of rice from Vietnam in 2021.

The Vietnam Bank for Social Policies (VBSP) was awarded the “Labour Hero in Renewal Period” title for its contributions to promoting sustainable poverty reduction, new-style rural area building and ensuring social welfare policies in the country, at a ceremony on December 21.

The annual Vietnam Business Forum (VBF) 2020 will open in Hanoi on December 22 with the theme “Challenges and opportunities in the new normal”.

The Prime Minister has agreed to select eight key border gate economic zones to receive state budget for development in the 2021-2025 period.

A workshop to promote economic and trade cooperation between Vietnam and Russia was held by the Vietnamese Embassy in Russia at the Hanoi – Moscow trade centre on December 22.

(CPV) - The Asian Development Bank (ADB) and the Government of Viet Nam signed a USD5 million grant agreement on December 22nd 2020, funded by the Women Entrepreneurs Finance Initiative (We-Fi), to support Vietnamese women-led small and medium-sized enterprises (WSMEs) whose access to finance has been weakened because of the coronavirus disease (COVID-19).

The export of Vietnamese goods via the distribution networks of foreign retailers has proven to be an effective and sustainable channel, Deputy Minister of Industry and Trade Do Thang Hai told a conference in Hanoi on December 17.

Five exhibitions - the Vietnam International Machinery Fair, Vietnam Supporting Industry Fair, Vietnam International Retailtech and Franchise Show, Vietnam International Premium Products Fair, and Vietnam International Maternity Baby and Kids Fair - opened in HCM City on December 17.

The first half of December has witnessed Vietnamese import-export turnover reach over USD25 billion, thereby increasing the turnover rate over the previous 11 months to more than USD515 billion, similar to 2019’s figure of approximately USD517.26 billion, according to the General Department of Customs.

The ASEAN Committee in Brasilia (ACB) and the Brazilian Trade and Investment Promotion Agency (Apex-Brasil) recently held an online meeting aimed at discussing future trade and business co-operation opportunities and ways to develop further economic ties between Brazil and both ASEAN and the nation.

Though COVID-19 has hampered exports, the agricultural sector remains confident of achieving this year’s export target of over 41 billion USD.

The Thanh Dat Cocoa Co Ltd in the southern province of Ba Ria-Vung Tau on December 16 sent 2 tonnes of 15 types of organic chocolate products to Japan.

Construction of a 40-million USD sports equipment factory began on December 15 at the Hoa Khanh Industrial Park in the central city of Da Nang’s Lien Chieu district.

The Japan Centre for Economic Research (JCER) has predicted that Vietnam will become an upper-middle-income country in 2023, and its GDP will surpass that of China’s Taiwan in 2035.

The capital city honoured 26 products as its key industrial products in Hanoi on December 11.

A plenary meeting of the International Support Group (ISG), themed “Vietnam agriculture and rural development in the context of COVID-19: Opportunities and Challenges”, took place in Hanoi on December 11.

Minister of Industry and Trade Tran Tuan Anh and UK Secretary of State for International Trade Liz Truss signed the agreed minutes on the conclusion of negotiations over the UK-Vietnam Free Trade Agreement (UKVFTA).

A webinar was held recently to delve into the diversification and exploitation of new opportunities in Vietnam – Argentina economic cooperation.

A total of 100 sustainable development businesses in Vietnam this year were honoured during an awards ceremony held in Hanoi on December 10, which was attended by Vice State President Dang Thi Ngoc Thinh.

The number of newly-established enterprises in November 2020 increased 7.3% from the previous month and soared 6.7% compared to the same period last year, while the number of enterprises resuming operations rose 5.4% month on month, according to the General Statistics Office (GSO).

A range of issues, including those regarding working environments and the reform of State-owned enterprises and the stock market, will be included in the action plan for Phase VIII of the Vietnam-Japan Joint Initiative.

An agreement on concluding negotiations of the Vietnam-UK Free Trade Agreement (UKVFTA) will be signed on December 11, according to the Ministry of Industry and Trade (MoIT).