Eu vietnam free trade agreement

A vast array of companies are getting involved with foreign markets, especially Europe (Photo Le Toan) With years of experience in exporting produce to the EU, Phan Van Thuong, director of G.O.C Food Processing Export JSC, a private company located in the northern province of Bac Giang, said that his company is investing a large amount of money in expanding its operations. Over the years, the company’s export turnover of foods like pineapples, baby cucumbers, and asparagus to the EU has seen rapid growth. “Our company once had to refuse an order of 35 containers to Germany, and was able to accept 20 instead, because we didn’t have enough material,” Thuong said. According to him, since the EU-Vietnam Free Trade Agreement (EVFTA) was signed in late June, some EU companies have contacted his company seeking co-operation. “They’re interested in typical Vietnamese products,” he said. In another case, at the Nafoods factory in the Mekong Delta … [Read more...] about Agri-trade to blossom through EVFTA

Illustrative image (Source: VNA) Hanoi (VNA) – Vietnam’s foreign trade turnover is likely to surpass 500 billion USD in 2019, Deputy Minister of Industry and Trade Do Thang Hai said at a press conference in Hanoi on December 12. The total import-export turnover in January-November was estimated at 472 billion USD, he noted. In the 11-month period, Vietnam exported 241.7 billion USD worth of goods, a year-on-year rise of 7.9 percent. The country spent 230.7 billion USD on imports, up 6.6 percent from the same period last year. Hai said these outcomes were achieved in the context of sluggish global economy due to increasing risks, challenges, and trade protectionism. Despites difficulties in 2019, the Vietnamese Government and ministries have spared no effort to simplify administrative and investment procedures, said Nguyen Cam Trang, deputy head of the Import-Export Department under the Ministry of Industry and Trade (MoIT). To date, Vietnam has joined negotiation and … [Read more...] about Vietnam’s foreign trade to exceed 500 billion USD in 2019

The total import-export turnover in January-November was estimated at $472 billion, he noted. In the 11-month period, Vietnam exported $241.7 billion worth of goods, a year-on-year rise of 7.9 percent. The country spent $230.7 billion on imports, up 6.6 percent from the same period last year. Hai said these outcomes were achieved in the context of sluggish global economy due to increasing risks, challenges, and trade protectionism. Despites difficulties in 2019, the Vietnamese Government and ministries have spared no effort to simplify administrative and investment procedures, said Nguyen Cam Trang, deputy head of the Import-Export Department under the Ministry of Industry and Trade (MoIT). To date, Vietnam has joined negotiation and signing of 16 free trade agreements (FTAs), with 12 already signed and coming into force, she said. The Government and the MoIT have paid special attention to the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Vietnam’s foreign trade to exceed US$500 billion in 2019

Retail is attractive for investors as the industry has advantages after foreign wholly-owned retail firms have been allowed to set up in Vietnam and taxes imposed on most of goods imported from other ASEAN countries to Vietnam are exempted. Vietnam’s retail industry is continuing to see more merger and acquisition (M&A) deals made by both domestic and foreign investors thanks to a rising income of local consumers and free trade agreements, but the competition in the market is also becoming fierce, experts said. South Korea’s GS 25 is completing final procedures to acquire Zakka Mart VinCommerce, the retail arm of Vietnam’s largest listed firm Vingroup, last week took over convenience store chain Shop&Go, which was one of the earliest ones in the country by opening its first store in 2006, for a symbolic US$1. Shop&Go now has 70 stores in Ho Chi Minh City and 17 in Hanoi, open 24/7 and selling consumer goods, fast foods and beverages among others. … [Read more...] about M&A in Vietnam’s retail industry on the rise in 2019

Students study at the Sa Pa Town Primary School in the northern mountainous province of Lao Cai (Photo: VNA) Hanoi (VNS/VNA) - Enterprises must be fully aware of children's rights and work to ensure them, experts said at a conference held in Hanoi on December 11. The conference, organised by the Vietnam Chamber of Commerce and Industry (VCCI) and UNICEF Vietnam, drew nearly 100 participants from concerned institutes, academies and ministries. During the conference, experts discussed children’s rights and getting enterprises aware of these rights and contributing to promoting them nationwide. Nguyen Quang Vinh, general secretary of the VCCI, said joining trading conventions brought new opportunities for Vietnam, but also challenges. Enterprises must strictly follow regulations about child labour and child’s rights, which was part of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement … [Read more...] about Enterprises have to ensure children’s right: experts