Hanoi (VNA) – During the first half of 2020, Vietnam reported 22 commodities with export turnover of over 1 billion USD, making up 86.2 percent of the total, according to the Ministry of Industry and Trade. Mobile phones and spare parts topped the list with 21.5 billion USD, followed by electronic products, computers and components 19.3 billion USD. Garment-textile and machinery, equipment and spare parts groups posted 12.8 billion USD and 10.3 billion USD in export revenue, respectively. According to the ministry, in January-June, the country’s total export value surpassed 121 billion USD, a year-on-year decline of 1.1 percent. The domestic economic sector contributed over 41 billion USD or 34.1 percent, while the foreign investment sector nearly 80 billion USD or 65.9 percent. The US was the biggest export market of Vietnam in the period with 30.3 billion USD, up 10.3 percent year on year. China came second with 19.5 billion USD, up 17.4 percent, followed by the EU … [Read more...] about 22 commodities enjoy export turnover of over 1 billion USD in first half
Top textile exporting countries
Hanoi (VNA) - Experts have suggested Vietnamese enterprises improve product quality standards to overcome barriers imposed by the fastidious yet promising EU market, thus optimising the advantages to be generated from the EU-Vietnam Free Trade Agreement (EVFTA). A resolution ratifying the EVFTA and the EU-Vietnam Investment Protection Agreement sailed through the National Assembly at its ongoing ninth session in Hanoi on June 8, with more than 90 percent of delegates voting in approval. According to Luong Hoang Thai, Head of the Ministry of Industry and Trade (MoIT)’s Multilateral Trade Policy Department, Vietnam makes up only 2 percent of imports by the EU - the world’s second largest importer - due to the competition with other economies. Vietnam has been enjoying trade preferences offered unilaterally by the EU under the General Scheme of Preferences (GSP), but only 42 percent of tariff lines are zero. With the EU’s strong commitment to market opening and … [Read more...] about Local enterprises must raise product quality to surmount EU barriers: experts
The EU-Vietnam Free Trade Agreement is expected to open up a market for Vietnam with a combined GDP of close to 2.2 trillion USD. According to the deal, tariff on Vietnamese products such as garments, computers, phones, apparel, footwear, textiles, general electronics, and farm devices will decline from 9.7 percent to 2 percent in 2025. … [Read more...] about Vietnam – preferred destination of foreign capital: U.S. website
The proposal on resuming trade relations with 17 economies, important partners which make up 90 percent of foreign investment, 80 percent of international trade and 80 percent of travelers to Vietnam, has been made by the HCM City Party Committee Secretary Nguyen Thien Nhan. … [Read more...] about How should Vietnam reopen to other economies after COVID-19?
Hanoi (VNA) – The US website Seeking Alpha has described Vietnam as the preferred destination of foreign capital in recent years with annual economic growth of 7 percent, twice as much as the world average. While agriculture continues to be a dominant source of employment, much of Vietnam’s economic growth in the recent past has been driven by the services and industrial segments, according to the website. One of the reasons that make Vietnam more attractive than other countries is its labour costs, which are half that of China and also considerably lower than its other manufacturing competitor – Mexico. Seeking Alpha said Vietnam’s dominance lies in the electronics manufacturing (36 percent) followed by footwear. Some notable US names that have recently made inroads into Vietnam include Sourcify, Cooper Tyres, and Key Tronic. The website cited a survey conducted by the US Chamber of Commerce which showed the rate of respondents selecting Vietnam as the … [Read more...] about Vietnam – preferred destination of foreign capital: US website