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ASEAN prioritises RCEP signing by year’s end PDF Print
Monday, 31 August 2020 15:27

NDO/VNA - The Association of Southeast Asian Nations (ASEAN) has agreed to prioritise its signing of the Regional Comprehensive Economic Partnership (RCEP) with six free trade partners by the end of this year.

The six partners are China, the Republic of Korea, Japan, India, Australia, and New Zealand.

The information was unveiled by Minister of Industry and Trade Tran Tuan Anh at an August 30 press conference on the 52nd ASEAN Economic Ministers' Meeting and related meetings.

According to the minister, most of the major issues in the RCEP negotiations have been handled satisfactorily, with ASEAN ministers giving specific directions, including those on legal review, to boost preparation for the signing and to facilitate the engagement of India in the process.

There is a need for another conference this October to review the preparation before reporting the work at the ASEAN Summit in the following month, he added.

The official said the pact is always a prioritised content in Vietnam’s integration strategy.

The RCEP deal aims to establish common rules for e-commerce, trade and intellectual property. It will cover a third of the global economy and half the world's population, if India is included, with its GDP accounting for 32 percent of the global GDP.

Concerning the 52nd ASEAN Economic Ministers' Meeting and related meetings that ran from August 22 to 29, the minister said it was the most important event of the bloc’s economic channel this year.

At the their meeting, ASEAN economic ministers agreed to continue carrying out initiatives and economic priorities set by Vietnam as the Chair of ASEAN this year. Two initiatives on ASEAN digital integration indicator and terms of reference (TOR) on connecting ASEAN innovation centres have been completed, while the remaining 11 ones are under implementation to be done by year’s end.

In addition, ASEAN member nations approved the import tariff in implementing the ASEAN Trade in Goods Agreement (ATIGA); completed procedures for the signing of the ASEAN Mutual Recognition Arrangement on Type Approval for Automotive Products (AP MRA); and agreed to conduct the ASEAN-Wide Self Certification Scheme (AWSC) starting September 20 this year.

They also discussed and sought solutions to the implementation of the ASEAN Economic Community Blueprint 2025 in line with the new regional context as well as orientations to build a master plan for ASEAN’s post-pandemic economic recovery.

Their discussions also covered the enhancement of cooperation between the bloc and a number of partners like Australia, New Zealand, Canada, and the UK.

Economic ministers from ASEAN member nations and the three partners of China, Japan, and the Republic of Korea (known as ASEAN +3) passed an action plan on easing COVID-19 economic impact and a joint initiative on economic connection to fight the pandemic.

The ASEAN ministers agreed to maintain open trade and investment market, limit the application of unnecessary trade barriers, increase measures to facilitate trade to stabilise production, and sustain supply chain linkages.

                                                                               Source: nhandan online

 

 
One year after its coming into force, the Comprehensive and Progressive Agreement for Trans-Pacific PDF Print
Friday, 28 August 2020 14:59

 

Vietnam has completed customs clearance procedures for seven tonnes of frozen durian into the New South Wales state of Australia, beginning the fruit’s journey to conquer consumers in one of the most fastidious markets in the world. This batch of durian was imported by the ASEAN Company, headquartered in New South Wales.

Nguyen Phu Hoa, Commercial Counselor, Head of the Vietnam Trade Office in Australia, said that although Australia has not yet granted permission for the import of fresh durian, frozen durian has become a popular product in the country. In order to promote and boost the consumption of a typical Vietnamese product such as this, the Vietnam Trade Office in Australia has coordinated with the ASEAN Company to hold Vietnamese Durian Week, gathering many Asian people from July 20-31.

To further enhance the opportunity for the Vietnamese durian to penetrate the Australian market, the Vietnam Trade Office has promoted the organisation of Vietnamese Durian Week with an attractive programme, during which customers buying durian will have the chance to win luxury Vietnamese agricultural products. The promotion campaign aims to introduce a variety of Vietnam’s high-quality agricultural products to the Australian market, thus opening up market opportunities for the country’s products across different strengths. Following Durian Week, the Vietnam Trade Office will continue to work with several import agencies in Perth City ,Western Australia state, to launch a promotional programme for several batches of Vietnamese durian branded AAA, which ire expected to arrive in the state early next month.

The event is one of the trade promotional programmes aiming to bring Vietnamese products into Australia, one of the greatest potential markets under the CPTPP. More than a year since its coming into effect, the CPTPP created about encouraging initial results and has contributed to increasing the country’s export turnover.

According to the Ministry of Industry and Trade (MoIT), exports to CPTPP member countries witnessed positive growth in the first half of 2020, such as exports to Australia having increased by 2.3%, to Chile by 1.6% and to Mexico by 1.6%. Although the growth rate was not too high, this result is considered to be a cause for optimism in the context of the Covid-19 pandemic affecting the export turnover of goods.

Deputy Director General of the MoIT's Multilateral Trade Policy Department, Mr. Ngo Chung Khanh affirmed that the positive result of foreign trade activities with CPTPP member countries was the impact of overall reform. The CPTPP contains many contents related to reform requirements.

In 2019, Vietnam’s export turnover to CPTPP member markets recorded good growth, especially exports to the Canadian and Mexican markets, who do not have free trade agreements with Vietnam, increasing sharply by 26%-29%. In previous years, Vietnam’s trade deficit with the soon to be CPTPP bloc was US$0.9 billion per year; however, in the first year of the CPTPP agreement taking effect, the country reported a trade surplus of US$1.6 billion to the bloc. The trade surplus result continued to be maintained in the first half of this year with exports to many markets such as Canada, Mexico and Peru.

Promoting market opportunities

There are still vast opportunities for increasing market share in the CPTPP, but in fact Vietnam has not yet taken full advantage of these. Ngo Chung Khanh cited that only 43/63 provinces and cities have established trade relations with CPTPP member countries. Especially, less than 10 localities have had trade relations with the Mexican and Canadian markets which have only recently signed free trade agreements with Vietnam.

State management agencies have proactively pursued the agreement’s benefits in recent times. Accordingly, 577 seminars and conferences on the CPTPP were held nationwide in 2019. That was a huge number; however, the number of enterprises exporting to Mexico and Canada is still modest.

“The CPTPP is the most complicated agreement that we have ever negotiated. Even several articles in the CPTPP are more complex than the Vietnam – EU Free Trade Agreement (EVFTA). Therefore, it will be a pity if the enterprises do not take full advantage of it”, said Mr.Khanh.

Le Tien Truong, General Director of the Vietnam National Textile and Garment Group (Vinatex), said that the yarn-forward rule of origin in the CPTPP has become the biggest challenge making the textile and garment sector not take full advantage of the agreement. So far, Vietnamese enterprises still import over 50% of raw materials. Meanwhile, the plans for the development of the sector and raw material area have been left open.

Accordingly, textile and garment enterprises need the support of the Government in raising the localisation rate of raw materials, especially stage of dyeing and weaving that is facing numerous difficulties as many localities have rejected dyeing projects due to concerns about environmental pollution.

Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Vu Tien Loc, noted that in addition to the communications of FTAs among enterprises, the Government should reform institutions and quickly legislate commitments to create favourable conditions for enterprises. The VCCI official also suggested that businesses should improve their governance, diversify markets and build risk prevention systems.

In fact, the opportunity to increase exports to CPTPP member countries is huge after Japan officially opened the door for Vietnamese lychees this year. In addition, the People’s Committee of Mai Son district (in Son La province) on June 22 coordinated with the provincial trade promotion centre to hold a ceremony to export 30 first tonnes of mango in the year to the US, Canada and Australia. Australian consumers have been familiar with Vietnamese mangoes in recent years; however, this is the first Vietnamese mangoe shipment exported to Canada which is considered a potentially major market of Vietnam in CPTPP bloc. Vietnam’s durians have also begun to conquer the Australian market. The above opportunities are expected to contribute to increasing the country’s export turnover to CPTPP member countries in the near future.

                                                                                                       Soure: en.nhandan.com.vn

 
Viet Nam has moved up one place to rank 88th among 193 countries in the United Nations E-Government PDF Print
Friday, 28 August 2020 14:52

Viet Nam scored High in the Online Services Index (OSI) and E-Participation Index (EPI) (up from 0.5 points to 0.75 points).

In the Association of Southeast Asian Nations (ASEAN), Viet Nam was ranked sixth after Singapore, Malaysia, the Philippines, Thailand and Brunei.

Viet Nam came 99th in the 193 member states in the UN e-government development index in 2014. In 2016, the country moved up to the 89th position.

The country aims to be among the top four countries in ASEAN in e-government development index by 2020.

The E-Government Development Index (EGDI) 2018 was divided into four subgroups (Very-High, High, Middle, and Low).

In this year’s edition, 40 countries scored “Very-High”, with EGDI values in the range of 0.75 to 1. Denmark, Australia and the Republic of Korea are leading countries in e-government development.

The EGDI is a weighted average of normalised scores on the three most important dimensions of e-government: the Online Service Index (OSI), the Telecommunication Infrastructure Index (TII), and the Human Capital Index (HCI).The OSI plays a main role in improving the EGDI.

Biennially, the United Nations Department of Economic and Social Affairs (UNDESA) provides an overview of the e-government development in UN member states.

                                                                                                                    Source: VNS, MPI

 
Vietnam’s exports up slightly in first seven months of 2020 PDF Print
Friday, 28 August 2020 14:20

Vietnam exported goods worth a total US$145.8 billion in the first seven months of 2020, up by a slight 0.2% compared with the same period in 2019, according to the General Statistics Office.

 

Meanwhile, imports fell by 2.9% to US$139.3 billion, meaning Vietnam posted a trade surplus of US$6.5 billion during the period.

Domestic companies’ exports recorded strong growth at 13.5% to reach US$50.8 billion while exports by foreign-invested firms declined by 5.7% to US$95 billion, including oil revenue.

Imports by domestic companies rose 1.5% while those in the foreign sector fell 6.2%.

The January-July period saw 23 categories of exports earning US$1 billion each, whose combined revenues accounted for 87% of Vietnam’s total exports.

The world’s two largest economies, the United Stated and China, remained the biggest buyers of Vietnamese goods at US$37.9 billion and US$23.5 billion, respectively. Such figures represent respective increases of 15% and 18.4%.

In the meantime, declines in exports were recorded in most other major markets.

Shipments to the EU reached US$19.5 billion, down 5.9%, while exports to ASEAN fell by a sharp 15.4% to US$12.8 billion.

Revenue from exports to Japan and the Republic of Korea also dropped by 5% and 0.4% respectively.

On the other side, China was the largest source of Vietnamese imports, estimated at US$41.6 billion, down 1.8%. Imports from the Republic of Korea and ASEAN, the second and third largest markets, fell by 9.2% and 11.3%, respectively.

However, purchases from Japan, the United States and the EU rose by 5.1%, 2.5% and 6%, respectively.

 

Source: www.moit.gov.vn

 
Webinar seeks ways for firms of Vietnam, France to capitalise on EVFTA PDF Print
Friday, 28 August 2020 14:06

A webinar on chances brought by the EU-Vietnam Free Trade Agreement (EVFTA) for Vietnamese and French businesses took place on July 8th, 2020

It was jointly held by the Ministry of Industry and Trade and France’s Ministry of Europe and Foreign Affairs.

 

 

 

As the EVFTA is due to take effect on August 1, the event aimed to provide French businesses with information on Vietnam’s trade and investment policies following the deal, as well as on the potential market with a population of nearly 100 million and the gateway to ASEAN.

Speaking at the event, Minister of Industry and Trade Tran Tuan Anh underlined that the Vietnam-France trade and investment ties have enjoyed favourable conditions after 50 years of the diplomatic relations and seven years of the strategic partnership, with economic ties as a pillar.

France is among leading partners of Vietnam as the fourth largest export market of the Southeast Asian country. The Vietnam-France trade and investment ties will turn over a new promising page to overcome challenges after the EVFTA take effects, he added.

He hoped to further cooperate with French partners in the fields of clean and renewable energy, high technology, agriculture, processing and manufacturing, among others.

The minister pledged that Vietnam will create optimal conditions in terms of investment climate and infrastructure for French companies to capitalise on benefits brought by the EVFTA.

Vietnamese firms are urged to improve business models and management to meet requirements and trends of the European market.

Statistics showed that two-way trade tripled to US$5.3 billion in 2019 from roughly US$1.6 billion 10 years ago, making France the third largest trade partner of Vietnam in Europe, only after Germany and the Netherlands.

As of May 2020, France had invested in 588 projects in Vietnam with a combined capital of US$3.56 billion, ranking second among the European investors in Vietnam.

In the first five months of this year, export-import value of the two nations slipped 18.66% year-on-year to US$1.77 billion due to the impact of COVID-19. Vietnam shipped products worth US$1.2 billion to France in the period.

Source: www.moit.gov.vn


 
H.E. Minister Tran Tuan Anh welcomes Director of International Trade Center (ITC) of United Nations PDF Print
Thursday, 20 June 2019 11:16
BT_tiep_ITC_2_edit_On 6th June 2019, at the headquarter of Ministry of Industry and Trade, H.E. Minister Tran Tuan Anh had a meeting with Ms. Arancha Gonzalez, Director of International Trade Center (ITC – Trade policy research agency supporting trade promotion activities of the United Nations and the World Trade Orga…

 
Vietnam’s 10-month trade revenue with APEC member countries rises 17.4% PDF Print
Friday, 01 December 2017 12:48

VIETRADE - Total import-export revenue between Vietnam and APEC member economies reached US$265.3 billion in the past 10 months of this year, surging 17.4% year-on-year and almost equal to revenue seen in the whole year of 2016, according to the General Department of Vietnam Customs.

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Singapore: Vietnam’s major trade and investment partner PDF Print
Friday, 10 November 2017 10:18

VIETRADE -  Over past years, Singapore has retained its position as Vietnam’s one of the largest trade and investment partner in Asia, especially in Southeast Asia.

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