The Asian and African markets played an important role in the growth of Việt Nam's trade thanks to positive import-export figures in 2021, according to the Ministry of Industry and Trade (MoIT).
In a resolution on the socio-economic tasks to be accomplished in 2022 and financial outlays, the Government has designated it as a year of economic recovery. Efforts made by both foreign and domestic enterprises will play a key role in achieving the goals.
Over the past two years, the pandemic has brought significant challenges for the Vietnamese economy. They are likely to continue this year. Nevertheless, a more targeted and focused economic recovery programme will present more opportunities for growth.
Agriculture, beauty and personal care; and home and gardening are three potential export industries in which Vietnamese small-and-medium enterprises (SMEs) can grab the opportunity to grow their business in 2022.
While many plastic enterprises reported positive results in both revenue and profits in the fourth quarter of last year, there are still enterprises reporting a decline in profits, even suffering losses.
World Trade Organization (WTO) membership and the signing of 15 free trade agreements (FTAs) has been moving Việt Nam’s economy forward over the past 15 years.
While textiles is one of the key industries in Việt Nam with high export revenue, it is also among industries that pose a high environmental and social risk, according to Nguyễn Quốc Hùng, general secretary of Việt Nam Bankers Association.
Being flexible in accessing distribution systems, overcoming logistical difficulties and making good use of free trade agreements (FTA) are important factors for Vietnamese goods to better access the Eurasian market in the coming time, said insiders.
Although much of the economy was impacted by the fourth wave of COVID-19 in 2021, Việt Nam’s imports and exports reached a record of nearly US$670 billion, an increase of almost 23 per cent from 2020.
As long as the reforms are kept on track, the RCEP will be the new driver for the economy to speed up the recovery process and later thrive in the post-pandemic period by further integrating into regional value chains.
The following is the entire speech by Nguyễn Phú Trọng, General Secretary of the Communist Party of Việt Nam, as he addressed the first-ever National Foreign Relations Conference for the Implementation of the Resolution of the 13th National Party Congress held in Hà Nội on December 14, 2021.
Việt Nam’s stock market is expected to experience ups and downs, but the overall trend is estimated to be up next year thanks to expectations of economic recovery after the pandemic.
Enterprises, as the driving force for economic development, need to be more proactive in developing business and production plans in the context of the COVID-19 pandemic, especially taking more advantage of free trade agreements (FTAs) to increase exports.
Minister of Industry and Trade Nguyễn Hồng Diên speaks to Vietnam News Agency about this issue.
Despite a negative impact caused by the COVID-19 pandemic, Việt Nam’s exports have scored a spetacular success this year with 11-month export revenues reaching approximately US$300.
Many banks expect the participation of foreign strategic shareholders will help them increase capital and improve governance capacity and competitiveness, but the current regulations on foreign ownership ratio are making it difficult, according to experts.
South Korean businesses should pour more capital to fully tap Việt Nam’s 100-million-strong market and gradually access the ASEAN market of 600 million as well as other markets which have signed free trade agreements (FTAs) with Việt Nam
The Ministry of Agriculture and Rural Development is considering a project expanding 10 million hectares of agricultural production with VietGap standards.