EVFTA is the most comprehensive and ambitious trade and investment agreement that the European Union has ever signed with a developing Asian country. This trade pact has a positive impact on competitiveness enhancement and market development. However, more than the elimination of import taxes, EVFTA is also the driving force for supply chain development in the coming time.
October, 2020
Thua Thien Hue, Vietnam
While businesses are struggling with difficulties caused by business shutdowns, production reductions and inventory increases, the first support measures such as corporate income tax incentives are considered ineffective and unhelpful. They are waiting for the second support package with more new solutions.
Up to 85% of the Vietnamese population are using the Internet, ranking 13th out of 20 countries for most internet users in the world, according to a survey by Nielsen Vietnam Company and Miniwatts Marketing Group in 2019. Given an annual growth of about 30%, e-commerce revenue in Vietnam is forecast to reach US$15 billion in 2020. As e-commerce is a fertile soil, it will be used to sell counterfeits, knockoffs, goods of unknown origin, or even prohibited goods.
Vietnam’s trade value was estimated at US$337.28 billion in the first eight months of 2020, just 0.02% higher than in the same period in 2019, according to the General Department of Vietnam Customs. Of the sum, the export value was forecast at US$174.1 billion, up 1.6%, and the import value was projected at VND163.17 billion, down 1.6%. The surplus in merchandise trade was estimated at nearly US$11 billion in the eight-month period.
Vietnam’s trade value was estimated at US$337.28 billion in the first eight months of 2020, just 0.02% higher than in the same period in 2019, according to the General Department of Vietnam Customs. Of the sum, the export value was forecast at US$174.1 billion, up 1.6%, and the import value was projected at VND163.17 billion, down 1.6%. The surplus in merchandise trade was estimated at nearly US$11 billion in the eight-month period.
The Vietnamese stock market strongly advanced and become one of the best performers in the world in August when the VN-Index added 10.4%. According to Viet Dragon Securities Corporation (VDSC), August momentum and expected fresh foreign cash flows can help the gauge surpass the 900-point threshold achieved in June and possibly reach 920 points in September 2020.
Despite being affected by the COVID-19 pandemic, some industries continue to see more businesses than others, e.g. construction, building materials, real estate (23.9%), finance (11.6%), food and drink (10.9%%) and electricity (6.3%).
The Ministry of Health (MoH) and the Vietnam Social Security (VSS) recently held a ceremony to sign the Coordination Regulations on making and enforcing policies and legal regulations on health insurance in Hanoi.
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, “Alibaba” or “Alibaba Group”) on September 16 revealed its New Manufacturing model for the first time with the unveiling of Xunxi Digital Factory.
A range of Vietnamese agricultural products are set to enjoy tax incentives brought about by the European Union-Viet Nam Free Trade Agreement (EVFTA).
The Ministry of Agriculture and Rural Development (MARD) held a ceremony in Gia Lai Province on September 16 to announce the export of the first batch of Vietnam-grown passion fruit to Europe under the European Union-Vietnam Free Trade Agreement (EVFTA).
Vietnamese
