Americas among Vietnam's largest trade partners despite of COVID-19
The Americas remained some of Vietnam’s largest trade partners despite the adverse effect on commerce caused by the COVID-19 pandemic, heard participants at a conference organised by the Ministry of Industry and Trade (MoIT), aimed at connecting Vietnamese firms with trade partners in American countries in Hanoi on September 25.
Deputy Minister of Trade and Industry Do Thang Hai speaks at a conference to connect Vietnamese firms with trade partners in American countries in Hanoi. (Photo baodauthau.vn)
Hanoi (VNS/VNA) - The Americas remained some of Vietnam’s largesttrade partners despite the adverse effect on commerce caused by the COVID-19pandemic, heard participants at a conference organised by the Ministry ofIndustry and Trade (MoIT), aimed at connecting Vietnamese firms with tradepartners in American countries in Hanoi on September 25.
According to the ministry, two-way trade between Vietnam and American countriesduring the first eight months of the year increased 11.8 percent from the sameperiod last year to 69.3 billion USD, with the Southeast Asian country’sexports increasing 15.9 percent.
Trade between Vietnam and the Americas has grown 350 percent in the lastdecade, from a modest 28 billion USD in 2011 to 96.8 billion USD in 2019. Lastyear, Vietnam also spent 23.2 billion USD on the import of goods and servicesfrom the continent.
A number of free trade agreements that came into effect in recent times havehelped to fuel rapid trade growth such as the bilateral trade agreementsbetween Vietnam and the US, Chile and Cuba, and the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP) which includesCanada, Peru and Mexico.
Vietnam had seen some of the fastest-growing trade ties with the continent inrecent years, said Deputy Minister of Industry and Trade Do Thang Hai.
By the end of August 2020, 28 American countries held stakes in 1.530 projectsacross Vietnam with a total investment value of 22.8 billion USD. Vietnam’ssuccessful campaign to contain the COVID-19 pandemic has made it an attractivedestination for American investors, especially against the backdrop ofincreased trade tensions between the US and China.
The conference’s objective was to provide domestic firms with the mostup-to-date information regarding changes in economic policies and commerce inAmerican markets. The MoIT urged Vietnamese firms to conduct additional studieson said markets and their demand for Vietnamese products to identify tradeopportunities as well as potential issues and challenges./.
German tape manufacturer Tesa plans to build a 55 million EUR (65 million USD) factory in Northern Vietnam in an effort to expand its production as from 2023, according to Germany’s Handelsblatt newspaper.
US Secretary of State Mike Pompeo on September 11 issued a press statement affirming the enduring commitment to the Association of Southeast Asian Nations (ASEAN).
Vietnam has been ranked second after the US on a list of the world's most active, dynamic and potential markets for merger and acquisition (M&A) deals this year.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Deputy Minister of Trade and Industry Do Thang Hai speaks at a conference to connect Vietnamese firms with trade partners in American countries in Hanoi. (Photo baodauthau.vn) 
