Forum looks to bolster Vietnam-Eastern Europe trade
Huge opportunities remain in trade between Vietnam and Eastern Europe, said Deputy Minister of Industry and Trade Hoang Quoc Vuong during a forum held in Ho Chi Minh City on May 8.
At the Vietnam-Eastern Europe Trade Forum (Photo: VNA)
HCM City (VNA) – Huge opportunitiesremain in trade between Vietnam and Eastern Europe, said Deputy Minister ofIndustry and Trade Hoang Quoc Vuong during a forum held in Ho Chi Minh City onMay 8.
The Vietnam-Eastern Europe Trade Forum isdesigned to bolster Vietnam’s exports of farm produce, garment-textiles, andfootwear to Eastern Europe in the time to come.
At the event, Vuong said Eastern Europe hasbeen an important export market of Vietnam. The two sides set up institutionsand solid legal frameworks to foster bilateral cooperation over the time,including 14 inter-governmental committees, the Vietnam-Poland economiccooperation consultation mechanism, and the Eurasian Economic Union (EAEU)-Vietnamfree trade agreement (FTA).
In addition, the eight Eastern Europeannations which are members of the European Union (EU) have greatly contributedto Vietnam’s EU-related revenues.
However, trade revenues between Vietnam andEast European countries remain modest, the official said. The figure stood at10.1 billion USD in 2018, accounting for only 2.65 percent of Vietnam’s totalexport values.
In the coming time, FTAs with the EU andEAEU will remove trade barriers to bolster cooperation in trade, industry, andinvestment between Vietnam and European countries, and those in the easternregion in particular.
Vietnamese businesses need to improveproduct quality and diversify their markets as well as export items, which willraise the competitiveness of domestic firms and labour productivity, he added.
Meanwhile, Dmitry Makarov from the Officeof Trade Representation of the Russian Federation in Vietnam, based in HCM City,said Vietnamese firms should pay attention to the development and consumptiontrends of the Russian market, one of the major markets for Vietnamese firms. –VNA
Officials of Vietnam and the Eurasian Economic Union (EAEU) lauded the upbeat outcomes brought about by the EAEU – Vietnam free trade agreement (EAEU – Vietnam FTA) in more than one year and a half since it took effect.
The Department of Trade Defence under the Ministry of Industry and Trade will begin releasing Vietnam’s export data to the Eurasian Economic Union (EAEU) on a monthly basis to help local businesses avoid Most Favoured Nation (MFN) tariffs.
A Vietnamese delegation led by Minister of Planning and Investment Nguyen Chi Dung is attending the fourth Eastern Economic Forum (EEF) held in the Russian city of Vladivostok.
The implementation of the Free Trade Agreement (FTA) between the Eurasia Economic Union (EAEU) and Vietnam over the last two years was reviewed at a workshop in Moscow, Russia on October 19.
Trade between Vietnam and Russia was estimated at 4.57 billion USD in 2018, up 28.6 percent year on year, partly thanks to the enforcement of the free trade agreement (FTA) between Vietnam and the Eurasian Economic Union (EAEU).
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.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
At the Vietnam-Eastern Europe Trade Forum
