Vietnam, EU review bilateral trade deal implementation
Minister of Industry and Trade Nguyen Hong Dien and European Commission Vice-President and EU trade commissioner Valdis Dombrovskis have co-chaired the first meeting of the EU-Vietnam Free Trade Agreement (EVFTA)'s Trade Committee.
Hanoi (VNA) – Minister of Industry and Trade NguyenHong Dien and European CommissionVice-President and EU tradecommissioner Valdis Dombrovskis have co-chaired the first meetingof the EU-Vietnam Free Trade Agreement(EVFTA)'s Trade Committee.
The meeting, held in online format, aimed to review theimplementation of the deal and discuss issues related to trade and investmentin both bilateral and multilateral frameworks.
Participants adopted Decision No. 01 of the committee on itsoperation mechanism, which comprises regulations on its function, membership, secretariat,decision-making procedure, and information transparency.
Both sides agreed to coordinate closely to speed up theimplementation of the deal and cope with matters that may pose negative impactson the operation of businesses of both sides, thus maintaining and developingthe supply chain amid COVID-19 pandemic.
At the meeting, the two sides also mentioned a number ofmultilateral issues such as the reform of the World Trade Organisation (WTO) and thepreparation for the 12th WTO Ministerial Conference, which isscheduled to take place from November 30 to December 1 in Switzerland.
The Vietnamese side highly valued and supported the EU’sefforts over the years in ensuring that the WTO operates in line with newreality in international trade and investment as well as interests of membercountries, especially under-developed and developing ones, said Minister Dien.
𒅌 The EVFTA became effective on August 1, 2020. Afternearly one year of implementation, the two sides have enjoyed positive growthin bilateral trade. Their import-export value hit 27.67billion USD in the first six months of 2021, up 18.4 percent over the sameperiod last year./.
The Ministry of Industry and Trade (MoIT) will finalise and issue a number of legal documents needed for the implementation of the UK-Vietnam Free Trade Agreement (UKVFTA) in 2021.
Despite COVID-19 cutting into demand for textiles and garments, enterprises have poured investment into materials to improve production capacity, completing the supply chain and taking advantage of new generation free trade agreements (FTAs) that have come into effect.
Vietnam and the European Union (EU) witnessed strong growth in bilateral trade in the first months of 2021, which is largely attributed to the EU - Vietnam Free Trade Agreement (EVFTA) that took effect on August 1 last year.
Vietnam's export turnover reached more than 280 billion USD in 2020, a 55-fold increase from the figure of 5 billion USD in 1995 thanks to the effectiveness of free trade agreements (FTAs) it has signed with partners, according to the Multilateral Trade Policy Department under the Ministry of Industry and Trade.
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.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
An overview of the meeting (Photo: baodautu.vn) 
