Vietnam hoped to become EU’s largest trade partner in ASEAN
Vietnam is expected to become the EU’s largest trade partner in the Association of Southeast Asian Nations (ASEAN) once the EU-Vietnam Free Trade Agreement (EVFTA) comes into effect in 2018, according to Minister of Industry and Trade Tran Tuan Anh.
Dragon fruits are packaged at the Cat Tuong agricultural products produciton and processing Co. Ltd in Tien Giang province (Photo: VNA)
Hanoi (VNA) – Vietnam is expectedto become the EU’s largest trade partner in the Association of Southeast AsianNations (ASEAN) once the EU-Vietnam Free Trade Agreement (EVFTA) comes intoeffect in 2018, according to Minister of Industry and Trade Tran Tuan Anh.
The minister said Vietnam could also becomethe most promising destination in Southeast Asia for European businesses.
According to the Ministry of Industry andTrade (MoIT), the country may serve as an entry point for EU trade to ASEAN.
Once effective, the EVFTA will encourageinvestment from the EU into Vietnam and create opportunities for the two sidesto access each other’s market, the ministry said.
The EU will eliminate about 85.6 percent oftax lines on Vietnam’s exports, with the rate increasing to 99 percent sevenyears later.
Meanwhile, Vietnam will liberalise 65percent of import duties on EU exports. In another 10 years, about 99.8 percentof EU goods exported to Vietnam will enjoy a zero percent tax rate.
Statistics released by the MoIT show thatthe Vietnam-EU trade grew by 8.93 percent in 2016 compared with the previousyear to reach 45.07 billion USD.
Bilateraltrade expanded by 16.2 percent year-on-year in the first five months of 2017.
Ofthe figure, Vietnam’s exports to the EU rose 4.2 percent, mostly apparel,footwear, agro-forestry-aquatic products and computers, while its imports fromthe EU rose 14 percent, including machinery, equipment, pharmaceuticals anddairy products.
Thecountry’s major importers were Germany, the UK, France, Italy, the Netherlandsand Spain.
With a population of more than 500 million,the EU is an attractive market for Vietnamese products like garments,garments-textiles, seafood and coffee.
With the two sides’ commitment to opening upthe market, two-way trade revenue is hoped to hit about 100 billion USDannually.
However, Vietnamese businesses are expectedto face fierce competition, forcing them to improve their operations.
At the same time, the Vietnamese Government plansto fast-track institutional reform and complete the legal framework to catch upwith the development pace and requirements of both domestic and globaleconomies, the ministry said.-VNA
A workshop on promoting trade with EU market via Amazon online shopping channel will be held in Hanoi on May 10, according to the Vietnam Textile and Apparel Association (Vitas).
Two-way trade between Vietnam and the European Union (EU) grew 16.2 percent year-on-year in the first five months of 2017, according to the Ministry of Industry and Trade.
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.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Dragon fruits are packaged at the Cat Tuong agricultural products produciton and processing Co. Ltd in Tien Giang province (Photo: VNA) 
