Made-in-Vietnam goods are more competitive than those of other Asian countries in the Republic of Korea (RoK) thanks to the effective implementation of the Vietnam-RoK and ASEAN-RoK free trade agreements, experts said at a workshop in Ho Chi Minh City on November 2.
HCM City (VNA) – Made-in-Vietnamgoods are more competitive than those of other Asian countries in the Republicof Korea (RoK) thanks to the effective implementation of the Vietnam-RoK andASEAN-RoK free trade agreements, experts said at a workshop in Ho Chi Minh Cityon November 2.
Apart from making use of preferential tariffs,Vietnamese businesses are aware of the significance of studying the market andinvesting in designs to create high-quality products.
Notably, Vietnam’s southern economic hub of HoChi Minh City has many opportunities to expand its presence in the RoK.
According to the municipal Department ofIndustry and Trade, the RoK is the fifth biggest importer of the city, makingup nearly five percent of its total export turnover. HCM Citymainly exports garment-textile, footwear, electronic products and spare parts,computers, wood and timber products.
In the first ten months of 2017, the cityexported 29.15 billion USD worth of goods through the country’s border gates, ayear-on-year rise of 13.3 percent.
Deputy Director of the department Nguyen HuynhTrang said Vietnam has signed 12 free trade agreements, including 10 effectiveones.
To promote exports to the RoK, Vietnamese firmsshould address shortcomings in packaging and papers declaration and map out aproper strategy to increase competitiveness in the market, she suggested.-VNA
A quarter of a century of diplomatic relations between Vietnam and the RoK has yielded substantial progress, especially in investment and trade, said Bui Huy Son, head of Vietrade.
A high-level seminar on the reform of public sector, theme of the second-year research between Vietnam and the Republic of Korea (KOICA), took place in Hanoi on October 20.
A trade exchange event was held in Seoul, the Republic of Korea (RoK) on October 24 to seek to increase the presence of Vietnamese products, especially farm produce and consumer goods, in the RoK market.
More than 100 scientists, policy makers, researchers, lecturers and press experts from Vietnam and the Republic of Korea (RoK) were brought together at a workshop in Hanoi on November 1 to share experience in communicating public policy to promote social consensus in specific arenas such as healthcare and nuclear energy.
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
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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.
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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.
Vietnamese goods favoured in RoK (Photo VNA)
