Business News

New free trade agreements (FTAs), which were signed and took effect in 2020, are expected to push Viet Nam into becoming more competitive by reducing trading costs and improving its business environment.

According to Nguyen The Nhien, deputy general director of Hung Thinh Land, the group has had to scale down its business due to the pandemic, and is carrying out more market research into its investment strategy. “We are changing in the three key fields of developing more affordable products, offering reasonable price, and phasing out processes of payment to clients,” Nhien said.

According to the representative of the Ministry of Industry and Trade, the UKVFTA was negotiated based on principles that were inherited from commitments in the EU-Viet Nam Free Trade Agreement (EVFTA) and were amended in accordance with the bilateral trade framework between Viet Nam and the UK.

Vietnam’s GDP grew 2.91 percent this year, the lowest in a decade, but it remained one of the fastest-growing economies in the world.

The garment and textile sector is targeting an export turnover of US$38-39 billion in 2021, said Lê Tiến Trường, general director of the Việt Nam Textile and Garment Group (Vinatex).

As plenty of economies are hit hard by COVID-19, Vietnam has come out on top with the GDP growth rate of nearly 3 per cent, listed among the top 10 economies with the highest growth.

Despite tremendous impacts of the Covid-19 pandemic, the Vietnamese economy expanded 2.91% and trade surplus reached a record high of US$19.1 billion this year.

Despite the severe impacts of the COVID-19 pandemic, Vietnam still managed to gain remarkable achievements in FDI attraction. This is one of bright spots that has helped drive economic growth.