Illustrative image (Source: VNA) Hanoi (VNA) – The EU-Vietnam Free Trade Agreement (EVFTA) has brought about a range of opportunities for German investors in Vietnam after it came into force more than one year ago. Alexander Goetz, Chairman of the German Business Association (GBA) in Vietnam, said the deal will give a boost to the Vietnam-EU trade in the coming years. Vietnam is Germany ’s biggest trade partner in the Association of Southeast Asian Nations ( ASEAN ), he said, adding the GBA hopes that the removal of trade barriers will lead to an increase in investments. He said the Southeast Asian nation has remained attractive to producers thanks to market advantages, plus the EVFTA. Vietnam is one of the three top destinations for German firms to expand investments in Asia. Bosch Group, which has operated in Vietnam more than a decade ago and become the biggest German investor in the country, said it will further expand its presence in Vietnam following the … [Read more...] about EVFTA motivates German investors to scale up projects
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Vietnam remains an attractive destination for foreign direct investment and continues to benefit from a changing global supply chain, US-China trade tensions, and production disruptions in other regions. Many foreign-invested enterprises (FIEs) will continue to pour capital into Vietnam as they see negative impacts caused by Covid-19 as only short-term difficulties. Many foreign investors intend to increase more capital in Vietnam. Photo: ABB Vietnam Nguyen Thi Bich Ngoc, Deputy Minister of Planning and Investment, shared her view at the seminar themed “Covid-19 and FDI: impacts and prospects” held on September 27. She said that many foreign investors have confidence in the business environment in Vietnam. Ngoc said the total newly-registered capital, adjusted capital contribution and share purchase of foreign investors in Vietnam as of September 20 increased by 4.4% over the same period in 2020. ADB Country Director Andrew Jeffries said that Vietnam … [Read more...] about Foreign invested enterprises continue expanding investment in Vietnam: say experts
In his remarks, Nguyen Manh Tien, deputy head of the committee, said digital economy is a trend pursued by countries worldwide amid the COVID-19 pandemic, and Vietnam is not an exception. Participants shared their views on Vietnam’s digital economy, as well as advantages, difficulties and solutions to boost the digital economy, particularly digital finance and digital banking, to deal with impacts of COVID-19 and prepare for post-pandemic recovery. They also looked into international experience in this regard, and proposed policies to serve the country’s socio-economic development effectively and sustainably. Tran Thi Lan Huong, senior public administration expert from the World Bank, said Vietnam has good infrastructure. However, there still remain limitations in bandwidth, transmission quality, mechanisms and policies. She suggested the country invest more in digital capacity in agencies and businesses, consolidate mechanisms to promote innovations, and utilise private … [Read more...] about Digitization – effective solution to recover economy: seminar
According to the Vietnamese Office for Trade Affairs in the E.U., a large volume of Vietnamese goods exported to the Netherlands are re-exported to other European countries. Therefore, Vietnam is also considered the leading trade partner of the Netherlands in Asia. The Vietnam-E.U. Free Trade Agreement (EVFTA) is expected to open up greater for businesses from both countries to foster their partnership. According to the Ministry of Industry and Trade (MoIT), Vietnam and the Netherlands have shared close ties in various fields, especially industry, green and renewable energy, circular economy and emission reduction towards sustainable development. Meanwhile, the Dutch Government and investors have shown interest in partnering with Vietnam in trade, industry and energy. Vietnam has been and will be a good choice for Dutch investors, while the business communities of both sides have sought business and investment opportunities in each other’s country, thus optimizing advantages … [Read more...] about Netherlands – Gateway for Vietnamese goods to enter E.U.
Workers at a factory owned by Nestle Vietnam in southern Dong Nai Province. — VNA Photo The World Bank (WB) on Tuesday said the East Asia and Pacific region’s recovery had been hampered by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality in its October 2021 East Asia and Pacific Economic Update Briefing. “While China’s economy is projected to expand by 8.5 per cent, the rest of the region is forecast to grow at 2.5 per cent, nearly two percentage points less than forecast in April," said the WB. "Employment rates and labour force participation have dropped, and as many as 24 million people will not be able to escape poverty." While the region managed to contain the virus last year as other parts of the world struggled, the rise in cases since then had decreased growth prospects for this year, according to WB East Asia and Pacific vice-president Manuela Ferro. Ferro, however, … [Read more...] about East Asia and Pacific to grow by 2.5 per cent in 2021
Vietnamese Foreign Minister Bui Thanh Son (L) and his Russian counterpart Sergei Lavrov at the joint press conference following their talks in Moscow on September 28 (Photo: VNA) Moscow (VNA) – Vietnamese Minister of Foreign Affairs Bui Thanh Son held talks with his Russian counterpart Sergei Lavrov in Moscow on September 28 as part of his official visit to Russia from September 25 to 28. FM Son affirmed that the Vietnamese Party, State, and people always keep in mind and treasure the wholehearted support and assistance that the Russian people have given to the Vietnamese during the struggle for national liberation and reunification in the past and the “Doi moi” (Renewal) nowadays. Vietnam consistently views Russia as one of its leading important and trustworthy partners, he emphasised. Lavrov affirmed that Vietnam is a very important partner in his country’s foreign policy. Both ministers held that the Vietnam - Russia comprehensive strategic partnership has kept … [Read more...] about Vietnam – Russia partnership keeps developing dynamically: FMs