Existing and future free trade agreements are expected to promote innovations in the business community to enable firms to compete not only at home, but also on international markets.
Hanoi (VNA) – Existing and future free trade agreements are expected to promote inn🅘ovations in the business community to enable firms to compete not only at home, bu🍌t also on international markets.
According to Tran Du Lich, member of the National Assembly's Economic Committee, success in the market will be determined by restructuring and creativity, rather than scale.
Lich said that businesses need to operate in a climate in which innovations were encouraged and the State played a role in ensuring the market remains operating on the right track.
Vietnam, having great opportunities to increase its economic growth in the coming decades, will help Southeast Asia expand the industrialisation process and avoid risks of lower middle income traps, Lich said.
Competition is anticipated to become more fierce, not only at home but on international markets, and firms improving their competitiveness was called critical to being able to take advantage of opportunities.
However, Lich pointed out that the competitiveness of Vietnamese businesses remained low, especially in high-tech industries, capital-intensive sectors and high-end services.
There are some 550,000 existing firms in Vietnam, but only one-fourth of them were capable of exporting, he said, adding that there was also a lack of stability in the quality of their products.
Other problems included high input costs, infrastructure inadequacies, and loose links in the production chain.
It is now time for Vietnamese businesses to restructure and to mature, according to Lich.
He noted that bad debt, public debt and institutional reforms, in addition to strengthening local markets, must be thoroughly tackled.
Faster than ever Vietnam is integrating more rapidly than any other ASEAN country, except Singapore, according to Vo Tri Thanh, Deputy Director of the Centre Institute of Economic Management.
He also believes that the Vietnamese economy will enter a new thriving period, marked by participation in the Trans-Pacific Partnership.
He urged Vietnamese to study new-generation FTAs carefully to understand rules of origin and meet technical norms to allow for participation in these markets.
Thanh further predicted that there would be a boom in the consumption and service industries to benefit end-users.
Thanh also said, at a conference 🗹held by the Vietnam Association of Consumer Goods on February 19, that creation of a 400-page economic strategy report, entitled 2035, would be officially announced this week.-VNA
The free trade agreement between the European Union and Vietnam is expected to push Vietnam’s exports into the demanding EU market, helping the country become industrialised and modernised by 2020.
The Vietnam-Republic of Korea (RoK) free trade agreement (VKFTA) is billed as a significant legal framework for enterprises from Vietnam and the RoK to expedite investment and cooperation.
Russian news website Lenta.ru reported that Vietnam has set a world record on the number of FTA signed with foreign partners in one year, quoting a remark by an expert of the RIAC.
Vietnam’s trade and industry sectors have been warned about fiercer competitions when the free trade agreements (FTAs) that Vietnam has signed take effect.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
A garment producer in Thai Nguyen (Source: VNA)
