Being the top in Asia countries exporting to US, Vietnam hits the highest record for export to US market in the first nine month of 2019.
As reported by the statistics of the General Department of Việt Nam Customs, there was a tremendous growth of imports of materials for textiles, leather and footwear from Canada of 179.8 % to hit US$11.8 million in the first four months of 2018.
Foreign Investment Agency (FIA) statistics revealed that the Foreign Direct investment (FDI) in Vietnam disbursements rose 10 per cent year-on-year to US$6.75 billion in the first five months of 2018.
From January to May, FDI pledged in Vietnam totaled about $7.15 billion, an annual reduction of 31 per cent. Statistics also showed foreign investors had injected their capital in 17 industries and fields during the same period. The manufacturing and processing sectors attracted the lion’s share of FDI with $5.18 billion, accounting for 52 per cent of total investments.
Following China’s ban on import of plastic wastes from the EU, the US and Japan this year, these wastes have been sending to Southeast Asian countries, including Vietnam. But with consignees failing to claim shipments, the wastes are piling up at ports including in HCM City.
This year, it would continue to create favorable conditions for businesses, especially by reducing customs clearance time by 50 per cent. Now it takes 70 hours to clear export goods and 90 hours for imports. To achieve its target, the department would continue with administrative reform, improving e-government services such as Vietnam Automated Cargo and Port Consolidated System/Vietnam Customs Information System and facilities such as online tax payment through banks and the Treasury for customs clearance.
Vietnamese enterprises can either adapt and move up the global supply chain, or stand by while imported goods flood the country’s market while 2018 brings newer and bigger free trade agreements (FTAs). As from MoIT information, from 2018 onward, 85 per cent of Vietnamese exports will be subject to significantly lowered tariff levels of zero to 5 per cent.
Việt Nam has accused the US of improper use of zeroing methodology that results in a higher level of anti-dumping duties on foreign producers, as well as other practices inconsistent with WTO
The Vietnamese Government issued 10 Decrees on the special preferential import tariff schedules in order to implement free trade agreements coming into force from January 01, 2018. Specifically:
According to observers, Vietnam has been doing a better job in gradually curbing unreported and unregulated fishing, one of the key factors affecting the adoption of the Vietnam-EU Free Trade Agreement.
The Department of Asia-Africa Markets under the Ministry of Industry and Trade has encouraged local businesses to promote trade with their Middle East counterparts besides traditional markets like the United States, European Union and Japan.