Day: January 16, 2022

Being flexible in accessing distribution systems, overcoming logistical difficulties and making good use of free trade agreements (FTA) are important factors for Vietnamese goods to better access the Eurasian market in the coming time, said insiders.

According to Ta Hoang Linh, director of the Europe-America Market Department under the Ministry of Industry and Trade (MoIT), the large Eurasian region consisting of 28 countries, stretching from Eastern Europe to Central Asia, is a potential export market for Vietnam.

According to statistics of the General Department of Customs, two-way trade between Vietnam and the Eurasian region hit 12.7 billion USD in 2020, representing a year-on-year of 20.4 percent, accounting for 2.3 percent of Vietnam’s total export turnover.

Despite difficulties caused by the COVID-19 pandemic, the two-way trade in the first 11 months of 2021 reached 12.7 billion USD, 13.1 percent higher than that of the same period of 2020.

According to Vietnamese Trade Counselor in Russia Duong Hoang Minh, Russia is one of the main partners of Vietnam in the Eurasian market.

Russian people are more and more interested in Vietnamese food, he said, noting that dried fruits with good quality such as mango and custard apple have gradually make inroads into this market.

Notably, recently, the Eurasian Economic Union (EAEU) has removed 76 countries, including many of Vietnam’s export competitors to Russia and the EAEU in general like China, Malaysia, Turkey, Brazil, Peru, and Chile, out of the list of those enjoying its tariff preferences.

Meanwhile, after 5 years of implementing the Vietnam-EAEU FTA, most of Vietnam’s goods exported to the region are entitled to zero percent tax rate, Minh said, adding that this is an advantage for Vietnamese businesses to expand their exports, especially agro-forestry-aquaculture products, to Russia.

According to Natalia Zhynkina, Chargé d’Affaires of Ukraine in Vietnam, her country needed to import 6.5 billion USD worth of agricultural products in 2021 but the import value from Vietnam reached only 900 million USD. This shows that there is huge potential for Vietnam to increase export to the market.

In order to fully tap incentives from FTAs and promote import-export growth with the Eurasian market in general and the Russian market in particular, Vietnamese enterprises should actively conduct market survey, join more trade fairs in Russia, and cooperate with Vietnamese firms operating in this country to introduce products in EAEU member countries, Minh said.

Source: Vietnam News Agency

The first national-level Vo Viet Nam (previously called Son Long Quyen) championship took place in Algeria on January 14 and 15 to pay tribute to master Aitabdelmalek Larbi, who brought the Vietnamese martial art to the country in 1973.

In his opening remarks, Vietnamese Ambassador to Algeria Nguyen Thanh Vinh said he is impressed by the large presence of martial artists of all ages, including females, as well as by their enthusiasm and seriousness in practice and competition.

The diplomat affirmed that the embassy always accompanies the Vo Viet Nam Federation in Algeria to expand the practice of the martial art here in contribution to enhancing cultural exchanges between the two countries.

According to President of the Vo Viet Nam Federation Ait Medjber, it was the first tournament organised by the federation after the interruption of activities due to the COVID-19 epidemic.

The event gathered 500 martial artists from clubs across Algeria as well as some foreign students studying and living in the country. It featured individual and team performances.

On the occasion, the Vietnamese Ambassador presented a medal to the president for his contributions to the development of the martial art in Algeria.

Vinh also met with Larbi and presented him the ‘For the cause of culture, sports and tourism’ insignia of the Vietnamese Minister of Culture, Sports and Tourism.

Son Long Quyen, together with many other Vietnamese martial arts, was introduced in Algeria in 1973, and now there are around 15,000 people training at some 200 clubs across the nation. Vovinam (Viet Vo Dao) is also a popular martial art among Algerians, and is followed by over 20,000 people across the country.

Source: Vietnam News Agency

The COVID-19 pandemic might not end this year and business sectors could not fully recover, however, the situation will be more positive than 2021 thanks to the adaptation to ‘new normal’ conditions, said General Director Nguyen Thi Huong of the General Statistics Office (GSO).

In an interview with the Vietnam News Agency, Huong said the 2022 growth can be forecast based on such indicators as macroeconomics and major balances of the economy, creating a premise for more flexible and efficient fiscal and monetary policy management.

According to her, the post-pandemic economic development and recovery programme offering support packages through fiscal and monetary policies will be an opportunity for businesses and people to quickly recover from the pandemic.

Domestic demand will recover and increase gradually, as a proper part of the population have been fully vaccinated.

In the context of the epidemic, many industries and fields have turned to the application of information technology, creating new production and business forms that integrate technology to achieve higher productivity, quality, and efficiency.

In addition, major trade partners of Vietnam are on their ways toward recovery, pushing for stronger transactions in the near future. Meanwhile the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are likely to open up market accesses that facilitate larger trade and investment activities.

‘New normal’ adaptation leads to positive forecast for Vietnamese economy in 2022: official hinh anh 2

Making garment products for export at Thagaco Garment JSC in Dai Tu district, Thai Nguyen province. (Photo: VNA)

The flow of direct foreign investment is projected to be sustained or expanded following Vietnam’s reopening of its international commercial flights.

Huong also noted that the inflation pressure for 2022 is high because when production and consumption demand increases, inflation will be affected by increasing global prices of raw materials.

Earlier, the National Assembly’s Resolution has set the growth target for 2022 at 6-6.5 percent./.

Source: Vietnam News Agency