Topic: trade

Vietnam's government is serious about taking proactive steps to demonstrate a real commitment to addressing the trade imbalance while solving burdens and barriers faced by American companies and investors, according to an AmCham representative.

Of the Q1 trade turnover, exports reached $102.84 billion, up 10.6 per cent year-on-year.

Notable adjustments include a reduction in the preferential import tax rate for automobiles under HS codes 8703.23.63 and 8703.23.57, from 64% to 50%.

Other localities such as Ha Tinh, Thanh Hoa and Thua Thien Hue have seen positive results at their port facilities after implementing similar incentive policies.

The US remains Vietnam’s largest export market, while China is its largest import source.

One of the key highlights of the CPTPP is its provisions on digital trade, e-commerce, and cross-border data flows.

The turnover of goods import-export in 2024 stood at $786.29 billion, an increase of 15.4 per cent compared to the previous year.

These priorities are to ensure exports continue to drive economic growth and meet the targets of achieving a GDP growth rate of approximately 6.5-7.0%.

At a seminar on December 30, representatives of Vietnam trade offices abroad noted that many necessary conditions have already existed for Vietnamese businesses to expand to the global market.

Vietnam has not taken full advantage of the Regional Comprehensive Economic Partnership (RCEP), according to a representative from the Ministry of Industry and Trade.