Weekly Vietnam Economy News (25 – 31 May, 2020)

Ho Chi Minh City is ready for a new wave of foreign investment after COVID-19

Vietnam and Ho Chi Minh City in particular still attract foreign investors who are continuing to pour capital into the Southern economic center despite the COVID-19 pandemic.

Vietnam and Ho Chi Minh City in particular still attract foreign investors who are continuing to pour capital into the Southern economic center despite the COVID-19 pandemic.

The City Statistical Office reports that from the beginning of this year to April 20, the city has attracted more than US $ 1.3 billion of foreign direct investment (FDI), including new registration and additional capital, and buy shares.

According to the HCM City Export Processing and Industrial Authority (HEPZA), nearly US $ 118 million of investment has been poured into HEPZA since the beginning of the year, up 86% from the previous year.

Of the total, FDI reached US $ 65.98 million, up nearly 2.58 times over the same period last year.

With favorable premises, Ho Chi Minh City is expected to welcome a large wave of investment after COVID-19 when investors from the US, Europe and Japan move their production lines to Vietnam, Mr. Nguyen Van Be, President of HEPZA Business Association said.

New wave of EU investment whipped up by coming FTA

The new wave of EU investment has increased thanks to the upcoming FTA

A new phase of EU investment development in Vietnam is coming soon, as the historic Vietnam Free Trade Agreement (EVFTA) is expected to be approved by the National Assembly early next month. By the time it takes effect, it will liberalize 65% of EU exports to Vietnam and 71% of Vietnamese exports to Europe. The remaining tariff lines will gradually be eliminated in the next decade.

WB: EVFTA could increase Vietnam’s exports to 12% by 2030

The World Bank has predicted that the EU-Vietnam Free Trade Agreement (EVFTA) could help Vietnam grow its GDP and exports by 2.4% and 12% respectively, by 2030, the Ministry of Finance. Industry and Trade (MoIT) reported.

The World Bank believes that Vietnam could gain greater benefits from participating in EVFTA and the Comprehensive and Progressive Agreement on Trans-Pacific Partnership (CPTPP) if carrying out economic and institutional reforms in general comply with their conditions.

Vietnam has a trade surplus of 1.9 billion USD in the first five months of the year

Vietnam reported a trade surplus of 1.9 billion USD within the first five months of this year amid the continued complexity for global markets caused by the COVID-19 pandemic.

Next Week EVENT: Duc Trong Trade Fair | Lam Dong | 06-14.06.2020

• Time: 28 – 30/05/2020
• Location: Yard of the Center for Culture, Information and Sports in Duc Trong district
• Booth: 150
• Number of enterprises: 80
• Organizer: Tien Loi Company Limited
• Product: Exhibition of achievements of local economic development, items for industrial and agricultural production such as machines, equipment for production, electricity, electronics, interior decoration. , construction, textiles, food, cosmetics, footwear, household plastics, beer, soft drinks, plant varieties

Compiled from many sources by LOOKOFFICE

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