Vietnam News Today (Aug. 21): Vietnam Forecast to Reach Highest GDP Growth in Asia-Pacific in 2022

Photo: VNA

Vietnam, Poland capitalize on EVFTA preferences

The implementation of the EU-Vietnam Free Trade Agreement (EVFTA) has greatly contributed to raising two-way trade turnover between Vietnam and Poland to over US$1 billion since the beginning of the year.

Nguyen Huu Nam, deputy director of the Vietnam Chamber of Commerce and Industry in Ho Chi Minh City, said the traditional relationship between Vietnam and Poland has been continuously consolidated across multiple fields, especially in trade and investment, since the two countries established diplomatic ties more than seven decades ago.

Currently, Poland is the leading Vietnamese trading partner in Eastern Europe, while Vietnam is Poland’s seventh largest trading partner outside the EU. Last year witnessed two-way trade turnover between the two countries surge by 22% to nearly US$2.6 billion against the same period from 2020.

Notably, Vietnamese exports to Poland edged by 17% year on year to more than US$2.1 billion, while its import value soared by 49% to over US$500 million. Some of the key Vietnamese export products include garments and textiles, seafood, shoes, cereals, coffee, and other farm products.

Meanwhile, Poland ships to Vietnam a wide range of commodities such as pharmaceuticals, dairy products, fresh and processed foods, fresh and canned fruits, concentrated fruit extracts, beef, lamb, and pork, all of which have been produced in line with EU standards.

Poland has developed high-tech agriculture for years and Vietnam can learn lessons from the Polish experience in renovating agricultural technologies by investing in specialised agriculture, fertilizers, and machinery, cited VOV.

At present, Poland is stepping up trade and investment co-operation with Vietnam in the field of import and export of agricultural products and food processing in a bid to enjoy incentive policies of tariffs set out under the terms of the EVFTA.

The removal of 71% of tariffs by the EU following the enforcement of the trade pact and the remaining duties within seven years is anticipated to create favorable conditions for Vietnamese goods to make further inroads into the EU, including Poland, in the near future.

Piotr Harasimowicz, chief representative officer of the Polish Investment and Trade Agency in Ho Chi Minh City, revealed that Vietnamese enterprises are focused on importing advanced machinery and technologies in order to develop the local agricultural and food processing industry, and Vietnam and Poland should increase cooperation in this field which is Poland’s strength.

The move is expected to open up a wealth of opportunities for enterprises of both countries to ramp up co-operation in this field moving forward, he noted.

Covid-19: Additional 2,704 infections added to national caseload on August 20

Vietnam recorded 2,704 new Covid-19 cases on August 20, raising the national caseload to 11,382,258, according to the Ministry of Health.

Photo: TN

With 6,395 patients given the all clear during the day, the number of recoveries rose to 10,062,585. Meanwhile, there are 113 patients needing breathing support, according to VNA.

One death from Covid-19 was recorded in the past 24 hours. The total fatalities stand at 43,104.

On August 19, an additional 696,048 doses of vaccines were administered, raising the total number of doses of Covid-19 vaccines injected to 254,094,673.

Vietnam forecast to reach highest GDP growth in Asia-Pacific in 2022

Despite moderation in July exports this year, Moody’s Analytics – a unit of Moody’s Corporation, has forecast Vietnam’s GDP growth in 2022 to reach 8.5% – the highest among its peers in the Asia-Pacific region.

Vietnam is the only Asia-Pacific (Apac) economy to experience a significant upward revision in GDP growth as forecast by Moody’s Analytics, reported NDO.

A corner of Ho Chi Minh City. Photo: VNA

According to economists from the analysis firm, a very slow reopening of Vietnam’s economy earlier in the year has now turned into a rapid improvement in industrial production and export trade, supported by continued inward foreign direct investment.

While economists highlighted a deceleration of exports as reported in July’s data, they believe demand could stabilise from the US, as its labour market is “quite strong”, in their view.

They also warned that South and Southeast Asia face the greatest risk from a surprise in inflation, which could slow local demand for goods and services, including housing.

Foreign trade hits more than US$30 bln in first half of August

The General Department of Vietnam Customs reported the total import-export value of Vietnam in the first half of August 2022 has hit more than US$30 billion.

Of the total value, exports brought in US$15.13 billion, down about 7%, compared to the second half of July this year.

There are five groups of export products raking in a turnover of US$1 billion or more each. They are phones and components (US$2.71 billion), machinery, equipment, tools and spare parts (US$1.94 billion), computers, electronic products and components (US$1.87 billion), textiles (US$1.8 billion), and footwear (more than US$1 billion).

Photo: VOV

Meanwhile, Vietnam spent US$15.24 billion on imports, an increase of about 7.8% compared to the second half of July 2022. Two groups of commodities with an import value of more than US$1 billion each are computers, electronic products and components (US$3.5 billion), and machinery, equipment, tools and spare parts (US$1.97 billion).

Vietnam as a result slipped into a trade deficit of more than US$100 million in the first half of August, but it had still produced a trade surplus of US$1.39 billion from the beginning of the year to August 15, cited VOV.

Since the beginning of the year to August 15, the country’s total import and export turnover had reached US$464.13 billion, of which exports fetched US$232.76 billion, up 17.67% year on year, and imports hit US$231.37 billion, up 6.5%.

Vietnamese Film Week celebrates national days

A series of Vietnamese films will be screened at Vietnamese Film Week nationwide as part of celebrating the 77th August Revolution (August 19) and National Day (September 2) holidays.

The event, which began yesterday and will run until September 5, presents feature films, documentaries and animated films by talented directors from different periods, NDO reported.

A scene from ‘Anh Thay Ngoi Sao’ (My Teacher) by director Nguyen Duc Thinh. Photo courtesy of the producer

Highlighted works include the feature film Anh Thay Ngoi Sao (My Teacher) produced by CJ HK Entertainment and HK Film, the documentary film Nguyen Tat Thanh- Nhung Dau An Lich Su (Nguyen Tat Thanh- Historical Events) by People’s Army Film Studio, and the animated film Dai Hanh Hoang De (Emperor Le Dai Hanh) by Vietnam Animation Studio.

According to the event’s organizer, the Ministry of Culture, Sports and Tourism, the film screening is being jointly held by the Cinema Department, film studios and cinema centres nationwide.

Television stations have announced they will air a series of revolutionary films during the film week.

These films include Canh Dong Hoang (The Wild Field), released in 1979 and directed by the late People’s Artist Nguyen Hong Sen; and Bao Gio Cho Den Thang Muoi (When October Comes) by late People’s Artist Dang Nhat Minh released in 1984.