Want to be in the loop?
subscribe to
our notification
Business News
RCEP AGREEMENT TO TAKE EFFECT IN JANUARY 2022
The Regional Comprehensive Economic Partnership (RCEP) Agreement will officially take effect starting January 1 next year, according to the Ministry of Industry and Trade.
The trade pact was signed by 10 ASEAN members and their five partner countries in November 2020 on the sidelines of the 37th ASEAN Summit chaired by Việt Nam.
It will come into effect 60 days after it is ratified by at least six ASEAN members and three other signatory countries.
As of November 2, six ASEAN nations, including Việt Nam, and four signatories - China, Japan, Australia and New Zealand - had submitted documents ratifying the agreement to the ASEAN Secretary-General.
The RCEP agreement taking effect from January next year is expected to multilateralise free trade agreements that ASEAN signed with partner countries, harmonise commitments and regulations in the trade pacts, maximise economic interests, particularly origin principle and trade facilitation, and strengthen regional supply chains and economic recovery in the post-pandemic period.
The agreement, gathering the 10 ASEAN member nations and Australia, China, Japan, New Zealand and the Republic of Korea, will cover a market of 2.2 billion people, accounting for about 30 per cent of the world’s population, and a total GDP of US$26.2 trillion.
Source: VNS
Related News
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.