Vietnam and Australia on August 23 agreed to raise bilateral trade from nearly 7.8 billion USD in 2018 to 10 billion USD next year.
The EU-Vietnam Free Trade Agreement (EVFTA) is the first FTA that the EU has signed with a developing country in Asia. The newly-signed deal will bolster bilateral trade and investment of European businesses in Vietnam.
Vietnamese Minister of Industry and Trade Tran Tuan Anh and Korean Minister of Trade, Industry, and Energy Sung Yunmo signed a memorandum of understanding (MoU) in Seoul on December 6 on an action plan for attaining 100 billion USD in bilateral trade by 2020.
Prime Minister Nguyen Xuan Phuc has suggested Vietnam and Malaysia should work hand in hand to elevate their annual bilateral trade to US$15 billion or beyond by 2020.
Bilateral trade between Vietnam and the UK reached US$3.12 billion in the first half of this year (a year-on-year rise of 14.2%), with Vietnam’s exports to the European market at US$2.73 billion (up 14%) and imports at US$389.76 million (up 14.7%), according to the General Department of Vietnam Customs.
According to the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) roadmap, Australia cuts 90% of import taxes this yearand 100% of tax lines will drop to zero as from 2020. Meanwhile, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will promisingly facilitate trade ties between Vietnam and Australia.
India and Singapore decided to hold a dialogue to enhance bilateral trade and economy on October 4, according to Indian news agency PTI.