Dr Trần Thị Hồng Minh, Director of the Central Institute for Economic Management, talks to the Vietnam News Agency about Việt Nam’s potential for economic development in 2021

The number of foreign direct investment (FDI) enterprises continues to increase in Việt Nam, but more are reporting losses. The Ministry of Finance (MoF) said FDI firms' contributions were not yet commensurate with the preferential policies given to them.

Amid unprecedented difficulties, Vietnam made good ground in 2020 and is well placed to make further foreign relations headway this year, experts say.

China will step up efforts to expand its free trade area network with trading partners across the world to enlarge its “circle of friends”, while eliminating more tariffs on goods and broadening market access for services trade and investment, according to commerce minister Wang Wentao.

In 2016, textile export turnover was only US$28.1 billion, but by 2019 it reached US$38.9 billion, with average growth of 9.55%. In particular, the trade surplus has outstanding growth when it reached US$11.1 billion in 2016 and US$16.9 billion in 2019.

2020 was an extremely difficult year for the domestic and global economies due to the negative impacts of Covid-19 and global trade disruption. But Vietnamese exports recorded an impressive performance, becoming a bright spot and laying the foundation for a firm economic recovery in 2021.

The EU has agreed on trade deals with the U.K. and China, while African countries launched an enormous free-trade zone. While each of these developments comes with some risks, they also offer opportunities for Europe to increase its global competitiveness. But it must remain both vigilant and open.

The UK-Vietnam Free Trade Agreement (UKVFTA), which became effective on January 1, is expected to create a strong motivation pushing Vietnam forwards on the path of economic development and international integration.

A Free Trade Agreement (FTA) between Israel and Ukraine took effect over the weekend and is estimated to double the trade between Israel and Ukraine within the next two to three years to $2 billion.

Vietnam is determined to cooperate with the U.S. in achieving balanced and sustainable trade relations, Prime Minister Nguyen Xuan Phuc told a forum Thursday.