Vietnam reported an estimated trade deficit of 176 million USD in the first two months of the year, according to the General Statistics Office of Vietnam (GSO). ​

China has now appealed to the World Trade Organization (WTO) members to remove “unnecessary restrictions” which have affected trade between China and World.

Relations between the EU and some ASEAN member states have been tense in recent years because of the seafood trade, stemming from the European Commission’s (EC) sanctions related to the illegal, unreported and unregulated (IUU) fishing. As Chair of ASEAN 2020, Vietnam hopes to promote cooperation among ASEAN member states and address this issue to actively contribute towards better ASEAN-EU trade relations.

Minister of Industry and Trade Tran Tuan Anh on February 26 asked relevant departments and agencies to optimise commitments in the European Union – Vietnam Free Trade Agreement (EVFTA) which will take effect later this year.

Though Vietnam’s economy will suffer in the short term from the novel coronavirus epidemic, the country’s drive to integrate into the global economy will continue to create plenty of new opportunities for trade and investment in the long run, experts have said.

On February 12, 2020, the European Parliament ratified the EU-Vietnam Free Trade Agreement (EVFTA) receiving 401 votes in favor, 192 against and 40 abstentions. On the same day, the EU-Vietnam Investment Protection Agreement (“EVIPA”) was also approved marking a historic step in EU-Vietnam trade relations. Both agreements were already officially signed in Hanoi In June 2019.

After a period of steady growth, in 2019, Vietnam's shrimp export value was only US$ 3.36 billion, down 5.4% compared to 2018. However, the prospects for shrimp exports in 2020 are quite bright, with positive signals from big markets and some emerging markets.

India is under pressure to give its approval to the World Food Programme (WFP) initiative at the World Trade Organization (WTO) that would exempt food purchases for humanitarian purposes from export restrictions as most other members have given it a go-ahead, an official close to the development has said.

In the long run, the collaborations between Singapore firms and firms in the European Union (EU) will be more seamless, courtesy of the landmark trade pact between Singapore and the EU that became binding in November 2019. The pact emphasises key foundations like standardising and simplifying customs procedures.

Minister of Planning and Investment Nguyen Chi Dung has affirmed that India is a major trade partner and investor of Vietnam, urging the two sides to spare no efforts to soon realise the target of bringing bilateral trade to 15 billion USD.