The Economies of Vietnam and Israel Complement Each Other
	Forecast Shows Vietnam to Rank 21st Place in World's Top Economies by 2038

Under the chairmanship of National Assembly Chairman Tran Thanh Man, on the afternoon of June 4, the National Assembly conducted a group questioning session on issues in the field of industry and trade.

The National Assembly focused on questioning specific content groups on management, supervision, and protection of consumer rights in e-commerce activities.

Minister of Industry and Trade Nguyen Hong Dien at the event. Photo: VGP

Reporting on a number of contents related to the group of issues questioned at the National Assembly, Minister of Industry and Trade Nguyen Hong Dien said that in recent years, the world has faced many unprecedented difficulties and challenges such as supply disruption, decline in aggregate demand due to the pandemic, armed conflicts, trade wars and geopolitical competition between major countries.

However, the industry and trade sector has strived to achieve many positive results in all aspects, making important contributions to the country's economic development.

To promote domestic production and create motivation for economic growth, in recent years, the Government and Prime Minister have been directing the Ministry of Industry and Trade, along with sectors and localities, to promote import and export activities through negotiating, signing, and effectively utilizing free trade agreements of which Vietnam is a member.

To date, Vietnam has 16 free trade agreements that have been put into effect, with more than 60 partners, most of which are large economies spanning all continents, accounting for nearly 90% of global GDP. This makes our country one of the 20 leading countries in the world in terms of international trade scale with a high, stable growth rate and continuously achieving records in trade surplus.

To achieve that result, Minister of Industry and Trade Nguyen Hong Dien said that the industry and trade sector has coordinated with ministries, branches, and localities to promote information about international commitments in FTAs ​​that Vietnam is a member.

The Ministry of Industry and Trade guided and helped businesses focus on key potential markets.

The Ministry strengthened trade promotion activities, connecting the supply and demand of goods and services, and promptly providing information about the market, new regulations, and policies of the host country.

The effective utilization of FTAs ​​in recent times helped Vietnamese businesses expand and diversify markets, and supply chains and boost exports, creating conditions for our country's goods to participate more deeply in the global production and supply chain.

However, the effectiveness of utilizing incentives from FTA is not as expected. Our country's import and export of goods still depends heavily on a few large markets. The proportion of export turnover of our country's enterprises is still low compared to foreign enterprises. These are problems that the Government, ministries, branches, and localities need to overcome in the coming time.

With the support of the State and the outstanding efforts of the business community, the supporting industry and mechanical industry of our country has made significant progress, growing higher than the overall growth rate of the entire industry.

They contribute to improving localization and domestic added value, making important contributions to total import-export turnover, trade surplus, and economic restructuring in agriculture, rural areas, and the country's overall growth.

Paraguay Strengthens Ties With Vietnam In Trade Cooperation Paraguayan news agency ABC Color said Vietnam is a potential market in many fields, especially agricultural products such as soy and meat.

Vietnam, Singapore Boost Cross-border Trade, Electronic Payment This partnership can drive innovation, develop common e-commerce security and infrastructure, promote skills development and facilitate cross-border trade.