The heads of the WTO and six multilateral development banks on 1 July issued a joint statement promising to address shortages in trade finance, so that financial market stresses arising from the COVID-19 crisis do not prevent otherwise-viable trade transactions, including for essential goods such as food, drugs and medical equipment.

Vietnam’s footwear and leather exports in 2020 can only hit US$15 billion at best, compared with the target of US$20 billion set earlier this year, according to an industry body.

Vietnam’s economy unexpectedly expanded in the second quarter, through at its slowest pace since 2011 despite the COVID-19 pandemic, according to Bloomberg.

With an increasingly open business environment, and continuing international integration, Việt Nam has long been regarded as a promising destination for foreign investment.

The World Trade Organisation is in the news mostly for the wrong reasons nowadays. Many people regard it as an ineffective policeman of an outdated rule book that is unsuited to the challenges of the 21st-century global economy. WTO members generally agree the organisation urgently needs reforming to remain relevant.

The 36th ASEAN Summit will take place on June 23 in Vietnam against the backdrop of severely damaged business and investor confidence as an impact of the COVID-19 pandemic. Containing and mitigating the spread of the pandemic is the current priority of all ASEAN member states, along with a concerted effort to shore up public health systems.

The number of COVID-19 cases and deaths in Vietnam are much lower than in most countries worldwide due to early and aggressive anti-pandemic response. But this does not mean that the impact of the pandemic on Vietnam is less severe.

The lockdowns that started in China’s Hubei province on 23 January were a major disruption to the international supply of manufactured goods. Its capital Wuhan, the epicentre of the COVID-19 pandemic, is an industrial powerhouse that produces nearly 10 per cent of all motor vehicles made in China and, for example, is home to more than 100 parts suppliers for Honda alone.

The rise of Vietnam has been highlighted in a recent survey of the Australian Chamber of Commerce (AustCham), as Vietnam is now considered the most favourable place to expand business, surpassing the Philippines and Myanmar in recent years as well as Australia’s long-term business partners namely Malaysia and Singapore.

Despite the economic picture for the opening five months of the year appearing gloomy due to the impact of the novel coronavirus (COVID-19) with the majority of indicators being low in comparison to last year, May, the first month after social distancing, has seen the gradual recovery of manufacturing, tourism, and transport firms