There’s little hope for a global economic rebound in 2020.

Britain and the European Union kick off talks on Monday on how their relationship will shape up after Brexit, with half a trillion euros worth of annual trade and close security ties at stake in what are bound to be tense talks.

Local wood processing enterprises need to expand supply chains with a focus on seeking suppliers from domestic and overseas markets to ease disruptions from China due to the novel coronavirus (COVID-19) outbreak, experts have said.

Việt Nam is working to develop a system of modern agricultural product supply centres to promote the consumption of farm produce, enhance food safety and hygiene, and improve the competitive edge of Vietnamese goods.

The logistics industry in Vietnam, especially HCM City, continues to face challenges like red tape and traffic congestion near border gates despite progress made in facilitating trade, Dinh Ngoc Thang, head of the city Department of Customs, told a recent conference.

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.