The Ministry of Industry and Trade is refining the legal framework of multilevel marketing (MLM) by drafting a new decree to replace the existing regulations.

On September 30, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and the Vietnamese delegation had a meeting with Chinese Minister of Industry and Information Technology Jin Zhuanglong. This is among the events of the 13th session of the Vietnam-China Economic and Trade Cooperation Committee held in Beijing, China.

The six leading economies in Southeast Asia, including Việt Nam, the Philippines, Indonesia, Malaysia, Thailand and Singapore, are projected to grow at an average annual rate of 5.1 per cent over the next decade.

To maintain a high growth rate of exports, it is necessary to target new trends, including semiconductors, said experts. 

A Ministry of Industry and Trade delegation, led by Minister Nguyen Hong Dien, worked with officials of the northern mountainous province of Lai Chau to help the locality overcome difficulties and develop production and trading activities. 

On July 25 at the office of the Israeli Prime Minister, Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Israeli Minister of Economy and Industry Nir Barkat signed the Vietnam-Israel Free Trade Agreement (VIFTA) in the presence of Vietnamese Deputy Prime Minister Tran Luu Quang and Israeli Prime Minister Benjamin Netanyahu.

Throughout 28 years of membership, the economic-trade ties between Vietnam and ASEAN members have grown tremendously, both in scope and depth. In 2022, Vietnam-ASEAN trade reached a record high, exceeding 80 billion USD, compared with 6 billion USD in 1996 when it first joined the ASEAN Free Trade Area (AFTA).

Measures have been taken to boost domestic trade to maintain an 8-9% growth rate per year, according to the Ministry of Industry and Trade (MoIT).

The Science and Technology Department under the Ministry of Industry and Trade (MoIT) is engaged in improving Vietnam’s system of standards and technical regulations.

Minister of Industry and Trade Nguyen Hong Dien, a member of the Central Committee of the Communist Party of Vietnam, spoke with Vietnam Economic News about the 2022 industry and trade sector achievements and its 2023 plans.

Vietnam is viewed as a country with high potential for fast digital economic development and digital transformation trend across all fields.

US companies are seeking new suppliers to minimize risks in supply chains, creating more opportunities for Vietnamese businesses in the post-pandemic era. However, the opportunities also face challenges.