More European firms look to Vietnam and India: SCMP
According to two recent surveys, more foreign firms have begun or are contemplating shifting a section of their business from China to neighboring nations such as Vietnam and India, SCMP reported.
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Foreign cross-border service providers paid taxes worth VND1.8 trillion ($76.7 million) to Vietnam, according to the General Department of Taxation.
Trading between Vietnam and India in 2022 reach $15.05 billion, up 13.6% from 2021, according to the General Department of Vietnam Customs.
Three new-generation agreements, including EVFTA, CPTPP, and RCEP, are projected to make significant contributions to import and export, which play an important role in the Vietnamese economy.
According to two recent surveys, more foreign firms have begun or are contemplating shifting a section of their business from China to neighboring nations such as Vietnam and India, SCMP reported.
Textile, garment, and footwear had remarkable export turnovers of $44 billion and $27 billion, respectively, according to Vietnam Textile and Apparel Association (Vitas) and Vietnam Leather, Footwear and Handbag Association (Lefaso).
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