Tuesday, December 11, 2018 12:15:09 PM - Markets open
VN-INDEX 953.40 -2.49/-0.26%
HNX-INDEX 106.53 -0.29/-0.27%
UPCOM-INDEX 53.27 -0.08/-0.14%
VN proactively integrates into global economy: Deputy PM
Vietnam News - 12/5/2018 9:59:50 AM
 (0 ratings. You must sign in to rate.)
The Government of Việt Nam persistently pursues the policy of comprehensive integration, with a focus on international economic integration in a proactive, pragmatic and politic manner, Deputy Prime Minister Vương Đình Huệ said at a forum held in Hà Nội on Tuesday.
 
Huệ said "Trade protectionism is now on the rise and seriously threatening the process of liberalisation and global economic integration. 
 
"The wider and deeper integration into the global economy means Việt Nam will face more impact from regional and global economic development trends, and that is why the country needs a proactive and flexible approach to cope with this issue," he added.
 
Sudhir Shetty, Chief Economist for the East Asia and Pacific Region of the World Bank shared the ideas, saying that as a highly open economy and major trading partner of both the US and China, Việt Nam would be affected but these impacts should be manageable.
 
“Trade diversion could lead to Vietnamese exports replacing some Chinese exports to the US, and to a lesser extent, US exports to China,” he said.
 
He said Việt Nam should enhance its macroeconomic response to international financial and trade turbulences while strengthening national competitiveness with trade facilitation policies, improving the business environment, and strengthening the connectivity between foreign investment and domestic suppliers.
 
Furthermore, Việt Nam also needs extensive reform of trade and investment, including the simplification of non-tariff measures that distort trade as well as promote trade in services, deepen regional and global integration, and increase commitments to supporting the reform of the global trading system.
 
Deputy Minister of Industry and Trade Đỗ Thắng Hải said trade war between the US and China could make the world’s GDP growth decrease.
 
“Facing this situation, if the policy response is not flexible, Việt Nam may fall into decline economic growth,” Hải added.
 
He also said that because of the trade war, the challenges to sustaining reforms would be greater. It would be more difficult to tackle this challenge as cross-border e-commerce is more common and the risk of cyber-attack is higher.
 
“Việt Nam’s economic model and growth engine are heavily dependent on trade. Therefore, re-emerging protectionism would offer both opportunities and challenges for Việt Nam,” said Vũ Minh Khương, National University of Singapore.
 
He said Việt Nam would gain significant competitive edge against China in exporting goods to the US. The country is also capturing more strategic attention and interest from multinational companies and investors.
 
He suggested Việt Nam should be a leading player in embracing and promoting free and fair trade while avoid falling into the protectionism trap (especially in regulations related to infant industries and digital transformation). In addition, it should closely monitor the changing dynamics of the economy and its outlook.
 
In the past, Việt Nam has made progress in preparing for the new-generation free trade agreements (FTAs), including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which was signed in March and ratified by the National Assembly in November to come into force early next year.
 
Việt Nam and the European Union announced the conclusion of the legal revision of the EU-Việt Nam Free Trade Agreement (EVFTA) and agreed to keep the Investment Protection Agreement (IPA) separate from the FTA in June in preparation for the signing of the deal.
 
Việt Nam has achieved certain outcomes in international economic integration, contributing to the national socio-economic development.
 
The total import-export turnover in 2018 is estimated at US$475 billion, of which exports are expected to reach $239 billion, a year-on-year rise of 11.2 per cent.
 
The country also sought to increase goods exports to traditional markets and find new ones. Exports to countries having FTAs with Việt Nam in 2018 have seen high growth compared to 2017 with preferential rates reaching about 40 per cent, a surge from 35 per cent in previous years, indicating that Vietnamese firms are increasingly focusing on optimising opportunities from the implementation of free trade deals. — VNS
 
Read original article here
 
Newer News
10/12 Shrimp by-products should be used
10/12 Việt Nam an FDI magnet in Southeast Asia: experts
07/12 Agriculture cooperation prospects for Vietnam, Argentina
07/12 Vietnam, Belarus agree to enhance trade ties
06/12 Vietnam, Italy seek effective economic cooperation
05/12 Vietnam spends 1.57 billion USD on fruit, vegetables in 11 months
Older News
04/12 Việt Nam considered gateway for RoK to enter ASEAN: forum
04/12 Vietnam, China deepen agricultural cooperation
03/12 Vietnam aims to attract more Turkish investors
30/11 November's CPI drops for first time since 2014
30/11 Retail banking boosts sector’s income
29/11 New foreign capital in Vietnam up over first 11 months
28/11 Registered FDI falls, but disbursement up
27/11 Vietnam wins steel dispute with Indonesia
23/11 Australia helps Dak Nong develop coffee, pepper cultivation
22/11 Next year's growth targets are reachable
 
Newsletter Signup
Top Stories
VN Index to rise amid volatility, weak liquidity
VN stocks continue rallying
VN manufacturing PMI hits 22-month high in March
CPI goes up 4.96 percent year-on-year in first quarter
Slight rise in February CPI
Market Update
Last updated at 11:31:55 AM
VN-INDEX 953.40 -2.49/-0.26%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.