Prime Minister Nguyen Xuan Phuc highlighted the role and importance of multilateral diplomacy to Vietnam’s development, as well as the country’s important contributions to the United Nations’ common tasks, during a recent interview granted to the media.
In the last few years, driven by rising labor costs, the need for diversification, and the government’s focus shifting from labor-intensive sectors to high-tech industries, Chinese as well as foreign firms operating in China have slowly shifted their manufacturing activities to Southeast Asia, especially Vietnam.
The Ministry of Finance shall submit the Draft Decree amending Decree 134/2016 / ND-CP to the Government in the coming time. There are amendments to regulations on imported goods for export production.
Vietnam has become one of the most open economies in the world. Any development resulting in a shrinkage in world trade and growth such as the US–China trade war will inevitably affect its economy.
Administrative reform is always one of the key tasks implemented by the Customs sector and has achieved many encouraging results.
Southeast Asia has come a long way. ASEAN has evolved from an agrarian backwater that has been stricken by war and ravaged by colonialism to become a global economic powerhouse. The 10 members that make up ASEAN now have a combined gross domestic product (GDP) of US$2.4 trillion, and is the third fastest growing major Asian economy after China and India.
Tension, angst and mistrust pervade today’s global trade landscape. The multilateral trading system that has governed the international flow of commerce over the past 70 years is being tested in ways that threaten its relevance and continued existence. Most striking of all, the United States, the traditional guardian of the system, is the one shaking things up.
Even if free trade is ultimately broadly beneficial, the fact remains that as trade has become freer, inequality has worsened. One major reason for this is that current global trade rules have enabled a few large firms to capture an ever-larger share of value-added, at a massive cost to economies, workers, and the environment.
China, in an implicit recognition that at least some of its Belt and Road-related projects risk trapping target countries in debt or fail to meet their needs, has conceded that adjustments may be necessary.
According to a survey conducted late last year, 82 per cent of Vietnamese businesses have not taken steps to prepare for the fourth industrial revolution (Industry 4.0), while just 10 per cent said they were ready, Minister of Industry and Trade Trần Tuấn Anh said during a session themed “Digital Market, Global Opportunity” held on Thursday as part of the World Economic Forum on ASEAN in Hà Nội.
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