As feared, the Eleventh Ministerial Conference (MC11) of the World Trade Organization (WTO) in Buenos Aires, Argentina, on Dec 10-13, 2017, ended in failure. It failed to even produce the customary ministerial declaration reiterating the centrality of the global trading system and the importance of trade as a driver of development.
The international community has praised Viet Nam for a successful economic integration in 2017 thanks to creative and drastic management of the Government.
Vietnam’s external activities in 2017 enabled it to integrate into the world more extensively and raise its international status demonstrated by strengthened relationships with its key partners. VOV reviews Vietnam’s diplomatic activities in 2017.
One key lesson about economic integration that Asean can take away from the European Union is perseverance.
The old economic order is dead, but India and China must take the lead to preserve its successes
From an international trade standpoint, the year 2017 will go down as one of the most complicated during the past 20 years.
Việt Nam has remained an attractive destination for foreign investors in 2017 with total FDI capital registered in the country hitting a record high of US$35.88 billion, up 44.4 per cent against last year.
The processing and manufacturing industry is always the most attractive foreign direct investment (FDI) segment, accounting for 45 per cent of total registered investment capital. However, Vietnamese enterprises are stuck on the lower rungs in the global supply chain.
Vietnam’s Ministry of Planning and Investment, with the assistance of the World Bank, is currently drafting a new FDI strategy for 2018-2023 focusing on priority sectors and quality of investments, rather than quantity. The new draft aims to increase foreign investment in high-tech industries, rather than labor-intensive sectors. Manufacturing, services, agriculture, and travel are the four major sectors in focus in the draft.
The value of foreign direct investment (FDI) capital in Việt Nam reached US$33.09 billion in the first 11 months of this year, a year-on-year increase of 82.8 per cent.
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