Vietnam’s trade as a percentage of GDP topped 200 percent last year, highest for any country with over 50 million people. This data, compiled by the World Bank, shows that the country is reaping the benefits of an open economy at a time that protectionism is on the rise, as can be seen by the U.K’s exit from the E.U. and the rising trade tensions between the U.S. and China.
The Prime Minister has just approved an action plan for promotion of National Single Window, ASEAN Single Window and reform of specialized inspection for import and export goods and trade facilitation for 2018-2020.
The central province of Nghe An has made various efforts to facilitate trade promotion activities and goods exchange with Laos, thereby boosting border trade between the two sides.
Low-tech, polluting FDI firms will try to set up shop in Vietnam as the U.S.-China trade war escalates, experts have warned. Nguyen Bich Lam, head of the General Statistics Office, said that small-scale Chinese firms are likely to eye a shift to Vietnam to avoid high tariffs imposed by the U.S.
Although Vietnam’s balance of trade in the first eight months of the year stood at a surplus of US$2.8 billion, analysts warn about it returning to a deficit in the coming months. In August, there was a deficit of nearly $100 million.
The average consumer price index CPI in the nine months of 2018 rose by 3 57 percent year on year. At a press conference on September 28, GSO General Director Nguyen Bich Lam said CPI in September increased 0.59% from last month, 3.98% from the same period last year, and 3.2% from last December.
Prime Minister Nguyen Xuan Phuc arrived in New York on the morning of September 27 (Vietnam time) to attend the high-level general debate of the 73rd session of the UN General Assembly.
General Secretary of the Communist Party of Vietnam (CPV) Central Committee Nguyễn Phú Trọng on Tuesday urged all-level trade unions to renew and improve the efficiency of their operations.
The Asian Development Bank (ADB) said on Wednesday it had lowered its 2018 economic growth forecast for Vietnam to 6.9 percent from 7.1 percent projected previously, partly due to an ongoing trade friction between the United States and China.
Mr. Hironobu Kitagawa, Chief Representative of the Japan External Trade Organization (JETRO), Hanoi Representative Office, tells VET about Japanese investment in Vietnam.
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