The data has been presented by the World Bank (WB) in the semiannual report of Global Economic Prospects (GEP).
WB forecasted that the world economy will grow by 2.4% this year, lower than the 2.9% made in January of this year. According to WB, weak growth of developing economies, global trade and capital flows rotation are less active, that cause the lowering of financial institutions to forecast global growth.
Vietnam is focusing on seven major commodity groups exported to the US market with a turnover of over US$1 billion, including textiles, footwear, wood and products from wood, computers, electronics and accessories, seafood, agricultural products as well as telephones and spare parts. TPP is expected to promote strong growth in trade value between its member countries, especially Vietnam. When TPP comes into effect, the export turnover of Vietnam to the US may increase by 20%. Vietnam should gradually change the structure of exports and enhance the accession process to the global supply chain to increase their product quality.
The Vietnam government has long been an advocate of bilateral and multilateral free trade and we are confident this new agreement once signed by Prime Minister and approved by the NA will deliver promising new channels of trade for Vietnam and EU economies. We are particularly pleased to see that the deal provides clear and simple rules of origin, as well as transparent and effective origin procedures to administer the rules without creating unnecessary barriers to trade.
In addition, the FTA includes advance rulings on origin and tariff classifications, promotion of automated border procedures and an impartial and transparent system for addressing complaints about customs issues. The Vietnam government is committed to growing its trade partners with economies around the globe and is particularly focused on diversifying Vietnamese local companies exports to markets such as the EU, US, ASEAN and Eurasia.
The government looks forward to the EU deal being finalized by all of the respective parties and to seeing precisely what specific international opportunities will be created as a result. This vividly demonstrates that citizens and local companies have nothing to fear from open market competition. It is confident that the new trade agreement means the nation’s exports could see a substantial boost amid broader access to the EU— whose member-countries collectively represent one of the largest economies in the world. Key exports of Vietnam to the EU include telephones and parts, electronic products, footwear, textiles and clothing, coffee, rice, seafood and furniture, but told the guests that as a result of the FTA the government would concentrate on enlarging the range of exports.
The FTA will allow the nation to move away from the traditional export drivers and into other sectors of the economy, particularly the technology segment, a key to unlocking the full economic potential of Vietnamese. The FTA will help advance the economic reform begun in 2012 and play an instrumental role in setting the stage for economic stability that will reign for decades to come. Most importantly, the agreement will provide a hefty boost to an already bustling and robust economy that will continue to grow a larger middle class, lifting tens of millions of the nation’s citizens out of poverty.
According to WB, the new partner relationships including TPP agreement and other trade agreements such as the ASEAN Economic Community and the Economic Partnership Agreement whole new area, will help strengthen the process of restructuring, promoting trade and enhancing regional growth potential.
Source : ktdt.vn
Keyword : Vietnam's economy, in 2016, will grow, by 6.3%.
