Vietnamese food products have won the trust of Thai consumers Trade deficit grows Pham Thanh Kien, Director of the Ho Chi Minh City Department of Industry and Trade, said the trade deficit with ASEAN is a matter of concern. Last year, Ho Chi Minh City’s imports from ASEAN member states were 2.6 times higher than its exports to this region. The import value increased from US$7.2 billion in 2016 to US$8.15 billion in 2017. According to Nguyen Thi Tue Anh, Deputy Director of the Central Institute for Economic Management, AEC member countries are promoting the liberalization of intraregional trade by gradually eliminating tariff and non-tariff barriers. The tariff cuts to which AEC members are committed are the highest compared with other free trade agreements. This means Vietnamese exports face fierce competition with products of other ASEAN countries in terms of quality and added value, but they are at a disadvantage given the condition of their equipment and technologies. … [Read more...] about Vietnamese firms yet to tap ASEAN economic potential
Economic potential
Ba Ria -Vung Tau integrates maritime sovereignty protection in economic development
To implement the "Vietnam Maritime Strategy until 2020", the province has promoted the marine economy while ensuring national sea and island sovereignty. With 156 km of coastline, Ba Ria-Vung Tau has many advantages to develop the maritime economy. In addition to oil and gas exploitation, the province has tapped its maritime economic potential to become a deep water port center and a major fishing ground of Vietnam. Nguyen Hong Linh, Secretary of the Ba Ria-Vung Tau provincial Party Committee, said “Ba Ria-Vung Tau is developing an economy based on new pillars, instead of only the oil and gas sector. Although it remains a driver of local growth, it will no longer be the sole economic pillar. The province now has four other mainstays of development, of which the maritime economy plays a crucial role dominating the entire local economy.” Ba Ria-Vung Tau has invested heavily in the Thi Vai-Cai Mep port system to make it an international transit port. It is calling for … [Read more...] about Ba Ria -Vung Tau integrates maritime sovereignty protection in economic development
Vietnamese nation, people, economic potential introduced in Uruguay
Ambassador Dung said that Vietnam, overcoming devastating wars, has been on the way of development with many promising areas. He also highlighted famous landscapes of Vietnam as well as friendly and hospitable people. He noted that Vietnam has pursued the “doi moi” (reform) cause since 1986. After over 30 years, the country has recorded many important achievements with stable economic growth, improved people’s living conditions and enhanced position in the world arena. Vietnamese Ambassador to Argentina and Uruguay Dang Xuan Dung talks to students from the Catholic University of Uruguay Vietnam is now one of the leading economies in Southeast Asia with a GDP growth of 6.8 percent, inflation of 3.16 percent, and trade revenue of USD 400 billion in 2017. The diplomat affirmed that Vietnam persists external policy of multilateralization, diversification, proactively integrating into the world on the basis of equality, mutual respect and win-win … [Read more...] about Vietnamese nation, people, economic potential introduced in Uruguay
Lao PDR enhances economic connectivity in Paksan and Thakhek
“Developing corridor towns is central to Lao PDR’s economic growth and development as the country shares borders with all GMS countries,” said ADB Principal Urban Development Specialist for Southeast Asia Mr. Satoshi Ishii. “The project will help enhance the economic potential of Paksan and Thakhek through improved urban services and help capture the increasing regional trade and investment in the area.”Along with the Mekong River, the 1,600-kilometer (km) GMS Central Corridor—which includes 13 towns in the Lao PDR and Cambodia with about 20 million residents and serves as the backbone of the Lao PDR—has the potential to generate more than USD20 billion in regional economic output.However, these corridor towns face growth constraints. In Paksan, only 12% of households have properly constructed and managed septic tanks and less than a half of households are being served by municipal solid waste service. In Thakhek, similarly, only 20% of the … [Read more...] about Lao PDR enhances economic connectivity in Paksan and Thakhek
50th ASEAN Economic Ministers Meeting opens in Singapore
Delegates take a photo at the opening (Photo: VNA) Singapore (VNA) – The 50th ASEAN Economic Ministers (AEM 50) Meeting and Related Meetings kicked off in Singapore on August 29 with the participation of economic leaders from 10 ASEAN member states and partner countries. The Vietnamese delegation, led by Deputy Minister of Industry and Trade Tran Quoc Khanh, participated in the meetings. In his speech at the opening ceremony, Singaporean Prime Minister Lee Hsien Loong highlighted the establishment and development of the Association of Southeast Asian Nations (ASEAN). He said the bloc has tremendous economic potential with a strong market of over 630 million people. The grouping’s GDP growth has averaged 5.4 percent in recent years, well above the global average, and is projected to expand around this rate over the next five years, he noted. ASEAN is forecast to become the fourth-largest economy in the world by 2030, just behind the US, China and the European … [Read more...] about 50th ASEAN Economic Ministers Meeting opens in Singapore