Of the world’s twenty most populous countries, Viet Nam blows away number two Thailand in terms of trade as a percentage of GDP. — Photo weforum.org Viet Nam’s trade as a percentage of gross domestic product (GDP) reached over 200 per cent in 2017, the highest level for any country with over 50 million people in the World Bank’s data set, which goes back to 1960. The information was revealed in a report by the World Economic Forum. Of the world’s twenty most populous countries, Viet Nam blows away number two Thailand at 122 per cent. The measure is calculated by adding the value of exports and imports then dividing the figure by GDP. Economies with high measures are typically rich and small. Hong Kong, Singapore and Luxembourg all have rates over 300 per cent. Companies in these countries and territories make products for export because the domestic market is too small to consume all of their output. According to the report, Viet Nam’s … [Read more...] about VN is the most globalised populous economy
Economy
Canada becomes first major economy to legalise recreational cannabis
Viet Nam News OTTAWA — Canada on Wednesday became the world’s first major economy to fully legalise cannabis, sparking celebrations as the nation embarked on the controversial experiment in drug policy. Throughout the country huge lines outside pot shops snaked around city blocks, cannabis flew off store shelves and government websites processed 100 pot orders per minute. Scores of customers braved the cold for hours outside Tweed, a pot boutique in St John’s, Newfoundland that opened at midnight, to buy their first grams (ounces) of legal cannabis. Ian Power said prior to its grand opening, he was happy to "make history" by being the first to legally buy pot in Canada, adding that he would frame those few grams rather than smoke them. "I’m elated. I’m so excited, I can’t stop smiling. I’m not cold. It’s freezing cold out, but I’m not cold," he said. In Cape Breton, platinum record-selling fiddler Ashley MacIsaac was among the … [Read more...] about Canada becomes first major economy to legalise recreational cannabis
Global uncertainties continue to pose threats to Vietnam economy: CIEM
The Hanoitimes - Uncertainties surrounding global trade activities, especially the escalating trade tensions between the US and China and the FED`s decision of hiking interest rates are putting pressure on Vietnam`s macro-economic management. Vietnam still maintains high economic growth rate of 6.88% in the third quarter and 6.98% in the first nine months of 2018, however, global uncertainties continue to pose threats to the country's economic prospects, according to Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM). Overview of the conference. Source: Ngoc Mai. Uncertainties surrounding global trade activities, especially the escalating trade tensions between the US and China and the FED's decision of hiking interest rates, are putting pressure on Vietnam's macro-economic management, Cung said in a conference on October 17. "It is vital that the government solidify the macro-economic foundation, in turn ensuring economic … [Read more...] about Global uncertainties continue to pose threats to Vietnam economy: CIEM
Vietnam’s economy to continue to develop strongly and remarkably
(VEN) - Vietnam Economic News’ reporter Minh Long spoke with Stephen Wyatt, CEO of JLL Vietnam, about how regulations and the current situation of the Vietnamese financial sector might influence the economy. Stephen Wyatt, CEO of JLL Vietnam Following the State Bank of Vietnam’s Circular 06/2016 and Circular 16/2018, as of January 1, 2019 all commercial banks, branches of foreign banks, will have to reduce the current rate of short-term and medium-term loans from 45 percent to 40 percent. Do you think this will affect the economy in general and the real estate market in Vietnam in particular? This decision is the next step in a series of consistent policy easing measures by the government and the State Bank of Vietnam to support economic growth. In the context of continued high credit growth and orientation will continue to push for the whole year, if officially applied, will help significantly reduce the pressure of mobilization with commercial banks. As … [Read more...] about Vietnam’s economy to continue to develop strongly and remarkably
City Party Committee plans for market-oriented economy
Speakers at the 18th HCM City Party Committee conference, which closed yesterday in HCM City. VNA/VNS Photo Tiến LựcViet Nam News HCM CITY — HCM City has set out a plan to use the Party’s assets more effectively based on market economy principles, according to the secretary of HCM City Party Committee. Speaking at the 18th HCM City Party Committee conference which closed yesterday, Nguyễn Thiện Nhân said: “It’s vital to ensure that the city’s Party’s assets are used effectively on the basis of a market economy”. In the coming time, the city Party Committee Office will not be in charge of doing business but will transfer responsibility to appropriate companies under the city’s Party, according to Nhân. For example, the city Party Committee has been involved in business activities such as leasing out land and property to generate revenue, but it will no longer take part in such activities. He also … [Read more...] about City Party Committee plans for market-oriented economy