European economic area

The keys to economic momentum. Photo: Shutterstock Michele Wee, CEO of Standard Chartered Vietnam “Maintaining macroeconomic stability” We expect the global economy to slow in 2023 as central banks around the world maintain restrictive monetary policies. We forecast modest global GDP growth of 2.5 per cent in 2023, slowing from an expected 3.4 per cent in 2022. The headwinds that have faced most economies in 2022 are likely to persist in the months ahead, however, we anticipate a recovery to take hold in the second half. Our recent global research report on Vietnam indicates that GDP growth is likely to remain strong in 2023. We still have a conviction about Vietnam’s high-growth potential over the medium term, expecting the growth rate to be 7.2 per cent in 2023 and 6.7 per cent in 2024. While macro indicators moderated somewhat in Q4/2022, they remain largely robust. Retail sales posted solid growth in the second half of 2022, implying improved … [Read more...] about The keys to economic momentum

Deputy Prime Minister Tran Hong Ha at the talks (Photo: VNA) Davos (VNA) – Deputy Prime Minister Tran Hong Ha has suggested Switzerland share experience and cooperate with Vietnam in the areas of education-training and science-technology as well as innovation, digital transformation, and vocational training. Ha made the suggestion during his talks with Swiss Federal Councillor for Economic Affairs, Education and Research of Switzerland Guy Parmelin on January 16, on the occasion of his attendance in the World Economic Forum Annual Meeting 2023 in Davos. Vietnam is becoming an attractive destination offering great chances in economy, trade and investment. The Deputy PM suggested that Switzerland invest more in projects with high, new and clean technologies, environment protection, innovation, modern governance, high added values, and widespread effects, which help connect the global production and supply chain. He asked Parmelin to create favourable conditions … [Read more...] about Deputy PM asks for Switzerland’s cooperation in education, technology

A robust public finance management system will enable Vietnam to achieve its long-term socio-economic growth. The EU and Germany have pledged to fund a project worth EUR14 million (US$15.1 million) for Vietnam titled “Strengthening Public Financial Management in Vietnam”, which is part of the ongoing EU-supported Enhancing Economic Governance Program. The additional fund was announced in Hanoi on January 17, aiming at strengthening Vietnam's public financial management, which is crucial for fulfilling the United Nations 2030 Agenda for Sustainable Development in Vietnam. “I hope it will contribute to Vietnam’s macroeconomic stability and strengthen the government’s ability to implement its fiscal and economic policies,” said EU Ambassador Giorgio Aliberti. He affirmed that the EU remains strongly committed to supporting sustainable development and inclusive growth in Vietnam. Delegates from Vietnam's Ministry of Finance, the European Union, and the Government … [Read more...] about EU, Germany fund to enhance public financial management in Vietnam

Dr. Dinh Thi Ngoc Bich, Institute of European Studies At the first government negotiations between Germany and Vietnam as global partners in July 2021, the main areas of collaboration based on the objective of green development were announced. Thus, the two nations agreed to deepen their collaboration on crucial issues relating to sustainable development in the areas of education, labour, energy, and ecology. Globally, BMZ has presented a new portfolio of successful collaboration partners, comprised of three primary groupings. Firstly, 42 nations comprise the group of bilateral partners collaborating to accomplish shared development objectives. Secondly, Vietnam is one of the eight nations that constitute the group of global partners working together to solve challenges affecting the global future, such as climate change. Also, 10 nations comprise the Nexus and Peace Partnership Group, which cooperates in disaster and refugee zones to alleviate the effects of violence, war, … [Read more...] about Vietnam’s role in Germany’s commercial approach

In this file photo taken on October 27, 2022 the logo and the headquarters building of the European Central Bank (ECB) are pictured ahead of a press conference on the eurozone monetary policy in Frankfurt am Main, western Germany. The ECB will hold a press conference on the eurozone monetary policy on February 2, 2023.(Daniel ROLAND / AFP) The ECB lifted its key rates half a percentage point, as widely expected, seeking to curb soaring prices of energy and food fuelled by Russia's invasion of Ukraine. Earlier the same day, the Bank of England hiked rates for a 10th time in a row, while America's Federal Reserve raised borrowing costs again Wednesday -- albeit at a slower pace. The ECB has now raised borrowing costs three percentage points since launching its unprecedented campaign of monetary tightening in July. Signs are growing the eurozone may have passed the worst of an economic shock, with inflation slowing from a peak in October and the single currency area eking out … [Read more...] about ECB hikes rates again, vows more in March

Deputy Prime Minister Tran Hong Ha made the suggestion during his talks with Swiss Federal Councillor for Economic Affairs, Education and Research of Switzerland Guy Parmelin on January 16, on the occasion of his attendance in the World Economic Forum Annual Meeting 2023 in Davos. Deputy Prime Minister Tran Hong Ha noted that in the first 11 months of 2022, trade between Vietnam and Switzerland reached 721.3 million USD. Swiss investors have operated 197 FDI projects in Vietnam with total capital of 1.89 billion USD, ranking 21st out of 140 countries and territories investing in Vietnam. He underlined that with a nearly 100-million-strong market, the engagement in 15 free trade agreements, and the transition to sustainable growth, green, circular and low-carbon economy, Vietnam is becoming an attractive destination offering great chances in economy, trade and investment. The Deputy Prime Minister suggested that Switzerland invest more in projects with high, new and clean … [Read more...] about Deputy Prime Minister asks for Switzerland’s cooperation in education, technology

Switzerland will support Vietnam in practicing digital transformation toward a digital economy and green growth, Guy Parmelin, member of the Swiss Federal Council and head of the Federal Department of Economic Affairs, Education and Research, affirmed on Monday. Federal Councilor Parmelin made the affirmation at his talks with Vietnamese Deputy Prime Minister Tran Hong Ha, who is in Switzerland to attend the five-day World Economic Forum’s Annual Meeting, which kicked off in Davos the same day, according to the Vietnam News Agency . The host and guest expressed their delight at the good development of the traditional friendship between Vietnam and Switzerland over the past 50 years, especially in politics, diplomacy, economics, development cooperation, science and technology, and education and training. The increasing two-way trade between the two countries reached US$721.3 million in January-November, and Switzerland now has 197 active foreign direct investment (FDI) projects … [Read more...] about Switzerland to assist Vietnam in shifting to digital economy, green growth

Prime Minister Pham Minh Chinh suggested both sides facilitate visits, especially those at high level to raise mutual understanding and political trust, as well as fully and effectively tap existing cooperation mechanisms and build new ones to step up collaboration in promising areas that match their interests. On multilateral cooperation, he proposed working closely together and offering mutual support at multilateral forums and international organizations, making active contribution to dealing with regional and global issues. About economic ties, the host asked Portugal to create favorable conditions for Vietnamese farm produce to navigate the country. He wished the two nations would continue taking advantage of opportunities from Vietnam - E.U. Free Trade Agreement to raise two-way trade, toward lifting it to USD 1 billion in the near future. On the occasion, he suggested Portugal soon approve the E.U. - Vietnam Investment Protection Agreement (EVIPA) to facilitate fair and … [Read more...] about Vietnam values development of friendship with Portugal: Prime Minister

The year 2023 will continue to see challenges such as geopolitical conflicts, trade tensions, high inflation, and the risk of anti-dumping duties on Vietnam's export products, according to deputy Minister Do Thang Hai. At the conference to deploy tasks for the year ahead at the European-American Market Department this week, deputy minister of Industry and Trade Do Thang Hai said that the trade surplus between Vietnam and the markets in the Americas region had reached a record of more than $102 billion last year. The import-export turnover between Vietnam and the markets of the Americas in 2022 saw positive growth to reach $153.9 billion, up 10.7 per cent compared to 2021. In which, Vietnam's exports to America's partners reached $128.2 billion, up 12.4 per cent. Meanwhile, Vietnam's imports from America's partners reached $25.7 billion, up 3 per cent on-year. Trade turnover between Vietnam and many major markets in the Americas region saw stable growth such as the United … [Read more...] about Vietnam’s trade surplus with Americas exceeds $100 billion

Kees van Baar, Dutch Ambassador to Vietnam Every time spring comes, people in Vietnam organise a plough ritual to pray for a year of favourable weather and bumper crop seasons. Agriculture plays a pivotal role in the economies of Vietnam and the Netherlands and is deeply imprinted in the culture and people of the two countries. Sharing natural commonalities, we have beefed up our sustainable development partnership in sustainable agriculture, water management, and climate change adaptation. The close cooperation among governments, research institutes and especially businesses result in new visions, such as the Mekong Delta Regional Master Plan, regulatory frameworks as well as the blooming of business cooperation, with a growing number of Dutch companies doing business and investing in Vietnam. But even more significant: Vietnamese companies setting up businesses in the Netherlands as well. Both Vietnam and the Netherlands are delta countries and therefore vulnerable to … [Read more...] about Accelerating trade with innovation and green tech