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Marcel Schröder, Economist, Economic Research and Regional Cooperation Department Asian Development Bank At the beginning of the conflict, the crude oil price breached $130 per barrel in March, the highest since 2008. Since then, it retreated to about $100 in April, before rising again to $120 following the European Union’s partial ban on Russian oil in May. Some worry that the oil price could spike to $200 per barrel in the coming months and how such a shock would impact the economic prospects of Asia’s developing countries. While many institutions, including ours, project a significantly higher oil price in 2022 compared with 2021, these predictions do not foresee $200 per barrel because they attach a low probability of a sudden shock to the global oil supply. A sudden shock is unlikely given the EU’s decision to gradually phase out Russian oil imports by the end of 2022, allowing an orderly transition to alternative supplies and keeping prices stable and affordable for … [Read more...] about Additional oil spike impacts cannot be ruled out

Viet Nam has seen rapid growth in e-commerce in recent years, and demand for logistics services is growing commensurately. — Photo courtesy of J&T Express The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders. In its E-commerce White Book 2021, the Viet Nam E-Commerce and Digital Economy Agency said Viet Nam has the highest number of people shopping on e-commerce platforms in the Southeast Asia region at some 49.3 million. In the last two years, the country has seen both consumers and firms moving online, it said. Nguyen Ngoc Dung, president of the Vietnam E-commerce Association, said there has been a boom in e-commerce since the pandemic began. More than 70 per cent of the population have access to the internet and nearly 50 per cent shop online, he said. The online shopping boom has offered opportunities as well as challenges to the logistics industry, … [Read more...] about Explosive e-commerce growth drives demand for logistics

Peter Bernhardt, team leader of the ARISE+ Vietnam project Since coming into force in August 2021, the EU - Vietnam Free Trade Agreement (EVFTA) has become an effective tool for boosting trade ties between the EU and Vietnam. What should Vietnam pay attention to in order to benefit more from this deal? I agree that the overall picture of EVFTA performance in this starting period, where exporters and government authorities from both sides have to adapt to the new situation, looks definitely promising. The EVFTA is the most ambitious FTA that the EU has ever signed with a developing country. The deal will mutually lift about 99 per cent of the tariffs within 10 years. Duty was lifted from 65 per cent of EU exports to Vietnam and 71 per cent of Vietnamese exports to the EU, immediately after the EVFTA came into effect. As most Vietnamese exporting products are consumer products, the real challenge Vietnam exporters will face to comply with EU consumer protection regulations is … [Read more...] about EU supporting comprehensive implementation of the EVFTA

They "will have the opportunity to engage over the course of the next few weeks," National Security Advisor Jake Sullivan said. A new call between the leaders of the world's two biggest economies has been long expected amid tensions over trade, China's sabre rattling around Taiwan, and pressure on Beijing not to help Russia get around Western sanctions over the Ukraine invasion. A week ago, Biden said he planned on "having a conversation with President Xi." "We haven't set a time yet," he said, while a few days earlier he'd said the call could be "soon". The last video conference between the two leaders was on March 18, when Biden warned Xi against assisting Russia in its invasion of Ukraine. A key item in the next discussion will be Biden's possible decision to lift some of the trade tariffs imposed under Donald Trump, with billions of dollars of Chinese imports facing 25 percent duties. The penalties were aimed at punishing what the United States says are China's … [Read more...] about Biden, Xi to contact each other in ‘next few weeks’: US official

National Assembly Chairman Vương Đình Huệ and his Hungarian counterpart László Kövér sign a new cooperation agreement between the two parliaments in Budapest on Monday. — VNA/VNS Photos Doãn Tấn BUDAPEST — A new cooperation agreement between Việt Nam and Hungary’s national assemblies was assigned by National Assembly (NA) Chairman Vương Đình Huệ and his Hungarian counterpart László Kövér in Budapest on Monday. The document was signed after the two officials spoke at the Hungarian Parliament building, which was part of Huệ’s official visit to the country. The agreement was based on the comprehensive partnership between the two countries, and the cooperation agreement signed between the two national assemblies in 2008. It aims to strengthen the partnership and multifaceted cooperation between Việt Nam and Hungary based on the principles of equality, mutual benefit, mutual respect, compliance with each country's laws, and adherence to international treaties. With the new … [Read more...] about VN, Hungary’s parliaments sign new cooperation agreement