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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

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

Hanoi (VNS/VNA) - In recent years, Hanoi’s agriculture sector has created favourable conditions for organisations and individuals to develop the farm economy. This model has contributed to the restructuring of the rural economy and helped farmers to utilise capital more efficiently, as well as apply scientific and technical advances to production for economic efficiency. “Hanoi currently has 1,759 farms, including 37 plantations, 1,410 livestock farms, 191 aquaculture farms, one forestry farm and 120 general farms," said Nguyen Van Chi, Director of the Hanoi Sub-department of Rural Development. "The farm economy in the city is concentrated, large-scale and sustainable. It also effectively promoted land resources, and investment capital and created many jobs for people in rural Hanoi." The microbiological broiler farm of Nguyen Thi Thoan's family in Soc Son district, despite being greatly affected by the COVID-19 epidemic , is still developing. On average, Thoan's … [Read more...] about Hanoi’s farm economy yields high economic value