Trade war 2019

Projects such as Bunge’s agribusiness are expected to increase in number through stronger US ties. Photo: Le Toan In his first few days in office five years ago, President Donald Trump withdrew from the Trans-Pacific Partnership, which was a pillar of the Barack Obama administration’s pivot towards Asia. The remaining 11 member states have since reframed the agreement as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and President Joe Biden’s commitment to rebuilding relations with allies has sparked speculation about the US returning to the fold. Fitch Solutions under global ratings firm Fitch Group told VIR in a statement that Vietnamese trade would receive a surefire boost should new Biden decide to rejoin the CPTPP. “Biden stated in 2019 that the US should renegotiate parts of the CPTPP and re-assemble a coalition to counterbalance China’s perceived expansionist policies. The Trump administration withdrew from the original deal in 2017 under the pretext that it would harm US workers. A scenario where the US rejoins the CPTPP would deliver substantial tailwinds to Vietnamese exports to the US from lower tariffs in major export categories,” Fitch said. In fact, the CPTPP may offer great windfalls to the US. Statistics from law firm Duane Morris Vietnam LLC showed that the population of the CPTPP countries exceeded 513 million people as of October 2020. The CPTPP countries account for nearly 45 per cent of US total exports and 37.6 per cent of US general imports in 2014. By cutting over 18,000 taxes in regards to CPTPP, there would be a great benefit for American importers and exporters by enabling them to enter new markets. As the United States International Trade Commission estimates, the US exports of goods and services to the world would expand by $27.2 billion by 2032 thanks to the CPTPP, while US imports would expand by $48.9 billion. Oliver Massmann, general director of Duane Morris Vietnam LLC, pointed out …

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The Hanoitimes - Vietnam's solar power sector holds much potential thanks to rising demand and a supportive regulatory framework. Coupled with an increasingly supportive regulatory environment and an expected surge in electricity consumption over the next decade, Vietnam’s renewables sector is poised for a new dawn, bringing great opportunities for investors. The outlook for growth in Vietnam’s renewables sector is positive and untapped solar power potential remains substantial, according to Daine Loh, research analyst at Fitch Solutions. The solar segment is one of the key drivers of this impressive growth, he said. Vietnam's estimated solar capacity by 2028. Photo: Fitch Solutions Increasing power demand Vietnam is set for a surge in power demand and consumption over the coming decade which largely stems from an expanding industrial and manufacturing sector, particularly as the ongoing US-China trade war plays out. In addition, positive demographics and rapid urbanization will also further stoke electricity consumption in Vietnam, which Fitch forecasts to grow by an annual average of 6.7% between 2019 and 2028, being one of the fastest rates in Asia. To serve the growing economic growth which is partly contributed by the manufacturing sector (accounts for nearly 17% of GDP), the government will prioritize the development of the power sector. Renewables will offer complementary growth opportunities amid increasing environmental consciousness and pollution concerns against the use of coal. Solar power, particularly distributed rooftop solar, is an attractive option for emerging markets to meet power demand, as it requires a shorter development time compared to thermal power projects, and has the ability to bypass some infrastructural shortfalls such as grid bottlenecks or land availability issues, Daine Loh emphasized. Regulatory support Vietnam has an increasingly supportive policy and regulatory environment for the …

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Vietnam is waiting for the completion of import-export procedures with China, a stepping stone for the Southeast Asian country to officially tap into the high-demand Chinese market for bird’s nests, which offers a variety of opportunities and profits. China is the largest consumer of bird’s nests in the world, according to the Vietnam Farms and Agricultural Enterprises Association (VFAEA). China's statistics show that the official import of bird’s nests into China was 180 metric tons in 2019 and 220 metric tons in 2020 while it is estimated to reach 300 metric tons in 2021. From 2015 to 2017, bird’s nest trade on Chinese social networks multiplied by 30 times. In 2017, the online sales of bird’s nests on the platform China's Alibaba Group alone reached about US$2 billion. However, China currently applies very strict regulations on importing bird’s nests, with Malaysia, Indonesia, and Thailand being the only three Southeast Asian exporters. In Vietnam, the average yearly output of bird’s nests reaches about 120 metric tons, according to the VFAEA’s vice-chairman Nguyen Van Minh. The Vietnamese bird’s nest industry only started to thrive in 2010, with the country’s production accounting for about three percent of global swallow nest production. In order to profit from the Chinese bird’s nest market, Vietnamese firms had carefully prepared before submitting their applications in April 2020 to competent agencies in China to gain official admission to this target market. The signing of protocols for official export of bird’s nests to China was originally slated to take place in December 2020. But due to the impact of the COVID-19 pandemic, the two sides rescheduled the procedure to early 2021. Inspections and review results have shown that such Vietnamese bird’s nest producers have met all requirements of international practices and Chinese partners on COVID-19 safety, while the paperwork preparation for the protocols is also almost complete. At …

[Read more...] about Official trade of bird’s nests to China promises Vietnam enormous export potential