Trade war us economy impact

Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US in 2022. (Photo: VNA) Hanoi (VNA) – The current trends in economic and trade cooperation between Vietnam and the US guarantee big growth in two-way trade and investment in next 10 years and warrant upgrading the partnership to a strategic level, said Ted Osius , President and CEO of the US - ASEAN Business Council ( USABC ). In an interview granted to the Vietnam News Agency ahead of the 10th anniversary of the two countries’ comprehensive partnership (July 2013 - 2023), the former US Ambassador to Vietnam said trade and investment play a big role in this relationship. The US is Vietnam’s second largest trading partner and biggest export destination. In 2022, bilateral trade reached a record high of 138.9 billion USD. Vietnam was the 8th largest trade partner and the largest ASEAN exporter of the US. The US was the biggest export market of Vietnam last year. Vietnam’s annual export to … [Read more...] about Current trends guarantee big growth in Vietnam – US trade, investment: USABC leader

Customs officials checks the transportation of goods at Huu Nghi International Border Gate via a digital border gate platform. — VNA/VNS Photo Anh Tuan Smart border gate control should be launched to prevent congestion and facilitate cross-border trade in farm products between Viet Nam and China. The proposal was raised at the working session between Viet Nam Ministry of Agriculture and Rural Development and China’s Guangxi Province on Tuesday on measures to promote the trade exchange of farm produce between the two countries. Guangxi was the largest gateway for agricultural exports from Viet Nam to China. Statistics of the China Customs showed that around US$350.4 million worth of agricultural products was imported to China via border gates with Guangxi Province in the first four months of this year, accounting for 19.7 per cent of Viet Nam’s total agricultural exports to China. According to Nanning Customs, the peak harvest seasons for fruits such as durian and mango are … [Read more...] about Smart border gate control proposed to facilitate trade of farm produce with China

The directive highlighted that Vietnam's digital economy has witnessed a strong development with the important contribution of e-commerce in recent years. The Government has issued many policies, regulations and drastic measures to improve the efficiency of state management over e-commerce activities, business on digital platforms and tax management. However, the rapid development of the e-commerce market has posed big challenges to the management of e-commerce activities and tax administration, it said. To adapt to the change in the business environment on the digital platform, there must be close coordination between specialized management agencies to control payment transactions and authenticate information of business organizations, individuals and taxpayers. In order to increase the effectiveness and promote digital transformation in the state management of e-commerce activities, trading on digital platforms and cross-border business as well as the sharing of data among … [Read more...] about Prime Minister issues directive to enhances data sharing for e-commerce development

VCCI Vice Chairman Nguyen Quang Vinh speaks at the forum. (Photo: VNA) Hanoi (VNA) - A Child Rights and Business Forum was organised in Hanoi on May 30 by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry ( VCCI ), emphasising the need for responsible business practices that respect child rights and prevent adverse human rights impacts. “Children are both the present and the future, and business practices cannot be sustainable if they do not account for their impact on children”, said Rana Flowers, Representative of UNICEF in Vietnam. “It requires children to be a key consideration in Environmental, Social, and Governance (ESG) assessments – where impacts and risks are assessed objectively, and key practices identified that can minimise those risks and create a positive impact for children. It will improve competitiveness and sustainability, it will win the support of stakeholders, especially investors, who are socially conscious and looking at ESG risks … [Read more...] about Responsible businesses for Vietnam’s thriving next generation: forum

Business practices are not sustainable if they do not take account of their impact on children, said a UNICEF Vietnam representative at a child rights and business forum held on Tuesday in Hanoi. The forum, co-held by UNICEF Vietnam and the Vietnam Chamber of Commerce and Industry (VCCI), underlined the need for responsible business practices that respect child rights and prevent adverse human rights impacts. Speaking at the event, Rana Flowers, representative of UNICEF in Vietnam, said that children, whom she described as the present and the future, should be a key consideration in Environmental, Social, and Governance (ESG) assessments. Businesses should assess impacts and risks objectively, and identify key practices that can minimize those risks and create a positive impact on children. In doing so, businesses will be able to enhance their competitiveness and sustainability and win the support of stakeholders, especially investors, who are socially conscious and looking at … [Read more...] about Children should be key consideration in ESG assessments: UNICEF Vietnam expert

The Department of Industry and Trade of Ho Chi Minh City has said it will join hands with cross-border e-commerce platforms to support local exporters in shipping products to the world on a larger scale and in a more professional way. This is among the solutions that the city will adopt this year to help Vietnamese enterprises overcome difficulties and foster industrial production, trade, and green export. Enhancing business via online and digital channels will help exporting enterprises reduce costs and access customers faster, said Nguyen Nguyen Phuong, deputy director of the municipal Department of Industry and Trade. The department has worked with many e-commerce platforms and service providers to come up with support solutions, Phuong noted. Enterprises also need to take the initiative in cooperating with partners to better meet the requirements in importing markets. Huynh Kim Tuoc, co-chairman of the Digital Economy and Technology Committee under the American … [Read more...] about Ho Chi Minh City to boost online exports

The National Assembly (NA) will discuss the VAT reduction from the existing 10 per cent rate to 8 per cent on June 1 before receiving an approval from NA deputies in a resolution slated for June 24, the last day of the ongoing fifth session. The VAT cut proposed by the government is set to be applied from July 1 to the end of 2023 for all types of goods and services currently subject to a 10 per cent VAT rate. The initiative is part of Resolution No.43/2022/QH15 released early last year on fiscal and monetary policies supporting the Programme on Socioeconomic Recovery and Development. Consumers of many types can benefit from VAT cuts, photo Le Toan Under Resolution 43, the 2 per cent cut was applied last year for goods and services subject to a 10 per cent rate, except for various goods and services such as telecommunications, IT, financial and banking activities, securities and insurance, trading of real estate, metal and precast metal products, mining products … [Read more...] about Support to continue in form of VAT cut

The government last week reported that under its latest calculations, the state budget revenue last year hit about VND1.815 quadrillion ($78.93 billion), which is VND201.4 trillion ($8.75 billion) or 12.5 per cent higher than a previously reported figure. “The revenue has sufficiently met all tasks on expenditures for development investment, social security, salary reform, and other necessary tasks,” the government stated. Budget estimate shortcomings require modern fix Such a revenue increase was thanks to a rise in many items, with enterprises performing relatively well despite massive difficulties. For example, the economy’s most updated export turnover last year reached $371.3 billion, higher than the $368 billion earlier reported to the National Assembly – with the exact trade surplus of more than $12.4 billion, far higher than the only $1 billion earlier reported to the legislative body. However, the National Assembly Economic Committee (NAEC) found that the … [Read more...] about Budget estimate shortcomings require modern fix

Vietnam’s services sector remains a bright spot, partially offsetting some external weakness, according to a report released by HSBC Vietnam on May 31. Illustrative image (Source: VNA) The report, themed “Vietnam May data: Still a long way to go,” said while Vietnam’s May trade data points to no further deterioration, there is still a long way to see a meaningful rebound in its trade cycle. Exports slightly fall According to the report, exports fell 5.8% year on year in May, a slower pace than the market expected, but with lingering broad-based weakness. None of the major categories, including electronics, machinery, textiles/footwear and wooden furniture showed signs of a meaningful rebound. Data as of April 2023 suggests substantial falling shipments in Vietnam’s three largest exporting destinations - US, China and the EU. In particular, with a hefty share of 30%, Vietnam is particularly sensitive to a US economic slowdown. Despite exports falling by … [Read more...] about Vietnam’s services sector remains a bright spot: HSBC

HCM City’s economic growth is expected to climb to 5.87 per cent in the second quarter of 2023, its leader has said. A view of HCM City at night. The city is expected to face economic headwinds during the rest of this year. — VNA/VNS Photo It was only 0.7 per cent in the first quarter. Speaking at a meeting on Tuesday, Phan Văn Mãi, chairman of its People’s Committee, said its economic growth in the first half is expected to be 3.55 per cent. Public spending in the first five months is expected to be worth VNĐ10.2 trillion (US$436.4 million), up 24 per cent year-on-year, he said. The global economic decline and high inflation will continue to affect the city’s economy across the board, hindering its recovery, he said. In May, the index of industrial production (IIP) rose by an estimated 1.5 per cent month-on-month and 5.5 per cent year-on-year. It was up 1.6 per cent year-on-year in the first five months. The services sector is expected to post the … [Read more...] about HCM City eyes jump in economic growth to 5.87% in Q2