In the wake of the United States-China trade tensions, German investors are rushing to pour money into industry, construction, trade, and services in Vietnam to benefit from growth potential following the country’s landmark free trade agreements. At last week’s meeting to announce the AHK World Business Outlook 2019 (AHK WBO), Marko Walde, chief representative of the German Industry and Commerce in Vietnam (AHK Vietnam), said that German businesses consider Vietnam as a focus of their investment plans. “Vietnam is a target, as it is one of the four countries in the ASEAN that are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Vietnam will also sign a bilateral free trade agreement with the EU,” said Walde. “In Vietnam, Germans do not focus on huge investment, but on long-term investment, bringing in state-of-the-art equipment, machines, and advanced technologies to the country.” As shown in the AHK WBO, which … [Read more...] about Germans taking interest in Vietnam
Trans pacific partnership vietnam
Trans-Pacific trade pact takes effect in Vietnam
The Ministry of Industry and Trade said in a recent statement that many sectors in Vietnam will have a chance to grow under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), including food and beverage, tobaccco, textiles, chemicals, plastics, leather, transport equipment and services. It has been estimated that the trade pact, which covers 13.5 percent of global GDP at around $10 trillion, would boost Vietnam’s GDP by 1.32 percent, and its exports by 4.04 percent by 2035, while creating jobs for 20,000-26,000 people. However, both officials and experts have warned of challenges that the pact can pose. Vo Tri Thanh, former deputy head of the Central Institute for Economic Management, said that the pact would require more breakthroughs in institutional reform towards establishing a professional, transparent and accountable state administration. "Now that CPTPP has come into force, Vietnam needs to accept the risks and challenges it brings. These … [Read more...] about Trans-Pacific trade pact takes effect in Vietnam
Revised Vietnam Labour Code urged to ensure gender equality
A consultation workshop was held on Friday on promoting gender equality in the revision of the Labour Code. Vice Minister of Labour, Invalids and Social Affairs, Nguyen Thi Ha speaks at the workshop on October 19. Photo by the organiser The workshop was held by the Ministry of Labour, Invalids and Social Affairs (MOLISA), with support from Investing in Women, an initiative of the Australian Government, and the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) in Vietnam on the occasion of the Vietnamese Women's Day (20 October). The event, the biggest consultation on the provisions to ensure and promote gender equality of the Labour Code reform, assembled some 200 women and men representatives from the drafting committee, policy makers and practitioners, including: National Assembly, Government, workers’ and employers’ representative organisations, diplomatic agencies, international organisations, and the media, etc. In her … [Read more...] about Revised Vietnam Labour Code urged to ensure gender equality
Vietnam to increase financial contribution to Asia-Europe Foundation since 2019, says PM
PM Nguyen Xuan Phuc said Viet Nam will increase financial contribution to the Asia-Europe Foundation since 2019 while addressing the 12th ASEM Summit’s second plenary session in Brussels, Belgium on October 19. PM Nguyen Xuan Phuc (front row, second from right) attends 12th ASEM Summit in Brussels, Belgium on October 19, 2018. Photo: VGP PM attends opening session of 12th ASEM Summit As this year’s summit takes place in the context of fast and profound changes of the global situation, PM Phuc urged ASEM to be the pioneer in accelerating multilateral cooperation and rule-based international order. He suggested Asia and Europe should strengthen cooperation to timely address traditional and traditional and non-traditional security challenges, maintain peace, boost dialogue and trust-building, preventive diplomacy and observance of international law and common standards. ASEM members need to forge global economic-financial governance in a more balanced fashion and … [Read more...] about Vietnam to increase financial contribution to Asia-Europe Foundation since 2019, says PM
Global uncertainties continue to pose threats to Vietnam economy: CIEM
The Hanoitimes - Uncertainties surrounding global trade activities, especially the escalating trade tensions between the US and China and the FED`s decision of hiking interest rates are putting pressure on Vietnam`s macro-economic management. Vietnam still maintains high economic growth rate of 6.88% in the third quarter and 6.98% in the first nine months of 2018, however, global uncertainties continue to pose threats to the country's economic prospects, according to Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM). Overview of the conference. Source: Ngoc Mai. Uncertainties surrounding global trade activities, especially the escalating trade tensions between the US and China and the FED's decision of hiking interest rates, are putting pressure on Vietnam's macro-economic management, Cung said in a conference on October 17. "It is vital that the government solidify the macro-economic foundation, in turn ensuring economic … [Read more...] about Global uncertainties continue to pose threats to Vietnam economy: CIEM