(VEN) - The Vietnamese economy had a successful start when gross domestic product (GDP) growth in the first quarter of the year reached its highest level in a decade. This growth is relatively uniform in most key sectors, creating important motivation for the country to achieve the growth target set for 2018. GDP growth in the first quarter of 2018 reached 7.38 percent, the highest growth rate for the first quarter over the past decade. Strong growth in the first quarter was driven by the industry and construction sectors, retail-service sector, exports and macroeconomic stability. The industry and construction sectors posted a 9.7 percent growth rate, contributing 3.39 percentage points to the 7.38 percent GDP growth. According to the National Financial Supervisory Commission, the industry and construction sectors are one of the key drivers for strong GDP growth in the first quarter of the year, with the manufacturing and processing industry as the core. In fact, the industry … [Read more...] about Strong Q1 economic growth driven by production and exports
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Production costs need to be lowered to spur exportsLe Hoang PM Nguyen Xuan Phuc is seen on the podium at a national teleconference on how to boost exports in Hanoi on April 23. PHOTO: VGP HCMC – Prime Minister Nguyen Xuan Phuc, speaking at a national teleconference on how to boost exports in Hanoi City on April 23, urged solutions to reduce production and service costs, and improve the quality of goods to prop up export growth. The 2017 export growth, excluding phones and electronic accessories, could reach a mere 15.8%, said Minister of Industry and Trade Tran Tuan Anh. Vietnam made a record high of US$200 billion in merchandise exports last year. Though this was a positive result, Minister Anh cautioned, the foreign direct investment (FDI) sector accounted for more than 70% of the nation’s outbound sales. Last year’s strong export growth played a vital part in the country’s higher-than-expected gross domestic product (GDP) growth. It helped improve … [Read more...] about Production costs need to be lowered to spur exports
U.S. President Donald Trump said last week he would reconsider joining the landmark Trans-Pacific Partnership (TPP) trade agreement, if it were a “substantially better” deal than the one offered to President Barack Obama. Here is a look at the state of play in the negotiations and the conditions needed to be in place for the United States to join an agreement Trump scrapped as soon as he took office. What are the TPP and CPTPP? The original 12-member agreement was known as the TPP. It was a signature trade policy of Obama, but he was unable to secure Congressional support for the deal. It was thrown into limbo when Trump withdrew from the deal three days after his inauguration in January 2017, a move he said was aimed at protecting U.S. jobs. Following the U.S. withdrawal, the remaining 11 countries renegotiated parts of the TPP, removing some of Washington’s demands. In March, they signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership … [Read more...] about Trump says US could rejoin TPP if deal improved. How hard would it be?
Southeast Asian stock markets inched higher on Monday as a bounceback in U.S. stock futures whetted risk appetite, although heightened trade tensions between the United States and China tempered the gains. Shares in Vietnam, the only market in Southeast Asia with double-digit percentage gains year-to-date, marked a fresh all-time peak and were on track to end higher for the 18th session in 21. Asian shares outside Japan rose nearly one percent, while the U.S. S&P 500 E-Mini futures climbed 0.6 percent, even as President Donald Trump kept up his twitter war with China. The two countries have threatened each other with tens of billions of dollars' worth of tariffs in recent days and Chinese officials have said this is not the time for negotiations. Malaysian shares climbed 0.6 percent, helped by materials stocks. Press Metal Aluminium Holdings Bhd jumped 10.7 percent, on track to end higher for a second session in 12. Petronas Chemicals Group Bhd climbed 3 percent to a … [Read more...] about Vietnam stocks hit record, SE Asia gain as US stock futures climb
US-China trade war fears escalate as threats ramp up Trump remained defiant and argued the pain of the dispute will pay off in the end, while China said that his administration would only "shoot itself in the foot" if it didn't back down from the "extremely wrong" threats. Treasury Secretary Steven Mnuchin acknowledged there was a risk of a trade war, but said the intention is to defend US interests and the administration remains willing to negotiate. But top White House economic advisor Larry Kudlow reversed himself, and warned that the tariff threat is not a negotiating tactic. Global stock markets were unhappy with the turn of events, as Wall Street dropped more than two percent, following European and Asian markets lower. In the wake of the decision to impose steep tariffs on steel and aluminium imports, the United States on Tuesday published a list of US$50 billion in Chinese goods to be hit by tariffs over what Washington says is widespread theft of intellectual property and … [Read more...] about US China trade war fears escalate as threats ramp up