The Hanoitimes - The 10-member bloc pins out economy as a major factor to bargain power globally. What is ASEAN’s role in settling South China Sea disputes? Unlawful unilateral activities in South China Sea worrisome: Vietnam PM Leaders of the Association of Southeast Asian Nations (ASEAN) have agreed to work together for their better position in terms of economy and security to face growing US-China tensions. Leaders of ASEAN members. Photo: Pmo.gov.my All 10 leaders reached a consensus as they wrapped up the 34th ASEAN Summit in Bangkok, Thailand on Sunday [June 23], according to Reuters. The 10-member bloc will need its collective economic strength for bargaining power globally, especially amid the trade tensions between the world’s top two economies, Thai Prime Minister Prayuth Chan-o-cha as chairman of the summit said at a news conference. Prayuth urged ASEAN nations to complete negotiations this year for the China-initiated Regional … [Read more...] about ASEAN fastens economic strength amid US-China tensions
Asean countries economic growth
Italian firms seek cooperation opportunities in ASEAN countries
At the workshop (Photo: VNA) Rome (VNA) – More than 300 businesspeople from Italy’s Piedmont region and member countries of the Association of Southeast Asian Nations (ASEAN) gathered at a workshop in Turin city on June 17 and 18 to seek business cooperation opportunities. President of the Turin Chamber of Commerce Vincenzo Ilotte said the event aimed to set a firm foundation for trade relations between the Piedmont region and the ASEAN market. The ASEAN is considered a potential market with an increasing number of consumers. The region’s gross domestic product (GDP) is currently estimated at 3 trillion USD, while its population reaches approximately 650 million. The bloc is now the fifth biggest economy in the world and third in Asia with an average annual growth rate of over 5 percent. It is estimated that by 2020, the region’s middle class will increase to 400 million people. In 2018, trade between Italy and the ASEAN countries was 18.37 … [Read more...] about Italian firms seek cooperation opportunities in ASEAN countries
ASEAN countries boost trade ties with western Mexican state
Vietnamese Ambassador to Mexico Nguyen Hoai Duong (C) speaks at the forum (Photo: VNA) Mexico City (VNA) – A business cooperation forum was held in the western state of Jalisco, the second biggest economic centre of Mexico, on April 11 and 12 to foster its multifaceted relations with ASEAN countries, particularly in trade, investment, education and tourism. The event was co-organised by the Association of Southeast Asian Nations (ASEAN) Committee in Mexico (ACMC) and the Western Mexican Business Council for Foreign Trade (COMCE Occidente) with the participation of nearly 300 officials and businesspeople in Jalisco. Vietnamese Ambassador to Mexico Nguyen Hoai Duong, who is also rotating Chairman of the ACMC, highlighted the cooperation potential between ASEAN countries and Jalisco in particular and Mexico in general in the fields of agriculture, manufacturing industry, information technology, investment, education and tourism. He said Mexico is a key market of the ASEAN in … [Read more...] about ASEAN countries boost trade ties with western Mexican state
No need for Vietnam to trade off sustainability for economic growth: PM
The Hanoitimes - The high growth rate would allow Vietnam to gather conditions and resources to address shortcomings of the economy, and more importantly, to grasp opportunities arising from the Fourth Industrial Revolution and globalization. Vietnam's GDP growth in 2018 hits 10-year high at 7.08% Vietnam set to be among world’s 10 fastest growing economies in 2019 amid trade war There is no need for Vietnam to trade-off between growth and sustainability, as sustainable development would ensure a Vietnam’s rapid economic growth in long-term, Prime Minister Nguyen Xuan Phuc has stated. Prime Minister Nguyen Xuan Phuc. Source: VGP. Vietnam’s government identifies three main pillars for its growth model, which are economy, society and environment, Phuc said at the Vietnam Economic Forum held on January 17. Vietnam ensures no one is left behind during its development course, which is also a basic principle of the country’s … [Read more...] about No need for Vietnam to trade off sustainability for economic growth: PM
VN’s economic growth to support banks’ operating environment: Moody’s
Moody’s has changed its 12-18 month outlook on the banking system in Vietnam to stable from positive (Photo: Eximbank) Hanoi (VNA) – Moody’s Investors Service has changed its 12-18 month outlook on the banking system in Vietnam (Ba3 stable) to stable from positive. It released the report “Banking System Outlook – Vietnam: Economic growth and improving asset quality support stable outlook”, on November 8. The stable outlook is based on Moody's assessment of six drivers: operating environment (stable); asset risk (improving), capital (stable); funding and liquidity (stable); profitability and efficiency (improving); and government support (stable). With the operating environment, Moody's says that strong economic growth in Vietnam will support the banks' operating environment. The credit rating agency expects Vietnam's real GDP growth to remain one of the strongest in ASEAN, at 6.7 percent in 2018 and 6.5 percent in 2019, driven by improved … [Read more...] about VN’s economic growth to support banks’ operating environment: Moody’s