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
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
Parliament set to select Vietnam’s new president early next week
Speaking at a meeting of the NA's Standing Committee on Tuesday, Nguyen Hanh Phuc, General Secretary of the assembly, said the presidential election is among new items added to the agenda for the parliament’s 6th session that opens next Monday morning. The election will be held at the start of the session to make it convenient for the discussions of matters under the president's jurisdiction, Phuc said. According to the schedule, Chairwoman of the NA Nguyen Thi Kim Ngan will announce the list of nominated presidential candidates on Monday afternoon for members of parliament to discuss the following day. The parliament will ratify the list of presidential candidates using an electronic voting system before electing a new president by secret ballot. Following the election, the new president would be sworn in, with the ceremony broadcast live on national radio and television. Vice President Dang Thi Ngoc Thinh is currently the acting President, serving as Vietnam's first female head … [Read more...] about Parliament set to select Vietnam’s new president early next week
Vietnam to have new president on October 23
The Hanoitimes - General Secretary of the Communist Party of Vietnam’s Nguyen Phuc Trong is the sole candidate for the president post. Vietnam’s National Assembly (NA), the country’s supreme legislative body, will elect new state president on October 23 and the result of the vote will be announced on the same day, VnEconomy cited a legislator as saying. General Secretary of the Communist Party of Vietnam’s Nguyen Phuc Trong is the sole candidate for the president post. The vote will help to facilitate the agenda that follows during the NA’s upcoming one-month sitting that is due to convene on October 22 and wrap up on November 21, according to Nguyen Hanh Phuc, the NA’s general secretary. General Secretary of the Communist Party of Vietnam’s Nguyen Phuc Trong was the sole nominee for the president post at the eighth plenum of the Party’s Central Committee that ended on October 6. Over 90% of the nearly 500 NA deputies are … [Read more...] about Vietnam to have new president on October 23