President Donald Trump, Chairman Kim Jong Un Eight months later and over 2,200 kilometres further north, Vietnam’s capital city Hanoi is gearing up to host the second summit between the leaders of the Democratic People’s Republic of Korea (DPRK) and the US, following the first summit in last June in Singapore. This event will be the centre of global attention. Earlier, on February 9, President Donald Trump announced on Twitter that he will meet with Chairman Kim Jong Un in Hanoi on February 27-28. “My representatives have just left North Korea after a very productive meeting and an agreed-upon time and date for the second summit with Kim Jong Un. It will take place in Hanoi, Vietnam, on February 27 and 28. I look forward to seeing Chairman Kim and advancing the cause of peace,” he wrote on Twitter. Prime Minister Nguyen Xuan Phuc last week said that Vietnam will do its best to facilitate the summit. Commenting on President Trump’s remarks in his latest … [Read more...] about Historic summit highlights Vietnam’s international role
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Climate change could cost US “hundreds of billions” a year: Study
Climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth, according to a major new study. (Photo: AFP/Robyn Beck) "With continued growth in emissions at historic rates, annual losses in some economic sectors are projected to reach hundreds of billions of dollars by the end of the century - more than the current gross domestic product (GDP) of many US states," the latest edition of the National Climate Assessment said. "Without substantial and sustained global mitigation and regional adaptation efforts, climate change is expected to cause growing losses to American infrastructure and property and impede the rate of economic growth over this century," it added. The effects will spill over into global trade, affecting import and export prices and US businesses with overseas operations and supply chains, it added. Some of these impacts are already being felt in the United States, the report said, and recent extreme … [Read more...] about Climate change could cost US “hundreds of billions” a year: Study
US mid-term elections: Balance resumed
The map of this year’s US midterm elections was evenly covered with the colours of red and blue, without the occurrence of the scenario in which the Republican Party’s “red tide” overwhelmed the Democratic Party’s “blue wave”, which would have helped the Republicans defend their control of the current bicameral Congress. The Republican side easily surpassed 51 seats to continue its control of the Senate but left the majority in the House of Representatives to the Democratic side. Reclaiming dozens of seats from the “Elephant”, the “Donkey” party has gained new power and resumed its control of the House of Representatives after eight years in the minority at this important legislative body. It can be said that the newly announced election results are a tremendous victory for the Democrats after a lengthy loss of its legislative control. Thanks to its efforts to mobilise voters and strong competition, the Democratic Party … [Read more...] about US mid-term elections: Balance resumed
National Assembly set to ratify historic trade deal
Nguyen Viet Thang, head of X26 JSC’s Planning Division based in Hanoi, greeted the news on November 12 that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be officially adopted by the National Assembly (NA). Vietnam will be the sixth nation to ratify this milestone deal, after Australia, Japan, New Zealand, Mexico, and Singapore. Last week, New Zealand adopted this deal. Brunei, Canada, Chile, Malaysia, and Peru are also expected to ratify the deal in the near future. “Our company has been awaiting the adoption of the CPTPP for a long time. If the deal is adopted by all 11 member states, we will be able to export more due to the import tax exemption, which will become true upon the deal’s entry into force,” Thang told VIR. Currently, the average rate is 12-18 per cent, depending on the market and product, Thang said, adding that the company has been “seeking more partners in other CPTPP nations, and contracts will be … [Read more...] about National Assembly set to ratify historic trade deal
Asia Pacific advances trade liberalisation as US swims against current
Market-opening international trade policy reform tends to yield positive results. When trade flows increase, nations on both ends tend to benefit. At the enterprise level, in a trade transaction both parties usually perceive a benefit, otherwise the transaction would not take place. Douglas Lippoldt, chief trade economist at HSBC Global Research Trade often delivers benefits domestically thanks to increases in productivity from economies of scale and specialisation, competition, and returns to investment in innovation. The economic gains generally outweigh any trade-related adjustment costs by a large margin. According to one big historical study, countries that liberalised their trade regimes were able to accelerate annual economic growth on average by about 1.5 percentage points. Among the Asia-Pacific nations we can see this in action. Global, regional, and bilateral accords are delivering increased market openness. This rules-based framework is helping to reduce policy … [Read more...] about Asia Pacific advances trade liberalisation as US swims against current