As trade protectionism is forecast to grow further around the world in 2021, the Ministry of Industry and Trade (MoIT) is set to step up trade defence measures in accordance with international law and commitments.
Vietnam’s economy expanded by 7.1 percent in 2018, but its increasing openness and reliance on foreign investment suggest it is unlikely to be spared from the global growth slowdown arising from rising trade protectionism and tighter financial conditions.
The Government of Vietnam persistently pursues the policy of comprehensive integration, with a focus on international economic integration in a proactive, pragmatic and politic manner, Deputy Prime Minister Vuong Dinh Hue affirmed at a forum held in Hanoi on December 4.
The State Bank of Vietnam (SBV) is drafting a new circular on foreign currency lending, allowing credit institutions and foreign bank branches to extend loans to some borrowers in 2019 instead of cutting them off at the end of this year as planned.
Vietnam has long treasured the substantial benefits of free trade, particularly amidst the formidable challenges posed by global trade protectionism which is currently threatening bilateral and multilateral trade deals, Prime Minister Nguyen Xuan Phuc has said.
The 50th ASEAN Economic Ministers (AEM-50) Meeting and Related Meetings, which freshly concluded in Singapore on September 1 after four days of working, is an important event in the context of rising global trade protectionism and unilateralisaiton, said Minister of Industry and Trade Tran Tuan Anh in a recent interview granted to the Vietnam News Agency.
Foreign ministers of ASEAN countries and three partner nations - China, the Republic of Korea (RoK) and Japan (ASEAN+3) - met in Singapore on August 4, agreeing on the need for ASEAN+3 to continue contributing to economic connectivity and opening trend in the region.
Various challenges face Vietnam’s shrimp exports to the US, as aside from high anti-dumping duties, Vietnamese businesses have to tackle harsh policies the US uses to protect domestic production.
Domestic consumption of steel in June dropped 14.9 percent compared to May to 1,794,193 tonnes and production output also fell 1.25 percent month on month to 2,058,445 tonnes, according to the Vietnam Steel Association.
The association of Vietnamese people working in finance in France (VnFinance) has recently held an international workshop, attracting a large number of Vietnamese and French experts who are interested in finance and banking.
Economic leaders from Asia and Europe nations gathered for the ASEM in Seoul, RoK to discuss ways to cope with rising protectionism in trade and to cooperate in the next industrial revolution.
Vietnam’s garment and textiles export in the first half of the year grew 11.3 percent year-on-year to 14.58 billion USD. However, experts said the growth has not been sustainable yet.
Prime Minister Nguyen Xuan Phuc has called on member groups of the Japan Business Federation (Keidanren) to expand their investment in Vietnam through public-private partnership (PPP) projects, expecting that Japan will lead in executing the PPP form in the country.
Negotiators from 11 member countries of the TPP agreement gathered for a meeting in Toronto, Canada on May 2 to explore the possibility of putting the trade pact into force without the US.
Business
