Rumour has it that Vietnam is poised to be one of the biggest winners of all – let us dive a little into it
Rachel Lau 14 Jul, 2020 E27
Trade tensions between the US and China have been the talk of the town since the year 2018. With the two world powers undergoing a lengthy trade dispute, there are unending speculations on the impacts on both nations, and also the probable spillover effects on the Southeast Asian (SEA) countries.
Rumour has it that Vietnam is poised to be one of the biggest winners of all – let us dive a little into it.
|
Pandemic-hit Indian exporters, especially in labour-intensive sectors, are expecting their fortune to plummet further, as key competitor Vietnam has clinched a free trade agreement (FTA) with the EU.
The pact will raise competition between the Asian rivals for the lucrative EU market in a range of products such as garments, footwear, marine products, plastics, rubber, leather and coffee (See the chart). Importantly, Vietnam will get duty-free access to the EU for 71% of its goods from day one and 99% after seven years but Indian supplies will continue to attract up to 9.6% duty (the maximum, among the products from labour-intensive sectors, is on garments).
A man works at an assembly line of Vinfast Auto factory in Hai Phong city, Vietnam, June 14, 2019. (Reuters file photo)
Vietnam’s economy unexpectedly grew in the second quarter, though at the slowest pace in at least a decade, as exports slumped because of the coronavirus pandemic.
Gross domestic product rose 0.36% from a year earlier, compared with a revised 3.68% in the first quarter, the General Statistics Office said Monday in Hanoi. The median estimate in a Bloomberg survey of economists was for GDP to shrink 0.9%.
Vietnam’s export-reliant economy is taking a knock as the virus disrupts global supply chains and hurts demand, but is still likely to be one of the better performers in Southeast Asia this year.
Cảnh buôn bán trên một con phố Hà Nội khi về đêm. Ảnh: CNN Travel
Fifteen Vietnamese banks have recently been named in The Asian Bankers’ AB500 ranking and survey of Asia Pacific’s strongest banks.
The banks include Vietcombank, BIDV, VietinBank and Techcombank, as well as MB, LienVietPostBank, ACB and VPBank, in addition to HDBank, TP Bank, SHB, VIB, SeABank, Sacombank and PVcomBank.
HANOI, April 14 (Reuters) – Vietnam’s government said it will target annual gross domestic product growth of 7% during the 2021-2025 period, even as the COVID-19 pandemic threatens to derail global trade and production.
The Southeast Asian country’s economy grew at its slowest pace in the first quarter of this year, at 3.8%, as the new coronavirus outbreak hit economic output.
Đọt Chuối Non 