Chart showing growth in Southeast Asia. ICEAW predicts that economic growth across the region will slow from 5.1 per cent in 2018 to 4.5 per cent in 2019 and remain unchanged in 2020. — Photo Courtesy ICEAW Viet Nam is an exception which has benefited from some trade diversion effects caused by the trade war, according to the Institute of Chartered Accountants in England and Wales’ latest Economic Update: South-East Asia report. Nonetheless, ICAEW added, momentum in Viet Nam was expected to ease to 6.6 per cent in 2020 from 7 per cent in 2019, given weaker Chinese import demand and increased trade protectionism. Export-oriented economies had been the most impacted by the ongoing trade tensions, with Singapore only narrowly avoiding a technical recession in the third quarter. Economic growth across the region was expected to slow from 5.1 per cent in 2018 to 4.5 per cent in 2019 and remain unchanged in 2020 amid high risks of a re-escalation in trade tensions. Regional … [Read more...] about Southeast Asia GDP growth hit by trade war: report
Apple supplier raises fears over us china trade spat
Vietnam wants more northern border gates to process fruit exports to China
The Ministry of Industry and Trade (MoIT) will negotiate with Chinese authorities to allow goods to pass through hitherto unused border gates in the northern province of Lang Son, like Chi Ma, Na Hinh and Binh Nghi, in order to resolve congestion at the Tan Thanh border gate, said Tran Thanh Hai, deputy director of the ministry’s Import and Export Department. On Wednesday morning, in a meeting with Chinese Ambassador to Vietnam Xiong Bo and Yunnan Province’s Party Committee Deputy Secretary Wang Yobo, Deputy Prime Minister Vuong Dinh Hue had mentioned the difficulties Vietnamese exporters have been facing at the border, and asked China to help resolve the issue. Xiong Bo said Chinese border authorities have been overwhelmed by the sudden surge in traffic, and have sent personnel to inspect and resolve the issue. For his part, Wang Yobo said that the southern Chinese province wants to raise bilateral trade turnover with Vietnam, and stands ready to purchase Vietnamese farm … [Read more...] about Vietnam wants more northern border gates to process fruit exports to China
Vietnam’s stocks expected to head up in December
SSI Securities Corporation's office in Hanoi (Photo: nhadautu.vn) Hanoi (VNS/VNA) - After having declined for four straight weeks, the Vietnamese market may rebound in December as analysts and securities companies expect that cheaper shares will attract hungry investors amid the world’s volatility. The benchmark VN-Index on the Ho Chi Minh Stock Exchange was almost unchanged on December 6 as it gained narrowly by 0.03 percent to end last week at 963.56 points. Vietnam’s benchmark VN-Index lost a total of 6.0 percent in four trading weeks since touching the one-year high of nearly 1,024.91 points on November 6. Before touching that amount, the VN-Index had been boosted by confidence in the possibility of a signed US-China trade truce and strong earnings reports produced by large-cap companies. But after that, the market went into a correction phase with large-cap stocks being hit by increased selling from investors. Among the causes were concerns about … [Read more...] about Vietnam’s stocks expected to head up in December
Việt Nam economy to grow at 6.7%: report
Việt Nam’s economy is expected to grow by 6.7 per cent this year. – VNA Photo Danh Lam HCM CITY - The Vietnamese economy is expected to grow at around 6.7 per cent this year, the fastest rate in South East Asia, according to the Institute of Chartered Accountants in England and Wales’ recent Economic Insight: South East Asia report. According to the report, Southeast Asian economies except Việt Nam have seen exports drop in the second quarter of this year compared to the same period last year while Việt Nam’s exports grew albeit slower than in 2018. Its economy grew at 6.8 per cent year-on-year in the first quarter driven by strong manufacturing, steady services and higher agricultural output. However, its economic momentum is expected to trend lower due to reduced Chinese demand for goods and rising trade protectionism. While the escalating US-China trade war could benefit Việt Nam in the short term due to trade … [Read more...] about Việt Nam economy to grow at 6.7%: report
Meat import tariff reduction proposed
Trade Meat import tariff reduction proposed The Saigon Times Daily Monday, Dec 9, 2019,18:40 (GMT+7) Meat import tariff reduction proposedThe Saigon Times Daily An employee packages processed chicken for sale. The Ministry of Finance has proposed import tariff cuts on chicken meat from 20% to 18% – PHOTO: VNA HCMC - The Ministry of Finance has proposed reductions in import tariffs for chicken, pork and their by-products to benefit consumers as the prices of these products have been skyrocketing due to the undersupply, though the United States is seeking a much deeper reduction. In a correspondence dispatched to ministries and agencies, the Finance Ministry proposed lowering the import duty of chicken meat and chicken by-products from 20% to 18%. Meanwhile, tariffs on fresh or frozen pork (excluding whole or half pigs, legs and shoulders) were proposed for a reduction to 22% from 25%. According to the ministry, … [Read more...] about Meat import tariff reduction proposed
