Further sharpening the ASEAN unity and economic integration will be key to keeping the regional economy out of negative impacts caused by the US-China trade tensions. At the World Forum on ASEAN, Ignatius Darell Leiking, Minister of International Trade and Industry of Malaysia, said the trade troubles provide a good moment for economic introspection and recalibration. “We need to start taking the opportunity of what was already built several years ago and that is ASEAN,” he said. “Work as a single ASEAN, to trade between ourselves and make it seamless between ourselves. That could reduce the impact that is forthcoming because of this tariff war.” Official said the US-China trade tensions will not be able to hurt ASEAN if all nations cement their unity Speaking to the worryingly bilateral direction of global trade, Alan Bollard, executive director of the Asia-Pacific Economic Co-operation (APEC) Secretariat based in Singapore, said that it is … [Read more...] about Unity key to protecting ASEAN from US China trade conflict
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ASEAN unity and economic integration are the key factors for its members as trade tensions between the United States and China escalate, participants in a panel on the geopolitics of trade agreed at a session of the World Economic Forum on ASEAN on Wednesday.–VNA/VNS Photo HÀ NỘI – ASEAN unity and economic integration are the key factors for its members as trade tensions between the United States and China escalate, participants in a panel on the geopolitics of trade agreed at a session of the World Economic Forum on ASEAN on Wednesday. They also called on ASEAN to strengthen collaborative resilience to navigate the adversarial climate caused by fractures between the world’s two largest economies. “We need to start taking the opportunity of what was already built several years ago and that is ASEAN,” said Ignatius Darell Leiking, Minister of International Trade and Industry of Malaysia, as he spoke on a panel called ‘Trade in … [Read more...] about ASEAN unity key to deal with US-China trade tensions
Manufacturing activity remained relatively solid in major Asian economies such as China and Japan in April, but exports showed signs of weakness across the region, a worrying development given heightened Sino-U.S. trade tensions. High-level U.S. and Chinese officials meet in China this week, with trade expected to be top of the agenda as both sides have threatened reciprocal tariffs on hundreds of billions of dollars worth of imports. The meetings’ outcome could be crucial for the outlook for Asian exporters as Purchasing Managers Index (PMI) surveys of factory activity are already pointing to a slowdown. “What we’re seeing is a cyclical soft patch in exports after a very strong rise last year,” said Dong Chen, senior Asia economist at Pictet Wealth Management. “Without considering the potential trade war, we’re not very worried about it, we think it’s fairly normal. But if we think about the trade war ... then the outlook is quite uncertain. … [Read more...] about Asia sees signs of export weakness before key US-China trade talks
Washington and Beijing are going toe-to-toe in a trade spat, and Vietnam is set to become embroiled in the conflict, for better or for worse. The row is likely to deal a blow to export-reliant Vietnam, as its overseas shipments form part of China’s value chain. “If the U.S imposes high tariffs on China’s broader cross-border supply chain, Vietnam, which exports goods that serve as inputs for China’s exports, will be badly hit,” said economist Le Dang Doanh. It’s unclear whether Washington will tax Chinese firms alone or their wider supply networks. About 2.2 percent of Vietnam’ shipments abroad are part of China’s value chain, Bloomberg quoted date from RHB Bank Bhd as saying. Sharing the same opinion, Steven Schwartz, senior director of sovereign ratings for Asia at Fitch Ratings, said South Korea, Taiwan, Vietnam and Malaysia, all of which export goods – such as machine parts and components for communications equipment … [Read more...] about What does Vietnam have to lose or gain from US-China trade war?
Viet Nam wants to boost investment with India in the fields of information-technology, biotechnology, renewable energy, building machinery, chemicals, pharmaceuticals, electricity, oil and gas, and agro-fishery processing. President Tran Dai Quang made this statement while addressing the India-Viet Nam Business Forum in New Delhi on March 3, as part of his State visit to India from March 2-4. The forum drew over 300 businesses operating in such fields as energy, infrastructure, information-technology and communication, pharmaceuticals, health care, development research, and hi-tech agriculture. Quang stated that Viet Nam had become a dynamic economy with rapid and stable development, after over three decades of implementing the Doi moi (Renewal) and international integration policies. The Southeast Asian country had been evaluated as a safe and attractive investment destination in the region, and throughout the world, he noted. Viet Nam’s consumer market is growing quickly, given … [Read more...] about VN wants more investment in India
At the signing ceremony (Photo: VNA) Hanoi (VNA) – The Vietnam Air Traffic Management Corporation (VATM) on February 2 inked a contract with the US-based Mitre Corporation for technical assistance for an Air Traffic Flow Management (ATFM) implementation master plan in Vietnam. In the context of increased domestic and regional aviation activity, VATM has been implementing strategic solutions to enhance the air navigation capacity. It also requires a master plan on ATFM for providing an integrated vision and a systematic roadmap for implementing ATFM operations in Vietnam. The project, funded by the US Trade and Development Agency (USTDA), will be launched in 16 months from the signing date. It will develop an ATFM vision and devise an implementation plan by 2025 and beyond, as well as build the roadmap for participation in the “Concept of Operations for a distributed multi-nodal ATFM” project in the Asia – Pacific region, and the roadmap for international … [Read more...] about VATM signs technical cooperation deal with US corporation
Editor’s note: Anton Tsvetov is a Southeast Asian affairs analyst from Moscow, Russia. Last week Vietnam saw back-to-back visits by two defense ministers from two of the country’s key partners – Russia’s Sergey Shoigu and the US’ James Mattis. Long-time observers of Vietnamese foreign policy have gotten used to such careful balancing by the country’s leadership: recent examples are the revolving-door visits by Donald Trump and Xi Jinping after the APEC Summit in Danang late 2017 or PM Nguyen Xuan Phuc’s visit to Moscow in May 2016 just as Vietnam was preparing to host then US President Barack Obama. Shoigu’s and Mattis’ visits mirrored each other both in style and substance. Both met not only their counterpart Defense Minister Ngo Xuan Lich, but also President Tran Dai Quang and CPV General Secretary Nguyen Phu Trong, which tells us that the visits were not merely a defense-specific event, but a reaffirmation of long-term strategic … [Read more...] about ‘Like-minded partner’ or ‘old friend’: Can Vietnam avoid getting caught between US and Russia?
The Delhi Declaration of the ASEAN-India Commemorative Summit to Mark the 25th Anniversary of ASEAN-India Dialogue Relations We, the Heads of State/Government of the Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India, gathered in New Delhi, India, on 25 January 2018 to commemorate the 25th Anniversary of ASEAN-India Dialogue Relations under the theme of “Shared Values, Common Destiny”; Reaffirming our commitment to guide ASEAN-India Dialogue Relations by the principles, purposes, shared values and norms enshrined in the Charter of the United Nations, the Treaty of Amity and Cooperation in Southeast Asia (TAC), the Declaration of the East Asia Summit on the Principles for Mutually Beneficial Relations, and the Vision Statement adopted at the ASEAN-India Commemorative Summit to mark the 20th Anniversary of ASEAN-India Dialogue Relations on 20 December 2012; and supporting the ASEAN Charter; Noting the cross-cultural exchanges and … [Read more...] about Delhi Declaration of ASEAN-India Commemorative Summit
Themed “Shared Values, Common Destiny”, the summit gives Vietnam and India a chance to bolster their ties and demonstrates the country’s coordinating role in ASEAN-India relations.Over the last 10 years, ASEAN-India trade turnover has increased almost 2.5 times to hit approximately US$76 billion last year. ASEAN is India’s fourth largest trading partner while India is the six biggest trading partner of the regional grouping. India is implementing a US$75-million project development fund (PDF) to support its businesses’ investment in Cambodia, Laos, Myanmar and Vietnam.In terms of political and security cooperation, India reaffirms ASEAN's centrality in its ‘Act East’ Policy with stronger commitments and more practical actions towards the region and sharing ASEAN stance on building the regional structure based on open, comprehensive and balanced rules.Regarding the East Sea issue, India backs the freedom of navigation, aviation, and trade … [Read more...] about Vietnam’s positive contributions to fostering ASEAN-India relations
Themed “Shared Values, Common Destiny”, the summit offers a chance to bolster Vietnam-India relations and show the Vietnam’s coordinating role in ASEAN-India ties.ASEAN and India have maintained their sound relationship through ups and downs in history. Last year, they celebrated the 25th anniversary of dialogue partnership, the 15th anniversary of Summit-level Partner, and the fifth anniversary of the strategic partnership. Their relations have comprehensively developed on three pillars, namely politics-security, economics and socio-culture. The two sides have set up 30 high-level dialogue mechanisms.Over the last 10 years, ASEAN-India trade turnover has increased almost 2.5 times to hit approximately US$76 billion last year. ASEAN is India’s fourth largest trading partner while India is the six biggest trading partner of the group. India is implementing a US$75-million project development fund (PDF) to support its businesses’ investment in … [Read more...] about Vietnam makes active contributions to fostering ASEAN-India relations