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
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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?
President Tran Dai Quang (r) receives Indian PM Narendra Modi in Viet Nam in September 2016. — VNA/VNS Photo Nhan Sang President Tran Dai Quang’s upcoming official visit to India is expected to yield a road map for strengthening bilateral cooperation in the future. The visit, which will run from today to Sunday at the invitation of Indian President Ram Nath Kovind, is expected to also bring tangible benefits to the relationship in the present. Potential not matched After 46 years of diplomatic relations and 11 years of strategic partnership, the two countries have smoothly developed their co-operation in all fields. According to the Viet Nam Ministry of Industry and Trade, India is the 15th largest commodity export market and the 10th largest import market of Viet Nam. This is reflected in the bilateral trade turnover that has remained stable at over US$5.5 billion and increased to $7.5 billion in 2017. Vietnamese aricultural products have great export potential in the … [Read more...] about In India, President Quang aims to boost bilateral trade ties
Two major products exported to the US are frozen squid and frozen octopus. — Photo baocongthuong.com.vn Total exports of squid and octopus from Viet Nam to the US reached US$ 9.7 million last year, up 94.7 per cent from 2016, reported the Viet Nam Association of Seafood Producers and Exporters (VASEP). Two major products exported to the US are frozen squid and frozen octopus. In 2017, exports of squid and octopus to the US increased from more than $1 million in the first quarter to $3.5 million in the fourth quarter. Statistics of the US International Trade Commission (ITC) showed that the country imported squid and octopus from 38 sources worldwide in the first 11 months last year, worth $295.8 million, down 29.2 per cent from the same period of 2016. Viet Nam is currently the ninth largest source of supply for this market. The average price of squid and octopus in Viet Nam is currently high at $7.4 per kg, while that of India is $5/kg, China $5.1/kg, Indonesia $6.8/kg and … [Read more...] about Squid and octopus exports to the US soar
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