Vietnam - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Vietnam
| Official Name | Socialist Republic of Vietnam |
| Capital | Hanoi |
| Location | Southeastern Asia, bordering the Gulf of Thailand, Gulf of Tonkin, and South China Sea, alongside China, Laos, and Cambodia |
| Area | total: 329,560 sq km land: 325,360 sq km water: 4,200 sq km |
| Climate | tropical in south; monsoonal in north with hot, rainy season (May to September) and warm, dry season (October to March) |
| Terrain | low, flat delta in south and north; central highlands; hilly, mountainous in far north and northwest |
Editor PicksBrowse Asia News Archive
Vietnam farmers fall to bauxite bulldozers
By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.
By Tran Dinh Thanh Lam - A plan to mine bauxite deposits in Vietnam's Central Highlands, and whose opponents include famed general Vo Nguyen Giap, has provoked dissent even in the companies involved while already tearing up the livelihoods of tea and coffee farmers in nearby towns.read source article
Northern Vietnam's IZs and EPZs Draw More Investment
Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province.
Vietnam's northern industrial zones (IZs) and export processing zones (EPZs) attracted more than $2 billion in investment from foreign investors on the first day of a two-day investment promotion conference that started on March 26 in northern Bac Ninh province. The conference brought together 700 local and foreign investors and provided them opportunities in northern industrial zones, export processing zones and economic zones. Foreign direct investment projects account for 17 percent of Vietnam's gross domestic product.Vietnam Trade Surplus Hits Record $1.7b
Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992.
Preliminary statistics from the General Statistics Office show that Vietnam reached a $1.7 billion trade surplus in the first quarter of the year, beating the previous highest trade surplus of $40 million in 1992. The record trade surplus is attributed to the impact of a sharp drop in imports due to the global economic downturn. The country spent only $11.8 billion on imports during the first quarter of 2009, a 45 percent decline over the same period last year Vietnam only saw a 2.4 percent increase year-on-year in exports, earning $13.5 billion. The slight increase in exports is attributed to the re-export of gold.read source article
Vietnam: Hanoi's GDP Growth At 3-Year Record Low
Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year.
Hanoi's GDP in the first quarter of the year reached VND 14,116.7 billion, a 3.1 percent increase over the same period last year. But this is still its lowest year-on-year first quarter increase compared to the growth rates of 11.2 percent and 10.9 percent in 2007 and 2008, respectively. This modest increase is attributed to the economic downturn, which affected the city's industrial production and exports.7,000 Vietnamese SMEs Bankrupt Amid Global Crisis
A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production.
A report done by the Vietnam Chamber of Commerce and Industry shows that over 7,000 small and medium enterprises (SMEs) have been dissolved while another 3,000 businesses have halted production. Vietnman now has 349,309 enterprises with a total of registered capital of up to VND1.4 trillion (US$84.1 billion). 95 percent of these registered enterprises are SMEs. The SME's limited capabilities in technology, corporate governance, capital and access to markets make them vulnerable during economic downturns. The Vietnam SME association warned that the situation will be worse if businesses cannot access bank loans, with 20 percent of businesses being on the verge of bankruptcy.read source article
Vietnam To Build Multilateral Cooperation With Qatar
A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation.
A recent three day visit by Vietnam's Prime Minister Nguyen Tan Dung to Qatar saw the two countries agreeing on implementing concrete measures to further strengthen cooperation. These measures include establishing a legal framework for long-term and effective cooperation, establishing partnerships in energy and foodstuffs, and running a joint investment fund worth $1 billion to expand investments and finances. The leaders of the two countries also signed a series of agreements on double taxation avoidance, investment promotion and protection, aviation transport cooperation, and agriculture cooperation.Browse Asia News Archive
Trade Agreements
ASEAN - China Free Trade Area
The ASEAN - China Free Trade Agreement will apply in an area involving 1.7 billion consumers, making it the world's largest trading area. The agreement currently establishes a zero-tariff market. The agreement now contains trade in goods, services and dispute settlement. Investment is still under negotiation.
ASEAN - Korea Free Trade Area
Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm
ASEAN Free Trade Area
Initiated in 1992, ASEAN Free Trade Area (AFTA) main mechanism used to reduce tariffs in ASEAN. It originally contained six members (Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand) the other four members (Vietnam -1995, Laos -1997, Myanmar-1997 and Cambodia-1999) joined after the original agreement was signed. In order to join ASEAN, they had to agree to AFTA. The overall objective of AFTA is to encourage more foreign investment to ASEAN and establish ASEAN as a world competitor by eliminating both tariff and non-tariff barriers within ASEAN. Over the next 15 years, ASEAN agreed to reduce tariffs 0-5%. http://www.aseansec.org/19346.htm
Global System of Trade Preferences among Developing Countries
Algeria
Argentina
Benin
Bolivia
Brazil
Cameroon
Chile
Colombia
Cuba
Ecuador
Egypt
Ghana
Guinea
Guyana
Iran
Iraq
Libya
Mexico
Morocco
Mozambique
Nicaragua
Nigeria
Peru
Sudan
Tanzania, United Republic Of
Trinidad And Tobago
Tunisia
Venezuela
ZimbabweThe Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx
Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations
United States of AmericaThe Enhanced partnership between ASEAN and the United States will increase cooperation and understanding in the areas of politics, economics and safety. EAI, Enterprise ASEAN Initiative, will strengthen economic cooperation and will allow and increase of trade and investment between both parties. Both sides have also vowed to work together on various projects in the development arena including, fighting infectious disease and disaster relief. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file932_9760.pdf
Trade Organizations
ASEAN Plus 3
Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.
Asia Cooperation Dialogue (ACD)
The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC
Asia-Pacific Economic Cooperation (APEC)
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.
Association of Southeast Asian Nations (ASEAN)
Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.
Ayeywady-Chao Phraya-Mekong Economic Strategy
The Ayeywady-Chao Phraya-Mekong Economic Strategy (ACMECS)was formed as a political, economic and cultural organization. The ACMECS places an emphasis on using self help and partnership to achieve sustainable development, including poverrty reduction, in line with the UN Millennium Development Goals.
Centre on Intergrated Rural Development for Asia and the Pacific (CIRDAP)
The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP) is a regional intergovernmental and autonomus organization
East Asia Summit (EAS)
The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.