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Vietnam - Latest News/Current Events, Economic Overview & Trade Relations

AEI | 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
Vietnam
Vietnam

Vietnam to Promote Ways of Investment

Red river Delta is going to be a subject of conference in August 5.More than 500 investors and representatives from big domestic corporations, industries and international financial institutions are expected to attend the event, said Chairman of the…

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Vietnam

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…

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Vietnam

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…

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Vietnam

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.

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Vietnam

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.

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Vietnam

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.

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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.

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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

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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

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Global System of Trade Preferences among Developing Countries

AlgeriaAlgeria
ArgentinaArgentina
BeninBenin
BoliviaBolivia
BrazilBrazil
CameroonCameroon
ChileChile
ColombiaColombia
CubaCuba
EcuadorEcuador
EgyptEgypt
GhanaGhana
GuineaGuinea
GuyanaGuyana
IranIran
IraqIraq
LibyaLibya
MexicoMexico
MoroccoMorocco
MozambiqueMozambique
NicaraguaNicaragua
NigeriaNigeria
PeruPeru
SudanSudan
Tanzania, United Republic OfTanzania, United Republic Of
Trinidad And TobagoTrinidad And Tobago
TunisiaTunisia
VenezuelaVenezuela
ZimbabweZimbabwe

The 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

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Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations

The 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

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Trade Organizations

ASEAN Plus 3

Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.

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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

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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.

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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.

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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.

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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

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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.

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