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February 1, 2021 | 6:19 pm Font Size
A VIETNAM DONG note is seen in this illustration photo May 31, 2017. REUTERS
HANOI Having sidestepped the worst of the coronavirus pandemic so far, Vietnam aims to rev up its economy over the next five years, trusting on its custom-tooled mix of free trade deals, privatization and tight coronavirus disease 2019 (COVID-19) curbs.
Armed with a raft of free trade deals envied by regional peers and increasingly luring factories away from China, the ruling Communist Party on Monday formally approved ambitions to raise growth beyond an annual 6% in the pre-pandemic era to 6.5%-7.0% for the 2021-2025 period.
In an economic development blueprint confirmed at its five-yearly congress, it said it would boost its growing role as a key manufacturing hub for global giants like Samsung Electronics Co. and Intel Corp. At the same time, the Party is targeting raising the country’s profile beyond a low-cost labor destination to a center for sc
Vietnam says US probe over its currency, timber may harm both countries
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published : 8 Jan 2021 at 15:09 A Vietnam Dong note. (Illustration: Reuters)
HANOI: A US probe into Vietnam s currency and timber could harm bilateral relations and negatively impact workers and consumers in both countries, Vietnam said on Friday, citing remarks by its trade minister to the US Trade Representative (USTR).
The Trump administration in late December named Vietnam a currency manipulator, a move that businesses said could see the USTR impose tariffs on Vietnamese goods. It has also accused Vietnam of avoiding tariffs by mislabelling products made from Chinese timber. This investigation could cause many undesirable effects, damage bilateral relations, and have negative impacts on thousands of businesses, and millions of workers and consumers in Vietnam and the United States, the Vietnames trade Ministry said in a statement, paraphrasing
In the post-Covid-19 period the economy has seen great volatility and many businesses have suffered heavy losses, while many property developers have taken out tens of billions of Vietnam Dong in outstanding loans.