Advertisement
ex. Game, Music, Video, Photography

US election: Vietnam to benefit either way

Vietnam will reap trade benefits irrespective of the U.S. presidential election’s outcome, but the paths will be quite different, experts say.

Ngày đăng: 24 tháng 3, 2021
Cập nhật: 11 tháng 1, 2022
Lượt xem: 89723374
Nguồn: vnexpress

Advertisement
Vietnam will reap trade benefits irrespective of the U.S. presidential election’s outcome, but the paths will be quite different, experts say.

Vietnam will reap trade benefits irrespective of the U.S. presidential election’s outcome, but the paths will be quite different, experts say.

As the world waits to see if Republican Donald Trump remains President for another four years or hands over the reins to Democrat Joe Biden, a former Vice President, Vietnamese experts are divided on how the Vietnamese economy will benefit.

Economist Le Dang Doanh told VnExpress International that a victory for Trump will favor Vietnam as the taxes that he has imposed on China in the last couple of years has allowed Vietnam to increase exports to the U.NNNNNNNNNNNNNS.and caused a wave of multinational companies to move their factories to Vietnam as they diversify their supply chains.

If Trump can keep his seat in the White House, these tough policies towards China are likely to continue to be imposed and Vietnam may see more benefits in its trade relationship with the United States.NNNNNNNNNNNNNS., he added.

The shift of production from China, which was thought possible years ago, is now a reality. Apple has begun assembling its wireless earbuds AirPods Pro in Vietnam and the world’s largest contract manufacturer Foxconn has confirmed that Vietnam is its largest manufacturing hub in Southeast Asia.

The country's share of global textile and apparel exports has increased from 5.9% in 2015 to 8.9% last year, while China's fell from 38.3 to 29.According to a report by market research firm Fitch Solutions, 1%, shows that companies going out of China to reduce production costs have happened.

Echoing Doanh, an economist at Can Van Luc, it seems likely that a victory for Trump will give Vietnam economic advantages as his administration is focusing on boosting diplomatic ties with India and Vietnam. Asia-Pacific region.

In fact, the U.NNNNNNNNNNNNNS.Secretary of State Mike Pompeo wrapped up a five-country visit to Asia in Vietnam last week showing the administration's strong commitment to strengthening bilateral ties, including trade ties, he added.

Although Vietnam's export growth this year has been slower due to the Covid-19 pandemic, the United States.NNNNNNNNNNNNNS.remained the largest export market in the first 10 months of the year, with export value increasing 24% year-on-year to $62.3 billion.

Experts also noted that six major business deals signed during the Indo-Pacific Business Forum held in Hanoi last month, including the U.NNNNNNNNNS.NNNNNNNNNNNNNS.commitment of companies in the development of liquefied gas plants worth billions of dollars in Vietnam and the commitment to buy US pork worth 500 million dollars by Vietnamese enterprises in the next 5 years shows that the fund The direction of bilateral trade relations is still going up.

These factors may explain Trump's popularity in Vietnam. In an online VnExpress poll this month, 79 percent of 59,600 respondents wanted Trump to win the election.

Biden’s okay, too

But other experts say that there will also be benefits for Vietnam if Biden wins.Economic expert Nguyen Tri Hieu said that under Biden, the UNNNNNNNNS.NNNNNNNNNNNNNS.may consider rejoining the Trans-Pacific Partnership, which the Trump administration withdrew from in 2017, claiming it would harm the U.NNNNNNNS.NNNNNNNNNNNNNS.workers.

Biden last year said that the United States.NNNNNNNNNNNNNS.should renegotiate parts of this trade agreement to tighten labor and environmental issues; and assembled an alliance to counter China's expansionist policies.

Hieu said that, so U.NNNNNNNNNNNNNS.re-joining the partnership, Vietnam will benefit from tax reductions on key exports and will see exports to Vietnam grow even faster.

He also worries that another four years of Trump will pose challenges for Vietnam as his administration expresses concern about Vietnam's monetary policies and high trade surplus.

USANNNNNNNNNNNNNS.last month began investigating whether Vietnam undervalued its currency and harmed the U.NNNS.NNNNNNNNNNNNNS.trade, after putting the country on a watchlist of currency manipulators last year.

Vietnam's trade surplus with the UK.NNNNNNNNNNNNNS.is $44.VND3 billion in the first nine months of the year, up nearly 19 percent year-on-year, according to data from Vietnam Customs.

Vietnamese officials have repeatedly asserted that the country does not seek unfair trade advantages through its monetary policies.Central Bank Governor Le Minh Hung said last month that the country "has no intention and will not intend to use monetary policies in general and the exchange rate in particular to create a competitive advantage without healthy in international trade."

Hieu said if Trump’s tough currency policies are imposed in the coming years, it could result in Vietnamese exporters being hurt by higher tariffs of up to 25 percent.

Furthermore, trade tensions persist between the United States.NNNNNNNNNNNNNS.and China could eventually force Vietnam to take sides, which goes against its trade policy, he added.

Therefore, if Biden wins, "policy seems more peaceful with China" His move could reduce tensions between the world's two largest economies, and this could eliminate the risk of Vietnamese goods being subject to high tariffs under Trump's monetary policy, Mr. Hieu said.


Từ vựng liên quan

Advertisement

Tin tức liên quan

 China-linked cyberattacks likely as Malaysia reviews projects: security firm
world 27/03/2021

China-linked cyberattacks likely as Malaysia reviews projects: security firm

world | 116133352

Chinese state-sponsored hackers may be targeting Malaysian firms and state agencies, FireEye says.

Advertisement
 Another Covid-19 relapse case recovers in Vietnam
news 22/03/2021

Another Covid-19 relapse case recovers in Vietnam

news | 60533349

“Patient 149” was confirmed free of Covid-19 for the second time Friday, bringing active cases in Vietnam down to 57.

 Honeymoon ends for Vietnamese women in sham marriages
news 30/03/2021

Honeymoon ends for Vietnamese women in sham marriages

news | 157913359

They paid Singaporean men to marry them so they could stay on in the country.

Advertisement
 HCMC officials not keen on city expansion
news 22/03/2021

HCMC officials not keen on city expansion

news | 39233353

An expert says HCMC needs to become bigger to tackle several ongoing problems, but municipal authorities are not enthused.

 7,000 Americans defrauded to buy sanitizers from Vietnam
news 21/03/2021

7,000 Americans defrauded to buy sanitizers from Vietnam

news | 30923358

Vietnam has arrested four citizens over a wire fraud which saw 7,000 Americans pay nearly $1 million for their sanitizers.

Advertisement
6 Vietnamese workers killed in Taiwan factory fire: report
news 13/09/2021

6 Vietnamese workers killed in Taiwan factory fire: report

news | 305323326

11 Vietnamese workers were on site at the time of the fire.

 200 kph dual purpose railway better option for Vietnam
business 28/03/2021

200 kph dual purpose railway better option for Vietnam

economy | 135963357

A 200 kph rail route that can carry both passengers and cargo will benefit Vietnam more than a 320 kph passenger exclusive, an expert says.

Advertisement
 20 countries, territories order Covid-19 test kits made in Vietnam
news 22/03/2021

20 countries, territories order Covid-19 test kits made in Vietnam

news | 54593350

20 countries and territories are looking to buy thousands of Vietnamese Covid-19 test kits, the director of a firm making them said Tuesday.

19 southern factories lament production restrictions
business 23/10/2021

19 southern factories lament production restrictions

economy | 347993329

Nineteen foreign companies in the southern province of Tien Giang are unable to resume production since local authorities still require them to house their employees at the workplace.

Advertisement
 Vietnamese auto firm to ship semi-trailers to US
business 22/03/2021

Vietnamese auto firm to ship semi-trailers to US

business | 39943371

Vietnamese automaker THACO has succeeded in “swimming upstream”, selling its vehicles, mechanical parts and components abroad despite the severe Covid-19 pandemic impacts.

Advertisement
Advertisement
Advertisement

Tin được xem nhiều nhất

 Vietnam among hardest hit by cryptomining attacks: security bulletin
news 22/03/2021

Vietnam among hardest hit by cryptomining attacks: security bulletin

news | 38153831

Vietnam is among nations hardest hit by cryptomining attacks this year, says Moscow-based multinational cybersecurity firm Kaspersky Lab.

Advertisement
 Vietnam lifts rice export ban
business 17/03/2021

Vietnam lifts rice export ban

economy | 333620

Vietnam has lifted its ban on rice exports with immediate effect, allowing 400,000 tonnes to be shipped this month.

 Online ethnic minority comedies no laughing matter
life 18/03/2021

Online ethnic minority comedies no laughing matter

trend | 95933586

Many Vietnamese YouTube channels have produced comedy videos portraying ethnic minority life through distorted facts and smutty jokes, causing community backlash.

Advertisement
 Hanoi relives historic, liberating moment
news 17/03/2021

Hanoi relives historic, liberating moment

news | 80633569

An exhibition in Hanoi goes back 64 years, when the French troops officially withdrew from Vietnam.

 A winsome foursome presents a ‘Happy Vietnam’
news 17/03/2021

A winsome foursome presents a ‘Happy Vietnam’

news | 1233543

Viet, Nam, Hanh and Phuc whose first names combine to mean "Happy Vietnam" are healthy quadruplets growing in the southern province of Dong Thap.

Advertisement
 Coteccons begins new chapter, hopefully, after resolving feud with shareholders
business 17/03/2021

Coteccons begins new chapter, hopefully, after resolving feud with shareholders

companies | 90333543

Coteccons will replace two board members with nominees of two major shareholders with whom the management has had a running battle since 2017.

 Lo Lo Chai: where time stands still
travel 20/03/2021

Lo Lo Chai: where time stands still

travel | 16763522

Lo Lo Chai is a village in the northern province of Ha Giang that has no modern construction.

Advertisement
 Four teen boys probed for gang rape of drunk girl
news 21/03/2021

Four teen boys probed for gang rape of drunk girl

news | 35373519

Four teenage boys in northern Vinh Phuc Province are being investigated for allegedly raping a 15-year-old girl.

 Five Vietnamese men caught for smuggling Chinese
news 18/03/2021

Five Vietnamese men caught for smuggling Chinese

news | 96733422

Three men in southern Tay Ninh Province and two in northern Lao Cai Province have been arrested for helping Chinese nationals illegally enter Vietnam.

Advertisement
 Golden rice season in northern Vietnam village Nam Hong
travel 17/03/2021

Golden rice season in northern Vietnam village Nam Hong

places | 533415

When fall begins towards the end of September and start of October, Nam Hong Village in Ha Giang Province radiates the amber hue of autumn.

Advertisement

Link Tài Trợ - Sponsored Links

Công Thức Vật Lý
Advertisement
Loading…