Illustrative image - Source: VNA The ASEAN 5 here comprises Indonesia, Malaysia, the Philippines, Thailand and Vietnam. The IMF kept the projected global growth at 3.9 percent for 2018 and the next year as in the April 2018 WEO, but noted that the expansion is becoming less even, and risks to the outlook are mounting. It said the rate of expansion appears to have peaked in some major economies and growth has become less synchronized. The WEO forecast that the US economy will expand by 2.9 percent in 2018 and 2.7 percent in 2019. It also revised down growth of the euro zone economy, Japan and the UK at 2.2 percent, 1 percent and 1.4 percent, respectively, lower than the previous forecast of 2.4 percent, 1.2 percent and 1.6 percent. Among emerging market and developing economies, growth prospects are also becoming more uneven, amid rising oil prices, escalating trade tensions, and market pressures on the currencies of some economies with weaker fundamentals. Growth projections have … [Read more...] about IMF forecasts stable growth for ASEAN 5 in 2018
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Vietnam-UK trade turnover approaches US$4.4 billion
Vietnam’s UK exports totalled US$3.9 billion, up 44.3 percent on 2011’s figure. The country’s key export items include electronic equipment, footwear, mechanical equipment, garments and textiles, interior decoration accessories, coffee, tea, spices, plastics, and leather products. Vietnam's UK imports fell by 11.3 percent to US$467.47 million in 2012. Primary imported commodities included chemicals, nuclear reactors, boilers, mechanical equipment, pharmaceutical products, electronic equipment, films, cattle feed, plastics, and rubber. Vietnam is currently 43rd out of the UK’s 235 international trade partners. The bilateral trade exchange makes up 0.34 percent of the UK’s total trade turnover. Vietnam was 34th among the 229 countries exporting to the UK in 2012 and 73rd among its 230 import customers. The trade exchange in January 2013 was 67 percent higher than the US$484 million in January 2012. Exports to the UK increased by 81 percent while imports … [Read more...] about Vietnam-UK trade turnover approaches US$4.4 billion
UK, Vietnam eye further bilateral trade ties
Deputy Prime Minister Vu Van Ninh made the pledge at the Vietnam Economic Forum in London on September 10, during which he said Vietnam is striving to finalise its market economic institutions, change its growth model and improve its competitive edge. The country’s macro economy has been maintained with higher growth rates and curbed inflation, he said, citing the expected national gross domestic product (GDP) growth of 6.5 percent, the highest pace since 2011. According to the official, Vietnam is targeting trade values of US$350 billion this year and US$600 billion in 2020. Given world economic uncertainties, including the depreciation of the Chinese yuan, plunging world stocks and dropping oil prices, the Vietnamese Government has promptly put forth suitable countermeasures, he said. Hailing Vietnam’s reform efforts to boost socio-economic development, Prince Andrew, Duke of York, said the UK encourages its businesses to invest in Vietnam while welcoming those from … [Read more...] about UK, Vietnam eye further bilateral trade ties
UK, Vietnam mull over ways to foster strategic partnership
They agreed on ways to boost that relationship in politics-diplomacy, security-defence, economy-trade-investment, education-training, science and technology, and environment and climate change prevention. While concurring with increased visits at all levels, they affirmed that economic, trade and investment cooperation is a priority and agreed to create optimal conditions for their businesses to access and boost operations in each other’s markets. That facilitation will also help the firms capitalise on opportunities generated by the EU – Vietnam Free Trade Agreement, once the deal is ratified. The two sides also want to augment the number of Vietnamese students in the UK, accelerate the implementation of the Vietnam – UK University project, and expand affiliation in vocational training to develop a skillful workforce for Vietnam. Minh asked the UK Government to facilitate the granting of visas for Vietnamese citizens. He also appreciated the UK Foreign … [Read more...] about UK, Vietnam mull over ways to foster strategic partnership
UK, India eye trade deals during Modi visit
India's PM Narendra Modi will meet PM David Cameron and Queen Elizabeth II, as well as address a huge rally at London's Wembley Stadium during a three-day visit to Britain focused on trade and investment starting Thursday (Nov 12). LONDON: India's Prime Minister Narendra Modi on Thursday (Nov 12) began a three-day visit to London focused on trade deals and connecting with the diaspora as critics warned of a "rising climate of fear" under his rule. Nearly 200 literary figures including author Salman Rushdie signed an open letter urging David Cameron to demand that Modi provide "better protection" for critical voices such as writers and artists and raise the issue of freedom of expression. Modi will hold talks with Cameron and become the first Indian prime minister to address both Houses of Parliament later on Thursday. On Friday, he meets Queen Elizabeth II and addresses a huge rally at Wembley Stadium where 60,000 British Indians are expected. The trip will be the first time an Indian … [Read more...] about UK, India eye trade deals during Modi visit