Review Category : Top News

Thanks to robust domestic demand and export-oriented manufacturing, Vietnam’s medium-term outlook remains favorable, with GDP expected to expand by 6% this year. Vietnam’s growth was accompanied by low inflation and widening current account surplus. Risks that could adversely affect medium term prospects include continuing delays in implementation of structural and fiscal reforms.

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“The United States has announced it suspends the submission of TPP to the Congress so there are not sufficient conditions for Vietnam to submit its proposal for ratification,” Prime Minister Nguyen Xuan Phuc told the National Assembly on Nov 17. “We are ready to join the TPP but with or without this trade deal, Vietnam will remain on the international integration path.”

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A few years ago, Nguyen Thi Dung was feeding chickens and planting rice to make ends meet in one of the poorest areas in Vietnam. This year, she expects to earn more than a typical stockbroker in the country. The difference? Samsung. “Our lives have improved dramatically since Samsung came,” says the 57-year-old ex-farmer, who now rents rooms and sells groceries to assembly line workers, and expects to earn the equivalent of $68,000 this year. “I want to buy a car and have my children drive me around.”

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98% of U.S. exporters are actually small and medium-sized enterprises (SMEs), and these smaller traders account for over one-third of U.S. exports. SMEs that export are also economic powerhouses—they hire more employees, pay higher wages, and are more resilient and productive than their non-exporting counterparts. TPP offers significant untapped potential to drive growth and support good jobs by increasing small business trade.

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This Statement of Administrative Action (“Statement”) is submitted to the Congress in compliance with section 106 (a)(1)(E)(ii) of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (“Trade Priorities Act”) and accompanies the implementing bill for the free trade agreement that the United States has concluded with 

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Although the administration’s push will begin in September, no vote will occur until after the Nov 8 elections. Just as the White House Democrats and congressional Republicans mostly agree on the economic benefits of trade, they have parallel political interests in delaying debate. Republicans do not want to provoke attacks from their presidential nominee, Donald J. Trump or hurt other Republican candidates. Mr. Obama does not want to make trouble for the Democratic nominee, Hillary Clinton, who has struggled to persuade voters of her sincerity in switching from support of the pact to opposition. In August, she said, “I oppose it now, I’ll oppose it after the election and I’ll oppose it as president.”

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At a meeting in Haiphong on July 22, the council’s technical department proposed increases of 9.7-10.4%, 8.6%, and 7.1-8.3%. Vu Duc Giang, chairman of the Vietnam Textile and Apparel Association (Vitas), member of the council, stressed that the minimum wages should not go up in 2017 as textile and garment firms are now struggling with increasingly high input costs. “Textile and garment firms cannot expand investment and production if minimum wages are adjusted up again. This will lead to massive layoffs. Who will be responsible for this?” Giang said.

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