“Globalization is a force that shapes our lives in profound ways, and we see it plainly in trade. The cost of shipping goods across borders has dropped dramatically. The expanding potential of the Internet has reshaped the way we do business. And automation has changed how we produce almost every good and service and has affected job and wage growth. These forces are not going away, but are in fact accelerating.The fundamental economic question of our time is not whether we can stop globalization, but whether we can use all the tools at our disposal to shape globalization in a way that helps the majority of Americans, and reflects not just our economic interests, but our values.” Read more
Now, it’s no secret that the future of the Trans Pacific Partnership is uncertain. I can’t predict what the new administration is going to do with respect to trade, but I can tell you that the fundamental reasons for the TPP haven’t changed. The fundamental need of countries to be able to sell their goods to other countries hasn’t changed. And the United States of America cannot grow and get stronger unless we too are able to sell goods to the other 95 percent of the customers in the world. Read more
to develop a factory manufacturing airbags and industrial fabric for automobile tires, aiming to capture a larger share of the domestic and international market. Read more
TAL Apparel‘s $50 million plant in Vietnam opened in October, can produce 16,000,000 shirts annually, in 100,000 variations, when output ramps up in the future, part of Vietnam‘s bid to join apparel global supply chain and employ millions. But the biggest news is across the road, Read more
“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.” Read more
As the data in the table shows, both the U.S. (60.3%) and Japan (17.7%) must ratify for the TPP to enter into force, since the required 85% can’t be reached without both of them. Two of the three “5%” countries, Canada (6.6%), Australia (5.6%), and Mexico (4.5%), must ratify, for the same reason. And at least two of the other TPP countries “1%” countries must also ratify to reach the required six TPP governments and 85% of the combined GDP in 2013.
“It’s not going to be brought up,” said Senate Majority Leader Mitch McConnell. Republican congressional leaders have said they are focused on domestic issues, to lay the groundwork with Trump to pass health care and tax reform legislation next year. The USTR said Friday “ultimately it is a legislative process, and the final step is for Congress to take.” And White House officials said, “In terms of the TPP agreement itself, Leader McConnell has spoken to that, and it’s something that he’s going to work with the president-elect to figure out where they go in terms of trade agreements in the future.” Read more
“It’s certainly not going to be brought up this year,” Senate Majority Leader Mitch McConnell said of the 12-country Trans-Pacific Partnership (TPP) at a news briefing in Washington. The White House spokesman said in a news briefing on Wednesday, “President Obama does continue to believe that this is the best opportunity that the Congress has to take advantage of the benefits of a TPP agreement that cuts 18,000 taxes, that other countries impose on American products. We’ve got a strong case to make.” The earliest TPP could go into effect would be June 1, 2018, and Vietnam-U.S. trade is likely to continue to grow strongly. Already, Vietnam accounts for 25% of U.S. goods imports from ASEAN; and the share is likely to reach over 30% by 2020. Read more
Product safety, responsible sourcing, compliance, and transparency are the backbone of successful and respected supply chains. AAFA brings together industry leaders to educate factories and suppliers in Vietnam on the critical components of manufacturing and delivering products that meet global regulations, industry compliance, and consumer demand. The conference will be presented in English with full translation.
Hyosung Group President Cho Hyun-joon told Dinh La Thang, general secretary of the Communist Party of Ho Chi Minh City at a meeting in Seoul that “Hyosung has grown Vietnam as its largest production base in the world for products such as spandex and tire cord by focusing its investment on the southern part of Vietnam.” He added, “We are going to closely cooperate in information technology (IT) including automated teller machines (ATM), as well as in infrastructures such as petrochemistry, electricity, and water supply and drainage. Hyosung has invested about US$1.2 billion near HCMC since 2007 Read more