Vietnam Wants To Take Advantage Of The Sino US Frictional "Fishing Profits" And Aspire To Become The "World Factory".

At present, Sino US trade friction is at a critical stage.

Foreign media found that Vietnam is trying to get "profits from fishing".

It has been reported that Vietnamese Prime Minister Ruan Chunfu has come to Davos to participate in the world economic forum's meeting, introducing many favorable conditions for investment in Vietnam, including a rapidly growing economy and friendly policy towards the enterprises.

Recently, Vietnam's Ministry of industry and trade has also announced plans to cooperate with Vietnam's Amazon Global Selling.

Amazon's global launch project will help global enterprises to promote globalization.

Through the Amazon global store project, global sellers can directly communicate with 300 million buyers account.

It is reported that the two sides have agreed to provide support to Vietnamese enterprises, giving priority to helping Vietnam's small and medium-sized enterprises to go out through the official website of Amazon.com and build brands in the Amazon.com business environment.

Berard Tay, head of Southeast Asia affairs of Amazon global opening project, revealed that in September 2018, Amazon's global launch project has announced measures to assist Vietnamese enterprises.

In 2019, Vietnam's Ministry of industry and trade, the Trade Promotion Bureau and the Amazon global open shop project are expected to cooperate with the SME assistance program to help Vietnamese SMEs enhance their communication with global customers and expand their exports.

In recent years, the advantages of land, labor and energy have made Vietnam's manufacturing industry develop rapidly.

Vietnam's total import and export volume reached 245 billion US dollars (1 trillion and 660 billion yuan) in 2018, an increase of 13.8% over the same period last year.

Vietnam's official news agency, Vietnam news, recently reported that in Vietnam's Hanoi industrial and trade conference held in January 17th, Vietnamese Prime Minister Ruan Chunfu said: Vietnam must become a world factory, and the government will create a favorable investment environment for all economic entities to promote production and promote growth.

Ruan Chunfu said that after 30 years of reform, Vietnam's industry and trade have made remarkable growth and become an important contributor to Vietnam's economic development, accounting for 80% of the GDP of the country.

In 2018, Vietnam achieved its established economic goals, and both imports and exports and household consumption rose rapidly.

Vietnam's total import and export volume reached 245 billion US dollars (1 trillion and 660 billion yuan) in 2018, an increase of 13.8% over the previous year, far exceeding the government's target.

He also pointed out that although Vietnam's economy has achieved good results, there is still much room for improvement in planning, implementation and management. The development of the industry has yet to meet the requirements of industrialization and modernization.

In the fourth wave of industrial revolution, Vietnam is facing severe challenges.

Ruan Chunfu said: "if Vietnam wants to become a dragon, it will depend largely on the development of industry and trade."

When it comes to the 2019 target, he said that science and technology are the most important. The technology industry should speed up the process of privatization, state capital should accelerate the withdrawal, state-owned enterprises should speed up restructuring, and continue to solve the tasks that have not yet been completed and effectively promoted.

Ruan Chunfu also asked the Ministry of industry and trade of Vietnam to resolutely respond to globalization and launch corresponding reform measures.

In response, Chen Junying, Minister of Vietnamese industry and trade at the meeting, responded that the Ministry of industry and trade has launched two action plans in January 4th, and will continue to solve the problems of import and export, trade promotion and foreign market development, while solving new problems arising from bilateral trade, such as trade barriers and anti-dumping duties.

He also asked the Department to make drastic updating measures in the context of international integration.

Chen Junying said that the Ministry of industry and trade will focus on promoting investment and decentralization, and will cut at least 79 administrative procedures in 2019.

Some analysts believe that Vietnam has this idea to be expected.

Sino US economic and trade frictions led to higher tariffs on some of China's exports to the United States.

China is at the core of processing and manufacturing in the global industrial chain, and multinational companies in many countries make global production layout and export products to China after processing and assembling products in China.

In particular, the middle and low end manufacturing and labor-intensive multinational enterprises have the risk of avoiding trade uncertainty.

By finding new emerging markets, reducing production costs and reducing customs risks, we can gain more benefits from them.

Vietnam has just seen this part of the demand and "opportunity", hoping to benefit from it and speed up the pace of attracting foreign investment.

Sun Lipeng, a scholar at the Institute of modern international relations of China, told reporters that Vietnam's economic development refers to the "China mode", but it is still in the initial stage of industrial development. It also hopes to undertake this part of the industry, create more employment opportunities, promote domestic economic development, and occupy a place in the international division of labor and the layout of the global industrial chain.

(source: China Textile News, Reference News Network)