Export-Dependant Vietnam to Seek Global Economic Unity at DavosBy
Vietnam plans to spread the message of “deeper” global economic integration to the elites gathering at the Alpine resort Davos this week.
“We want to urge countries to heal the recent fractures in the world economy,” Vietnam’s Deputy Prime Minister Vuong Dinh Hue said in a Bloomberg Television interview on Jan. 19, ahead of his trip to the Swiss town. “Let’s join hands in expanding and strengthening economic linkages, and engage deeper in the global integration process for sustainable development of the world economy.”
U.S. President Donald Trump stopped his country’s involvement in the 12-nation Trans-Pacific Partnership last year -- a trade pact that Vietnam is seen to have been among the biggest beneficiaries of with the opening of the American market to more Vietnamese products. Trump would be the first sitting U.S. president in two decades to attend the gathering.
Vietnam, whose economy may match 2017’s pace of 6.8 percent this year, looks to the U.S. to boost trade. Sales to the U.S. rose 8 percent last year as Vietnam’s overall exports increased 21 percent to a record $214 billion. Hue said Vietnam’s “exports” aren’t always recorded in trade data, such as its students studying in the U.S.
Vietnam’s economy, Hue said, is susceptible to global turbulence amid rising protectionism that can “quickly have a direct impact on Vietnam in terms of trade, investment, currency.”