return icon Vietnamnet.vn

Vietnam needs to prepare for new period with a stronger China: economists

VietNamNet Bridge - Economists at a forum on Vietnam’s economic integration in December last year all agreed that Vietnam needs to prepare for the rising economic and political influence of China.

VietNamNet Bridge - Economists at a forum on Vietnam’s economic integration in December last year all agreed that Vietnam needs to prepare for the rising economic and political influence of China.


{keywords}

Vietnam needs to prepare for the rising influence of China



Dr Vu Minh Khuong from Lee Kwan Yew University in Singapore, a member of the Prime Minister’s economic advisory team, cited statistics showing that Vietnam’s exports to China have increased significantly. 

“We need to penetrate more deeply into the market, which is full of potential. After China respects the laws in doing trade with the world, this will be an ideal market for Vietnam,” Khuong said.

He went on to say that China has high strategic adaption capability. This means that China will become stronger despite challenges. In the trade war, China will find optimal solutions which can both benefit them and satisfy the US.

Vietnam has been exploiting the Chinese market for years, but its enterprises have had a short term business vision, but they still don’t have a long term strategy to conquer the market.

“So, Vietnam needs to prepare for a period when China becomes stronger,” he said. 

The former director of an institute on Chinese studies said China has made big progress in recent years in economic development, despite the current difficulties caused by the US-China trade war. International scholars predicted that it may surpass the US in a short term.

Bui Quang Binh from the Da Nang Economics University said that if Vietnam wants to get benefits from a stronger China, it will have no other choice than reforming itself and becoming stronger.

Vietnam will bear both positive and negative impacts from the changes of China, especially as Vietnam is dependent on China in two-way trade.

However, Duong Dinh Giam, former director of the Institute for Industrial Strategy and Policy believes that there are still ways Vietnam can follow to take full advantage of the new circumstances. 

First, Vietnam needs to take full advantage of its strength to exploit the vast populous market of China which has high demand for goods at different quality levels.

Vietnam has been exploiting the Chinese market for years, but its enterprises have had a short term business vision, but they still don’t have a long term strategy to conquer the market.

Second, Vietnamese enterprises need to change their strategy on importing cheap products and input materials from China, because this will kill domestic production and harm consumers.

Third, it needs to carry out comprehensive reform in policies and development so as to help its enterprises develop in the most favorable conditions. 


RELATED NEWS

Trade war presents opportunity for VN

What can the US-China trade war bring to Vietnam’s plastics industry?


Kim Chi

MORE NEWS

First monkeypox infection detected in HCM City

The Ho Chi Minh City Department of Health has just announced the first reported case of monkeypox in Vietnam.

VIETNAM BUSINESS NEWS OCTOBER 3

2.97 billion USD in FDI poured into HCM City in 9 months

Trendy jobs in Vietnam

New and fashionable professions are being pursued by many young people. But not everyone is succeeding.

Shooting star targets bright future

After the retirement of senior champions, the Vietnam shooting team is now relying on its younger athletes, such as 18-year-old Phi Thanh Thao, who was recently nominated as Best Young Athlete of 2022 at the prestigious Victory Cup.

Hanoi needs world-class entertainment sites to lure tourists

According to experts, the lack of world-class amusement and entertainment zones is a big "hole" in Hanoi's tourism.

HCM City tightens management of food labelled 'organic'

Many families choose organic food though recently several supermarkets and e-commerce platforms had to apologise to consumers after non-organic food was labelled and sold as organic.

Vietnam win ticket to 2022 Futsal Asian Cup quarterfinals

Despite their defeat in the match against Japan on October 2, Vietnam’s national futsal team will advance to the quarterfinals in the 2022 Futsal Asian Cup as it ranked second in Group D.

Many parts of Vietnam saw increased fertility rates during pandemic

Fertility rates over the past two years increased across many localities in Vietnam, and it was even higher than the total replacement birth rate, said Director General of the General Department of Population and Family Planning Nguyen Doan Tu.

HCMC plans to eliminate 20,000 slum areas by 2025

According to the Ho Chi Minh City Department of Construction, over the past 20 years, the city has removed 36,000 slum areas along canals, but there are still about 20,000 of them.

Vietnam to have 33 new highways by 2030

With 33 highway projects totaling nearly 3,000 km long planned for construction in 2021-2030, a decade of busy expressway building is expected.

Viettel, VNPT lead Vietnam’s Top 10 most valuable brands

Four telecommunications brands of Vietnam have a total value of 13,136 million USD.

Floods kill eight in Nghe An, Ha Tinh

Heavy downpours and floods in the north central region claimed the lives of eight people in Nghe An and Ha Tinh provinces as of 5:30pm on October 2.

Localities urged to rectify flaws in fishery sector

With the visit of the European Commission’s delegations ahead, Vietnam’s ports and fishers are aiming to remedy the previously criticised issues regarding international fishing regulations.

Market likely to continue to correct this week

Analysts said that in the current environment, financial markets will be very likely to continue revaluing.

Over US$6 bln earmarked for national socio-economic recovery

Prime Minister Pham Minh Chinh has issued a decision earmarking over VND147 trillion (US$6.39 billion) from the State budget for ministries, agencies and localities to carry out the socio-economic recovery and development programme.
back_to_top