Germany tops Japan with world's largest current account surplus in 2018 - Ifo Containers are loaded onto a container ship at a shipping terminal in the harbor in Hamburg, Germany September 18, 2014 – PHOTO: REUTERS BERLIN (REUTERS) - Germany’s current account surplus shrank but remained by far the world’s largest last year due to strong exports, according to data from the Ifo institute on Tuesday that is likely to renew criticism of Chancellor Angela Merkel’s fiscal policies. The International Monetary Fund and the European Commission have urged Germany for years to do more to lift domestic demand as a way to boost imports, stimulate growth elsewhere and reduce global economic imbalances. Since he took office, U.S. President Donald Trump has also criticized Germany’s export strength. Germany’s current account surplus, which measures the flow of goods, services and investments, was the world’s largest for the third year running in 2018 … [Read more...] about Germany tops Japan with world’s largest current account surplus in 2018
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Back to English Comments News - January 22, 2019 | 02:07 pm GMT+7 Vietnamese fishermen cannot enter a traditional fishing ground off their country’s central coast because of China’s illegal claims over the islands."A group of Chinese soldiers jumped on my ship, took control of it and hit me repeatedly with batons," Nguyen Tan Hai, 30, captain of a fishing boat, recalls that night in May 2014.The Chinese only stopped when he had fainted. They then turned their vandalistic attention to doors, the communications system, the sonar, and any other equipment they saw on board.When they were stealing all the fish and oil, they came across Le Anh, the crew member. Like Hai, he too was assaulted and left unconscious.When he regained consciousness early the next day, Hai felt pain all over, and cold and hot at the same time.He was aware that the other crew members, who had been diving for sea cucumbers and escaped the assault, were taking him and Anh back to shore.The name … [Read more...] about 45 years on, battle for Paracel Islands shows no signs of ending – VnExpress International
Opening a seminar at the 2019 Vietnam Economic Forum in Hanoi Thursday, Nguyen Van Binh, chairman of the Communist Party's Central Economic Commission, stressed the need for Vietnam to address the challenges brought about by climate change. "If we don't effectively respond to climate change, the achievements of our socio-economic development will be damaged and the process of sustainable development will encounter many difficulties." As a country with a long coastline and many large river basins, Vietnam is considered among the five countries most affected by climate change. The impacts of climate change would accelerate resource depletion and environmental degradation and slow down the country's socio-economic development, Binh said. While renewable energy is environmentally friendly, its sources are still unstable, potentially endangering energy security, while traditional energy sources such as coal help ensure energy security but contribute to the greenhouse effect, … [Read more...] about Vietnam’s dilemma: clean electricity or energy security?
Nguyen Hong Linh, owner of an aluminum manufacturing firm in Hanoi, said he has not been able to expand despite having the capital. "My company, along with other aluminum manufacturers, has been reducing production since the beginning of the year." Most industry players VnExpress spoke to have in fact been reducing production, with some operating at only 30-40 percent of capacity. Vu Van Phu, chairman of Hanoi company Fran Alumi, lamented this is because locally made aluminum has to go through more inspections than Chinese imports. Vietnamese aluminum has to go through multiple examinations of origin and quality, he claimed. Another challenge is that the input value added tax (VAT) refund for Chinese products has been hike from 9 percent to 13 percent since September, he said. The higher tax refund means Vietnamese manufacturers are unable to compete on price, he added. Experts have been sounding warnings that China could export cheap goods in large quantities to Vietnam, not just … [Read more...] about Vietnamese aluminum industry faces threat from Chinese imports
By Khanh Lynh  December 18, 2018 | 05:05 pm GMT+7 The United Nations General Assembly meets in New York on September 29, 2018. Photo by AFP/File Vietnam has become a member of the United Nations’s Commission on International Trade Law (UNCITRAL) for the first time. With 157 out of 193 votes at an election held during the 73rd session of the U.N. General Assembly that opened Monday in New York, Vietnam was elected to be a UNCITRAL member for the 2019-2025 tenure. This is the first time UNCITRAL’s membership has been chosen by voting because there were more contestants than seats allocated to the Asia-Pacific and Western European regions. Officials said success in the election shows Vietnam’s rising prestige and recognition of its efforts and contributions to the international community’s common tasks, including international trade. UNCITRA, established by the United Nations General Assembly in 1966, is the core legal body of the U.N., … [Read more...] about Vietnam debuts as UN international trade law commission member