10 economic events of Vietnam are most interested in 2018

10 economic events of Vietnam are most interested in 2018

2018 is a pivotal year for the development period 2016-2020, 2018 is considered to be a prosperous economic year, proving "rising water". Here are the top 10 most important economic events in 2018




1. GDP growth set new record since 2008


GDP of 2018 is estimated to increase by 7% - the highest figure in 10 years since the economic crisis in 2008. Although the economy still maintains macro stability with maintaining the target of controlling CPI below 4% , public debt decreased compared to 2017 but GDP still boosted.

From an industry perspective, Vietnam is a world-class factory for mobile phones, textiles, etc. The presence of top names such as Samsung and thousands of other FDI enterprises have ensured the quality of the foreign investing environment.

At the same time, the growth of economic corporation such as Vingroup (private corporation) and Viettel (State corporation),... shows that the domestic business environment can be cultivated so that businesses can raise to the regional scale. Many capable firms are competing as well as collaborating with large corporations of the world.



2. The new peak of VN-Index


On April 10th, VN-Index established the highest apex in history at 1,211.34 points. The great excitement of a part of investors comes with the decision to withdraw from many investors. As a result, the index reversed right in the session with profit-taking pressure in a series of large stocks.

The market maintained downtrend until the beginning of June and in the rest of 2018. VN-Index had to struggle to retake 900 points and 1,000 points in the midst of economic instability caused by the trade war between US and China along with the withdrawal of foreign investors from emerging and frontier markets.

Before setting the peak, Vietnam stock index was in the long-term upward trend lasted from the beginning of 2016 thanks to favorable macroeconomic development and the event of the IPO of a series of large and successive enterprises and State divestment plan.

VN-Index leaped spectacularly from 3rd quarter 2017 to the end of  1st quarter 2018 thanks to the strength of large-cap stocks. The momentum comes from the story of market upgrading (frontier up to emerging), from the capital from Korea and China pouring into Vietnam when attracted by the world's fastest growing stock market.



3. Broken dream with block-chain money


On April 8, 2018, hundreds of investors accused Modern Tech of fraud, plundered more than VND 15,000 billion from blockchain investing fund such as iFan and Pincoin. In fact, iFan attracts tens of thousands of participants because the "unbelievable" interest rate of 576% / year is paid regularly at the first time and invites a Vietnamese celeb like Dam Vinh Hung, Le Quyen, Lam Truong ... for promotion.

Earlier, Bitconnect's closing announcement also caused many Vietnamese investors to lose money when buying assets in the form of virtual currency which later are being borrowed with Bitconnect loans with high interest rates has become dust.

The truth of these cases is a consequence of flawed variable multi-level operation. Under the cover of "blockchain application 4.0", the release of virtual money, ... "dealer" mobilized capital to invest in bitcoin, ethereum ... when these virtual currencies are rising dramatically. When virtual money is collapsed, the value of money is broken, C.E.O iFan - Mr. Diep Khac Cuong, disappeared and the investor lost all.

The Vietnam State Bank has repeatedly affirmed that virtual currencies are not legal currencies and unaccepted payment methods in Vietnam. The issuance, supply, use of Bitcoin and other similar virtual currencies as payment instruments is prohibited in Vietnam.




4. Draft of real estate property tax law from VND 700 million causing storms of controversy


On April 13th, 2018, the Ministry of Finance held a press conference to announce the Law on Property Tax. It is worth noting that the proposed taxation for houses with taxable threshold of over VND 700 million and cars with taxable threshold of over VND 1.5 billion. This proposal was quickly opposed.

The level of tax assessment that is assessed will negatively impact the poor, the middle class. Regulatory goals, social balance are not implemented.

On April 17, the Government Office released information that the Government has not considered the proposed Property Tax Law, this is only the proposal of the Ministry of Finance. Prime Minister Nguyen Xuan Phuc noted: "If we act subjectively, the will of goverment would be far away from the people and the people's beliefs, the consequences will be damaged greatly to the country and society".

On April 20th, Minister of Finance, Mr. Dinh Tien Dung had a meeting with the press to explain the reasons for the introduction of the draft and affirmed that the poor and low-income people will not be affected. Also on April 20th, the Prime Minister stressed that the draft law must be directed to the rich, who have two or more houses. He also noted: "The time of implementation also needs to be studied carefully".


5. US-China trade war


The official trade war broke out when the decision to impose taxes on imported goods of US$ 34 billion from China by President Donald Trump officially took effect on July 6th, 2018 in US time.

China, in addition to suing to WTO, also retaliated. After 3 rounds, the total value of taxed Chinese cargo's up to US$ 250 billion by the US and the total value of  taxed US goods applied by China is about US$ 110 billion.

The meaning of this war is judged not to be commercial, but to be developed by two main factors, including: The race for power, influence in the 21st century and the rise of protectionist people type.

Although it is difficult to predict how long this conflict will last as well as the impact, the IMF predicts that this is the reason why the global economy has lost US$ 430 billion.

In Vietnam, this conflict affects a lot. In the short term, Vietnam can receive investment flows for new production as well as increase exports. But in the long term, Vietnam will face the risk of being "borrowed" by China and become the object of US retaliation or the risk of serious trade deficit from China.




6. Postponing the approval of the Special Zone Law


The Special Zone of Administrative - Economic Law Project (Special Zone Law) was presented to the National Assembly at the 4th session in October 2017 and is expected to be passed during the 5th session of the XIV National Assembly in June this year.

The initial project is expected to create a boost for Vietnam's economic growth, turning 3 provinces of Van Don (Quang Ninh) - Bac Van Phong (Khanh Hoa) - Phu Quoc (Kien Giang) to become "phoenix bird nest".

When it came to the Parliament, the Special Zone Law created a fierce debate among the delegates and created a strong wave of opposition in the proposal, particularly in terms of the 99-year land renting period. At this meeting, more than 85% of the delegates agreed to delay the passage of the project to the 6th session, which took place in October 2018.

However, on August 24th, the National Assembly Office said that at the 6th session, the National Assembly has not yet considered this project. The postponement of the review of the project is to continue to consult delegates, civil citizens, organizations, experts and scientists, thereby completing the project, ensuring the successful construction of 3 special zones, maintaining national defense and sovereignty.




7. WEF ASEAN 2018 is held in Vietnam


Professor Klaus Schwab, founder, Executive Chairman of the World Economic Forum (WEF), describes the WEF ASEAN that Vietnam hosted as the most successful event in history. Following the achievements from APEC 2017, the WEF ASEAN 2018 is considered as an opportunity for Vietnam to express itself in the region and internationally. This year's event is also remembered as a series of "most" ones.

Taking place from 11st -13th September, the 2018 WEF ASEAN attracted 1,000 delegates, including 7 Presidents and Prime Ministers, 2 Deputy Prime Ministers, 60 Minister-level delegates and more than 800 leaders of incorporation of world and regional. This is the ASEAN WEF with the largest number of participants in history.

With the theme "ASEAN 4.0: Enterprise spirit and Industrial Revolution 4.0", the WEF ASEAN 2018 is considered to be in line with the development trend of the whole world, bringing important and useful lessons. ASEAN enterprises in front of the wave of 4th industrial networks. In the role of a host, Vietnam recorded clear imprints by its dynamism, openness, hospitality, capacity to connect, coordinate and organizing international events.




8. Through trial, the CPTPP becomes a reality at last


With 7 countries approved, including Vietnam, CPTPP will officially take effect from December 30th 2018 with the content almost unchanged compared to TPP although 22 articles are postponed implementation mainly related to the intellectual property. To ensure a balance between 11 member countries.

Not as turbulent as in 2017, 2018 still has decisive moments with the fate of CPTPP. Even when 11 member states signed an agreement in the Santiago de Chile,on March 9th, the most optimistic people still felt anxious for the future of the agreement.

However, on October 31th when New Zealand became the sixth country through CPTPP, the official agreement took effect from December 30, 2018. Vietnam also officially approved the agreement less than 2 weeks later and became the 7th country to approve CPTPP.

With the participation of CPTPP, Vietnam will have many benefits in GDP growth as well as more advantages in advanage exporting commodities such as agricultural products, seafood, electricity and electronics thanks to the elimination of tax. However, Vietnamese enterprises will face very high competition pressure because the technology level is ranked at the lowest level, while the tariff and non-tariff barriers will no longer be "salvaged".




9. "Made in Vietnam" products


After just over a year of establishment, VinFast - a member of Vingroup launched Sedan and SUV models at Paris Motor Show. Vingroup produces cars with a swift speed thanks to cooperation with international brands such as BMW, Pininfarina, Bosch, Magna ... The launch event of VinFast also "raging storms" with the presence of David Beckham. Nearly 10 million views of live events and at the peak of online viewers simultaneously reached more than 1 million.

Soon after, VinFast introduced Klara electric motorbike with small Fadil gasoline motobike. VinFast announced the sale of vehicles with a policy of 3 NO (No depreciation costs, no financial costs and no interest), whereby the selling price is 40% lower than the production cost.

VinSmart - a mobile phone company - after 6 months of establishment, has launched the smart phone Vsmart in cooperation with BQ, Qualcomm.

In Oct 2018, the launch of Bphone 3 produced by BKAV also received many positive reviews from the technology community thanks to improvements and especially the reasonable price (VND 7 million) compared to previous generations.

It takes time to answer the question: "Can the products made in Vietnam conquer consumers?" But it will be hard to deny the pride of Vietnam that these products brought.




10. The extraordinary lawsuit between Grab & Vinasun


On February 6th, 2018, Ho Chi Minh City People's Court opened a trial to hear first-instance disputes between Vinasun (plaintiff) and Grab Vietnam (defendant).

According to Vinasun, Grab took advantages of Decision 24 to allow transport application of science and technology to support contracting transport activities, violating the law on taxi transport, causing market turmoil. Plaintiff request VND 41.2 billion claim for Grab VN.

Grab said that Vinasun's view is contrary to technology 4.0 and the information given by Vinasun is slander. Grab affirmed to comply with Desision 24.

After 9 months with 4 postponements, on November 30th, 2018, Vinasun and Grab decided to stop the lawsuit and reconcile themselves.

Elsewhere, the 6th Draft of  Code 86 on business and automotive transport business conditions said that vehicles under 9 seats piloting electronic contracts (such as Grab) had to attach taxi badges and bear the binding rules such as taxis.

At the end of August 2018, the Ministry of Transport has started collecting comments for the Draft of Law on Road Traffic. This is considered a document that will completely overcome the current legal issues in identifying and managing new types of services (such as Grab).



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10 economic events of Vietnam are most interested in 2018
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