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A set of rules, economic and administrative measures, which are used to fulfill the national objectives in its trade area Area of a trade policy: IMPORT EXPORT National objectives: Economic Integration Competitiveness position Tariff, Quotas, TBT, Antidump legislation Subsidies, Exchange rate….
LOGO Trade policies Group Class: Foreign Trade UEH Cao Đình Hồng Châu Hồ Ngọc Khánh Chi Nguyễn Ngọc Giao Nguyễn Ngọc Kiều Hoa Nguyễn Thị Linh Nhu Trần Minh Quân Trần Thanh Tuyền www.themegallery.com OVERVIEW I II III TRADE POLICIES CURRENT TREND OF WORLD TRADE POLICIES VIETNAM’S TRADE POLICIES www.themegallery.com TRADE POLICY TRADE POLICIES Definition A set of rules, economic and administrative measures, which are used to fulfill the national objectives in its trade area TRADE POLICIES • Area of a trade policy: IMPORT - EXPORT • National objectives: Economic Integration Competitiveness position • Measures: Tariff, Quotas, TBT, Anti-dump legislation Subsidies, Exchange rate… TRADE POLICIES TRADE POLICIES Free trade policy Definition: Traders can act and transact without interference from the gov Features: •Trade activities are free from trade instruments of gov •Prices are reflection of a market economy Protectionist policy Definition: Traders act and transact with interference from the gov that support local producers Features: •Trade activities are intervened with trade instruments of gov •Imports are limited and exports are encouraged Free Trade Policy PROS CONS • Local economy: • Good & services: plentiful, available influenced by international • Competition: fierce – improve diversifyBARRIERS conditions quality , reduce prices • Market: volatility • Encourage local • Strong pressure on producers to develop local producers capabilities Protectionist Policy PROS CONS • Supporting local • Negatively impacting on producer to compete local producers, no pressure to improve and expand market • Causing trade injuries • Balancing the BARRIERS national BOP, - Reducing total world utilizing effectively trade, global the nation currency integration reserves - Cutting local consumer benefits In general Vietnam’s openness index increases rapidly after years Vietnam openness index compared with Bangladesh Source: WTO database Economic Growth Vietnam is in the front rank of GDP growth Vietnam GDP growth rate compared with that of the world Source: World Bank database Competitiveness Global Competitiveness Index: from 75th to 59th, with 4.27 points Country/ Economy Switzerland Sweden Singapore GCI 2010 GCI 2009 Rank Score Rank Change 2009-2010 5.63 5.56 5.48 59 60 4.27 4.25 75 47 16 -13 … Vietnam Slovak Republic www.themegallery.com International Trade Exports: 2008: $62.7Bil 2009: $56.6Bil (increase more than 10 times compared with 1990) www.themegallery.com International Trade Vietnam EPI compared with Bangladesh Source: World bank database Imports Vietnam’s Imports turnover from 1990-2009 Source: Vietnam General Statistics Office : Foreign Investment 2009: 11,000 projects; $64Bil (increase more than times as 2008) 2008: $20.3Bil Highest FDI attraction rate in Asia www.themegallery.com 2.2/ Defects Non-market economy Trade Administration B A Defects Foreign Investment policy D C Trade deficits www.themegallery.com Non-market economy Vietnam is still considered as a non-market economic according to WTO agreement (12 years after VN’s participation) www.themegallery.com Trade administration (Rank out of 125 countries- Global Enabling Trade Report) Source: world Economic Forum Trade deficits Source: Vietnam General Statistics Office Foreign investment policy There’re some limits in some economic sectors, like electricity, aviation, finance… The role of the government is still critical Openness to foreign participation is limited because of the low prevalence of foreign ownership and limited participation in multilateral trade rules www.themegallery.com SUGGESTION To apply technical barriers in line with WTO regulations To perfect the legal system To implement monetary policy and fiscal policy consistent with each period To strengthen the management and efficient use of capital To make suitable exchange rate policies To strengthen ties with existing partners and expand relations REFERENCE www.wto.org www.pwt.econ.upenn.edu www.weforum.org www.worldbank.org www.tradingeconomics.com www.themegallery.com LOGO www.themegallery.com Add your company slogan ... market • Causing trade injuries • Balancing the BARRIERS national BOP, - Reducing total world utilizing effectively trade, global the nation currency integration reserves - Cutting local consumer... TRADE POLICY TRADE POLICIES Definition A set of rules, economic and administrative measures, which are used to fulfill the national objectives in its trade area TRADE POLICIES • Area of a trade policy:... benefits Trade Policies Inward-oriented policy Definition: •Less linkage to world economy •Improving self sufficiency with absolutely intervention of government •Use import-substituting industrialization