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Thursday, June 13, 2024

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RCEP

New opportunities for Vietnam

Global geoeconomic conditions continue fluctuating, with the China-U.S. tension showing no signs of abating. The trade war between these two powers, which commenced years ago and has witnessed new developments lately, is ushering in new opportunities for Vietnam. The country needs to prepare itself to make the most of such opportunities so as to bring the economy into a new stage of growth. Geoeconomic movement towards ASEAN The U.S., Japan and many other countries have begun to keep a watchful eye over China since the mid-2010s, especially after Xi Jinping became China’s supreme leader with an ambition to create a gilded age for China. China has also moved away from its old policy of “keeping a low profile, hiding your strength” initiated by Deng Xiaoping, and has not concealed its ambition to have dominant postures on the global economic and political arena. One of its prominent vehicles is the Belt and Road Intiative (BRI) explicitly meant to connect China with the rest of Asia and Europe. The initiative comprises One Belt, envisioned to be an intercontinental corridor from China to Europe through Central Asia, and One Road from China via the East Sea and the Indian Ocean to Europe. The […]
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