KIZUNA Weekly Highlights – 4th week of August 2019
Foreign direct investment (FDI) commitments in the first eight months totaled US$24.35 billion, up 4.2 per cent year-on-year, according to the Foreign Investment Agency (FIA).
The export structure of Vietnamese goods had seen positive changes in the past few years, with a fall in the export of raw materials and increase in processed goods, enabling the country to participate in the global production and supply chains, he said.
Despite the recent boom in solar power projects in Vietnam, this renewable energy still meets only a small proportion of the country’s total electricity demand, at 27 million out of the 750 million kilowatt hours needed per day.
Vietnam has a rather similar export manufacturing capacity with China and this is helping the nation take over some of China’s key export items to the US as the US-China trade war is escalating, according to Fiingroup.
China signaled Monday it is now seeking a "calm" end to its ongoing trade war with the U.S. and President Trump voiced optimism about a deal, as Asian markets crumbled and China's currency plummeted to an 11-year low following the latest tariffs on $550 billion in Chinese goods announced last Friday by the Trump administration.