Select a country and write a paper focusing on changes in the government policies and their impact i) on that country’s economic performance; ii) on that country’s economic relations with other count

NATIONAL ECONOMICS UNIVERSITY SCHOOL OF ADVANCED EDUCATION PROGRAMS *** INDIVIDUAL ASSIGNMENT COURSE: INTERNATIONAL ECONOMICS TITLE: Select a country and write a paper focusing on changes in the government policies and their impact: i) on that country’s economic performance; ii) on that country’s economic relations with other countries; iii) on the world economy; iv) on foreign firms doing business in that country Name: Lương Thị Hải Anh Student ID: 11204339 Major: Advanced Accounting Couses: International Economics_Advamced Accounting 62_AEP(221)_01 Lecturer: Nguyễn Anh Minh HÀ NỘI - 2022 Table of content I Introduction II Changes in Vietnam’s government policies and their impact III Current situation and government policies On that country’s economic performance On that country’s economic relations with other countries On foreign firms doing business in that country 10 Conclusion 12 IV Reference V List of figure 12 Figure Figure Figure 11 I Introduction Vietnam’s economy has been a development success story Economic reforms since the launch of The Renovation ( Doi Moi ) in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation The Renovation marked a turning point in the history of Vietnam’s economic development and bought about remarkable achievements in terms of GDP growth, macroeconomic stabilization, export expansion, foreign direct investment (FDI) attraction, and poverty reduction Viet Nam's financial ascent can be clarified by three primary variables: "First, it has embraced exchange progression with enthusiastically Second, it has supplemented outer progression with homegrown changes through liberation and bringing down the expense of carrying on with work At long last, Vietnam has put vigorously in human and actual capital, transcendently through open speculations." The experts refer to the several trade treaties struck by Vietnam over the last 20 years as the very first factor In 1995, Viet Nam joined the ASEAN streamlined commerce region In 2000, it consented to a streamlined commerce arrangement with the US, and in 2007 it joined the World Exchange Association From that point forward, further ASEAN arrangements followed with China, India, Japan, and Korea, and simply this year, the changed Transoceanic Organization became real - yet without the US In 2020, with the impact of covid-19 breaking out all over the world, Vietnam is not an exception that also has a great impact on the economy and people Multiple financial activities have been halted as a consequence of the pandemic's impact, while the need for expenditure on prevention and eradication of the plague's effects has grown Due to long-term budgetary deficiencies, as well as a money-related strategy focused on growth and shifting size goals, Vietnam is unable to pursue macroeconomic policies in the same way as other countries In the world, it is enormous Large-scale financial facilitation might lead to depreciation of the local currency, making the venture atmosphere less stable and deterring foreign investment into Vietnam Figure Sou Figure 2: GDP growth rate of months in 2011-2020 Source: gso.org.vn II Changes in Vietnam’s government policies and their impact Current situation and government policies The Vietnamese government has proposed a number of structures and techniques, as well as a number of actions, to alleviate suffering, promote innovation and company development, and reconstruct the economy Priorities for macroeconomic stability include maintaining monetary and financial market stability Overall, the given strategies and arrangements incorporate a mix of the business plan, money related arrangements, and other sector-based- based or government-managed savings supports several programming, including transient arrangements, systems, and reaches in a few specific enterprises and fields, together of critical and longterm answers for overcoming monetary development challenges and supporting people and organizations; easy to predict with the advancement and impact of monetary development, like the new methodology of numerous nations all over the planet, exceptionally valued by individuals and the business local area The plans are performed at a low cost, as a result of which they have little impact on the economy's major equations and, at the same time, they leave room to continue making and following out plans in the future As a result, it has made a considerable commitment to restoring macroeconomic balance, ensuring government-managed retirement, and assisting the poor Vietnam achieves a positive monetary growth rate in 2020, maintaining the country's favorable financial outlook in the medium to long term, and increasing citizens' and enterprises' trust in the Party and State's norms and procedures Three primary elements can elucidate Vietnam's financial ascension, according to the World Monetary Discussion To start with, it has adopted trade progression vigorously Second, it has aided outside advancement through domestic improvements such as greater freedom and cheaper business expenses Finally, Vietnam has developed significant interests in both human and physical capital, primarily through open speculation After languishing for years because of conflict misfortune, this country's economy accelerated at an alarming rate Vietnam has rapidly moved to middle-income status, and its financial development rate of roughly 7% is significantly faster than China's Vietnam's economic miracle is based on assembly, which has been aided by professional career advancement, domestic liberation, and an interest in people and physical capital On that country’s economic performance According to a Standard Chartered analysis, Vietnam's GDP would rise at a rate of 7% through the 2020s, surpassing $10,000 per capita GDP in 2030 This is a remarkable success story While other nations are experiencing downturns, Vietnam, which managed to keep the epidemic out of the nation in the first half of 2021 with only a few cases and no fatalities, has suffered a smaller effect on the economy than most others Its supply chain has been unaffected The demand for its produced goods is growing, and it is predicted to continue to grow in the postcovid 19 eras Vietnam's labor force of 100 million people, with a median age of 35, ensures adequate in this regard While inept professionals are easily available at a lesser cost, it is possible to have a sufficient quantity of skilled laborers Vietnam has some of the world's greatest science institutes Vietnam's Gross Domestic Product grew at a 6.07 percent annual pace from 2008 to 2018, reaching a ten-year high of 7.1 percent in 2018 Remarkably, the rate of expansion has stabilized at 3.54 percent, and the unemployment rate was 2.2 percent in 2018, one of the lowest in the world According to the International Monetary Fund, Vietnam's current record shortage fell to 2.45 percent of GDP in 2017 and 2.16 percent in 2018 Vietnam's monetary success is due to the creation of favorable macroeconomic and institutional conditions for speculation It has, on the whole, provided the necessary framework for conducting business with ease and certainty Vietnam concentrated on the development of foundations Logistics, media communications, and energy were all specifically mentioned This has created the groundwork for future growth Furthermore, via preparation, the country is figuring out how to cultivate the necessary skills Development is energized as a result of the massive influx of FDI Sociopolitical stability, together with politicians that continue to search for ways to remove business barriers by initiating measures that allow for the establishment of new businesses in the country, has helped Vietnam in drawing in huge business from abroad It has enlarged framework ventures, facilitated FDI, improved education and innovation finance plans, improved exchange reconciliation, and improved organizations and arrangements The output of some agricultural plants, key livestock products, and shrimp production in the agricultural, forestry, and fisheries sector climbed significantly in 2020, bringing the industry's growth rate to 2.68 percent, higher than in 2019 (2.01 percent ) Despite facing diseases on crops and cattle, climate change, and an unremoved EC yellow card in fisheries, particularly the Covid-19 pandemic, this industry has achieved positive results by remarkable efforts to restructure crops and seasons Agricultural output climbed by 2.55 percent, forestry output increased by 2.82 percent, and fisheries output increased by 3.08 percent (the corresponding growth rates of sectors in 2019 were 0.61 percent; 4.98 percent and 6.30 percent respectively) Agricultural exports, for instance, grew dramatically in the face of the Covid-19 epidemic; rice export volume over billion USD for the first time, up 9.3 percent from 2019; while wood and wood products surpassed 12,323.3 billion USD, up 15.7 percent In contrast to the forest sector, the outlook for marine exports is gloomier, with a transaction of only 8.4 billion dollars in 2020, down 1.8 percent compared to the previous year The manufacturing and construction sector grew at the fastest pace of 3.98 percent, contributing 1.62 percentage points to overall economic growth Manufacturing continues to play a vital role in supporting the economy's growth, with a 5.82 percent increase and a 1.25 percentage point contribution Drug production, pharmaceutical chemistry, and pharmaceuticals; metal production; production of coke coal, refined petroleum products; manufacturing electronic products, computers, and optical products all increased significantly with corresponding growth rates of 27.1 percent, 14.4 percent, 11.4 percent, and 11.3 percent, respectively, making a contribution to positive macroeconomic development during the Covid-19 pandemic In the service industry, total revenues of products and services fell by 1.2 percent in the first half of 2020 compared to the same time last year, but then rebounded with a 6.2 percent increase in the final half, putting the domestic market up by 2.6 percent for the year The following are the growth rates of some market service industries: Wholesale and retail increased by 5.53 percent, or 0.61 percentage point, over the preceding year; finance, financial services, and insurance increased by 6.87 percent, or 0.46 percentage point; public transport decreased by 1.88 percent, or 0.06 percentage point; and the accommodation and food services sector reduced by 14.68 percent or 0.62 percentage point This indicates the rapid expansion of local manufacturing capacity, a favorable investment, production, and business climate, and the progress of Viet Nam's worldwide economic integration This is a positive development in light of the EU region's severe economic downturn and the ongoing Covid-19 pandemic On that country’s economic relations with other countries Most nations have suffered several socio-economic consequences as a result of the breakout of the COVID-19 pandemic, which has occurred in the midst of a complex global economic-political environment Strategic alliances with key economies around the world, as well as international economic links Vietnam has signed 15 free trade agreements as of November 2021 (FTAs) The successful negotiation and signature of numerous Free Trade Agreements (FTAs) with Vietnam's most important trading partners promises to open up numerous prospects for economic growth, diversify import and export markets, and open up new ones To boost competitiveness, stimulate economic development, and raise people's living conditions, the country needs a homegrown innovation engine In terms of commodity exports, FTA participation has helped to enhance import and export growth Vietnam's total import-export turnover reached above 545 billion USD in 2020, according to statistics from the General Department of Customs Only five products with a turnover of more than ten billion dollars and 25 items were recorded in the first two quarters of 2021 The signing and implementation of FTAs with partners such as ASEAN, China, Korea, Japan, India, Australia, and New Zealand have helped promote Vietnam's exports to other countries in this market Compared to the time when it joined the ASEAN Free Trade Area (AFTA) in 1996, the export turnover from Vietnam to ASEAN countries has increased more than times, from 5.9 billion USD in 1996 to more than 53 billion USD USD in 2020 Similarly, our export turnover to ASEAN's FTA partner markets also achieved significant growth compared to the time before the implementation of the FTA, in which exports from Vietnam to Vietnam China achieved the largest growth (15 times) after more than 15 years; Next is Vietnam's exports to South Korea (up times), India (up 5.2 times), Japan (up times) As for the EVFTA Agreement, the implementation results of the EVFTA Agreement in the past year show the positive impact of the Agreement in supporting businesses to cope with the difficulties and obstacles of the pandemic Looking back at year of implementation, it can be said that putting the EVFTA Agreement into practice has brought very positive results, especially in the context of the complicated development of the Covid-19 pandemic in both Europe and Vietnam In the first year of implementation of the two-way trade agreement, reached 54.6 billion USD, up 11.9%, of which Vietnam's exports to the EU reached 38.5 billion USD, an increase of 11.3% and the EU exported exports to Vietnam reached 16.2 billion USD, up 12.4% over the same period The export turnover of Vietnam using C/O from EUR.1 is about 7.71 billion USD, showing that many Vietnamese enterprises have paid attention to take advantage of opportunities from the EU's tariff reduction in accordance with EU regulations EVFTA In the first nine months of 2021, two-way turnover between Vietnam and the EU has witnessed a positive recovery and growth compared to 2020, even compared to the pre-pandemic period with two-way turnover reaching 41.3 billion USD, up 13.4% over the same period in 2020; in which exports reached 28.85 billion USD, up 11.7% and imports reached 12.4 billion USD, up 17.6% over the same period in 2020 Vietnam had a trade surplus with the EU of 16.41 billion USD In addition, the UKVFTA Agreement has been implemented since the beginning of 2021, helping to keep the bilateral trade relationship between Vietnam and the UK unbroken in the context of the UK leaving the EU The UKVFTA Agreement has undergone nearly year of implementation with many positive results in the context of complicated COVID-19 In the 10 months of 2021, two-way trade reached nearly 5.5 billion USD, and the import and export value both increased by double digits, accordingly, the export of goods to the UK reached 4.735 billion USD, up 15% over the same period last year (2020); imports from the UK reached 706 million USD, up 25.3% In addition to the positive effects in promoting import and export, are newgeneration, high-standard free trade agreements with a deep level of commitment, wide-coverage, from traditional trade issues From tradition to new issues that Vietnam participates in for the first time such as Government procurement, sustainable development , the commitments in these Free Trade Agreements are expected to help Vietnam go further In the process of renovating economic institutions, making administrative procedures transparent, thereby building an increasingly favorable trade and investment environment for businesses and people, contributing to economic growth and recovery of the economy during and after the COVID-19 pandemic On foreign firms doing business in that country The foreign investment market has shifted as a result of the COVID-19 epidemic Vietnam has become a bright light in attracting FDI inflows in 2020, and our country has joined the top 20 leading countries in FDI attractiveness in the world for the first time According to the international community's opinion, Vietnam has eight sets of advantages in attracting foreign investment as a result of the government's efforts in institutional reform, enhancing the business investment environment, and upgrading infrastructure The external environment, which includes a stable macroeconomic climate, a dynamic economy, and a constantly rising consumption market with ample supply The political situation is stable, which ensures that economic development policies are consistent and that international investment is attracted Furthermore, a favorable legal environment is one of the key reasons attracting investors The foreign investment policy is open, allowing foreign investors to enter the market and promoting and enticing them through administrative reforms and investment incentives Typically, the Investment Law 2020 and the Enterprise Law 2020, both of which go into effect on January 1, 2021, continue to demonstrate Vietnam's open foreign investment policy by reducing a lot of administrative procedures The business environment in Vietnam is constantly improving, with several measures of the country's competitiveness and business environment increasing In recent years, Vietnam has been a signatory to a number of significant global and bilateral trade agreements of significant size, significance, and strength With nearly three-quarters of the population aged 15 and overworking, the labor force is young and numerous; by 2020, the rate of trained workers receiving certificates will reach 23.6 percent Furthermore, the Vietnamese workforce is admired for its dedication, high level of education, ease of training, and inexpensive labor expenses One of Vietnam's competitive advantages over other regional labor markets is this Despite the COVID-19 outbreak, foreign investment capital into Vietnam reached 23.74 billion USD in the first ten months of 2021, pouring into 18 fields The regime processing and manufacturing company boosted its registered capital to $12.74 billion USD, accounting for 53.7 percent of the overall capital Manufacturing machinery for export is the key force in the 10-month economic 10 picture, and this is also the focal field for attracting foreign investment This project for the top of the water's home is putting a lot of trust in the Vietnamese connection in the global supply chain With a total capital of 8,076 million dollars, Singapore is the national beginning point in the country of Vietnam's head capital, accounting for 29.6% of the country's total investment capital South Korea is in second place with 3.702 million dollars With 2.402 million dollars, China came in third Japan comes in forth with 2.111 million dollars, followed by Taiwan with 1.999 million dollars Figure In particular, the additionally registered capital of active FDI projects in our country reached 7.09 billion USD in the first ten months of 2021, up 24.2 percent over the same period last year The total amount invested and shares purchased was $3.63 billion USD This study shows that Vietnam's advantages in attracting foreign investment, the government's sound policies, and the country's ability to combat the COVID-19 outbreak have instilled confidence in foreign investors In the context of global foreign investment still dropping, when opting to join and develop production and business in Vietnam III Conclusion 11 Despite the positive growth outcomes reached in 2020, the Vietnamese economy still has a number of issues to address Because of our country's great openness and increased international integration, all global economic swings have an impact on our country's socio-economic domains Manufacturing, supply and circulation trade, aviation, tourism, labor, and employment were all delayed and hindered, despite the fact that the Covid-19 was controlled in Vietnam Furthermore, export growth has not secured its long-term viability, and labor productivity remains low As a result, our country need to concentrate on achieving the dual aim of "effective disease prevention and well-taking advantage of possibilities, measures to recover and build socio-economic in a new normal condition." at the same time maximizing potentials and advantages to bring the economy to the highest growth rate in 2021 IV Reference Viet Nam Economy in 2020 the growth of a year with full of bravery (2021, January 19) Retrieved March 15, 2022, from https://www.gso.gov.vn/en/data-andstatistics/2021/01/viet-nam-economy-in-2020-the-growth-of-a-year-with-full-of-bravery/ Thanh, V T (2005) Vietnam’s Trade Liberalization and International Economic Integration: Evolution, Problems, and Challenges ASEAN Economic Bulletin, 22(1), 75– 91 http://www.jstor.org/stable/25773845 Person (2022, January 5) Cơ Hội Phục Hồi Nền Kinh tế Việt Nam Trong Năm 2022 baochinhphu.vn Retrieved March 15, 2022, from https://baochinhphu.vn/co-hoi-phuchoi-nen-kinh-te-viet-nam-trong-nam-2022-102306560.htm Toàn Cảnh Kinh TẾ-xã Hội Việt Nam Năm 2021 Trang thông tin điện tử - Hội đồng lý luận TW (n.d.) Retrieved March 15, 2022, from http://hdll.vn/vi/thong-tin-ly-luan thuc-tien/toan-canh-kinh-te-xa-hoi-viet-nam-nam-2021.html Các Hiệp định Thương Mại TỰ Phát Huy Hiệu Trong đại Dịch Covid-19 Cổng Thông Tin Điện Tử Phú Thọ (n.d.) Retrieved March 15, 2022, from https://phutho.gov.vn/vi/cac-hiep-dinh-thuong-mai-tu-do-phat-huy-hieu-qua-trong-daidich-covid-19 Nhìn Lại Nền Kinh TẾ Năm 2021 Hướng Tới Năm 2022 https://dangcongsan.vn (n.d.) Retrieved March 15, 2022, from https://dangcongsan.vn/mung-dat-nuoc-doi-moi-mungdang-quang-vinh-mung-xuan-nham-dan-2022/dang-dan-toc-va-mua-xuan/nhin-lai-nenkinh-te-nam-2021-huong-toi-nam-2022-602831.html 12 Overview World Bank (n.d.) Retrieved March 15, 2022, from https://www.worldbank.org/en/country/vietnam/overview#3 Vượt "Bão covid-19" - xuất nhập Khẩu CÓ nhiều điểm sáng https://dangcongsan.vn (n.d.) Retrieved March 15, 2022, from https://dangcongsan.vn/kinh-te/vuot-bao-covid19-xuat-nhap-khau-co-nhieu-diem-sang-603242.html 13 ...Table of content I Introduction II Changes in Vietnam’s government policies and their impact III Current situation and government policies On that country? ??s economic performance On that country? ??s... include maintaining monetary and financial market stability Overall, the given strategies and arrangements incorporate a mix of the business plan, money related arrangements, and other sector-based-... 2021 The signing and implementation of FTAs with partners such as ASEAN, China, Korea, Japan, India, Australia, and New Zealand have helped promote Vietnam's exports to other countries in this market