越南寻求扩大其经济规模

AS IT IS 2015-09-11 Vietnam Seeks to Expand Its Economy 越南寻求扩大其经济规模

China is Vietnam’s biggest trading partner. However, the two countries are competitors in international trade. Now, Vietnam is taking steps to deal with China’s surprise decision to devalue its currency. Vietnam is also making an effort to increase its exports in a very competitive part of the world.

In August, the value of China’s money fell by 3.5 percent against other currencies in foreign exchange markets. In recent months, the value of the Japanese yen¹, the Korean won and other Asian currencies also fell. That made exports from those countries less costly².

Vietnam let the value of its currency, the dong, go down two times earlier this year. The idea was to gain more foreign investment in the country.        

Manufacturing is an important part of Vietnam’s economy. In fact, the manufacturing sector³ grew by nearly nine percent last year. However, Vietnam faces strong competition from its trading partners. Vietnam also could face a flood of Chinese imports as China seeks new markets for its goods. The reason for those imports: slowing demand for goods in China.

Pham Luu Hung is with SSI Research in Hanoi. He says low taxes and problems in China are resulting in more shipments of Chinese trucks and steel to Vietnam.

“We share a border with China, so we import a lot from China, so if the economy is slowing down, I think cheap Chinese products would be easier to come in to flood the market here.”

Infrastructure⁴ investment is becoming a major trade issue

Some Asian countries are improving roads, air and sea ports, and other infrastructure in an effort to increase trade. The Philippines has increased work on infrastructure this year. Philippine officials note that the country has an English-speaking workforce⁵, which can appeal to foreign investment.        

Like many Southeast Asian nations, Vietnam is seeking money for infrastructure projects. The planned improvements are to meet the demands of international cargo⁶ shippers.

Vietnam has accepted development aid from Japan to build a new airport terminal in Hanoi. The building is expected to open this year. More aid has gone to help build Ho Chi Minh City’s public transportation system, which has yet to open.

With better infrastructure and low-cost labor⁷, Vietnam hopes to develop high-value manufacturing industries to replace the clothing industry. Major technology companies, such as Intel in the U.S. and Samsung in South Korea, have invested billions of dollars in Vietnam since 2010.                    

Sandeep Mahajan is an economist⁸ with the World Bank. He says Vietnam needs to do more to make land and financing available to private businesses. That way, he says, local companies can join the factory supply chain. Today, investors⁹ from other Asia countries operate factories that receive parts and supplies manufactured in China,         

An increase in private investment could raise earnings¹⁰ in a country where 12 percent of people live in poverty. Vietnam’s trade relationship with China is valued at $50 billion in trade a year.

Words in This Story

currency –n. the money that a country uses

sector –n. an area of an economy; a part of an economy that includes certain kinds of jobs

cheap –adj. not costly

infrastructure –n. basic equipment and structures such as roads and bridges that are need for a country, area or organization to work

cargo –n. something carried from one place to another by boat or plane

chain –n. a series of thing or people that are connected to each other in some way

1 yen   

n. 日元；热望

参考例句：

• He wanted to convert his dollars into Japanese yen.他想将美元换成日币。
• He has a yen to be alone in a boat.他渴望独自呆在一条船上。

2 costly   

adj.昂贵的，价值高的，豪华的

参考例句：

• It must be very costly to keep up a house like this.维修这么一幢房子一定很昂贵。
• This dictionary is very useful,only it is a bit costly.这本词典很有用，左不过贵了些。

3 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

4 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。

5 workforce   

n.劳动大军，劳动力

参考例句：

• A large part of the workforce is employed in agriculture.劳动人口中一大部分受雇于农业。
• A quarter of the local workforce is unemployed.本地劳动力中有四分之一失业。

6 cargo   

n.(一只船或一架飞机运载的)货物

参考例句：

• The ship has a cargo of about 200 ton.这条船大约有200吨的货物。
• A lot of people discharged the cargo from a ship.许多人从船上卸下货物。

7 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

8 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

9 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

10 earnings   

n.工资收人；利润，利益，所得

参考例句：

• That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。
• Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。