tailieunhanh - Economic Security during Vietnam’s Process of International Integration
During its integration, Vietnam’s economy has undergone macroeconomic instability which negatively affected the economic growth and limited the benefits derived from integration. Due to macroeconomic instability caused by the lack of efficiency in managing foreign capital flows, foreign trade imbalance resulting from prolonged import surplus, mainly from the Chinese market, and the budget deficit from domestic and foreign debts, it is more challenging to ensure economic security. | POLITICS - ECONOMICS Economic Security during Vietnam’s Process of International Integration Nguyen Chien Thang*, Pham Sy An** Abstract: During its integration, Vietnam’s economy has undergone macroeconomic instability which negatively affected the economic growth and limited the benefits derived from integration. Due to macroeconomic instability caused by the lack of efficiency in managing foreign capital flows, foreign trade imbalance resulting from prolonged import surplus, mainly from the Chinese market, and the budget deficit from domestic and foreign debts, it is more challenging to ensure economic security. Keywords: Economic security, integration, macroeconomic instability, import surplus, budget deficit. 1. Introduction Vietnam is entering a phase of deep and extensive international integration with 11 signed Free Trade Agreements (FTA) and a new-generation FTA to be approved, namely the EU-Vietnam Free Trade Agreement (EVFTA). The integration process of Vietnam has had certain influences on its economic security and economic growth. Integration has exerted positive impacts on the economy such as expanding the export market, creating competition pressure to allocate resources with greater efficiency, and attracting foreign direct investment. However, integration has also had negative impacts on the economy and economic security. Economic security can be understood on two levels. At the macro level, it is related to activities which can influence the economy as a whole, for example, macroeconomic instabilities such as inflation, local currencies depreciation, budget deficit, public debt, foreign debts, import surplus, etc. On the micro level are environmental pollution that causes impacts on a local and regional level, network security that causes impacts on enterprises or multi-level marketing businesses and online gambling which cause impacts on the people.* ** This article discusses issues of economic security on the macro level. The problems are .
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