FINAL ASSIGNMENT INTERNATIONAL ECONOMICS COURSE CODE 202 INE2020 e5

 

VIETNAM NATIONAL UNIVERSITY
UNIVERSITY OF ECONOMIC & BUSINESS

FINAL ASSIGNMENT
INTERNATIONAL ECONOMICS
COURSE CODE: 202 INE2020 E***5

Lecturer:

Le Tuan Anh

Student:

Tran Thi Thu Trang

ID student:

19051242

Class:

QH-2019-E KTQT CLC 4

Hanoi, July 2021


 

Part I:

Question: Analyze the benefits of free trade between countries? Supporting your answers with

relevant arguments and data.
Answer:

The global economy is facing a challenge which is the impact of the COVID-19
 pandemic. The COVID-19 pandemic has been plunging the global economy into one of the
deepest recessions ever, and it’s unclear when it is addressed. According to the World Health
Organization (WHO), Coronavirus Disease (COVID-19) is an infectious disease caused by a
newly discovered coronavirus. The virus that causes the outbreak of COVID-19 is SARS-CoV2 (formerly known as Corona virus). The virus causes severe acute respiratory syndrome,
officially named by WHO and implemented on 11/02/2020. The first confirmed Covid-19 case
was recorded in Wuhan city, Hubei province, China on December 3, 2019. Since the beginning
of February 2020, the virus has spread inside China and spread to several other countries,
including Vietnam. On March 11, 2020, WHO classified the COVID-19 as a global pandemic.
Up to now, the world has experienced two outbreaks of COVID-19 and may enter a
third wave. The online statistics site worldometers.info continues to update the latest data as of 
the morning of June 11th. In 2021, the total number of COVID-19 infections in the world is
currently 175.576.659 cases, of which 3.787.298 deaths and 159.435.134 cases have been
cured. The US is still the world's leading country in the number of infections. Yesterday, the
US recorded 11.524 new infections, bringing the total number of infections in this country to
34.272.447 cases, of which 613.855 cases have died. Meanwhile, the number of new infections
in India - the second hardest hit country by the pandemic declined, with 91,266 cases. The total
number of infections in this country is 29.273.338 cases, of which 363.097 have died. After a
 peak day with more than 6000 deaths recorded, yesterday, India recorded an additional 3.402
deaths from the COVID-19 pandemic. Brazil became the third country in the world in terms of 
cases with 17.210.969 cases and the number of deaths was 482.019. Only yesterday, the
country recorded an additional 85.612 new infections, 2.228 deaths. Asia became the region
with the most infections in the world (53,092,428 cases). With 47.069.730 cases, Europe is the
second affected region. Followed by North America with 40.079.962 cases and South America
with 30.235.787 cases. Africa (5.028.091 cases) and Oceania (69.940 cases) are the two least

affected regions. The situation in Asia is still complicated with the number of new infections
and deaths continuing to increase, of which Indonesia recorded the highest number of 
infections on June 10, 2021 at the highest level since February 26, 2021 with 8.892 cases;
Mongolia has a record high number of daily infections with 1,460 cases; Malaysia added 5.671
1


 

new infections and 73 deaths; Cambodia with 11 deaths and 426 new infections... In Asia,
follow India, Iran is the second affected country by the COVID-19 pandemic with 5.313.098
cases, of which 48.524 have died. June 10, 2021, the country recorded 12.398 new infections.
The IMF reported that COVID-19 lead to the most serious socio-economic crisis since
the second world war. The severity has surpassed the 2008 financial crisis, even surpassing the
Great Depression in the US in the 1930s. The year 2020 has witnessed a downward trend of 
most global economies and economic area. World economic growth continues to be heavily
effected by the COVID-19 pandemic. Most of the major economies continue to face many
difficulties, especially the US and European countries. Measures of lockdown, social
distancing, border closure ... in many countries have caused economic stagnation.

 Figure 1: Global gross domestic product (GDP) at current prices from 1985 to 2026(in billion
U.S. dollars)
Sources: Aaron O’Neil 

Statistics showed that global gross domestic product (GDP) from 1985 to 2020, forecast
to 2026. In 2020, global GDP will reach about 84.54 trillion US dollars, nearly three trillion
lower, compared to 2019. Before the historic shock named Covid -19, 2020 recorded for the
first-time dozens of economies around the world simultaneously fell into recession such as the
US, UK, Spain, Portugal, France, Germany, Italy, Australia, Brazil, Canada, Japan, Korea,
Indonesia, Singapore, Philippines, Thailand, Indonesia... In which, the US and Europe are the

main countries of the center of the epidemic and also the worst places of economic and trade
2


 

growth in 2020. For 2020 as a whole, GDP fell by 3.3% in the G20 area, with only China and
Turkey recording growth (of 2.3% and 1.8%, respectively), while the United Kingdom
experienced the largest fall (minus 9.9%).

 Figure 2: Quarterly GDP in volume terms for the G20 economies in 2019 and 2020
Sources: OECD

According to a report by the International Labor Organization (ILO), it is estimated that
the economic consequences of the Covid-19 pandemic are the loss of about 81 million jobs in
2020. The decrease in working hours includes both reduced hours worked for those still
employed and those who lost their jobs. The level of job loss is "unprecedented", with 114
million people. Notably, 71% of these job losses (equivalent to 81 million people) were
workers who were no longer engaged in economic activity, rather than unemployed. This
means that workers are leaving the labor market because they are unable to work, or due to
 pandemic control measures or simply stopping finding a job. Therefore, just inspecting the
unemployment index, we cannot fully assess the considerable impact that COVID-19 has on
the labor market. These enormous decline brought about contracting by 8.3% in global labor
income (before support measures were taken), equivalent to US $3.7 trillion or 4.4% of global
gross domestic product (GDP).
The COVID-19 pandemic affects all economic activities of the world, in which tourism
is the most affected industry. The World Tourism Organization (UNWTO) has seen 2020 as the
worst year in the history of the world tourism industry. According to the latest statistics of
3

 

UNWTO, the global tourism industry in 2020 recorded a loss with a 73% drop in international
tourist arrivals. In 2020, the outbreak of the Covid-19 pandemic prompted governments and
authorities around the world to impose unprecedented travel restrictions to prevent the spread
of the deadly pandemic that has made tourist attraction loss of 1 billion international visitors
compared to 2019. Global export revenue in tourism has contracted by $ 1.3 trillion in 2020
 because of the Covid-19 pandemic. This loss is 11 times larger than the loss recorded during
the global financial crisis in 2009. This loss of revenue in the tourism industry because of this
Covid-19 cost global GDP up to 2 trillion USD. Asia and the Pacific, the first region impacted
 by the Covid-19 pandemic and the region with the highest levels of travel restrictions, saw an
84% drop in visitor arrivals in 2020. The Middle East and Africa has contracted tourist arrivals
 by 74%. International visitors in Europe fell to 69%, the Americas plunged by 68%.

In the US the world's largest economy by GDP at market exchange rates, accounting for 
about a quarter of global GDP, in the second quarter of 2020 shrank 31.4%, the smallest
number since 1947, mainly due to Americans losing their jobs, which led to a sharp drop in
consumer (factor that contributes to 2/3 of GDP ) (down 34%). Previously, the country's
economy shrank by 5% in the first quarter of 2020 and fell into recession due to pandemic,
ending the 11-year growth streak - the longest period of growth in history. In parallel,
 businesses have stalled production due to the Covid-19 epidemic and global supply chain
disruptions. The investment situation also became gloomy with a decrease of up to 27%
compared to the same period in 2019. According to a report by the US Department of 
Commerce, the country's trade deficit in 2020 increased by 17.7% to $678.7 billion, the highest
4


 

level since 2008. Specifically, exports of goods and services fell 15.7% to the lowest level
since 2010. Imports of goods and services also fell 9.5% to a 4-year low. The drop in export
activity has caused the US gross domestic product (GDP) to fall by 3.5% in 2020, the steepest
decline since 1946. US imports in the first five months of 2020 declined more than 13%, or 
$176 billion, compared with the same period last year. In Germany, exports to the US fell by
36% compared to the same period last year (according to IMF data). According to the US
Bureau of Labor Statistics, the country lost 20.4 million jobs in the second quarter of 2020 as
 businesses were forced to close due to COVID-19. In December 2020, the country lost 140.000
 jobs. 847,000 people filed for unemployment benefits just in one week. A poll by the
University of Chicago and the University of Notre Dame found that the poverty rate in the US
rose to 11.8% in the second half of 2020 to 8.1 million people.
According to data from the European Statistics Authority (Eurostat), the economies of 
the 27 members of the European Union (EU) shrank by 6.4% in 2020. In the Eurozone, the
economy fell 6.8% in 2020. Germany, Europe's largest economy, recorded a smaller 
contraction than other major EU countries in the second quarter. However, the country also
recorded a 10.1% decline in GDP - the steepest decline since the country started quarterly GDP
statistics since 1970 and the financial crisis in 2009. France, Italy and Spain is the countries
hardest hit by the pandemic compared to other countries in the region when recording a
decrease in the second quarter of 13.8%, respectively; 12.4% and 18.5%. Besides, Portugal
recorded a decrease of 14.1%, Belgium 12.2% and Austria 10.7%. With a decline of 18.5%,
Spain was the country with the largest decline among EU member states in the second quarter.
In terms of unemployment rate, in the first eight months of 2020, the Eurozone had about 13.2
million unemployed people and the number of unemployed people increased by 251,000
 people. Specifically, the unemployment rate in 19 countries in the Eurozone increased to 8.1%
in August 2020, from the corresponding level of 7.9% in July. After the second outbreak in
August / 2020. 2020, in the first month of the fourth quarter of 2020, the EU's import and
export turnover of goods to non-EU markets recorded 178.9 billion euros (equivalent to 218.17
 billion USD), down 10.3% compared to with the same period in 2019; imports from the nonEU market stood at 150.8 billion Euro (equivalent to 183.9 billion USD), down 14.3% over the
same period last year. Meanwhile, intra-regional trade between EU member states fell 4.5% to
266.6 billion euros ($325.12 billion).

China is one of the few countries with positive GDP growth in 2020. According to the
 National Bureau of Statistics of China, China's GDP in 2020 will reach 101.569 trillion yuan.
In comparison, GDP in 2020 grew by 2.3%. Specifically, from the second quarter to the fourth
quarter of 2020, China's GDP increased by 3.2%, 4.9% and 6.5% respectively in the same
 period, after suffering from a decline of 6.8% in the first quarter of the same period as a result
5


 

of Covid-19. According to the General Administration of Customs of China, in 2020, Exportimport turnover reached 32.160 billion yuan (more than 4.646 billion USD), an increase of 
1.9% over the same period last year, of which exports increased by 4%. . In 2020, ASEAN is
China's largest trading partner with a total two-way trade turnover of US $684.6 billion, up 7%,
followed by the European Union (EU) and the US. Notably, trade with the US increased the
most among the top 5 partners, reaching 8.8%. China's trade surplus in 2020 also reached about
535 billion USD, a sharp increase of 27.4%. This is the deepest on record since 2015. In which,
the trade surplus with the US alone reached about 317 billion USD, accounting for nearly 60%.
In trade relations with Australia, the two-way turnover between the two countries decreased by
0.1%, of which Australia's exports to China decreased by 4.6%, while China's exports to
Australia still increased sharply 11.2%. The unemployment rate in China increased quite high
in the first quarter of 2020. Official data from the National Bureau of Statistics of China show
that the unemployment rate in this country has fallen from a record of 6.2% in February to just
5.9% in March. Chinese cities lost 26 million jobs in the first quarter of 2020, as opposed to 8.3
million jobs created in 2019. During the first quarter of 2020, on average, about 18.3% of the
workforce is laid off, reduced in wages or on unpaid leave.
From the aforementioned data, it can be seen that the global economy has plunged into a
severe contraction due to the COVID-19 pandemic. After nearly 2 years of the outbreak,
vaccines are only the most effective tool. To date, 93 vaccines are being tested in human
clinical trials by researchers, of which 30 have reached the final stage of testing and at least 77
 preclinical vaccines are being tested on animals. More than 1.34 billion doses of the COVID-19

vaccine have been administered worldwide as of May 11, 2021. According to the statistics of 
the New York Times, Seychelles - East Africa - has the highest vaccination rate in the world
with 70% of the population having received at least 1st dose and 62% of fully occulated, with a
total number of doses is 128.919. Next is Israel with 60% of the population having had the 1st
shot and 56% of the 2nd shot. The US is also leading in vaccine rollout with a vaccination dose
rate per 100 people of 79, with a total of 263.132.561 doses of vaccine administered. However,
this number is still low and there are significant differences between continents in vaccination
rates. About 83% of vaccine doses administered worldwide are in high-and middle-income
countries. Ưhile low income countries have received just 0.2%. Therefore, it is very likely that
the world will have to experience the 3rd wave of COVID-19. Currently, the challenges that the
world economy is facing are the impacts during the COVID-19 period. After the pandemic
 passes, its consequences will be more serious and bring more challenges. Therefore, each
country in the world needs to have measures to contain as well as speed up vaccination to
recover the national economy and the world economy.
Part II:

6


 

Question: What are the methods that an MNC applies to carry out transfer pricing in its intra-firm 
trade? Give examples to illustrate .

Answer:

According to Stone G. (2012), "Transfer pricing is an intentional collusion between
companies in the same group to negotiate prices that are not based on market prices, in order to
transfer profits from one company to another. other companies in different countries in order to
avoid paying taxes in full, thereby improving the business efficiency of the whole group. which

they deem appropriate".
Tranfer pricing methods of MNCs in intra-firm trade:


Transfer pricing through technology transfer:

Foreign companies transfer production and business technology to affiliated parties in
the receiving country and collect royalties at high prices. As a result, input costs are pushed up,
leading to loss accounting, while royalties are transferred to foreign parties to enjoy.
Starbucks is one of the most famous brands in the world. Starbucks sales in 2012
increased by 4% from the previous year, and reached £413 million. However, Starbucks
reported a loss of £30 million so it did not have to pay tax on the profits. Starbucks' explanation
is that although its branches in the UK are doing well, they have to pay a lot of "royalty fees" to
the parent company, so they make a loss.


Transfer pricing through the transfer of raw materials and goods:

Through the overseas parent company, the MNCs have dominated the high input prices
of materials transferred between the subsidiary company in the receiving country and its
affiliates and transferred profits from this country to the affiliated company in country with a
lower corporate tax rate.
Coca-Cola is an MNC that entered the Vietnamese market in 1994. At the end of 2019,
Coca-Cola Vietnam Company had to receive a decision on administrative sanctions on tax
through tax compliance inspectors with a total amount of up to more than 821.4 billion VND.
Since entering Vietnam until now, Coca-Cola has reported losses for more than 20 consecutive
years. According to the tax authority, the cost of raw materials, in which flavorings were
imported directly from the parent company of Coca-Cola Vietnam, was very high. On average,
the cost of raw materials accounted for over 70% of the cost of goods, especially in 2006-2007,
the cost of raw materials and accessories was up to 80-85% of the cost price.

7


 



Transfer pricing through the following service providers:

Because it is difficult to determine the price of service provision between the parent
company and its subsidiaries and between companies within the group, some MNCs invest
capital and provide management services and management support for the whole group.
Groups such as accounting, financial, consulting, asset management services, etc. charge a very
high price for this service to transfer profits from the subsidiary to the parent company for the
 purpose of tax avoidance.
Keangnam Vina Company is a 100% Korean owned real estate company. Entering
Vietnam since 2007, Keangnam Vina signed a turnkey contract with Keangnam Enterprise
Company for this company to survey, design, provide equipment and machinery, execute
 project construction, and provide consulting services. Financial advisor, loan arrangement for 
Keangnam Vina. In 2008, the financial consulting fee that Keangnam Vina paid to Keangnam
Enterprise was up to 30 million USD, the service fee for arranging loan was up to 20 million
USD, the cost of advertising consultancy, consulting on land use right and Investment license is
also up to several million USD. The performance of Keangnam Vina after 5 years shows that
the company always declares losses. According to tax authorities, up to 2011 when the
Keangnam Hanoi Landmark building started operating, the company's revenue reached over 
VND 5,200 billion, but the company reported a loss of up to VND 140 billion.


Transfer pricing through interest payments on business loans:

Through the form of borrowing capital from an affiliate and paying high interest rates.
The purpose is to transfer profits from the foreign-invested enterprise in the receiving country
to the associate in the country with a lower tax rate in order to avoid tax liability in that
country.
Entering Vietnam since 2006, O Long Jun Chow Tea Processing Company of Taiwan
has an investment capital of VND 6,344 billion. But 4 years later, the total loss declared by the
company amounted to VND 23,903 billion, the loss was 3.7 times higher than the investment
capital. Because this company has exported products to the parent company at a price lower 
than the production price of the product, the company reported a loss. In order to compensate
for the loss, this enterprise has been supported by the overseas parent company with a very high
interest rate loan, thus avoiding income taxes.


Transfer pricing through market domination:

8


 

In order to penetrate the market and gain market share, MNCs increase advertising and
 promotion activities, causing these companies to declare these costs at high prices, causing
these companies to lose money. Many businesses take advantage of preferential policies to
reduce costs for advertising and promotion activities, so they have found ways to declare the
cost of branding of the parent company.
Adidas was present in Vietnam in 1993 but it was not until 2009 that Adidas officially
established Adidas Vietnam Company. In early 2012, Adidas earned 22,000 billion dong, but
this business reported a loss. Unreasonable expenses include international marketing costs,
administration costs, purchasing costs, and royalties. In which, the most prominent is the cost
of international marketing. The parent company has hired a celebrity to take pictures for the

 product. When these advertising pictures were hung at the Adidas Vietnam store, they had to
 pay the parent company 4% of the net sales of the product.
Part III:
Question: Should the current account deficit be a cause for an alarm for policy-makers?

 Describe and present the current situation of balance of payments in Vietnam since 2010?
 Propose solution(s) to improve the deficit in current account in Vietnam.
Answer:

The international balance of payments is a term that has appeared for a long time with
the formation of the economic and financial category. However, when it comes to international
trade activities, it is increasingly developed thanks to the open-door policy of a few countries,
economists are also quite interested in the balance of import and export turnover.
The balance of international payments is also known as the balance of payments, the
English name is Balance Of Payment - BOP. This is a record of payment transactions of a
country with other countries in the world at a certain time. It can be month, quarter or year (but
usually year).
These transactions will be conducted by individuals or businesses currently residing in
the country or the government of that country. In which, the transaction object will include
goods, services, assets or some transfers. Or to put it simply, the balance of payments is the
system of accounts that records all payment transactions and the reconciliation between the
total amount of receivables and expenses of a country with other countries in a certain time
(month, quarter, year, ...). Therefore, the balance of international payments is also known as the
 balance of payments or balance of payments. Currently, the balance of payments is divided into
two main categories:
9


 





The international balance of payments period: This is the balance of payments that
reflects all foreign currency receipts and expenditures of one country with another.
The balance of international payments at the time: This will be the balance of payments
reflecting the exceptional amounts to be collected and spent at a certain time.
Specifically, this balance is an important factor to affect the volatility of the exchange
rate.

The balance of payments will be prepared in the form of forecast balance of payments or 
actual balance of payments. But in which the forecast balance of payments will be prepared on
the basis of actual economic and financial data arising in a certain period.
The meaning of international balance of payments

The balance of international payments is an extremely important indicator for each
country because:










A country's balance of international payments represents its financial and economic
status.

The balance of payments report can be used as a statistical document to determine
whether the value of a country's currency is increasing or decreasing.
Based on the balance of payments index, the government of each country can make the
most optimal trade and fiscal policy decisions.
Balance of payments provides important information for analyzing and understanding a
country's economic transactions with other countries.
The balance of payments report shows us a comparison between the actual money
received from abroad with the money actually spent by that country abroad in a given
 period for allows the government to make decisions on macroeconomic management
such as import-export policy, exchange rate policy, etc.
By studying the balance of international payments and its components, one will be able
to identify trends that can be beneficial or harmful to a country's economy. From there,
come up with appropriate solutions and strategies.

Composition of the international balance of payments

According to the new rules on compiling balance of payments schedule introduced by
the IMF in 1993, a country's balance of payments will consist of five main components as
follows:

10


 









Current account: This is an account that records transactions for goods and services and
a number of transfers.
Capital account: This account records transactions in real and primary assets.
Changes in the State's foreign exchange reserves
The increase or decrease in the central bank's foreign exchange reserves. Since the sum
of current assets and capital account is zero, and because of the small error, the balance
of payments increase and decrease is almost caused by the increase and decrease in
foreign exchange reserves.
Errors: Due to fully recording all transactions in reality, there will be different distances
 between the recorded part and the actual one. This gap will therefore be recorded in the
 balance of payments as the error entry.

Factors affecting the international balance of payments

The balance of international payments is an important factor in assessing the economy.
Therefore, it is influenced by many different factors, some of the most important of which are:










Trade balance: The balance of trade is one of the most important factors affecting the

 position of the balance of payments. The balance of trade depends on factors that
directly affect it.
Inflation factor: This factor is almost too familiar to almost everyone, especially those
who have been and are intending to learn about the balance of payments? All other 
things being equal, if a country's inflation rate is higher than that of other countries with
trade relations, it reduces the competitiveness of its goods in the market. international, it
causes the volume of exports to decrease.
Exchange rate: With the influence of the exchange rate, the international balance of 
 payments will also have a significant impact. If a country's finances start to appreciate
higher than that of another, its current account or trade balance will also decline, all
other things being equal. Accordingly, this country's exports also increase with
importing countries, in case their country's currency is strong, then it will reduce the
demand for goods, and the expensive selling price will limit be the buyer.
 National income: In essence, the increase or decrease in the income level of one country
will be higher/lower than that of another country. If one country's income level increases
at a higher rate than another country. That country's current account will decrease, all
other things being equal. As the level of real income increases, the consumption of 
goods also increases.
Political stability, foreign policy of the country: The political stability of a country is the
foundation, a solid basis for economic development. At the same time, this is also a
11


 



 prerequisite for countries to have a reason to strengthen economic relations. Besides,
foreign policy has become a sufficient condition for all direct economic relations.
The ability and level of economic management of the government: Depending on

different countries, there will be different import and export policies, there are different
developments as well as growth.

Measures to reduce the current account deficit

Short-term measures

1. Reducing the trade deficit through limiting investment and consumption demand:
- Implement tight monetary policy: increase interest rates, tighten credit.
- Consider and calculate the protection rate to have a reasonable tax policy
- Using direct tools of trade policy, tariff measures within MFN commitments and
non-tariff measures such as the use of technical barriers and import quotas, consider 
applying The BOP exception clause in the WTO rules for emergencies.
2. Reducing the budget deficit through cutting spending and public investment:
- Strong cuts in public spending
- Short-term suspension of public investments (apply on a prudent basis) Strictly
control investment activities of state-owned enterprises.
3. Looking for additional capital flows that can be offset in the short term:
- Promote attraction of foreign capital inflows, especially FDI (on a prudent basis to
avoid the risk of receiving poor quality FDI leaving long-term negative impacts), and
at the same time improving the disbursement speed for implementation. Licensed
 projects
- Facilitating the attraction of remittances
- In addition to these measures, Vietnam can also stabilize investor sentiment and seek 
short-term capital flows through financial institutions and economic blocs, so it is
necessary to:
- Close cooperation with traditional international financial institutions: IMF, WB
- Calling for, building and deploying the Stabilization Reserve Fund in ASEAN - East
Asia (countries are also very afraid of the knock-on effects from the collapse of any
member in the region)

4. Monetary policy and exchange rate
12


 

- Continue to tighten the currency.
- Allowing the Vietnamese Dong to be more flexible.
 Long-term measures

- Accelerate the process of economic restructuring, develop domestic supporting
industries to promote exports.
- Increase investment efficiency of both non-state enterprises and SOEs. Improved
ICOR index.
- Build a level playing field for all businesses
- Reducing the budget deficit through cutting spending and public investment: Set the
goal of reducing the budget deficit as a long-term strategy.

13


 

Reference:

1. Bí quyết trốn thuế của Starbucks. (2013, July 5). TapChiTaiChinh.
/>2. Coronavirus.
(2020,
January
10).

World
Health
Organization.
/>3. Đăng H. (2020, September 3). Tác động của đại dịch COVID-19 đến nền kinh tế thế
giới như thế nào? TapChiTaiChinh. />4. Giang N. (2018, July 21). Những phi vụ chuyển giá kinh điển ở Việt Nam. vietnambiz.
/>5. Hà H. (2020, August 3). Kinh tế châu Âu suy giảm kỷ lục do COVID-19.
Dangcongsan.Vn. />6. Hà T. (2021, May 13). Sở Y Tế thành phố Hồ Chí Minh. Lao Động.
/>7. Hải P. (2020, May 14). Hậu Covid-19, Trung Quốc đối mặt với khủng hoảng thất
nghiệp. Báo Thế giới và Việt Nam. />8. Hường T. (2021, February 5). Kinh tế thế giới năm 2020: Đi qua những khoảng tối và
con đường phục hồi mong manh. Con số sự kiện. />9. Ngọc T. (2021, February 16). Kinh tế thế giới năm 2020 và triển vọng năm 2021. Tạp
Chí Thị Trường Tài Chính - Tiền Tệ. />10.S.J. (2021, April 26). Global real GDP will reach a new peak in the second quarter of 
2021. Ihsmarkit. />11.Sa V. (2021, January 18). GDP năm 2020 của Trung Quốc vượt mốc 100 nghìn tỷ nhân
dân tệ. Báo Nhân Dân. />12.Statista. (2021, July 2). Global gross domestic product (GDP) 2026.
/>13.Thành C. Hiểu đúng về cán cân thanh toán – trường hợp Trung Quốc và Việt Nam.
14


 

14.Tourist numbers down 83% but confidence slowly rising. (2021, July 2). UNWTO.
/>15.Trung Đ. (2021, January 6). Chuyển giá là gì? Cẩm nang TOÀN TẬP về chuyển giá từ
A - Z. ES Glocal. /> 

15