The Global Economic Crisis as a Risk for the International Trade in Hanoi

Abstract

International commerce is understood as international trade of goods and services such as in tourism, finance, banking and education. Since Vietnam is one of the countries that has the highest level of international economic integration in comparison with others in ASEAN as well as in the world, international trade has always played a key role in Vietnam’s economy. However, this also makes the economy vulnerable and dependent on the changes of the world’s economy cycle.

Hanoi is one of Vietnam’s greatest culture and economic centers. Global economic crisis has resulted in a huge decline in both commodity and service trade, which has negatively influenced the economic condition of not only the city but also the whole country. Based on the statistics and findings from field studies in 2010–2011, the author would like to evaluate the impacts of the economic crisis on Hanoi’s international trade activities in order to provide solutions to reduce negative effects of the crisis and contribute to improve the city’s economic and social situation.