Vietnam Seeks to Expand Its Economy

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Materials Daily News

Exercise 1

Vocabulary

infrastructure

Noun

ˈɪnfrəˌstrəktʃər

the basic systems and services that are necessary for a country or an organization to run smoothly, for example buildings, transport and water and power supplies

Building infrastructure may be effective for economic recovery.

The government has been endeavoring to attract foreign investment in the infrastructure sector.

This town doesn't have the necessary infrastructure to run a sports event like that.

exchange market

Noun

ɪksˈtʃeɪndʒ ˈmɑːrkɪt

global market in which convertible currencies are traded and their conversion rates are determined. It is the world’s largest financial market in which every day currencies are bought and sold

Jerry works as a broker so he follows the news about the exchange market.

sector

Noun

ˈsɛktər

an area of an economy; a part of an economy that includes certain kinds of jobs

Tourism is a growing market sector.

Fashion is one sector of the beauty industry.

labor

Noun

ˈleɪbər

work, especially physical work

Skilled labor is extremely valuable to a company.

After hours of labor, he finally completed the report.

We need cheap labor to lower our prices.

I need to find out how much labor this project will require.

manufacturing

Noun

ˌmænjuˈfæktʃərɪŋ

the business or industry of producing goods in large quantities in factories, etc.

My country is famous for manufacturing electronics.

investment

Noun

ɪnˈvɛstmənt

the act of investing(=buying property, shares in a company, etc. in the hope of making a profit) money in something

Our shareholders generally receive high returns on their investment.

It is wise to seek advice before making an investment.

Our corporation has got high returns on most of its investments.

Warren Buffett had made a successful investment.

His investments in real estate and stocks made him a rich man.

The company hopes that its investment in employee training will increase productivity and cut costs.

I am sensitive to changes in the stock market because I plan to make a large investment.

Founding my company wouldn't have been possible without the investment of my best friend.

All the investments helped the charity.

Exercise 2

Article

AI Generated Audio––:–– / ––:––

Vietnam Seeks to Expand Its Economy

China is Vietnam’s biggest trading partner. However, the two countries are competitors in international trade. Vietnam is also making an effort to increase its exports.

In August, the value of China’s money fell by 3.5 percent against other currencies in foreign exchange markets.

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 sector grew by nearly nine percent last year. However, Vietnam faces strong competition from its trading partners.

Like many Southeast Asian nations, Vietnam is seeking money for infrastructure projects.

With better infrastructure and low-cost labor, Vietnam hopes to develop high-value manufacturing industries to replace the clothing industry.

Sandeep Mahajan is an economist with the World Bank. He says Vietnam needs to do more to make land and financing available to private businesses.

Exercise 3

Questions

What is Vietnam’s currency?

What is Vietnam seeking?

Who is Vietnam’s biggest trading partner?

Exercise 4

Discussion

What does your country export?

What currency do you have in your country?

Have you ever exchanged your currency?

Parts of this lesson are based on:

An article by Voice of America.