Vietnam Company Says Free Trade Will Help Expansion

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Exercise 1

Vocabulary

expansion

Noun

ɪkˈspænʃən

the process of making a business grow

A major expansion of the oil industry is taking place in Africa.

The global economy is now going through a period of rapid expansion.

protectionism

Noun

prəˈtekʃənˌɪzəm

a way of protecting your own economy by taxing foreign products more

Protectionism is responsible for the country's successful economy.

barrier

Noun

ˈbæriːər

a problem, difficulty or obstacle

In business, overcoming difficult barriers is necessary for success.

The wall acts as a barrier to entry.

beneficiary

Noun

ˌbenɪˈfɪʃəri

someone or something that profits from a particular situation

Our country was the main beneficiary of the new trade agreement.

chip

Noun

tʃɪp

a very small piece of electronic equipment

The company started to produce computer chips as early as 1970.

Computer chips have very complicated design.

Do you know how to count casino chips?

My mother spread wood chips in the garden.

account for

Phrasal Verb

əˈkaʊnt fɔːr

to be the reason for something existing or happening

Televisions account for most of our sales.

Our Chicago branch accounts for over twenty-five percent of our total revenue.

Mainland China now accounts for over two-thirds of our overseas market.

I can't really account for his performance, because he seemed so ambitious when we hired him.

Exercise 2

Article

AI Generated Audio––:–– / ––:––

Vietnam Company Says Free Trade Will Help Expansion

Vietnam’s largest technology company may profit from a free trade deal agreed to at the Asia-Pacific Economic Cooperation, or APEC, meetings in Da Nang this month.

The new agreement replaces the Trans-Pacific Partnership, from which the United States withdrew in January.

Eleven countries meeting at APEC agreed to the new deal. The redesigned deal came after President Donald Trump took the United States, the world’s largest market, out of the TPP.

Truong Gia Binh, chairman of Vietnam’s largest technology company FPT, spoke about protectionism as a barrier to free trade. He said he believes the U.S. will return to trade talks.

Vietnam hopes to be one of the biggest beneficiaries of free trade as it expands in the Pacific. Vietnam has rapidly growing exports, including technology.

In 2010, Intel opened a $1 billion chip factory in Vietnam. Samsung makes half of its mobile phones in the country. According to some, they account for 20 percent of Vietnam’s exports.

Free trade and investment are driving Vietnam’s economy. It has one of the strongest growth rates in Asia, at more than 6 percent a year.

Vietnam has trade deals with a number of other countries, including South Korea and Japan. Binh said his company's largest operation is in Japan. He said the country is a big market where the company sees continued growth.

FPT says it will not miss the worldwide, digital revolution.

Exercise 3

Questions

What does APEC stand for?

How many countries agreed to the new trade deal?

What is driving Vietnam's economy?

Exercise 4

Discussion

What are your thoughts on the new free trade deal agreed to at the APEC meetings?

Why do you think President Donald Trump decided to pull the U.S. out of the Trans-Pacific Partnership?

Do you believe that the U.S. will "return to trade talks" during Trump's presidency? Why? Why not?

Are you surprised that Vietnam's economy "has one of the strongest growth rates in Asia"? Why? Why not?

Is your country involved in any free trade agreements? Please explain your answer.

Exercise 5

Further Discussion

Are any major technology companies based in your country? If so, please name a few. If not, why do you think this is the case?

What industries would you say are driving your country's economy? Please explain your answer.

Is your country's economy heavily reliant on exports? Why do you think this is the case?

What would you say are the drawbacks of an export-driven economy?

In your opinion, are there any disadvantages to free trade? Please explain your answer.

We should keep on going along the path of globalization. Globalization is good. - Jack Ma. Do you agree with Ma? Why? Why not?

With a population of more than 600 million people, an emerging middle class that is driving strong consumption, and a robust and resilient economy, Southeast Asia presents a compelling growth opportunity for Starbucks. - Howard Schultz. What role do you think Southeast Asia will play in the global economy over the next few decades? Please explain your answer.

Exercises for Further Self-Study

These self-study exercises are optional and should be carried out after the lesson has finished.

Exercise 6

Sentence Building

Write at least one sentence for each of the words in Exercise 1: Vocabulary. Begin by making sure you understand the definition of each word. Use the example sentences as a guide if you are unable to think of a sentence. Practice reading your sentences out loud.

Exercise 7

Summary

Make a brief summary of the article. Focus on the main topic and consider which pieces of information are most important. Make sure you include details such as what the article is about, who is mentioned in it, where and when the events took place, and also how and why they happened.

Parts of this lesson are based on:

An article by Voice of America.