University of Foreign Languages and International Studies

Faculty of English Language Teacher Education

DIVISION OF ENGLISH FOR SPECIAL PURPOSES

COURSE GUIDE

Course title: English for Economics

LECTURERS

1. Nguyễn Thanh Thủy, MIB.

Position: Lecturer Email: thuy.nguyenthanhcnn@gmail.com

2. Trần Thu Hà, MA.

Position: Lecturer Email: thuha283@yahoo.com

3. Bùi Thị Minh Trang, MA.

Position: Lecturer Email: minhtrangclc@gmail.com

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COURSE INFORMATION

Program BA TEFL
Course title English for economics
Couse credit value 3
Course code ENG3072
Course status Elective
Credit hours 135
+ In-class lectures: 26
+ In-class discussion and practice: 19
+ Self-study: 90
Faculty in charge Faculty of English Language Teacher Education

COURSE DESCRIPTION

English for Economics is an advanced course in the process of learning English. In this course
students will explore a real world of economics with the whole range and authenticity of
economic and trade contents introduced through different themes in the field, including
scarcity and choice, the business cycle, economic indicators, the market forces of demand and
supply, government policies, the organization of the industry and international trade. With a
variety of meaningful tasks (critical reading, reflection, presentation, discussions, writing tasks,
case study), students will have chances to expose themselves to the world of Economics and
master English for special purposes through a number of updated content-based resources.

Pair and group work is central to enhancing students’ language skills and content learning.
Students will learn by engaging in scaffolded and content-based activities in this course. All
students will learn to organize and take responsibility for their own progress through projects,
exercises and in- and out-of-class activities.

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COURSE OBJECTIVES

1. GENERAL OBJECTIVES
This course aims to introduce students to fundamental concepts and theories related to
Economics. During this course, students will have the opportunity to familiarize themselves
with different activities involved in understanding and applying the theory in solving economic
situations.

2. SPECIFIC OBJECTIVES
By the end of the course, students are expected to be able to:
In terms of knowledge
• refine a sufficient range of fundamental concepts and terminologies related to scarcity,
opportunity cost, choice, economic systems, the business cycle, basic economic
indicators, competition in market economy, demand, supply, equilibrium, industry
organization and international trade
• relate the understanding of the fundamental theories about scarcity and choice, the
business cycle, economic indicators, the market forces of demand and supply,
government policies, the organization of the industry and international trade
• explain some common economic phenomena in Vietnam and around the world based
on economic theories
• apply the learnt terminologies in translating articles and news in the field

In terms of skills
• develop critical reading skill, academic writing skill and specialized translation
techniques
• enhance communicative skills, problem solving skills and presentation skills
• have the skills of collecting, analyzing, synthesizing, evaluating data and information
to critically analyze problematic economic situations
• enhance team working skill including team management skill and cooperation
• develop appropriate independent study skills and collaborative skills in language
learning

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In terms of attitudes
• gain interest in and develop appropriate concern about common economic issues,
activities and trends in Vietnam and around the world
• be self-aware of ability and virtue that are necessary to enhance knowledge and skills
related to English in general and English in Economics in particular
• have ability to determine the drive for future career development

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DETAILED CONTENTS

CHAPTER 1. ECONOMIC SCARCITY AND CHOICE

1.1. What is economics?
1.2. Scarcity
1.3. The fundamental economic questions
1.4. Economic systems
CHAPTER 2. ECONOMIC INDICATORS
2.1. The business cycle
2.2. Measuring a nation’s income: Gross domestic product
2.3. Measuring joblessness: Unemployment rate
2.4. Measuring the cost of living: Consumer price index
CHAPTER 3. THE MARKET FORCES OF DEMAND AND SUPPLY
3.1. Market and competition
3.2. Demand
3.3. Supply
3.4. How competitive market operates
3.5. Demand, supply and Government policies
CHAPTER 4. FIRM BEHAVIOR AND THE ORGANIZATION OF THE INDUSTRY
4.1. Firms in competitive markets
4.2. Monopoly
4.3. Monopolistic competition
4.4. Oligopoly
CHAPTER 5. INTERNATIONAL TRADE
5.1. Geography and trade
5.2. The advantage of specialization and trade
5.3. Absolute and comparative advantage
5.4. The benefits of reducing barriers
5.5. Argument for trade restrictions
5.6. Doing business in Vietnam

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MATERIALS

1. COMPULSORY MATERIAL
Division of English for special purposes. (2020). English for economics. Division of English for
special purposes: Selective compilation for internal use.

2. RECOMMENDED READING
Carbaugh, R.J. (2014). Contemporary Economics: An application approach (7th ed.). USA.
Routledge.
Lovewell, M. (2009). Understanding economics (5th ed.). USA: McGraw-Hill Ryerson Higher
Education.
Mankiw, N.G. (2015). Principles of economics (7th ed.). USA: Cengage learning.
McConnell, C., Brue, S. & Flynn, S. (2018). Economics (21st ed.). USA: McGraw Hill education.
OpenStax College. (2014). Principles of economics. USA: Rice university. Retrieved from:
http://cnx.org/content/col11613/latest.
Roberts, M. (2012). English for economics in higher education studies. UK: Garnet education.
Thom, N.X. (2003). English for economics. Hanoi: English department.

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CLASS ORGANIZATION

OVERVIEW OF THE SCHEDULE

Teaching organizational form
Week Content Total
Theory Practice/ discussion Self-study
Week 1 Chapter 1 2 1 6
Week 2 Chapter 1 2 1 6
Week 3 Chapter 2 2 1 6
Week 4 Chapter 2 2 1 6
Week 5 Chapter 3 2 1 6
Week 6 Chapter 3 2 1 6
Week 7 Chapter 3 2 1 6
Week 8 Tutorial 0 4 6
Week 9 Chapter 4 2 1 6
Week 10 Chapter 4 2 1 6
Week 11 Chapter 4 2 1 6
Week 12 Chapter 5 2 1 6
Week 13 Chapter 5 2 1 6
Week 14 Chapter 5 2 1 6
Week 15 Revision 0 2 6
26 19 90 135

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WEEKLY SCHEDULE
WEEK 1. CHAPTER 1. ECONOMIC SCARCITY AND CHOICE
Class Time/
Main content Students’ preparation
organization Place
Theory In class • Introduction to the course objectives, content, schedule and course • Study the course guide
Exercise In class requirements carefully
Practice In class • Definition of economics • Read Chapter 1
• The relationship among scarcity, opportunity costs and choice
• Discussion on the provided case(s) and exercises
Self-study At home • Take notes to answer the provided questions to summarize the main content of chapter 1

WEEK 2. CHAPTER 1. ECONOMIC SCARCITY AND CHOICE (cont.)

Class Time/
Main content Students’ preparation
organization Place
Theory In class • The three fundamental economic questions of WHAT, HOW and FOR WHOM • Notes on the main
Exercise In class • Definition of an economic system content of Chapter 1
Practice In class • Four major types of economic systems
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 2

WEEK 3. CHAPTER 2. ECONOMIC INDICATORS

Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 1 • Notes on the main
Exercise In class • Definition, phases and theories related to the business cycle content of Chapter 2
Practice In class • Definition and components of GDP
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 2

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WEEK 4. CHAPTER 2. ECONOMIC INDICATORS (cont.)
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 2 • Notes on the main
Exercise In class • Definition of GNP, the differences between GDP and GNP content of Chapter 2
Practice In class • Different types of unemployment
• Definition of Consumer price index, problems in measuring CPI
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 3

WEEK 5. CHAPTER 3. THE MARKET FORCES OF DEMAND AND SUPPLY

Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 3 • Notes on the main
Exercise In class • Definition of market and market competition content of Chapter 3
Practice In class • The law of demand & changes in demand
• The law of supply & changes in supply
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 3

WEEK 6. CHAPTER 3. THE MARKET FORCES OF DEMAND AND SUPPLY (cont.) – MARKET EQUILIBRIUM AND ELASTICITY
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 4 • Notes on the main
Exercise In class • Definition of market equilibrium content of Chapter 3
Practice In class • Analysis of the changes in market equilibrium
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 3

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WEEK 7. CHAPTER 3. THE MARKET FORCES OF DEMAND AND SUPPLY (cont.) – DEMAND, SUPPLY AND GOVERNMENT POLICIES
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 5 • Notes on the main
Exercise In class • Government’s control over prices: The influences of price ceilings and price content of Chapter 3
Practice In class floors
• The influences of taxes on market outcomes
Self-study At home • Each student prepares a detailed outline of the report for assessment task 3. The purposes are to share
ideas and to get consultation from the teacher and classmates with the same topic for the final
assignment.
• Each student prepares questions related to the assignment if needed.

WEEK 8. TUTORIAL AND GROUP DISCUSSION

Class Time/
Main content Students’ preparation
organization Place
Theory In class • QUIZ • The detailed outline of
Exercise In class • Students are divided in big groups with the same topic for Assessment task 3 the report for
Practice In class • Students take turns to make a brief description of what to be covered in the assessment task 3
assignment package
• Further discussion on the final assignment package
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 4

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WEEK 9. CHAPTER 4. FIRM BEHAVIOR AND THE ORGANIZATION OF THE INDUSTRY
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 6 • Notes on the main
Exercise In class • Revisited definition of market competition content of Chapter 4
Practice In class • The basis of market structure
• The operation of firms in the pure competitive markets
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 4

WEEK 10. CHAPTER 4. FIRM BEHAVIOR AND THE ORGANIZATION OF THE INDUSTRY (cont.)
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 7 • Notes on the main
Exercise In class • The origin and operation of monopoly content of Chapter 4
Practice In class • Differences between monopoly and monopolistic competition
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 5

WEEK 11. CHAPTER 4. FIRM BEHAVIOR AND THE ORGANIZATION OF THE INDUSTRY (cont.)
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 8 • Notes on the main
Exercise In class • The operation of companies in monopolistic competition content of Chapter 4
Practice In class • Definition and application of oligopoly
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 5

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WEEK 12. CHAPTER 5. INTERNATIONAL TRADE
Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 9 • Notes on the main
Exercise In class • The influences of geography on trade content of Chapter 5
Practice In class • The advantages of specialization and trade
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 5
• Group 10 prepares for presentation 10 in week 13

WEEK 13. CHAPTER 5. INTERNATIONAL TRADE (cont.)

Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 10 • Notes on the main
Exercise In class • Differences between absolute and comparative advantages content of Chapter 5
Practice In class • The benefits of reducing barriers to international trade
Self-study At home • Take notes on the provided questions to summarize the main content of chapter 5

WEEK 14. CHAPTER 5. INTERNATIONAL TRADE (cont.)

Class Time/
Main content Students’ preparation
organization Place
Theory In class • News report 11 • Notes on the main
Exercise In class • The arguments for trade restrictions content of Chapter 5
Practice In class • Overview and trading situations in Vietnam
Self-study At home • Review

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WEEK 15. REVISION
Class Time/
Main content Students’ preparation
organization Place
Theory In class • Quiz 5 • Notes on the main
Exercise In class • Revision of chapters 1-6 content of Chapters 1-5
Practice In class • Course summary
• Submit report on assessment task 3
Self-study At home • NA

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COURSE POLICY

Students are supposed to:

• complete all the requirements of the course as transcribed in the course guide;
• submit all the assignments on time. In case of late submission, 10% of the total point
is deducted for 1 day late; 20% for 2 days late. Students who are three days behind the
deadline will receive mark 0;
• attend at least 80% of the total class hours. If a student is absent for more than 20% of
the total class hours, he/she is no longer qualified for the course, which is equivalent
to mark 0 for the final assignment;
• actively prepare for the class as guided in the course outline;
• actively participate in in-class discussions and presentations; and
• refrain from discussing things irrelevant to the lessons.

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ASSESSMENTS

1. IN-CLASS CONTINUOUS ASSESSMENT

Assessment Weight Requirements and Justifications
task
1.1. Quiz 20% Requirements:
• Individually, students do ONE 60-minute quiz in week
8. In terms of the format, there are 3 tasks including
multiple-choice, true/ false and short answers. In terms
of the content, the quiz is about concepts, theories and
phenomenon involved in chapter 1, 2 and 3.
• These are closed-book quizzes which means students
are NOT allowed to use or supplementary materials
Justifications:
Students are expected to understand the theoretical
knowledge. Moreover, the ability of linking theory and practice
drawn from each chapter in order to respond to the questions is
also assessed.
1.2. News 20% Requirements:
report • Students work in 11 groups/ pairs to review the learnt
theory, find updated pieces of news directly related to
the theoretical matters and conduct a mini-presentation
related to the news.
Justifications:
The assessment gives students a chance to do extensive reading
by forming the habit of updating news; practice presentation
skills and translation skills; get accustomed to critical thinking
about various business issues and widen vocabulary related to
business topics through news.
1.3. Case 60% Requirements:
study • Students work individually to complete this big
assignment.

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 • Each student chooses 1 out of 3 provided economic
cases that are directly related to the studied content.
Their task is to compose a report, including (1)
summarizing the related theoretical aspects, (2)
searching for authentic articles/ pieces of news to find
evidences for analysis and (3) analyzing the case on the
basis of the related theoretical aspects and references.
Justifications:
The assessment allows students to critically review related
literature on fundamental economic issues and apply what they
have learnt to explain and analyze what is really happening in
the world of economics. Also, students are exposed to the real
world by searching for, reading and evaluating the reliability of
daily news/ articles in order to find evidence to support their
argument and explanation. Finally, students review how to
compose a formal report.

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2. DETAILED DESCRIPTION OF ASSESSMENT TASKS
ASSESSMENT TASK 1. QUIZ

Students individually do ONE 60-minute quiz in week 8.

In terms of format, there are three parts in each quiz including:
(1) multiple choice questions
(2) true or false
(3) short answer
In terms of content, each quiz focus on different aspects covered in the course from chapter
1 to chapter 3.
In terms of administration, the quiz is conducted at the beginning of the lesson as scheduled.
Therefore, students must be on time for the test. There will be NO MAKE-UP QUIZ for those
who turn up late.

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 ASSESSMENT TASK 2. NEWS REPORT

a. DETAILED DESCRIPTION AND PROCEDURE

The class is divided into 11 groups/ pairs being equivalent to 11 presentations starting
from week 3. Before each presentation, each presenting group has to:
(1) actively review the learnt theory in class
(2) find the news that is closely related to the theoretical matters WHICH ARE ALREADY
METIONED IN THE PREVIOUS SESSION. The news must be taken from at least 3 reliable
sources, two of which must be in English. The source’s full URL must be cited in APA
or Harvard style
(3) prepare for a 10-minute presentation to report the news. By the end of the
presentation, the audience must be able to grasp an overview and important details
(facts, figures, opinions of related people) of the presented even. Also, the presenters
are expected to make clear to the audience their opinions about the impacts of the
reported events, their predictions about related upcoming events. These ideas are
strongly encouraged to be made either objective or subjective, but justified with
evidences through critical analysis of the related sources
(4) after the 10-minute presentation, the presenting group choose 1 extract among the
sources (maximum 200 words) for the audience to practice translation in 10 minutes.
The translated version must be ready prior to the presentation. The presenting group
can prepare a glossary with related key words/ phrases and terminologies with their
meaning in English and Vietnamese
(5) prepare a submission package including the required documents coded as followed:
✓ 1 PowerPoint slide: [Name of the theoretical matter].ppt
✓ All sources related to the presented news with citation: [Sources of news].docx
✓ 1 translated version of the chosen source text: [Translation].docx
✓ 1 glossary with key terminologies and meaning (in English and Vietnamese)
from the theory: [Glossary].docx
✓ 1 reference list: [Reference list].docx
(6) submit the package coded [Group number].[Chapter] at least 3 days prior to the
presentation via email to the teacher.
Before each presentation, other students is required to:
(1) read the require materials
(2) summarize the theory by answering the assigned questions for each week

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 (3) take notes of those main points on a doubled-sided A4 paper to bring to the class
On the presenting day, the presenting group is required to:
(1) make a presentation in maximum 20 minutes in which:
✓ 10 minutes is for presenting the news
✓ 10 minutes is for the audience’s translation practice and presenters’
correction
(2) print 1 copy of the package for the teacher
(3) print 1 evaluation form of presentation for the teacher
(4) print enough copies of the glossary and source text for translation for the audience
On the presenting day, other students are required to:
(1) listen attentively to the presentation
(2) be ready with the notes with answers to assigned questions
(3) actively participate in translation

20
 b. MARKING RUBRICS FOR PRESENTATION
Criteria 1-2
• Indiscriminately lists
information.
• Shows little understanding of
Presenting the news the topic.
(identifying key • There is a lack of coherence in
concepts and the content of the
condensing relevant presentation.
supporting information
to explain the news)
20%
Content
70%
• Answer irrelevant to
theoretical aspects and
Utilizing evidences to
evidences or the problem
justify the impacts and
related to contextual factors.
predictions of the event
• Unable to apply related
20%
economic concepts in
analyzing situations.
• Many unwarranted and
significant deviations from the
source text. Inaccurate
Translation
renderings and/or important
30%
omission and additions.
• Wrong use of terminologies.
3-4 5-6
• The presentation has an
appropriate structure and
generally clear focus
throughout. However, there
may be a lack of clear
trajectory.
• Demonstrates an ability to
generalize information.
• Shows good understanding of
the topic.
• There is evidence of
connections between parts in
the presentation.
• Constructs an analysis
approach with evidence of
most relevant contextual
factors in adequate details
based on the theoretical
aspects.
• Some unjustified changes in
meaning, omissions and/ or
additions, some of them are
significant.
• Some inappropriate use of
terminologies.
7-8 9-10
• The learner presents with clear
structure and focus throughout.
• Demonstrates an ability to
synthesize information.
• Shows impressive and original
depth of understanding of topic.
• Ideas are coherently arranged
and very well-developed.
• Constructs a clear and insightful
answer to the problem with
relevant theoretical aspects
covering all relevant contextual
factors.
• Translation accurately reflects
meaning of source text without
unwarranted alternations,
omissions or additions.
• Terminologies are all translated
correctly.
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 • There are inconsistencies in
Language use clarity and expression
(Vocabulary, grammar throughout.
and conventions of • Substantial proofreading and
terminologies and editing is required.
academic language) • The learner shows negligible
10% understanding of conventions
of academic language.
• There are a lot of pauses and
Presentation skills
Fluency and hesitations in the presentation.
Pronunciation • Most of the sounds are
30%
10% wrongly articulated.
• Hold no eyes contact with
audience, as entire report is
read from notes.
Delivery
• Speak in low volume and/or
(Eye contact, voice,
monotonous tone, which
engaging audience)
causes audience to disengage.
10%
• The expression is clear and
fluent throughout.
• Some proofreading and editing
is required.
• The learner demonstrates
some understanding of
conventions of academic
language.
• There are only traces of original
voice.
• Some of the sounds are
wrongly articulated sometimes.
• Display minimal eye contact
with audience, while reading
mostly from notes.
• Speak in uneven volume with
little or no inflection.
• The learner has outstanding
clarity and fluency of expression
throughout.
• There is evidence of excellent
proofreading and editing.
• The learner demonstrates clear
understanding of conventions of
academic language.
• The learner has excellent
articulation of ideas, displaying
academic rigor and a confident
academic voice that impresses
the listener.
• Hold attention of entire
audience with the use of direct
eye contact, seldom looking at
notes.
• Smooth and effective delivery.
• Speak with fluctuation in volume
and inflection to maintain
audience interest and emphasize
key points.
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c. EVALUATION FORM FOR PRESENTATION
Presenters’ Names: …………………………………………………………………………………. Class: ………………………………. Date: ……………………………….
Group number: ………………………………. Chapter: ……………………………….
General comments Mark
Assessment criteria

Presenting the news (20%)

Utilizing evidences to justify the impacts and

predictions of the event (20%)

Translation (30%)

Language use (10%)

Fluency and Pronunciation (10%)

Delivery (10%)

TOTAL …………/10

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 ASSESSMENT TASK 3. CASE STUDY

a. DETAILED DESCRIPTION AND PROCEDURE

The ultimate goal is to have students think about, review the specific concepts, principles and
theories that they have learnt in class and apply them to real-life events.
Each student chooses 1 out of 3 provided cases for this assignment and start doing some
research for the case from the beginning of the semester. Their choices of cases are finalized
in week 3. From then on, students are expected to follow two stages as below:
STAGE 1. PREPARING FOR THE REPORT
The first stage is conducted from week 3 to week 8. In this stage, students have to:
• study the provided case and guiding questions carefully to identify ALL related
theoretical aspects in economics that are covered in the semester
• research sources of information related to the chosen case. For this assignment, each
student is required to read at least ONE academic economic publication
• select the appropriate information to use from these sources
• analyze the case on the basis of the related theories and references in preparation for
the second stage
• prepare a detailed outline of the report (maximum 2 pages). This outline is presented
in class in week 8. The purposes are to share ideas and to get consultation from the
teacher and classmates with the same topic for the final assignment. Students are
expected to (1) be clear, concise, (2) coherent and think carefully about the structure
of the report and (3) present the main points as sharply as they can.

STAGE 2. COMPOSING THE REPORT

• compose report of maximum 700 words containing all main ideas/ points that are
going to be developed. The report should contain the same parts as the outline, but
each point should be fully developed and articulated. The paper should be coherent
and the logic should be transparent.
• submit all parts of the assignment (outline and report) together in both hard and soft
copies to check for plagiarism in week 15.

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b. COMPONENTS OF THE REPORT
The sections of the report should include:
1. Title page
2. Table of content
3. Introduction
✓ Purpose of the report
✓ Background information about the case
4. Conceptual background
✓ Review ALL the identified theoretical issues in a logical flow
5. Analysis
✓ Use relevant theories in the conceptual background to answer the guiding
questions
✓ The answer to the guiding questions should be presented in a logical order
instead of listing the answers one by one.
6. Conclusion/ Recommendation
✓ Based on the relevant theory, industry and economic information, make
recommendations for improvement or solution to the situation
7. Reference list
✓ Remember to list ALL sources of information that are used in the report. Failure
to do so will result in 3 points taken off the grade of the assignment.

25
 c. MARKING RUBRICS FOR THE REPORT
Criteria 0-2
Introduction • The introduction is not
addressed.
• The background
information about the
case is not presented
adequately, may be
repetitive or irrelevant.
Conceptual • Key concepts are not
background identified.
• Nil to no demonstration
of learning of subject
concepts.
• Confusion about
important concepts.
Depth of • Sections are not
discussion addressed.
and • Incomplete.
synthesis
Cohesiveness • No cohesiveness.
• No demonstration of
understanding of
relevant issues.
3-4 5-6
• Overall, the introduction • Overall, the introduction
is not adequately is executed to a
addressed. satisfactory standard.
• The background • The background
information about the information about the
case limited and not case is presented
sufficient enough to sufficiently and lack of
have thorough overview focus.
of the case.
• Basic economic issues • Most key concepts are
may be identified, but identified.
not key concepts. • Supporting information
• Indiscriminately lists is briefly summarized.
information. • Demonstrates an ability
to generalize
information.
• Cursory discussion in all • The report shows that
sections. the writer has
• The report does not understood and applied
demonstrate that the the learnt concepts to a
writer has fully certain extent.
understood and applied • Material from other
the learnt concepts. outweighs that of the
writer excessively.
• Does not tie together • Sometimes ties together
information. information from
• Report does not flow relevant sources.
and appears to be • Report does not flow.
7-8 9-10
• The introduction is • The introduction is
executed proficiently. executed exhaustively.
• The background • The detailed background
information about the information about the
case is presented case is presented
sufficiently. straightforward and
based on research.
• Almost all key concepts • All key concepts are
are presented to address identified.
the case. • Major economic issues
• Attempt to show the and supporting key
relationship among the concepts are presented
key concepts. in a logical flow.
• Demonstrates an ability
to synthesize
information
• The report shows that • The report shows that
the writer has the writer has fully
understood and applied understood and applied
the learnt concepts for the relevant concepts
the most part. into the insights.
• In-depth discussion and • In-depth discussion and
synthesis in most synthesis in all sections
sections of the report. of the report.
• For the most part, ties • Ties together
together information information from all
from all relevant relevant sources.
sources.
26
 created from unrelated
issues.
• Writing does not
demonstrate any
understanding of the
relevant issues.
Sources of • Few to no resources or • Fewer than 3 relevant
information irrelevant resources. sources used.
• Not all web sites utilized
are credible, and/or
sources are not current.
Writing style • Major errors in • Unacceptable number of
and grammar, spelling and / spelling and/or grammar
referencing or referencing. mistakes. Unacceptable
number of errors in
referencing.
• Writing does not • Report flows with only
demonstrate an some disjointedness.
understanding of the • Writing demonstrates an
relationship among understanding of the
material obtained from relationship among
relevant sources. material obtained from
all relevant sources.
• From 3 to 5 relevant • From 5 to 7 relevant
sources used. Sources sources used, including
include both general scholarly books/journal
background sources and articles. Sources include
specialized sources. both general
• All web sites utilized are background sources and
credible. specialized sources.
• All web sites utilized are
authoritative.
• Noticeable spelling and • Minimal spelling and/or
grammar mistakes. grammar mistakes.
Noticeable referencing Minimal referencing
mistakes. mistakes.
• Report flows from one
element to the next
logically.
• Writing demonstrates an
understanding of the
relationship among
material obtained from
all relevant sources.
• More than 7 relevant
sources used, including
scholarly books/journal
articles. Sources include
both general
background sources and
specialized sources.
• All web sites utilized are
authoritative.
• No significant spelling
and/or grammar
mistakes.
• No significant
referencing mistakes.
27
 CASE 1. DEMAND AND SUPPLY

Price drop forces farmers to leave vegetable unharvested

Viet Nam News
THỪA THIÊN- HUẾ — Farmers in the central
provinces of Hà Tĩnh and Thừa Thiên- Huế are in
deep sorrow as their vegetables have remained
unconsumed for weeks due to a price fall.
In Hà Tĩnh, farmers are harvesting their vegetables
to feed pigs and cattle. Others have let the plant
wither in the fields.
Nguyễn Đình Dũng, a farmer in the province’s
Thạch Liên Commune, said he had fed his
vegetables to his cows as no traders came to his
field after Tết (Lunar New Year).
Nguyễn Thị Yến, another farmer in the province’s Thạch Hưng Commune, said she has been so
depressed from the vegetable price fall that she has left the plant on the field to save the effort of
harvesting.
Farmers said in a report by the online newswire infonet that price had plunged abruptly. Cabbages,
for instance, previously cost VNĐ20,000 (87 cents) each but have now dropped to VNĐ3,000 each.
“No traders have come despite that low price,” said Dũng.
Nguyễn Sỹ Dần, chairman of Thạch Liên Commune, said favourable weather at the end of last year
resulted in a bumper crop of mustard, cabbage, turnip and lettuce. But as always, a bumper crop
meant a price fall as supply exceeded consumption, he said.
Farmers in Thừa Thiên- Huế experienced a similar situation. Vegetables produced by farmers in the
province could not be consumed either due to a similar price fall. Local farmers said the cost for each
kilogramme fell from VNĐ25,000 (US$1.1) to VNĐ2,000, driving traders away from their VietGAP
(Vietnamese Good Agriculture Practice) produce.
Trương Hào, a farmer in Quảng Thành Commune, said he had to harvest the mature lettuce to feed
pigs and attempt to keep the younger plants until a price increase.
Hoàng Vọng, deputy head of Quảng Điền District’s agriculture division, said local vegetables could not
compete with vegetables imported from the Central Highlands province of Lâm Đồng, leading to a
price fall due to low sales. Unconsumed vegetables also occurred in other communes of Phong An,
Điền Hòa, Điền Lộc, Hương Xuân and Quảng Thọ. Agriculture authorities have been struggling with the
question of low prices during a bumper crop of agricultural products for years, but there is no sign
that they have found a way out. — VNS
Source: https://vietnamnews.vn/society/424383/price-drop-forces-farmers-to-leave-vegetables-
unharvested.html#2phGqM8AEdWmgRF3.97

Guiding questions for analysis:

1. What happened to cabbages?

2. What are the reasons for those problems?

3. What has the government done / should the government do to deal with the problem?

28
 CASE 2. MARKET COMPETITION

The rise and fall and resurrection of bubble tea in Vietnam

NDO - First appearing in Vietnam

around 2002, bubble tea, a
beverage made of tea, milk
powder, fruit flavours and tapioca
balls or jelly, soon become a
favourite drink amongst young
people.

After a period of being snubbed, bubble tea has quickly returned to its heyday, which raises the
question as to whether or not this kind of beverage will go out of fashion similar to other fast food
fads, such as spicy noodles, smoked ice cream or a milk jelly dessert known as “che khuc bach”.

Bubble tea used to enjoy strong growth but soon became unpopular in late 2009 due to rumours
concerning the origin of its ingredients. 2013 marked the re-emergence of the beverage with
franchises from Hong Kong and Taiwan. And from a popular drink, bubble tea has become a chic
drink with beautifully designed packaging and a greater variety of flavours.

Many in Hanoi will be stunned at the spectacular growth in the number of bubble tea shops in the
last two years. Starting with Ding Tea, now almost all of the major streets in Hanoi are lined with
several bubble tea shops. Ask any young person and they can list the names of various bubble tea
brands such as Chatime, Gong Cha, Royaltea, Heekcaa, Coco, Bobapop, Chago and Goky. It is
estimated that there are more 1,500 bubble tea shops in Vietnam, belonging to over 100 brands,
offering prices from VND40,000 to VND60,000 a serving.

A survey by the market research company Q&Me shows that 73% of the respondents said that they
knew about bubble tea. Another survey by the food website Lozi shows that more than half of the
respondents said they drank bubble tea at least once a week. Most of the respondents stated that
bubble tea is good, refreshing and suitable for younger people.

"Bubble tea is a product of joy because it is both a food and beverage that consumers can drink
while chewing enjoyably, making it a favourite amongst young people", said Lozi CEO Nguyen Hoang
Trung, adding that "if in the past, bubble tea was only popular among pupils and students, the drink
is now embraced by other people, especially office workers."

Some investors have said that opening bubble tea shops in Vietnam now is like the fad of opening
cafes and selling other refreshments in the past and this mode of business always faces potential
risks. Since consumers usually prefer products that are novel and unique, other kinds of
refreshments will quickly sweep through young people as the craze for bubble tea subsides. If shop

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 owners fail to keep up to date with the changes in consumers' taste, their businesses will run into
trouble.

But according to Nguyen Phi Van, executive director of Retail & Franchise Asia, there is still room for
bubble tea products in Vietnam because the domestic food and beverage market is projected to
continue growing until 2020. Furthermore, this kind of drink has become a bright spot in the fast-
moving consumer goods market in recent quarters, contributing nearly 40% of the industry's total
revenues, according to a report by Nielsen Vietnam.

Van said that another reason for further growth is that young people between 15 and 34 currently
account for more than 36% of the Vietnamese population so the country remains a market with
great potential for bubble tea.
Source: http://en.nhandan.com.vn/_mobile_vietnam_blogs/item/5619402-the-rise-and-
fall%E2%80%A6-and-resurrection-of-bubble-tea-in-vietnam.html

Guiding questions for analysis:

1. What happened to the bubble tea market in Vietnam?

2. What are the reasons for those problems?

3. What has the government done / should the government do to deal with the problem?

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 CASE 3. INTERNATIONAL TRADE

LATEST ESCALATION OF US-CHINA TRADE WAR THREATENS VIETNAM

The latest salvo in the U.S.-China trade

war could intensify pressure on Vietnam,
experts have warned.

U.S. President Donald Trump last Friday

raised tariffs on $200 billion worth of
Chinese imports from 10 percent to 25
percent. A day later he ordered a tariff
hike on almost all the remaining imports
worth $300 billion. In response, China said
it would impose higher tariffs on some $60
billion worth of U.S goods starting June 1.

Economist Nguyen Tri Hieu said the U.S.’s aggressive move means China has to depreciate its currency
to mitigate the damage. This would lead to a surge in cheaper imports from China, making it difficult
for Vietnam’s domestic products to compete, he told VnExpress International. Vietnam would also
struggle to export to China because of the weaker yuan, he added.

The yuan has fallen by 2 percent against the greenback since the beginning of May to its lowest level
since last December. Last year, due to the trade war, it had fallen by 7 percent. The dong has fallen by
almost 1 percent since the beginning of this year. Data from Vietnam Customs supports Hieu’s
warning. In the first quarter imports from China rose by 18.6 percent year-on-year, while exports fell
by 7.8 percent.

Another consequence experts fear is

the labeling of Chinese goods as
Vietnamese for export to the U.S. to
circumvent the new tariffs. Trump said
in a series of tweets on Monday:
"Many tariffed companies will be
leaving China for Vietnam and other
such countries in Asia. "I say openly to
President Xi & all of my many friends in
China that China will be hurt very badly
if you don’t make a deal because
companies will be forced to leave China for other countries. Too expensive to buy in China."

Vietnam has since last year seen an increase in Chinese companies setting up shop to avoid the U.S.
tariffs. Of the six biggest registered foreign projects in Vietnam in the first four months, four were
from mainland China and Hong Kong, according to the Ministry of Planning and Investment. Industrial
parks in the northern Bac Ninh Province and provinces in the Mekong River Delta are reporting
increased interest from Chinese, Taiwanese and Hong Kong investors. These companies plan to double

31
or triple their head count by the end of this year as they seek to expand production, a recent report
by recruitment firm Navigos said. Experts caution Vietnam about this. Le Dang Doanh, a former
economic adviser to the government, said if this situation is not controlled, it could have grave
consequences for Vietnamese companies since the U.S. might apply the same tariffs it does on China
if it finds Chinese products labeled as Vietnamese.

Pham Hong Hai, CEO of HSBC Vietnam, said that the trade war might also take away existing foreign
investors from the country. This happened during the 2008 global economic crisis, when investors
pulled out of Vietnam due to falling demand, lowering the economy’s growth, he said. Vietnam, with
200 percent trade as a percentage of GDP, is very dependent on the global supply chain, and will suffer
if the global economy face challenges from the trade war, he added.

The National Center for Socio-Economic Information and Forecast (NCIF) last year forecast that
Vietnam’s GDP could drop by 0.09 percent this year and 0.12 percent next year because of the U.S-
China trade tensions. Nevertheless, there are also some positives for Vietnam from the trade war.
Now its goods like electronics, furniture, bags, and seafood are believed to be more competitive in the
U.S. than those from China. In the first quarter Vietnam’s exports to the U.S. rose 28.8 percent year-
on-year, making that country the largest importer of Vietnamese goods.

Source: https://e.vnexpress.net/news/business/economy/latest-escalation-of-us-china-trade-war-
threatens-vietnam-3923147.html

Guiding questions for analysis:

1. What is the current trading situation between China and the USA?

2. Which industries in Vietnam can be negatively influence by the trade war between the two
giants?

3. Analyze Vietnam’s strengths, weaknesses and comparative advantages in those industries.

4. What should Vietnamese government do to prepare for and even avoid the influences of the
trade war?

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