Gdp growth rate

The Hanoitimes - This is the second consecutive year that Vietnam’s economy expands over 7%, following a 10-year high GDP growth of 7.08% in 2018. Vietnam’s GDP growth in 2019 achieved an impressive pace of 7.02%, far exceeding the target set by the National Assembly at 6.6 – 6.8%, the General Statistics Office (GSO) has announced. Data: GSO. Chart: Nguyen Tung. This is the second consecutive year that Vietnam’s economy expands over 7%, following a 10-year high GDP growth of 7.08% in 2018. Specifically, GDP of the fourth quarter increased by 6.97% year-on-year, only lower than the growth rate in the third quarter of 7.48%, but higher than that the first two quarters at 6.82% and 6.73%, respectively. In a context of global slowdown, not to mention the ongoing US – China trade war, a 7.02% expansion of the local economy indicated efficient state management and strong efforts of the government, stated the GSO. The driving force of the economy in 2019 … [Read more...] about Vietnam’s GDP growth in 2019 hits 7.02%: GSO

The Hanoitimes - This would be a second consecutive year that Vietnam’s economy expands over 7%, while low inflation makes such economic growth more significant. Vietnam’s GDP in 2019 is on track to grow more than 7%, while inflation is estimated at 2.7 – 2.8%, according to Deputy Prime Minister Vuong Dinh Hue. Overview of the meeting. Source: VGP. “This would be a second consecutive year that Vietnam’s economy expands more than 7%, while the low inflation rate makes such economic growth more significant,” said Hue at a government meeting on December 25. Under the calculation of the Ministry of Finance (MoF), the consumer price index (CPI), a gauge of inflation, is set to grow 2.73% this year, marking the lowest inflation rate over the last three years, posting 3.53% and 3.54% in 2017 and 2018, respectively. The MoF attributed hikes in prices of consumer goods (food, beverage, tourism, public transportation fees, etc.), petroleum products, health services … [Read more...] about Vietnam’s GDP growth in 2019 estimated at top 7%: Gov’t

The Hanoitimes - The 2020 socio-economic plan stressed the importance of restructuring the economy by revising the growth model, and accelerating the implementation of major projects that serve as driving forces for growth. The National Assembly on November 11 approved Vietnam’s socio-economic development plan for 2020, including the GDP growth target of 6.8%. Data:Government. Chart: Nguyen Tung. The plan received endorsement from 426 out of 430 of National Assembly deputies present, representing an approval ratio of 88.2%. In addition to the GDP growth target, the 2020 socio-economic development plan includes other key economic indicators, such as the consumer price index (CPI) to stay below 4%; export growth of 7%; ratio of trade deficit to total export value below 3%; total social investment capital at 33 – 34% of GDP; a decline by 1 – 1.5% in the poverty rate; unemployment rate in urban areas below 4%, among others. The overall objective of the … [Read more...] about Vietnam parliament approves 2020 GDP growth target of 6.8%

The Hanoitimes - In a world with growing uncertainties, Vietnam’s economy would still be able to pick up the growth momentum from last year, thanks to a number of favorable conditions. Vietnam is forecast to keep GDP growth of 7.02% in 2020, making it the third consecutive year that Vietnam maintains a growth rate of over 7%, according to the National Center for Socio-Economic Information and Forecast (NCIF). Vice Director of NCIF Dang Duc Anh at the conference. Source: NCIF. This was a baseline scenario out of two that the NCIF has outlined for Vietnam in 2020, while in the less optimistic scenario, the GDP growth would be around 6.76%, announced the NCIF at a conference discussing Vietnam’s economic outlook in 2020 held on January 10. The National Assembly on November 11 approved Vietnam’s socio-economic development plan for 2020, including the GDP growth target of 6.8%. In addition to the GDP growth target, the 2020 socio-economic development plan … [Read more...] about Vietnam forecast to keep 7%-GDP growth in third consecutive year: NCIF

Digital transformation is an indispensable way for businesses to grow Pandemic boosts digital progress The past year was a difficult and challenging one for the Vietnamese business community. The global impact of the Covid-19 pandemic disrupted supply and reduced demand, heavily undermining the Vietnamese economy dependent on export markets and major trade and investment partners. With strenuous efforts in pandemic control and economic growth restoration by the government, ministries, sectors and businesses, Vietnam’s GDP grew almost three percent in 2020, making it one of the few countries in the world to record net positive GDP growth. Phan Xuan Dung, Chair of the National Assembly’s Committee for Science, Technology and Environment, said that despite the impressive GDP achievement compared to other countries, Vietnamese businesses need to double or triple their efforts, cooperation and connectivity if they are to recover and develop. World Bank Lead Economist and … [Read more...] about Pandemic offers opportunities for Vietnam’s 2021 growth