VietNamNet Bridge - The report on the GDP growth scenario of Vietnam in 2018 does not include the strengthening of oil exploitation, which had been expected. The world oil price saw strong recovery in the first months of the year The world oil price saw strong recovery in the first months of the year. In May, the Brent oil price, for the first time in the last four years, climbed to $80 per barrel. The price decreased later, but only slightly, now hovering around $76.44 per barrel. Will Vietnam consider strengthening oil exploitation to take full advantage of the oil price hike to boost growth? In mid-2015, the exploitation of more oil to ensure GDP growth was put forward at the National Assembly’s session. Vietnam’s GDP growth rate then was at a half-decade high. At the same time last year, at the National Assembly’s third session, the government proposed to exploit one million more ton of oil to gain the targeted growth rate of 6.7 percent in 2018. The … [Read more...] about Will Vietnam exploit more oil for higher GDP growth?
Gdp growth rate
Country strives to achieve 6.8% GDP growth in 2019
Photo for illustration. (Source: baodautu.vn)Under the Directive, Gross Domestic Product (GDP) growth rate is expected to reach 6.8%. Localities should use Gross Regional Domestic Product (GRDP) data in the first half of 2018 of provinces and centrally-governed cities, announced by the Ministry of Planning and Investment’s General Statistics Office, to estimate and forecast development prospects and specify GRDP targets appropriately. Proportion of tax and fees contributed to State budget is estimated to reach about 21% of GDP. Domestic collection (excluding collection from crude oil, land using fee, lottery, State capital withdrawal from enterprises, dividends and after-tax profits) will increase at least 12-14% compared with the estimated in 2018. The specific increase depends on the conditions and characteristics, and is suitable with the economic growth rate in each locality. Collection from export and import activities is forecast to rise at least 4-6% compared with the … [Read more...] about Country strives to achieve 6.8% GDP growth in 2019
Aim for GDP growth of 6.7%: Government
People shop at a night market in Hang Dao Street, Hoan Kiem District in Ha Noi. Viet Nam gained decade-high GDP growth of 7.38 per cent in the first quarter of this year. — VNA/VNS Photo Vu Sinh The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyen Xuan Phuc said this during the monthly government meeting on Monday in Ha Noi. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual law issues. In his opening speech, Phuc also lauded the growth of several sectors in the … [Read more...] about Aim for GDP growth of 6.7%: Government
Vietnam facing challenges ahead as GDP growth uncertain in 2018
VietNamNet Bridge - Vietnam finally gained a high GDP growth rate of 6.81 percent in 2017, which was higher than the targeted 6.7 percent which many analysts thought would be unattainable. Will it occur again this year? Vietnam gained the high GDP growth rate of 6.81 percent in 2017Luu Bich Ho, former head of MPI’s (Ministry of Planning and Investment) Institute for Development Strategy, said he can see improvement in growth quality. The structural changes in agriculture and the policy on agriculture development have helped created high-quality sustainable growth. The biggest change in industry is the reduced reliance on mining.“The diversification of products and markets provides a tailwind to exports. We are very bullish on growth, though we remain cautious about structural issues of legacy bad debts,” the economist said.Experts believe that Vietnam will continue to gain a high GDP growth rate this year. Standard Chartered has predicted 6.8 percent … [Read more...] about Vietnam facing challenges ahead as GDP growth uncertain in 2018
GDP growth rate for 2017 questioned by experts
VietNamNet Bridge - The 6.81 percent GDP growth rate in 2017 has been announced by GSO (General Statistics Office), the only agency in Vietnam in charge of providing official statistics. However, leading experts question the figure. Mr Truong Dinh Tuyen and Mrs Pham Chi Lan, the renowned economistsNguyen Duc Thanh, director of VEPR (Vietnam Institute for Economic and Policy Research), at the launch ceremony for the report on macroeconomy in Q4 and 2017 held on January 16 in Hanoi, said his institute has calculated VEPI (Vietnam Economic Performance Index) and found a result which ‘is not as impressive as GDP growth rate’.“The fact that VEPI is lower may mean that the GDP growth rate is not really as high as reported,” Thanh said, adding that there might be unusual growth of Vietnam economy, or there might be some figures reported at higher levels than reality. … [Read more...] about GDP growth rate for 2017 questioned by experts
Standard Chartered predicts 6.8% GDP growth in 2018
Standard Chartered expects Việt Nam’s economy to grow at 6.8 per cent in 2018, buoyed by strong manufacturing activity. — Photo courtesy of Standard Charter Standard Chartered expects Viet Nam’s economy to grow at 6.8 per cent in 2018, buoyed by strong manufacturing activity. The bank made this forecast at its Global Research Briefing held on Wednesday in HCM City, drawing senior representatives from over 100 local and foreign corporate clients. The annual event discussed Standard Chartered’s recently published Global Focus - Economic Outlook 2018 report titled “Beware of the Dog,” and its latest Global Research report on Viet Nam titled “Viet Nam in 2018 --- Fast or Furious?” “Most macro-economic indicators in Viet Nam improved in 2017, which helped to minimise market volatility, increase Viet Nam’s export competitiveness relative to other ASEAN economies, attract Foreign Direct Investment (FDI) and create public … [Read more...] about Standard Chartered predicts 6.8% GDP growth in 2018
VN’s 2017 GDP growth: From worry to breakthrough
Taking a look back at 2017, one of the most prominent results is the annual GDP growth of 6.7%. This is the first time in many years that Viet Nam has achieved the GDP growth target as planned, and this is also the highest growth rate the country has recorded over the past decade. At the regular government meeting for March, cabinet members said that alongside the positive results obtained across a number of fields, the first-quarter GDP growth rate only stood at a low level of 5.1%. This was mainly attributed to the modest 4.1% increase of the manufacturing index of the whole industry over the same period last year, which was much lower than the year-on-year increase levels from 2012 to 2016. The export growth, excluding the price factor, only achieved 6.7%, while the disbursement of public investment capital remained … [Read more...] about VN’s 2017 GDP growth: From worry to breakthrough
ADB puts Vietnam GDP growth at 6.1% this year
ADB puts Vietnam GDP growth at 6.1% this yearTu Hoang By Tu Hoang - The Saigon Times Daily HANOI – Vietnam’s gross domestic product (GDP) is expected to grow 6.1% this year and 6.2% next year, the Asian Development Bank (ADB) said, assuming the Government maintains expansionary monetary and fiscal policies and continues to accelerate structural reforms. In the Asian Development Outlook (ADO) 2015 report released yesterday, the bank said annual inflation is projected at 2.5% in 2015, quickening to 4% in 2016 as domestic demand and global oil prices pick up. Tomoyuki Kimura, ADB country director for Vietnam, said better economic performance in the major industrial economies - particularly the U.S., Vietnam’s biggest export market - will help spur export growth. Vietnam is also expected to be a net beneficiary of lower global oil prices which will increase disposable incomes and lower business costs. Kimura however said this positive effect will be partly offset by … [Read more...] about ADB puts Vietnam GDP growth at 6.1% this year
NA approves 2017 GDP growth target of 6.7%
NA approves 2017 GDP growth target of 6.7%Van Ly HANOI – Deputies at a National Assembly (NA) meeting on November 7 voted for the NA Resolution on the 2017 social-economic development plan in which Vietnam’s gross domestic product (GDP) is targeted to grow 6.7% next year. Other targets include a 6-7% increase in import-export turnover, a trade deficit curbed at some 3.5% of export revenue, the consumer price index harnessed at 4%, and total investments making up 31.5% of GDP. The unemployment rate in urban areas, according to the resolution, needs to be kept at below 4% and trained laborers represent 55-57% of the workforce. Regarding healthcare, the State sets a target of raising the number of hospital beds to 25.5 per 10,000 residents and increasing health insurance coverage to 82.2% of the population. Besides, 87% of industrial parks and processing zones must have wastewater treatment systems and forest coverage be raised to 41.45%. The main goals … [Read more...] about NA approves 2017 GDP growth target of 6.7%
World Bank hikes prediction for VN GDP growth
The World Bank (WB) on Monday released its bi-annual report on Viet Nam’s economy, lifting its forecast for Viet Nam’s 2017 Gross Domestic Product (GDP) growth to 6.7 per cent, from the rate of 6.3 per cent it predicted in July. The report, titled Taking Stock, said that over the medium term, growth is projected to stabilise at around 6.5 per cent. Inflation is projected to remain low. Stronger domestic demand, robust export-oriented manufacturing and a gradual recovery of the agricultural sector are driving Viet Nam’s economy, which expanded by 6.4 per cent during the first nine months of the year, the report said. The manufacturing and services sector respectively grew by 12.8 per cent and 7.3 per cent during the same period, it added. “Growth momentum picked up across major economies and global trade recovered in 2017,” said Ousmane Dione, the WB Country Director for Viet Nam. “With incomes rising and poverty falling, Viet Nam’s economy had … [Read more...] about World Bank hikes prediction for VN GDP growth