In a recent media briefing themed “Vietnam Amidst a Changing Trade Environment”, ANZ Bank revised up Vietnam’s GDP growth to 6.7 per cent, 0.2 percentage points higher than the previous forecast. Ms Eugenia Victorino, ANZ’s economic specialist for the Greater Mekong Subregion and ASEAN, said, the current credit growth of Vietnam is the reason for the adjustment. Given current optimistic signals, Vietnam's GDP will continue to reach 6.7 per cent in 2018. She said that foreign direct investment (FDI) still plays a key role in Vietnam's trade balance in 2017 and Vietnam remains a magnet to FDI flows in the coming years. However, she also warned that the export-oriented economy (80 per cent) of Vietnam is still heavily reliant on the FDI sector. In the long term, Vietnam needs to change this reality. The country needs to make good use of FDI capital, connect labour resources and engage domestic enterprises into global supply chains led by FDI companies. ANZ … [Read more...] about ANZ Revises up Vietnam’s GDP Growth to 6.7 Pct in 2017
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GDP, VWUCC enhance cooperation
At the conference At the event, participants also reviewed the cooperation of operation between the two agencies since 2014. In more details, from 2014, 100% of political agencies of military regions and women’s unions of provincial military commands signed agreements on cooperation of operation with women’s unions of relevant provinces and cities. As a result, the two sides have since 2014 organized various practical activities, including dissemination of information about human trafficking, crime prevention, taking care of Vietnamese heroic mothers, and more.The new cooperation program in the 2018-2022 period will continue focusing on dissemination work, enhancing vigilance in foiling the “peaceful evolution” plot of hostile forces, building strong and healthy grassroots political systems, strengthening defense and security postures, to name a few.On this occasion, the GDP and VWUCC presented certificates of merit to 126 groups, localities and individuals … [Read more...] about GDP, VWUCC enhance cooperation
GDP growth projected at 6.11% in H1
GDP growth projected at 6.11% in H1Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI - The country’s key economic indicators have improved, with gross domestic product (GDP) in January-June estimated to expand 6.11% compared to the same period last year. This is the highest H1 economic growth since 2010, according to the Ministry of Planning and Investment’s latest report on production, trade, services and investment in the first six months of the year, VietnamPlus reports. Deputy Minister of Planning and Investment Dang Huy Dong told a review meeting in Hanoi on June 24 that the H1 GDP growth of 6.11% indicated that the economy has got back to the high growth path since 2014. The industrial and construction sectors are the major contributors to the GDP expansion in January-June with a year-on-year increase of 8.36%, according to the report. The respective growth rates of services and agro-aqua-forestry sectors are 6.16% and 2.16%. The H1 Index of Industrial … [Read more...] about GDP growth projected at 6.11% in H1
GDP growth increasingly dependent on labour productivity
According to Dr Nguyen Dinh Cung, director of the Central Institute for Economic Management (CIEM), while Vietnam has achieved its annual growth targets, the growth rate has clearly declined. If the GDP growth remains the same, it will be difficult to narrow the development gap with other countries in the region. GDP growth is becoming increasingly dependent on labour productivity. Data of the General Statistics Office shows that Vietnam's labour productivity is still low compared to other countries in the region, reaching $9,894 in 2016, equaling 7 per cent of Singapore, 17.6 per cent of Malaysia, 36.5 per cent of Thailand, 42.3 per cent of Indonesia, 56.7 per cent of the Philippines and 87.4 per cent of Laos. "It should increase by at least 6 per cent per year to reach the growth target. Labour productivity has increased mainly due to economic structural adjustments, while the increase in sectoral productivity is lower than in previous periods," Cung said. The … [Read more...] about GDP growth increasingly dependent on labour productivity
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
ADB ratchets up Asia’ GDP growth forecast
Hanoi(VNA) – The Asian Development Bank (ADB) forecasts in its latestreport that Asia’s economy will expand by 6 percent in 2017, driven bystronger-than-expected exports and domestic consumption.Ina supplement to its Asian Development Outlook Update 2017 released on December13, the ADB upgrades its 2017 GDP growth outlook in the region by 0.1 percentcompared to its September forecast, while maintaining its 2018 forecast at 5.8percent. Combinedgrowth for the major industrial economies is revised upward to 2.2 percent for2017 and 2 percent for 2018, due to robust domestic demand in the euro area,and in Japan due to private investment and net exports, the report said.Forecastof East Asian growth is revised up to 6.2 percent this year from the previous 6percent, while the projection of 5.8 percent for 2018 is unchanged. Growthprospects of China, the world’s second largest economy, are also raised to 6.8percent in 2017 and 6.4 percent in 2018, owing to resilient … [Read more...] about ADB ratchets up Asia’ GDP growth forecast
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
WB forecasts Vietnam’s GDP growth at 6.7% this year
“With incomes rising and poverty falling, Vietnam’s economy had another good year of strong growth and broad macroeconomic stability,” said Ousmane Dione, the World Bank’s Director for Vietnam. Low inflation and rising real wages sustained buoyant domestic demand and private consumption, while the stronger global economy helped Vietnam’s export-oriented manufacturing and agricultural sectors. Job growth continued, with 1.6 million new jobs added in the manufacturing sector over the past three years, and 700,000 additional jobs in the construction, retail, and hospitality sectors, leading to higher aggregate labor productivity. Labor demand also contributed to rapid wage growth, with wages increasing by 5% cumulatively between 2014 and 2016. Despite progress in resolving non-performing loans, risks remain, including the lack of robust capital buffers in some banks, especially amidst rapid credit growth. Sebastian Eckardt, the World Bank’s … [Read more...] about WB forecasts Vietnam’s GDP growth at 6.7% this year
World Bank forecasts Vietnam’s GDP growth of 6.7 percent
Illustrative photo (Source: VNA) Hanoi (VNA) –The World Bank (WB) on December 11 released itsreport “Taking Stock- An Update on Vietnam’s Recent Economic Development”,forecasting the country’s GDP to grow at 6.7 percent this year.Over the medium term, growth is projected to stabilise at around 6.5 percent,and inflation is projected to remain low, says the bi-annual economic report onVietnam.Ousmane Dione, WB Country Director for Vietnam, said growth momentum picked upacross major economies and global trade recovered in 2017, adding with incomesrising and poverty falling, Vietnam’s economy had another good year of stronggrowth and broad macroeconomic stability.According the new WB report, stronger domestic demand, robust export-orientedmanufacturing, and a gradual recovery of the agriculture sector are drivingVietnam’s economy, which expanded by 6.4 percent during the first nine monthsof the year compared to the same period last year. The … [Read more...] about World Bank forecasts Vietnam’s GDP growth of 6.7 percent