At the visit, General Nghia inquired after wounded and sick soldiers and appreciated their efforts and sacrifice during the national resistance wars. He also hailed them for well promoting the good image of Uncle Ho soldiers. Senior Lieutenant General Nguyen Trong Nghia (first from right) presenting gifts to national contributors In addition, the GDP’s leader hoped that the local authorities and people would well implement gratitude activities, ensure interests for national contributors, and help them stabilize their lives. Previously, General Nghia also visited and extended Lunar New Year greetings to troops of the Thanh Hoa provincial Military Command. Translated by Trung Thanh … [Read more...] about GDP’s leader pays visit to national contributors
Gdp
Public debt may account for over 98% of GDP
Vietnam’s real public debt may make up 98.2% of the national GDP, factoring in state-owned enterprise debts, which are not guaranteed by the government, as well as debt of the fundamental construction area. These numbers were given by Dr. Pham The Anh at a meeting on marco-economic management policy for 2014, held by the Ministry of Planning and Investment recently. Dr. Anh cited a report submitted by the government to the National Assembly recently, which said that the total debts of wholly state-owned enterprises (SOEs) were estimated at VND1,550 trillion (USD73.8 billion) in late 2012, equal to around 52.5% of GDP. After deducting the rate of 11.7% of the debt guaranteed by the government, 40.9% of the SOEs are not guaranteed. Despite not receiving the government guarantees, the government still has to support SOEs when they make losses to save them from bankruptcy. He cited some typical examples, such as the USD600 million debt owed by Vietnam Shipbuilding Industry Group … [Read more...] about Public debt may account for over 98% of GDP
Standard Chartered forecasts 6.8% GDP growth for Vietnam
Nirukt Sapru, the bank's CEO for Vietnam and ASEAN and South Asia Cluster Markets, said almost all macro-economic indicators of Vietnam improved in 2017, helping the country minimise risks of market volatility and increase competitiveness in export in comparison with other ASEAN member nations. Increasing attraction of foreign direct investment and the State Bank of Vietnam’s management ability and policies have contributed to building the trust in the business community, the report said. Vietnam’s manufacturing sector was predicted to reach a double-digit growth in 2018 thanks to FDI flows and increasing demand of electronics in global markets. The bank also forecasted that Vietnam is likely to lure nearly 15 billion USD in FDI this year, mainly in term of electronic production. The service sector will also be one of the main contributors to the nation’s GDP growth, it noted.-VNA … [Read more...] about Standard Chartered forecasts 6.8% GDP growth for Vietnam
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
Standard Chartered forecasts 6.8 percent GDP growth for Vietnam
Standard Chartered Vietnam in Ho Chi Minh City on January 17 issued a global economic report, forecasting that Vietnam’s GDP will expand 6.8 percent in 2018.At an electronic factory in Vietnam Nirukt Sapru, the bank's CEO for Vietnam and ASEAN and South Asia Cluster Markets, said almost all macro-economic indicators of Vietnam improved in 2017, helping the country minimise risks of market volatility and increase competitiveness in export in comparison with other ASEAN member nations.Increasing attraction of foreign direct investment (FDI) and the State Bank of Vietnam’s management ability and policies have contributed to building the trust in the business community, the report said.Vietnam’s manufacturing sector was predicted to reach a double-digit growth in 2018 thanks to FDI flows and increasing demand of electronics in global markets.The bank also forecasted that Vietnam is likely to lure nearly 15 billion USD in FDI this year, mainly in term of electronic … [Read more...] about Standard Chartered forecasts 6.8 percent GDP growth for Vietnam
Vietnam set GDP growth target of 6.7% in 2018
The Hanoitimes - In addition to the high target growth rate, the government also set the Consumer Price Index (CPI) for 2018 at 4%. That said, CPI target in 2018 is equal to that of in 2017, indicating the cautious approach of the government. In 2018, despite forecast showing a less uncertainty to the economic situation, there remains potential risks to the effort of controlling inflation rate, said Nguyen Tien Thoa, Vice Chairman and General Secretary of Valuation Vietnam Associaiton (VVA). For example, price of goods in the global market is on the growing trend, which can potentially impact price of local goods, such as oil, natural gas, coal (global oil price is estimated to increase from US$7 – US$10 to US$60 per barrel); expanding credit, exchange rate; impact from the increase price of electricity; increase in minimum wage; “CPI growth rate should be put under close control since the beginning of the year to lay the foundation for high economic growth … [Read more...] about Vietnam set GDP growth target of 6.7% in 2018
Vietnam’s stock market capitalization to GDP reached 70%
The Hanoitimes - The target for Vietnam’s stock market capitalization by 2020 is 70% of GDP. However, the Ministry of Finance informed that Vietnam’s stock market has achieved this target in 2017. Specifically, for the stock market, the Ministry of Finance has completed the revised draft Law on securities, issuing Decree No. 71/2017/ND-CP regarding the corporate governance applicable to public companies, which is effective from August 1, 2017, as well as launching the derivatices market since August 2017. At the same time, the government also put effort in attracting foreign investors through loosening room and simplifying the registration procedures. Vietnam's stock market capitalization achieved the target of 70% GDP set for 2020. In 2017, Vietnam’s stock market capitalization reached nearly 70% of GDP, up 80.5% compared to the year- end of 2016. With this result, the Ministry of Finance informed that the stock market has achieved the target … [Read more...] about Vietnam’s stock market capitalization to GDP reached 70%
Budget deficit target set at 3.7% of GDP
The Ministry of Finance (MoF) expects to keep this year’s State Budget deficit at 3.7 per cent of the GDP, below the 3.9 per cent mandated by the National Assembly. The deficit is expected to reach VND204 trillion ($9.08 billion). A decision released on Thursday estimates State Budget revenues for the year at VND1.31 quadrillion (US$58.3 billion), including VND1.09 quadrillion from domestic sources, VND179 trillion in trade surplus, VND35.9 trillion from crude oil sales, as well as VND5 trillion in international aid. Total State Budget expenditure for the year is estimated at VND1.52 quadrillion, including VND940 trillion in regular expenditure, VND399.7 trillion in development investment, VND112.5 trillion in interest payments, VND35.76 trillion on civil servants’ payroll, VND1.3trillion in aid disbursement, and VND100 billion in additional financial reserve funds. Starting July 1, 2018, base salaries will go up from VND1.3 million ($58) per month to VND1.39 million per … [Read more...] about Budget deficit target set at 3.7% of GDP
Brazil adjusts GDP forecasts for 2016, 2017
Brazil's economy has gradually suffered a bigger contraction - Photo: reuters The news came after the Central Bank of Brazil released its weekly "Focus" survey of financial analysts, who adjusted the projected annual inflation rate from 7.36 percent to 7.34 percent. The rate for 2017 was maintained at 5.12 percent. Still, both figures are higher than the government's target rate of 4.5 percent. The projected drop in gross domestic product (GDP) was also adjusted, from 3.18 percent to 3.15 percent for 2016, with the growth forecast for 2017 upgraded from 1.3 percent to 1.36 percent. Brazil's benchmark interest rate, currently at 14.25 percent annually, is expected to inch down to 13.75 percent by the end of 2016 and drop to 11 percent by the end of 2017. Brazil's trade balance should register a 50-billion-U.S.-dollar surplus in 2016, and a surplus of 47.3 billion dollars in 2017. The markets expect Brazil to attract some 65 billion U.S. dollars in foreign direct investment, … [Read more...] about Brazil adjusts GDP forecasts for 2016, 2017
GDP Growth: Highest in Seven Years
Recently, the General Statistics Office (GSO) announced economic performances in 2017 with a bright economic picture, featured by the GDP growth of 6.81 per cent - higher than the target of 6.7 per cent set by the National Assembly. However, Vietnam still faced many difficulties in tax revenue, budget deficit and business development. GDP expands 6.81 per cent The economic growth in 2017 was driven by agricultural recovery after severe effects of natural disasters in 2016. The fisheries sector looked up 5.54 per cent and the forestry shoot up 5.14 per cent. In 2017, the agricultural sector was strongly shifted to produce high-valued products. The industrial and construction sector rose 7.85 per cent on the back of a record growth of 17.8 per cent of processing and manufacturing despite a 7.1 per cent slump in mining industry. Some giant industrial manufacturers like Samsung launched new products, helping push up the sector index. The service, wholesale and retail sector … [Read more...] about GDP Growth: Highest in Seven Years