A view of Kuala Lumpur capital city of Malaysia (Photo: AFP) Kuala Lumpur (VNA) - Malaysia could be one of the three countries in Asia which are the most negatively affected by the trade war between the US and China if the dispute continue to worsen, according to Standard Chartered. Edward Lee, the bank’s chief economist for the Association of Southeast Asian Nations (ASEAN) and South Asia, warned that the trade dispute between the US and China could further weaken Malaysia’s economic performance, which has already been moderating in recent times. According to the economist, Malaysia’s gross domestic product (GDP) grew weaker than expected at 4.9 percent in the first half of 2018 due to supply-side disruptions, apart from the technical “high base” effect. If the US goes ahead with the 25 percent tariff on the next 200 billion USD worth of Chinese imports plus the previous 25 percent on 50 billion USD worth of imports from China, the potential impact on … [Read more...] about Standard Chartered lowers growth forecast for Malaysia
Growth drivers
PM asks Tien Giang to boost growth based on farming, tourism, logistics
(Photo: VNA) Tien Giang (VNA) – Prime Minister Nguyen Xuan Phuc recommended the Mekong Delta province of Tien Giang develop its economy based on agriculture, tourism and logistics at a meeting with local authorities on August 9. At the working session, PM Phuc suggested Tien Giang steer its growth along applying technologies in farming and making clean fruit part of the high-end segment in the market, and carrying out research to turn the local Xoai Rap deep-water port into a logistics centre serving the demand in the region. He also pointed to farm produce processing and eco-tourism as other key growth drivers. Lauding the province’s economic achievements, Phuc said Tien Giang, together with Long An, Can Tho and Kien Giang, has favourable conditions to thrive in the delta. Tien Giang is reported to grow 8 percent on average in the past two years. It now accounts for 9.2 percent of the Mekong Delta’s gross regional domestic product and 1.5 percent of the … [Read more...] about PM asks Tien Giang to boost growth based on farming, tourism, logistics
Growth drivers need to be upheld: PM
Driving forces for Viet Nam’s economic growth need to be maintained not only in 2018, but beyond, Prime Minister Nguyễn Xuân Phúc said at a Government meeting yesterday. — VNA/VNS Thống Nhất HÀ NỘI – Driving forces for Viet Nam’s economic growth need to be maintained not only in 2018, but beyond, Prime Minister Nguyễn Xuân Phúc said at a Government meeting yesterday. “We should continue working to create market confidence and win trust of enterprises so as to branch out business and production”, he stressed. Regarding the country’s socio-economic development, PM Phúc noted that four macroeconomic targets have been ensured, including sound growth of gross domestic production (GDP), price stability, reduction of unemployment rate and net export turnover. The nation’s unemployment index fell 2.2 per cent for the first time. Thanks to institutional reform, the … [Read more...] about Growth drivers need to be upheld: PM
Vietnam targets sustainable growth
(VEN) - Despite positive results in 2017 and the beginning months of 2018, Vietnam’s economic performance requires a concerted effort by the government, ministries, departments and localities to achieve sustainable growth. Impressive results Gross domestic product (GDP) growth in the first quarter of 2018 reached 7.38 percent, the highest growth rate for the first quarter over the past decade. The industry and construction sectors posted a 9.7 percent growth rate, with the manufacturing and processing industry contributing a 13.6 percent growth to this surge. The agro-forestry-fishery sector increased by 4.05 percent, while the service industry climbed 6.7 percent in the January-March period. Foreign direct investment (FDI) projects in Vietnam disbursed US$5.1 billion during the first four months, a year-on-year increase of 6.3 percent. Trade value reached US$144.13 billion for the first four months of the year, a year-on-year rise of 14.4 percent, with exports accounting … [Read more...] about Vietnam targets sustainable growth
Economic growth projected at 6.85% in 2018-2020
Economic growth projected at 6.85% in 2018-2020 Vu Viet Ngoan, head of the Prime Minister’s economic advisory team, speaks at a meeting with PM Nguyen Xuan Phuc in Hanoi last week - PHOTO: VGP HCMC – The Prime Minister’s economic advisory team has projected average economic growth at 6.85% between now and 2020. Speaking at a meeting between the Prime Minister and members of the team on April 20, Vu Viet Ngoan, head of the advisory group, said reform efforts and drastic measures had helped significantly improve the investment and business environment. The policy that recognizes the private sector as a major driving force of economic development have paid off, he noted. According to experts in the advisory team, it is hard to maintain the current growth momentum. Creating new growth drivers and promoting labor productivity should be seen as a vital way to boost growth, improve the quality of growth, achieve sustainable development, attain the five-year growth … [Read more...] about Economic growth projected at 6.85% in 2018-2020
FDI – Economic Growth Driver of Vinh Phuc Province
Vinh Phuc province was re-established on January 1, 1997. At that time when the province embarked on building an independent administrative system with a lot of hardships like a small natural area - mainly midland and mountains, a big population, poor mineral resources, agriculture-based economy, undeveloped industry and service, a few enterprises using backward technologies and having low economic performance, weak infrastructure (six communes had no access to electricity; a third of provincial roads met standards, only 10 km of district roads were asphalted, etc.) However, with its dynamic and creative attitude to investment attraction, Vinh Phuc province has basically become a modern industrial province with many socioeconomic indicators ranked high in the country. And, Vinh Phuc has become a prime example of success in attracting many world-leading corporations to locate their projects in the province like Toyota, Honda (Japan), Piaggio (Italy) and many other big investors from … [Read more...] about FDI – Economic Growth Driver of Vinh Phuc Province
Challenges of High Growth
Better equitisation to offset budget deficit and enhance corporate performance will be a good motivation for growth. Mr Sebastian Eckardt, World Bank Lead Economist for Vietnam, said, to boost Vietnam's economy in 2018, Vietnam needs to step up the development of successful sectors such as electricity, credit, tax and export. However, if economic development is boosted by credit growth exposed to high risks of bad debts, financial pressures need to be addressed and adjusted to match Vietnamese economic developments. Growth target of 2017 achieved The third-quarter GDP growth of 7.46 per cent was a major breakthrough, much higher than that in the first quarter of 5.15 per cent and the second quarter of 6.28 per cent. This growth was first and foremost driven by exports and domestic consumption. The second factor was an increase in social investment contributed by private investment and foreign direct investment (FDI) in the face of limited and slowly disbursed state budget. … [Read more...] about Challenges of High Growth
WTTC Global Travel and Tourism Summit powers global growth
Nearly 1,000 industry leaders will gather in Las Vegas from May 17-19 to discuss, debate, and define some of the key issues facing the travel and tourism industry, during the World Travel&Tourism Council’s (WTTC) 11th Global Travel&Tourism Summit. Digital Lane, and Powering Recovery in Japan. Each of these topics will be analyzed and reviewed.Japan. Now it is more important than ever for us to begin the dialogue on Powering Global Growth. This year’s WTTC Summit aims to inform the world travel and tourism industry just how this growth can be achieved.”Las Vegas is a premier destination for leisure and business travel and welcomes approximately 38 million visitors annually from around the world. Las Vegas was built to host events. He added: “The travel and tourism industry generates US$37 billion for Southern Nevada and employs 215,000 people. The industry is the economic driver for the State of Nevada." Source: forimmediaterelease.net … [Read more...] about WTTC Global Travel and Tourism Summit powers global growth
Q2 FMCG growth at three-year high
Q2 FMCG growth at three-year highVu Yen HCMC - The fast moving consumer goods (FMCG) sector in six major cities of Vietnam grew 6.3% in the second quarter, the highest in three years, according to a quarterly Market Pulse report released by global performance measurement company Nielsen. The FMCG sector in Hanoi, HCMC, Haiphong, Can Tho, Nha Trang and Danang performed better in the period, mainly buoyed by a volume increase of 5.2%. Growth was seen across most categories such as food with 4.7%, milkbased 4%, and home care 4.6%. Beverages, including beer, continued to be the biggest category contributor to total FMCG sales with 41% and picking up 9.2%. The report showed that rural areas kept proving as a new source of growth for many manufacturers at a 7.6% increase in a period of 12 months ending June this year, despite a slight slowdown in the second quarter at 5.6%. “The rural community in Vietnam accounts for 68% of the country’s 92 million people and half of FMCG … [Read more...] about Q2 FMCG growth at three-year high
HSBC: Tourism major contributor to Vietnam export growth
HSBC: Tourism major contributor to Vietnam export growthTran Thu HCMC – Tourism and travel are expected to contribute substantially to growth in trade in services and total export growth of Vietnam in the coming years, according to new research results which HSBC Commercial Banking released on December 22. Although Vietnamese merchandise trade has long overshadowed services trade, the latter has considerable potential. Trade in services in Vietnam focuses on tourism and travel. Given the country’s preferable geographical location, its tourist attractions and relatively low costs, Vietnam has become a favorite destination for international travelers. The tourism-travel sector is expected to contribute the most to growth in services trade of Vietnam, accounting for 65% of total export growth of the country in 2016-2020 and 66% in 2021-2030. The next most important services export after tourism is transportation and distribution, which is expected to contribute almost 20% to … [Read more...] about HSBC: Tourism major contributor to Vietnam export growth