A range of indicators recorded in the first six months of 2018 demonstrated the booming Vietnamese economy. Its gross domestic product (GDP) grew 7.1 percent year on year, the fastest since 2011. The output of Vietnam’s manufacturing sector increased 13.1 percent on year. According to QNB analysts, the manufacturing boom fueled exports to annually surge 20 percent in the period compared to the 17 percent increase posted for the entire 2017. Vietnam's GDP grew 7.1 percent year on year, the fastest since 2011. Photo: chinhphu.vn The bank attributed manufacturing and export success to Vietnam’s ability to attract a large volume of foreign direct investment (FDI) into sectors like garment, footwear and electronics. FDI inflows in the Southeast Asian country also boomed, with total value estimated at 13 billion USD in the first half of this year, an annual increase of 11 percent. The GDP figure for 2017 was about 220 billion USD, according to the latest data … [Read more...] about Qatar National Bank names Vietnam as Asia’s newest ‘tiger’ economy
Vietnam living standard survey
Soft drinks set to give Vietnam very hard time
Vietnam has been put on high alert over its consumption of sugary drinks, which has skyrocketed over the last 15 years, experts said at a conference on Friday. They based their warnings on results of a global survey done by the World Health Organization (WHO). Truong Tuyet Mai, deputy director of the National Institute of Nutrition, said that Vietnamese people are forecast to consume over 5 billion liters of sweetened drinks in 2018, a surge of almost nine times against the year 2000, and the figure is estimated to reach 11 billion by 2025. In 2016, sugary drinks sales in Vietnam reached four billion of liters, according to a survey by British market researcher Euromonitor International, which found instant tea and soft drinks were the best-selling beverages. The survey also found that the sweetened beverage market has been rising fast in Vietnam, with an annual growth rate of 9.2 percent. “Soft drinks are a top pick by adults and children but the fact is that sweetened beverages … [Read more...] about Soft drinks set to give Vietnam very hard time
Non Nuoc Cao Bang named second global geopark in Vietnam
A view of Ban Gioc Waterfall, which is part of Non Nuoc Cao Bang Global Geopark (Photo: VNA) Paris (VNA) – Non Nuoc Cao Bang Geopark in the northern border province of Cao Bang was recognised as a global geopark by the UNESCO Global Geoparks Council in Paris on April 12. This is the second UNESCO-recognised Global Geopark in Vietnam after Dong Van Karst Plateau, which was recognised in 2010. Non Nuoc Cao Bang is about 300km from Hanoi capital city. It covers more than 3,000 sq.km. in the districts of Ha Quang, Tra Linh, Quang Uyen, Trung Khanh, Ha Lang and Phuc Hoa and part of Hoa An, Nguyen Binh and Thach An districts. The geopark is home to fossils, ocean sediment, volcanic rocks, minerals, and especially karst landscapes, which can give researchers an insight into an over-500-million-year history of the Earth. It is also well known for rich biodiversity and many indigenous fauna and flora species. Vietnamese Deputy Minister of Foreign Affairs Le Hoai Trung said the … [Read more...] about Non Nuoc Cao Bang named second global geopark in Vietnam
Limited education opportunities hinder social mobility in rural Vietnam: Oxfam
Rural Vietnamese residents are failing to climb the social ladder because many families stay in the agriculture sector for generations, according to an Oxfam report released last week. As many as 79 percent of agricultural workers in 2004 were still working in the sector in 2008, and that figure rose to 83 percent from 2010-2014, the research found based on national data and surveys taken in 2016. Fewer than 8 percent of agricultural workers moved to the industry or service sectors during either period. The “Social Mobility and Equality of Opportunity in Vietnam” study, which is the first to look at people’s perception of social mobility in Vietnam, aims to analyze the trends and factors involved in changing social statuses in society, with a focus on the role of education. It collected data from the Vietnam Household Living Standards Survey (VHLSS, 2004-2014) and conducted questionnaires with 600 families and 85 in-depth individual interviews in Lao Cai Province in … [Read more...] about Limited education opportunities hinder social mobility in rural Vietnam: Oxfam
Report highlights Vietnam’s social mobility
Two H’mong ethnic minority women in the northern mountainous province of Lao Cai’s Bac Ha district (Photo: VNA) Hanoi (VNA) - Social mobility in Vietnam is lagging behind its economic growth over the last decade, as the country’s poor still lack access to learn new skills and gain better jobs. A new report "Social Mobility and Equality of Opportunity in Vietnam: Trends and Impact factors” launched by Oxfam on March 29 highlighted the problem and the threat it poses to the country’s sustainable growth. The report consolidates data from the Vietnam Household Living Standards Survey 2004 -14 and interviews with about 700 people over the last two years in three provinces of Lao Cai, Nghe An and Dak Nong in the north, central and Central Highland regions, respectively. Social mobility is defined as a change in the social status of an individual or household. Social mobility can refer to a change an adult experiences as compared with his/her parents … [Read more...] about Report highlights Vietnam’s social mobility
Minimum wage far below the cost of living
>> Law makers call for future removal of minimum wage >> Ministry proposes higher minimum wage >> Minimum wage up, income down The current minimum wage can only cover about 65% of labourers’ basic living standards, according to a new survey. The current minimum wage can only cover about 65% of labourers’ basic living standards. The Institute for Workers and Trade Unions, a department under the Vietnam General Confederation of Labour, just released a survey on the minimum wage in relation to the living standards of labourers.The survey indicated that 35.6% of interviewees said that their income cannot cover their expenses; 44.7% said they had to keep a tight budget in order to ensure their daily needs; 17.9% said that their incomes are just sufficient for their expenses. Only 1.9% said they made an adequate income, and were able to save.The survey, conducted from April to … [Read more...] about Minimum wage far below the cost of living
Vietnam labour growth unaided by FDI support
Vietnam’s labour productivity has increased more slowly than economic growth, and one of the most effective ways to sort out the problem is to boost foreign-invested and local firm linkages.Professor Kenichi Ohno from Japan’s National Graduate Institute for Policy Studies has been researching Vietnam’s economy for 22 years, with a focus on domestic labour productivity and investment. As a control, he looked at the example of the Republic of Korea’s economy. He found that one of the reasons the Republic of Korea has developed more quickly than Vietnam is that Korean firms aggressively pursued knowledge transfer from their Japanese partners to improve their productivity. In this way, many have developed into big and even global firms, such as was the case with steelmaker Posco learning from Nippon Steel.However, this dynamic has not worked for Vietnam.“Twenty-two years ago, when I came to Vietnam for the first time, I saw that … [Read more...] about Vietnam labour growth unaided by FDI support
ICRC: Vietnam has credible voice on International Humanitarian Law
“Many people in Vietnam can still tell us about the suffering during the war. And even now, Vietnam is still suffering from the consequences of the war, from unexploded ordnances and the effects of Agent Orange for example. This is the reason why Vietnam has a strong and credible voice in the international community on issues related to International Humanitarian Law,” said Beat Schweizer, International Committee on Red Cross (ICRC) Head of Regional Delegation in Bangkok, Thailand, at the workshop held in Hanoi on December 5th to celebrate the 60th anniversary of Vietnam’s ratification of the 1949 Geneva Conventions. Photo for illustration: baonghean.vn. “The ICRC appreciates the active support and the leading role that the Socialist Republic of Vietnam plays internationally in efforts to strengthen and further develop International Humanitarian Law,” Schweizer stressed.As a country that has experienced many wars, Vietnam fully … [Read more...] about ICRC: Vietnam has credible voice on International Humanitarian Law
Private sector will become backbone of Vietnam’s economy: commerce chamber chairman
Vietnam's business climate has witnessed significant changes over the past year, according to Vu Tien Loc, chairman of the Vietnam Chamber of Commerce and Industry. Loc was speaking at the 2017 year-end session of the Vietnam Business Forum (VBF) in Hanoi on Tuesday. “The private sector has also received more attention from the government than ever before, but it is still not enough,” Loc added. “Private enterprises make up nearly half of gross domestic product, but nearly 60 percent of them are unable to make a profit.” “Private enterprises still need more support from the government to help them to cash in on opportunities during the country’s international integration process,” he said. He believed that in the future the private sector will become the backbone of the economy. Administrative procedures are still a big obstacle to business performance. The Vietnam Provincial Competitiveness Index pointed out that in 2016, 35 percent … [Read more...] about Private sector will become backbone of Vietnam’s economy: commerce chamber chairman
Vietnam Business Forum convenes year-end session
The event, an annual dialogue between the Government and business community, was co-organized by the Ministry of Planning and Investment, World Bank, International Finance Corporation, and VBF Consortium. Scene at the 2017 year-end session of the Vietnam Business Forum. Photo: baodauthau Opening the forum, Minister of Planning and Investment Nguyen Chi Dung said 2017 marks significant moves by the Government in building a favorable business climate, citing the issuance of Resolution 19-2017/NQ-CP on enhancing business environment and national competitiveness, and Resolution 35/NQ-CP on supporting growth of enterprises toward 2020.The year was earmarked for the implementation of business-cost-cutting measures, he said. According to the official, dialogues between authorities at different levels and enterprises were frequently held throughout the year, with public agencies and sector working to simplify administrative procedures and facilitate business operations. In the first … [Read more...] about Vietnam Business Forum convenes year-end session