Vietnam

VEPR forecasts Vietnam’s 2019 GDP growth at 6.9% The Saigon Times Daily A view of the workshop held by VEPR on January 10 - PHOTO: VNA HCMC – Given the impressive gross domestic product growth rate of 7.08% achieved last year, the Vietnam Institute for Economic and Policy Research (VEPR) has forecast a rate of 6.9% for this year, higher than the target of 6.6%-6.8% set by the National Assembly. However, the country may fail to achieve the inflation target of less than 4% as inflation was projected to hit 4.28% this year, according to VEPR’s report, titled, “Quarter IV Update and 2018 Review: Independent Assessment of Vietnam’s Macroeconomic Performance.” At a workshop to launch the report held today, January 10, VEPR President Nguyen Duc Thanh said the remarkable performance last year was underpinned by the foreign direct investment sector. The sector enjoyed a trade surplus of US$32.81 billion in 2018. Meanwhile, domestic firms’ performance was not as strong as … [Read more...] about VEPR forecasts Vietnam’s 2019 GDP growth at 6.9%

Vietnam Economic Forum to take place next Wednesday The Saigon Times Daily Prime Minister Nguyen Xuan Phuc (C) speaks at the 2018 edition of the annual Vietnam Economic Forum – PHOTO: VNA HCMC – The 2019 edition of the annual Vietnam Economic Forum (VEF), slated for January 16-17 in Hanoi, will review the Vietnamese economy in 2018 and discuss its prospects in 2019, along with policy options to promote innovation and bolster socio-economic growth, reported the Vietnam News Agency. The VEF 2019, held by the Government Office and the Party Central Committee’s Economic Commission, is expected to attract some 2,000 participants, including leaders from ministries, central agencies and local governments, as well as experts and representatives of businesses and organizations, at home and abroad. With the theme “Strengthening the fundamental drivers for rapid and sustainable economic development,” the forum will look into opportunities, along with difficulties and … [Read more...] about Vietnam Economic Forum to take place next Wednesday

Private capital key to Vietnam’s future energy development: WB By Thanh Thom Two workers check solar panels installed in a wind farm. An enabling environment is needed for private players to drive the next wave of electricity and gas investments – PHOTO: WB HCMC – The changing macroeconomic and sectoral context in Vietnam requires a new approach to financing electricity and gas investment, according to a new World Bank (WB) Group report, titled, “Maximizing Finance for Development in Vietnam’s energy sector.” The study, released on Monday, highlights the poor viability of the traditional financing model, which relies mostly on public investment from State-owned enterprises. Importantly, it presents an action plan for unlocking new sources of finance, especially from the private sector, based on a comprehensive analysis of investment needs as well as constraints in the regulatory environment including the capital and foreign exchange markets. “Given the limited … [Read more...] about Private capital key to Vietnam’s future energy development: WB

Standard Chartered projects Vietnam’s GDP growth at 6.9% this year By Le Hoang Chidu Narayanan, Standard Chartered Bank's economist for Asia, presents at the event on January 16 in HCMC – PHOTO: LE HOANG HCMC - Standard Chartered Bank on January 16 gave prediction that Vietnam's economy will expand by a steady 6.9% in 2019 as the focus shifts to sustainable growth. FDI-driven manufacturing and stronger domestic activity is likely to support this growth. This forecast was highlighted at Standard Chartered’s Global Research briefing, held today in HCMC, drawing senior representatives from over 120 local and foreign corporate clients. The annual event discussed Standard Chartered’s recently published Global Focus-Economic Outlook 2019 report, titled, “Fighting the current,” and its latest Global Research report on Vietnam, titled “Vietnam in 2019–Steady and Sustainable Growth.” “Most macroeconomic indicators improved in 2018; interest and FX rates were kept stable … [Read more...] about Standard Chartered projects Vietnam’s GDP growth at 6.9% this year

WB urges Vietnam to create more domestic value enhancing FDI links By Thanh Thom Ousmane Dione, the World Bank country director for Vietnam, delivers his speech at the Vietnam Economic Forum on January 17 – PHOTO: WORLD BANK VIETNAM HANOI – Vietnam faces a significant opportunity to upgrade its domestic value contribution in order to capture the benefits of foreign direct investment (FDI) inflows and global value chains, according to Ousmane Dione, the World Bank (WB) country director for Vietnam. Addressing the Vietnam Economic Forum 2019 in Hanoi City on January 17, the WB director said Vietnam’s ratio of foreign trade to gross domestic product (GDP) exceeds 200%, making it one of the most open economies in the world. Trade-led development has contributed to its rapid growth, job creation and poverty reduction. Dione said that links between FDI and domestic enterprises are weak. While Vietnam has become an export powerhouse, it is still focused on basic assembly … [Read more...] about WB urges Vietnam to create more domestic value enhancing FDI links

Vietnam’s cross-border trade index drops by seven places By Thuy Dung Nguyen Dinh Cung (standing), president of the Central Institute for Economic Management, speaks at the conference on promoting the business environment and enhancing national competitiveness in Hanoi on January 22 – PHOTO: VNECONOMY NEWS WEBSITE HANOI – After five years of executing the Government’s Resolution 19 on the improvement of the national business environment, Vietnam’s business climate index has risen by 13 spots, but its index on cross-border trade has fallen by seven places, according to a conference in Hanoi City today, January 22. The Central Institute for Economic Management (CIEM) held the conference to review the execution of Resolution 19 and introduce its recently revised resolution on promoting the business environment and enhancing national competitiveness. The key content of Resolution 19 is to make far-reaching reforms on regulations on the administration of specialized … [Read more...] about Vietnam’s cross-border trade index drops by seven places

No one left behind in Vietnam’s economic development: PM The Saigon Times Daily President of the World Economic Forum Børge Brende (L) and Vietnamese Prime Minister Nguyen Xuan Phuc in talks in the small Alpine town of Davos, Switzerland, on January 24 – PHOTO: VGP HCMC – Speaking to President of the World Economic Forum (WEF) Børge Brende in the small Alpine town of Davos, Switzerland, on Thursday, Prime Minister Nguyen Xuan Phuc stated that Vietnam would continue pressing on with the strong, sustainable and inclusive economic growth path to ensure that no one is left behind, reported the Vietnam News Agency . During the dialogue, called “Vietnam and the World,” under the framework of the WEF Annual Meeting 2019, Brende highlighted the success of the WEF on the Association of Southeast Asian Nations (ASEAN) hosted by Vietnam last year, which delivered important and meaningful messages to the region and the world. That success not only reflected the importance of … [Read more...] about No one left behind in Vietnam’s economic development: PM

Vietnam emerges as growing, resilient economy: minister By Thuy Dung Minister of Planning and Investment, Nguyen Chi Dung, is at a talk on the 2019 visions in Hanoi City on January 30 – PHOTO: THUY DUNG HANOI – Despite numerous fast and complicated changes in the global economy in 2018, Vietnam reached an impressive gross domestic product (GDP) growth rate of 7.08%, which indicated the better resilience of the national economy, according to Minister of Planning and Investment, Nguyen Chi Dung, at a talk on the 2019 visions in Hanoi City on January 30. The Government official said that the national economy has maintained a fairly good growth performance for a long time. Between 1989 and 2018, the GDP growth rate had achieved an average 6.8%, which could be seen as a high level compared with other countries in the Association of Southeast Asian Nations. He ascribed the high growth rate to the better resilience of the economy, which indicated the better economic … [Read more...] about Vietnam emerges as growing, resilient economy: minister

Vietnam seeks IMF help to assess non-observed economy The Saigon Times Daily Prime Minister Nguyen Xuan Phuc greets IMF Resident Representative in Vietnam Jonathan Dunn in Hanoi - PHOTO: VNA HCMC - Vietnam is seeking support from the International Monetary Fund (IMF) in assessing and measuring its non-observed economy, which accounts for a large proportion of the country’s gross domestic product (GDP). Speaking at a meeting with IMF Resident Representative in Vietnam Jonathan Dunn in Hanoi today, February 13, Prime Minister Nguyen Xuan Phuc said that IMF’s experience would help Vietnam measure its non-observed economy accurately and reliably in the context of clouds over the global economy becoming “darker by the day,” as described by IMF Managing Director Christine Lagarde. Dunn spoke highly of Vietnam’s development and economic policies in recent years, especially its improved resilience to economic shocks. The IMF representative noted that he would convey the … [Read more...] about Vietnam seeks IMF help to assess non-observed economy

Vietnam Airlines denies violation of air space (14-07-2005) HA NOI — A Vietnam Airlines Boeing 777-200 had followed Russia’s aviation regulations, the airline’s senior representative in Moscow, Vuong Thuy Ung, has told the Vietnam News Agency (VNA). Ung was responding to a report by the Russian Defence Ministry that the flight had violated the country’s air space. The report, published on Tuesday, said the passenger jet had entered Russian air space without permission. It said the Russian Aviation Control Centre did not have any information about the flight on its itinerary and although the Samara Civil Aviation Centre was asked to have the airliner leave Russian air space, it did not comply. The aircraft has subsequently landed at Domode-dovo Airport, Moscow. But Ung told the VNA that the pilots had followed the regulations in Russia as usual and there had been no difficulties with the flight at any time. He had not received any information from the … [Read more...] about Vietnam Airlines denies violation of air space