Spillover effects from the FDI sector to domestic enterprises are considered a long-term solution for sustainable productivity development. Overview of the conference. Vietnam's low productivity growth remains one of the main challenges for Vietnam to achieve sustainable development, putting the country's economy at risk of being left behind by regional competitors, said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR). Productivity as central issue "Productivity should be the central issue of reform," Thanh said at a conference on September 26, adding that a high productivity growth rate would result in Vietnam becoming a middle-income country and moving up the global value chain. This is also the objective of the economic restructuring process and institutional reform that Vietnam has been undertaking for many years, Thanh added. Thanh referred to a statement made by economist Vu Duy Khuong that Vietnam's economy … [Read more...] about Low productivity poses risks to Vietnam economy
Vietnam economy
Vietnam economy sees bright outlook for 2018
In addition to a bright outlook for the economy, the Ministry of Planning and Investment (MPI) pointed to a number of challenges to the economy, including trade wars between nations, geopolitical risks, growing trend of protectionism and nationalism. Vietnam is expected to maintain its growth momentum from last year, posting a bright economic outlook for 2018, stated the MPI. 12 economic targets within reach According to the MPI's recent report, all 12 economic targets set by the National Assembly for 2018 could be achieved, eight of which may exceed expectations. Specifically, the GDP growth rate for 2018 is set to reach 6.7%, while the MPI predicted the agriculture - forestry - fishery sector to reach growth rate of 3.3% this year, thanks to marked improvements recently. Additionally, the industry - construction and services sectors are expected to reach growth rate of 7.59% and 7.35%, respectively. Vietnam's nominal GDP in 2018 is forecast to stand at … [Read more...] about Vietnam economy sees bright outlook for 2018
WB, IMF willing to support Vietnam`s economy
The Hanoitimes - Leaders of the world`s two largest financial institutions pledged to provide further support for Vietnam during their meetings with Vietnamese Deputy Prime Minister Vuong Dinh Hue, who is on a visit to the United States. During his trip to the US, Deputy PM Hue met with CEO of WB Kristalina Georgieva and IMF Director Christine Lagarde. At the meeting, the Deputy Prime Minister affirmed that the two institutions are Vietnam's top partners, while hailing their support for Vietnam socio-economic development, especially in poverty reduction and climate change response. Vietnamese Deputy Prime Minister Vuong Dinh Hue (R) meets withCEO of World Bank On this occasion, the Vietnamese official propose WB continue to back Vietnam in sustainable development, especially enhance the bank’s role in cooperation at Mekong Subregion and become the main partner of the Cambodia – Laos- Vietnam Triangle model. He also appraised the suggestions … [Read more...] about WB, IMF willing to support Vietnam`s economy
WB: Vietnam’s economy improves further
Vietnam’s economy is forecast to continue improving, with (GDP) to expand by 6.8 percent this year, said the World Bank (WB) in its latest economic update for Vietnam. According to the World Bank’s Taking Stock report, released in Hanoi on June 14, the Vietnamese economic growth has been robust in recent time, accompanied by broad macroeconomic stability. Ousmane Dione, WB Country Director for Vietnam, said the country’s impressive economic growth in 2017 and the first quarter of 2018 gives the country a firm foundation to move forward. Sebastian Eckardt, lead economist of the WB in Vietnam, said current favourable economic conditions such as high growth and low inflation offer Vietnam a special chance to boost reform. The report said despite improved short term prospects, risks remain significant. Domestically, slower progress in restructuring state-owned enterprises and banking sectors could adversely impact the macro-financial situation, undermine growth … [Read more...] about WB: Vietnam’s economy improves further
Vietnam’s economy sees signs of steady growth
The report focused on supplementary assessment of Vietnam’s socio-economic performance so far this year and major tasks and solutions for the time to come. The Government will closely follow the domestic and international situations so as to make suitable and timely reactions, while taking heed to dealing with newly emerging issues, existing shortcomings and weaknesses. It will double efforts to fulfill all targets set for this year towards ensuring sustainable development in the following years, thus contributing to the successful implementation of the five-year plan from 2016-2020. To maintain the macro-economic stability, keep inflation in check and spur economic growth, the Deputy PM stressed that the Government will maintain the effective and synchronous implementation of monetary and financial policies. So far this year, Vietnam has achieved a growth rate of 6.81%, an export growth of 21%, and an export surplus of US$2.9 billion. Its macro-economy has continued to stay … [Read more...] about Vietnam’s economy sees signs of steady growth