Prime Minister Nguyen Xuan Phuc delivers a report on Vietnam's socio-economic situation this year and the development plan for 2019 at the opening of the parliament's 6th session on October 22nd (Photo: VNA) Addressing the opening of the session in Hanoi, the Government leader said the country’s gross domestic product (GDP) grew by 6.98 percent in the first nine months of 2018, and the whole year’s figure is expected to be higher than the NA’s target of 6.7 percent. The average GDP growth rate between 2016 and 2018 is estimated at 6.57 percent, compared to the target of 6.5 - 7 percent for 2016 - 2021. The expansion of consumer price index (CPI) can be kept below 4 percent, making 2018 the third straight year the CPI is under 4 percent. He expressed his belief that basing on those attainments, all the 12 targets set for this year by the parliament will be fulfilled, and eight of them will be surpassed. The Government leader said from 2016 to 2018, clear improvements … [Read more...] about Size of Vietnam’s economy expands by 1.3 folds in three years: PM
Vietnam economy
Low productivity poses risks to Vietnam economy
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 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