Prime Minister Nguyen Xuan Phuc (standing) co-chair a WEF dialogue on Vietnam economy (Photo: VNA) Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has delivered Vietnam’s strong message, aspiration, and determination to become a “country of renovation and creativity” and an economy with globally extensive connectivity when engaging in every activity of the World Economic Forum (WEF) 2019 in Davos, Switzerland. He participated in 37 activities where he and heads of State and Government leaders of 50 countries and executives from leading groups around the globe discussed and dialogued matters relating to the forum’s theme “Globalization 4.0: Shaping a Global Architecture in the Age of the Fourth Industrial Revolution”. PM Phuc said the Fourth Industrial Revolution is “knocking” on every enterprise and bringing profound changes that no country can be an outsider, and delivered Vietnam’s wish to become one of the passengers at … [Read more...] about Vietnam looks to an economy with globally extensive connectivity: PM
Vietnam economy
Vietnam’s economy grows robustly, but risks intensify
According to Taking Stock, the World Bank’s bi-annual economic report on Vietnam released on December 11, the pace of expansion is forecast to remain at 6.8% this year, higher than the projected figure of 6.3% for emerging markets in the East Asia and the Pacific. Over the medium term, in line with the global trend, Vietnam will see a slower pace – 6.6 and 6.5% in 2019 and 2020, respectively.Inflation will remain muted at 4% as the result of tightening monetary policies. “Despite a challenging global context, Vietnam continues to achieve robust growth accompanied by moderate inflation and a relatively stable exchange rate” said Ousmane Dione, World Bank Country Director for Vietnam. “Policy makers should take advantage of the still favorable growth dynamics to advance structural reforms to enhance private sector driven investment and growth, along with improving efficiency in public sector investment.” Risks to the outlook have intensified and are … [Read more...] about Vietnam’s economy grows robustly, but risks intensify
Size of Vietnam’s economy expands by 1.3 folds in three years: PM
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
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