Economy

The forum on “Socio-economic Situation of Vietnam in 2019” takes place on September 26 – 27. Global trade and investment’s growth is likely to fall short of the pace projected by international economic and financial institutions this year, harming the country’s economy, Kien told a forum titled “Socio-economic Situation of Vietnam in 2019” on September 26 – 27. … [Read more...] about Economy continues to maintain growth momentum: NA official

At the event (Photo: VNA) In the Asian Development Outlook (ADO) 2019 Update, ADB noted that while Vietnam’s gross domestic product growth moderated in the first half of 2019, it will remain resilient this year and next year despite a weaker external environment. Inflation forecasts are revised down to 3.0 per cent from 3.5 per cent for 2019 and 3.5 per cent from 3.8 per cent for 2020. GDP growth moderated from 7.0 per cent in the first half of 2018 to 6.8 per cent in the corresponding period of this year. On the demand side, as external demand weakened, volume growth in exports of goods and services slowed by more than half, from 15.7 per cent in the first 6 months of 2018 to 7.1 per cent a year later. The adverse effect of the export slowdown on GDP growth was well cushioned, however, by continued strength in domestic demand. Growth moderated across the board in agriculture, industry, and services, but to varying degrees. Prolonged drought and a fresh outbreak of African … [Read more...] about ADB forecasts Vietnam’s economy to grow at 6.8 per cent in 2019

The EU-ASEAN Business Council today launched a new publication: 'Growing a Stronger Digital Future in Southeast Asia'.The paper focuses on the policies needed to bring the full benefits of the Fourth Industrial Revolution to Southeast Asia, as a follow-up to the first paper 'Ensuring Success for the Digital Economy in ASEAN' which was published in 2018.The EU-ABC recommends ASEAN Member States allow for freest possible flow of data, faster development of digital infrastructure and opening to increased foreign investment, common standards and approaches to e-Commerce, and enhancements in education to equip the people of Southeast Asia to meet the increasing demands of the digital age.The EU-ABC continues to encourage ASEAN Member States to adopt proposals advocated by ASEAN and international business groups to facilitate faster and simplified customs clearances for low value shipments which would help MSMEs and boost e-commerce in ASEAN.The EU-ABC also calls for greater collaboration … [Read more...] about EU-ASEAN Business Council Launches Second Position Paper on The Digital Economy in ASEAN: Calls for Comprehensive Regional Approach to Ensure Maximum Benefits of Digital Economy Are Achieved

The Party expects to raise the broadband Internet coverage rate to 100% (accessible by all communes) and labor productivity by 7% annually from now to 2025. Viet Nam will also try to become one of the three leading ASEAN countries in terms of global innovation index, reads the Resolution signed by Party General Secretary and State President Nguyen Phu Trong. The Southeast Asian country jumped three places on the 2019 GII rankings to 42nd out of 129 economies around the world, the World Intellectual Property Organization (WIPO) reported last July. With this improvement, Viet Nam moved up 17 places since 2016, the highest ranking the country has achieved so far. Viet Nam expects to be among 40 countries with best GII ranking and increase digital economy to 30% GDP by 2030 and one of the leading hubs for startups and innovation in Asia by 2045. To achieve the above goals, the Resolution rolls out  a series of guidelines, including design and realization of a national strategy on … [Read more...] about Digital economy expected to account for 20% GDP by 2025

Ride-hailing unicorns like Grab and Gojek have received a huge amount of investment in the past four years. (Photo: Reuters) Hanoi (VNA) – Southeast Asia’s internet economy is forecast to reach 300 billion USD by 2025 as millions of people in the region take up online shopping and embrace ride-share food delivery, an industry report said on October 3. In a bid to hit that target, the online industry is expected to grow by 200 percent over the next five years from an estimated 100 billion USD this year, according to the report by Google, Singapore state investor Temasek Holdings and global business consultants Bain & Company. The annual report lifted its 2025 outlook from 240 billion USD previously after a tripling in growth in the past four years alone as young internet users turn to their phones to do everything from banking and playing games to purchasing plane tickets. It said the pace of growth has exceeded all expectations, and internet access is now affordable … [Read more...] about Southeast Asia’s digital economy could hit 300 billion USD by 2025