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According to the NA-assigned targets, Vietnam’s GDP growth rate in 2020 will be 6.8% while inflation will be kept below 4%. However, the unexpected outbreak of COVID-19 in more than 200 countries around the world has made this goal a major challenge which, as assessed by the Government, is difficult to be achieved. Given that fact, the proposal to adjust the growth targets is necessary and consistent with objective reality, looking directly at the socio-economic situation and forecasting the international and domestic situation in the near future. Under the Government’s updated scenario, the country’s GDP will grow by about 4.5% in 2020. The Government has also set a higher growth target of 5.4% in the event of a favourable global situation, with the disease being put under control and the global market recovering. Meanwhile, the consumer price index (CPI) for the whole year will rise by 4% on average; total state budget revenue will see a reduction of VND163 trillion … [Read more...] about BUSINESS NEWS HEADLINES MAY 30

SHB’s loans to small- and medium-sized enterprises in Vietnam, which made up for 31 per cent of gross loans at the end of 2019, will pose renewed asset risk since these groups are short of financial buffers to withstand revenue shocks. VPBank’s is also feeling growing pressure from the quality of its loans to sectors at-risk such as export and tourism-related firms, Moody’s cautioned. … [Read more...] about Consumers risk higher defaults amid lending sector fluctuation

Bae’s favorite dish on the journey was broken rice with grilled pork, famous in southern Vietnam, and popular among many South Koreans visiting the country. He liked the highland town of Da Lat the most because of its cool, T-shirt weather climate. … [Read more...] about South Korean student cycles across Vietnam

In the latest effort, the Government issued Resolution No 68/NQ-CP mid-May, setting targets for the 2021-25 period that at least 20 per cent of the number of regulations would be removed or simplified and at least 20 per cent of compliance costs firms incurred to adhere to Government regulations which were in effect as of May 31 would be reduced. … [Read more...] about Gov’t to boost firms, private investment to accelerate post-pandemic growth

Dr. Tran Dinh Thien, Associate Professor, Director of Vietnam Institute of Economics, made the statement at the opening ceremony of the Autumn Economic Forum held yesterday in the southern city of Vung Tau. Dr Thien also pointed out some paradoxes in the Vietnamese economy such as local banks having large amounts of money, while many enterprises complain about accessing capital. “Many outstanding problems relating to land disputes, lax management at state-owned enterprises or risks to the banking system, etc. are bringing more difficulties to the economy and people’s lives,” he said, while proposing solutions including setting out a long range development plan, removing quotas for provincial GDP growth, and providing more assistance to enterprises. National Assembly Deputy Tran Du Lich from HCM City also agreed with Dr Thien, saying that it was necessary to lower corporate income tax and help firms access credit. Dr Nguyen Dinh Cung, Deputy Director of the … [Read more...] about Forum discusses the problems facing Vietnam’s economy