Viet Nam News HCM CITY — HCM City has called on foreign-owned enterprises to further contribute to its development by sharing their experience, ideas and technologies as well as investing in large projects. Speaking at a meeting between city leaders and executives from foreign companies in HCM City last Saturday, Nguyễn Thiện Nhân, Secretary of the city Party Committee, said the city’s economy expanded by 8.3 per cent last year to VNĐ1,330 trillion (US$57 billion). It had attracted $7.39 billion worth of FDI, up 15 per cent and accounting for 22 per cent of the country’s total to remain the leader. “The city deeply appreciates the contributions of foreign-invested companies to its socio-economic development.” Over the years the city had made efforts to improve its investment climate, resolve difficulties faced by enterprises and foster innovation and start-ups and business development, he said. But it was also facing challenges … [Read more...] about HCM City solicits foreign-invested firms’ support to develop economy
Developing economy
Qatar National Bank names Vietnam as Asia’s newest ‘tiger’ economy
A range of indicators recorded in the first six months of 2018 demonstrated the booming Vietnamese economy. Its gross domestic product (GDP) grew 7.1 percent year on year, the fastest since 2011. The output of Vietnam’s manufacturing sector increased 13.1 percent on year. According to QNB analysts, the manufacturing boom fueled exports to annually surge 20 percent in the period compared to the 17 percent increase posted for the entire 2017. Vietnam's GDP grew 7.1 percent year on year, the fastest since 2011. Photo: chinhphu.vn The bank attributed manufacturing and export success to Vietnam’s ability to attract a large volume of foreign direct investment (FDI) into sectors like garment, footwear and electronics. FDI inflows in the Southeast Asian country also boomed, with total value estimated at 13 billion USD in the first half of this year, an annual increase of 11 percent. The GDP figure for 2017 was about 220 billion USD, according to the latest data … [Read more...] about Qatar National Bank names Vietnam as Asia’s newest ‘tiger’ economy
Growth in Asia and the Pacific’s developing economies for 2018 and…
In a supplement to its Asian Development Outlook (ADO) 2018 report released last April, ADB forecasts 2018 growth for Asia and the Pacific at 6.0% for 2018 and 5.9% for 2019, in line with its previous projections. Excluding Asia’s newly industrialized economies, growth is forecast at 6.5% in 2018 and 6.4% in 2019, also unchanged from April.“Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia,” said ADB Chief Economist Mr. Yasuyuki Sawada. “Prudent macroeconomic and fiscal policymaking will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust.”In East Asia, growth picked up in Hong Kong (China) and Taipei (China), though growth forecasts are unchanged for the subregion at 6.0% in 2018 and 5.8% in 2019. The world’s second largest economy, … [Read more...] about Growth in Asia and the Pacific’s developing economies for 2018 and…
Ha Long forum seeks to promote green economy, tourism
Tourist boats in Ha Long Bay (Photo: VNA) Quang Ninh (VNA) – A forum was underway in Ha Long city, the northern province of Quang Ninh, to seek measures to promote the sustainable development of green economy and tourism. The event on June 23 and 24 is organised by the Quang Ninh provincial Department of Tourism and the institute for communication and cultural studies under the Ministry of Culture, Sports and Tourism. It attracted about 200 participants, including officials of the culture, environment and foreign ministries, domestic and foreign economic experts, and businesses in the tourism industry. They discussed policies for sustainably developing economy and tourism, solutions to develop green economy and tourism, Japan’s experience in the field, support for small-and medium-sized enterprises to use green production technologies, and investors and businesses’ role in developing green tourism sustainably. Le Doan Hop, Director of the institute for … [Read more...] about Ha Long forum seeks to promote green economy, tourism
WB forecasts Indonesia’s economy to expand 5.2 pct
The Indonesian rupiah (Photo: Reuters) Jakarta (VNA) – The World Bank (WB) has projected that the Indonesian economy would grow 5.2 percent this year, higher than the figure of 5.18 percent put forward by the country’s government. WB also revealed some estimates for Indonesia, with inflation rate staying at 3.5 percent and budget deficit at 2.1 percent of the country’s gross domestic product. Private consumption and investment are expected to strengthen. In the first quarter of 2018, the two figures rose by 4.95 percent and 7.9 percent, respectively. The WB Country Director for Indonesia, Rodrigo A. Chaves, said the investment growth in Indonesia is still high, considering the increasing prices of commodities. However, more investment will increase the amount of imported goods. The rising trade protectionism and the real risk of the recent global trade may stop and burden Indonesia’s exports, thus hampering its growth. The global economy would … [Read more...] about WB forecasts Indonesia’s economy to expand 5.2 pct