Distinguish between economic growth and economic development

Han River runs through the central city of Da Nang.  (Photo: VNA) Da Nang (VNA) – The People's Council of Da Nang city has just approved a resolution on the Da Nang city Master Plan for the 2021-2030 period, with a vision to 2050 which will be soon submitted to the government for approval. Accordingly, by 2030, the city expects to achieve an average annual economic growth rate of 9.5-10% and a gross regional domestic product (GRDP) per capita of about 200-220 million VND (8,500 – 9,350 USD) per person. By 2030, the city’s economic development will focus on three pillars, namely tourism, knowledge-based economy, and service centre. Under the master plan, the city also strives to have annual budget revenue increase of 9-11%, and total investment capital for social development by 11-12%. Da Nang city expects to have about 32,000-35,000 jobs created yearly by 2030. (Photo: VNA) The city targets to mobilise about 800 trillion VND in investment capital for social … [Read more...] about Da Nang targets annual growth of 9.5-10% by 2030

Vietnam has reported an on-year gross domestic product (GDP) growth of about 3.32 percent in the first quarter of this year, the growth nears the 13-year lowest level, according to the General Statistics Office (GSO). Illustrative photo The level was higher only than the growth rate of 3.21% recorded in the first quarter of 2020 in the 2011 to 2023 period. According to a GSO's report released at a press conference on Wednesday morning, the service sector grew 6.79 percent and contributed the lion’s share of 95.91 percent to the overall GDP growth, followed by the agro-forestry-fishery sector which expanded 2.52 percent and contributed 8.85 percent. Industry and construction contracted 0.40 percent, representing a 4.76 percent fall. Speaking at the conference, GSO General Director Nguyen Thi Huong explained that the robust growth of the service sector had clearly shown recovery thanks to the government's policies, the post-Covid-19 economic reopening, and … [Read more...] about Vietnam posts 3.32 percent GDP growth in Q1, lowest level in 13 years

From now to the end of 2020, the tourism industry of the city will boost cooperation with localities nationwide to stimulate domestic travel. To materialize the motto “Vietnamese people travel in Vietnam,” the Hanoi Department of Tourism has cooperated with localities nationwide to develop tourism products and stimulate domestic demand in Hanoi and nationwide. St. Joseph's Cathedral Hanoi. Photo: Duy Khanh (Kinh te & Do thi) In this November, the department, in coordination with the Department of Tourism of Ho Chi Minh City and the central provinces will jointly organize a forum to link the central key economic region with Hanoi and Ho Chi Minh City in developing tourist products, supporting each other in building and operating tours, Mr. Kieu Viet, head of Accommodation Management Division under the Hanoi Tourism Department, told Hanoitimes . Earlier, during July-September, the department cooperated with the UNESCO Travel Club to organize a farm … [Read more...] about Hanoi to link with other localities to boost tourism growth

The Vietnamese economy expanded about 3.32% in Q1 of 2023 compared to the same period last year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product ( GDP ) has grown about 3.32% year on year in the first quarter of 2023, according to the General Statistics Office (GSO). The expansion is only higher than the 3.21% recorded in Q1 of 2020 during the 2011 - 2023 period, the GSO told a press conference on March 29. In particular, the agro-forestry-fishery sector expanded 2.52% and contributed 8.85% to the GDP growth. Meanwhile, industry and construction contracted 0.4%, leading to a 4.76% decline in the growth, and the service sector increased 6.79% to contribute to 95.91% of the overall expansion. In the agro-forestry-fishery sector , agriculture saw a year-on-year increase of 2.43% in added value, forestry 3.66%, and fisheries 2.68%. The GSO press conference on March 29 (Photo: VNA) The added value of construction dropped 0.82% in Q1, the sharpest … [Read more...] about Vietnam posts 3.32% GDP growth in Q1

Illustrative photo (Photo: VNA) Hanoi (VNA) – The Singapore-based United Overseas Bank (UOB) anticipates the State Bank of Vietnam (SBV) will cut its refinance rate in the second quarter this year by 100 basis points to 5.00%. “With the US Fed poised to end its rate hike cycle as soon as May 2023 and that domestic inflation rates are showing some tentative signs of turning, we anticipate that the SBV will cut its refinance rate sometime in the second quarter this year by 100bps to 5.00%,” UOB’s report emphasised. According to the bank's newly-released report on global economic outlook, that could be a one-off move, and more rate cuts may be on tap if domestic price pressures ease off further, although this is highly uncertain for now. From September to November last year, the SBV embarked on a flurry of policy moves given aggressive US Fed interest rate hikes, USD strength, and inflation pressures. It then unexpectedly raised its key interest rates by 100 basis points on … [Read more...] about Central bank to cut refinance rate in next quarter: UOB

The Australian Government Trade and Investment Commission cooperated with the Electricity & Renewable Energy Department – Ministry of Industry and Trade of Vietnam and Vietnam Electricity Group to organise the Energy Transformation Forum 2023, held in Hanoi on March 28. Participants at the event The event was part of the Australian Energy Mission which comprises a series of activities in Hanoi and Ho Chi Minh City from March 27 - 30 to promote cooperation on renewable energy and to celebrate the 50th Anniversary of Australia and Vietnam’s diplomatic relationship. Like Vietnam, the Australian government has made a commitment to climate action, with a target of reducing greenhouse gas emissions by 43% by 2030 and to zero by 2050. The forum will discuss the energy transition of Vietnam and Australia and introduce new energy technologies and solutions from Australia. Speaking at the event, Australia’s Ambassador to Vietnam, Andrew Goledzinowski, said that … [Read more...] about Australian Energy Mission launched in Hanoi

The partnership will enable Australian firms to strengthen business links and identify trade and investment opportunities in the energy sector in Vietnam. Australian experts have discussed the energy transition between Vietnam and Australia and introduced new energy technologies and solutions to its Vietnamese partners. Australian energy delegation and Vietnamese partners. Photos: Australian Embassy in Hanoi The discussion, which aims to promote cooperation on renewable energy, is included in a series of activities in Hanoi and Ho Chi Minh City this week launched by the Australian Energy Trade Mission to Vietnam, part of celebrations of the 50th anniversary of bilateral relations. The Energy Transformation Forum was held under the partnership between the Australian Government Trade and Investment Commission (Austrade) and Vietnam’s Ministry of Industry and Trade, and Vietnam Electricity Group (EVN). Like Vietnam, the Australian government has made a … [Read more...] about Australia provides energy expertise to Vietnam

Deputy Minister of Finance Do Thanh Hung (Photo: mof.com.vn) Jakarta (VNA) – Deputy Minister of Finance Do Thanh Hung is leading a Vietnamese delegation to the ASEAN Finance Ministers' and Central Bank Governors' Meeting (AFMGM) and related meetings, which opened in Bali, Indonesia on March 28. The four-day AFMGM comprises 24 meetings, including those at the ministerial and deputy ministerial levels, and sideline meetings themed “Exploring Indonesia” to introduce and promote the culture of Sulawesi and Kalimantan regions, and introduce tourism potential of Indonesia . Main meetings are the ASEAN Finance Deputy Ministers’ Meeting (AFDM), the ASEAN Central Bank Deputies’ Meeting (ACDM), the ASEAN Finance and Central Bank Deputies' Meeting (AFCDM), the ASEAN Finance Ministers' Meeting (AFMM), the ASEAN Central Bank Governors’ Meeting (ACGM), and the AFMGM. During these meetings, delegates are expected to discuss and approve collective cooperative actions to realise … [Read more...] about Vietnam attends ASEAN Finance Ministers’ and Central Bank Governors’ Meeting

In 2022, two-way trade between Yunnan (China) and the bordering provinces of Vietnam is expected to reach US$3.25 billion. The provincial authorities of Vietnam's Lao Cai and China's Yunnan agreed on March 28 to take necessary measures to lift their comprehensive ties, especially trade. A truck that links Lao Cai and Yunnan Province passes the Kim Thanh II International Border Gate. Photo: The Hanoi Times "The comprehensive partnership between Lao Cai and Yunnan has improved tremendously in recent years, but it has not reached its full potential," said Hoang Quoc Khanh, permanent vice chairman of the Lao Cai Provincial People's Committee. Khanh suggested that Yunnan authorities further relax regulations and facilitate cross-border trade and travel between the two nations to improve bilateral relations. The Lao Cai official said Chinese authorities should restore trade and travel activities to pre-pandemic levels. He also urged the Chinese government to … [Read more...] about Lao Cai and Yunnan provinces agree to strengthen bilateral ties

VNA Director-General Vu Viet Trang (R) and Bernama Editor-in-Chief Khairdzir Md Yunus exchange the professional cooperation agreement in March 2022 (Photo: VNA) Kuala Lumpur (VNA) – The national news agencies of Vietnam and Malaysia - Vietnam News Agency (VNA) and BERNAMA - can learn from each other as they move forward in the changing media environment, BERNAMA CEO Roslan Ariffin told VNA in Kuala Lumpur. Ariffin noted that the two news agencies signed their first news exchange agreement 40 years ago on December 8, 1982, which was renewed thrice in 1991, 2015, and 2022. The agreement has facilitated the flow of news between the two countries, providing the two peoples with ample information to enable them to have a correct perspective of developments in either nation, whether it is political, economic or social. The official said that the Malaysian national news agency had stationed a correspondent in Hanoi from January 1994 to March 1998 when it had to close its Hanoi … [Read more...] about Vietnamese, Malaysian national news agencies can learn each other: BERNAMA leader