Boats at Quy Nhon Port in Binh Dinh province (Photo: VNA) Hanoi (VNS/VNA) – Vietnam’s economic growth could reach 6.9 percent in 2019, an increase of 0.1 percent compared to the 2019 socio-economic development plan adopted by the National Assembly, in the context that Vietnam is benefiting from the US-China trade tension. The statement was made by Nguyen Duc Thanh, Director of the Vietnam Institute for Economic and Policy Research (VEPR) at a conference held in Hanoi on January 10. However, Thanh noted the use of foreign exchange reserves to stabilise the value of the Vietnamese dong (VND), as the State Bank of Vietnam (SBV) has done in recent years, is not a long-term solution when Vietnam’s foreign exchange reserves are in fact small in scale. The pressure of exchange rates and inflation along with the regulation of restricting the use of short-term capital for medium- and long-term loans has caused the interest rate of VNĐ to increase … [Read more...] about Economic growth could reach 6.9 percent in 2019: VEPR
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Economic growth could reach 6.9% in 2019: VEPR
Representatives discuss Viet Nam’s economy 2018 and prospects for 2019. — VNS Photo Phuong Thao Viet Nam’s economic growth could reach 6.9 per cent in 2019, an increase of 0.1 per cent compared to the 2019 socio-economic development plan adopted by the National Assembly, in the context that Viet Nam is benefiting from the US-China trade war. The statement was made by Nguyen Duc Thanh, director of the Viet Nam Institute for Economic and Policy Research (VEPR) at a conference held in Ha Noi on Thursday. However, Thanh noted, the use of foreign exchange reserves to stabilise the value of the Vietnamese dong (VND), as the State Bank of Viet Nam (SBV) has done in recent years, is not a long-term solution when Viet Nam’s foreign exchange reserves are in fact small in scale. The pressure of exchange rates and inflation along with the regulation of restricting the use of short-term capital for medium- and long-term loans has caused the interest rate of VND to increase … [Read more...] about Economic growth could reach 6.9% in 2019: VEPR
NA adopts resolution on socioeconomic development plan for next year
NA adopts resolution on socioeconomic development plan for next yearThe Saigon Times Daily Shipping containers are being loaded onto a vessel at Cai Mep-Thi Vai Port in Ba Ria-Vung Tau Province. The National Assembly has approved a resolution on the socioeconomic development plan for next year - PHOTO: LE ANH HCMC – The National Assembly (NA) today, November 8, passed a resolution on the socioeconomic development plan for next year, including a gross domestic product (GDP) growth rate of 6.6%-6.8% and inflation of some 4%, which are considered prudent, reported news site VnEconomy. According to the resolution, the overall goals of the resolution are to maintain macroeconomic stability, control inflation and enhance the autonomy and competitiveness of the local economy. Before the resolution was approved, some NA deputies had proposed raising the GDP growth target for 2019 to 6.8%-7%, while some others suggested the rate should be kept unchanged from the estimate for this … [Read more...] about NA adopts resolution on socioeconomic development plan for next year
WEF hails Vietnam’s economic development
Peter Vanham, Media Lead at the US and Industries of the World Economic Forum (WEF) has hailed Vietnam's impressive economic development in an article posted recently on its website. A woman reads a newspaper while selling flowers in a Hanoi market November 14, 2006. Photo by Reuters In the article titled "The story of Vietnam's economic miracle" published September 11 on the WEF's website, the writer said he felt "boundless energy everywhere" in Hanoi. "Vietnam is young, growing, and anything feels possible," the article said. The article showed how has Vietnam grown to become a middle-income country from one of the poorest in the world when the 20-year American War ended in 1975. Under the government’s subsequent five-year central plans after the war, per capita GDP was stuck between $200 and $300 By the mid-1980s. But then something changed. In 1986, the government introduced Đổi Mới, a series of economic and political reforms, and steered … [Read more...] about WEF hails Vietnam’s economic development
Thai Nguyen Province working to develop ICs
(VEN) - The Department of Industry and Trade of Thai Nguyen Province has proposed solutions to avoid overlap and create more favorable conditions for the development of industrial clusters (ICs). Difficulties According to the master plan for Thai Nguyen’s IC development by 2020, with a vision to 2030, the province will have 35 ICs with total area of 1,259ha. As of date, some 18 ICs have come into operation. However management and development of ICs in the province still face many difficulties, one being the low occupancy rate that averages 39.32 percent. Other hurdles include a limited budget for investment in IC infrastructure, which depends mainly on businesses, many of which lack significant financial capacity. Investment attraction in ICs is also uneven. Districts with favorable conditions for economic development have attracted many projects. Dinh Hoa District, for example, has three ICs, but no projects have been registered. On top of it all, the efficiency of state … [Read more...] about Thai Nguyen Province working to develop ICs