Economic growht

Gemalink Deep-Sea Port in Ba Rịa - Vung Tau province (Photo: VNA) Hanoi (VNA) - The Ministry of Planning and Investment has outlined three potential economic growth scenarios for 2024 , with the highest GDP growth rate forecast at 6.5%. These projections stem from the Government's socio-economic development strategy for the 2021-25 period, combined with endeavours to meet the 2023 growth goal of 6.5%. Given the challenges faced by the Vietnamese economy between 2021-23, 2024 is anticipated to be a pivotal year for Vietnam to accomplish the objectives of its five-year plan. In the first scenario, Vietnam's GDP is predicted to rise by 6%. This estimate presumes that global growth will be moderate in 2023 and the resurgence of global trade and investment will continue to face hurdles. Although the domestic market and services sector might exhibit robust growth, the import, export, and industrial production sectors may not experience a marked recovery due to their … [Read more...] about Ministry projects three economic growth scenarios for 2024

Vietnam’s gross domestic product (GDP) is hoped to grow 6.46% in the third scenario when the global economy will see positive changes, and Vietnam will take drastic actions in reform and management (Photo: VietnamPlus) Hanoi (VNA) – The Central Institute for Economic Management ( CIEM ) put forwards three scenarios for Vietnam’s economic growth in 2023 at a seminar in Hanoi on July 10 to announce a report on the domestic economy in the first half of this year, and prospects for the second half. Specifically, Vietnam’s gross domestic product (GDP) is expected to grow 5.34% this year under the first scenario. The first scenario assumes the global economic development matches assessments of international organisations and Vietnam, under which the country’s export turnover is projected to drop by 5.64%, and its consumer price index (CPI) will rise 3.43%, with a trade surplus of 9.1 billion USD. Under the second as, given monetary and fiscal easing in Vietnam , the GDP … [Read more...] about CIEM forecasts three economic growth scenarios for Vietnam in 2023

No matter how expensive it is, many Vietnamese families willingly pay for their children’s education in spite of their tight money situation. Vietnamese parents commonly seek the best education for their children while sacrificing their own needs, said Dr. Le Thi Mai Lien, head of the psychology faculty at the Ho Chi Minh City University of Social Sciences and Humanities. Cutting down on all expenditures but for children’s education As soon as her two children enter the new school year earlier this month, a 43-year-old woman named N.T.T., who resides in Phu Nhuan District, Ho Chi Minh City, had to calculate her family’s expenditure to balance their spending and saving. After the COVID-19 pandemic, T. and her husband's total income decreased by more than VND20 million (approximately US$818) per month, so they have to tighten their belt to stabilize the investment in their children’s education. Years ago when their family was still financially solvent, they would frequently … [Read more...] about In Vietnam, parents spend big on children’s education despite economic woes

Vietnam has maintained a consistent upward trajectory since 2015, reflecting the government's efforts to restructure the economy toward full market-oriented development and international integration. Vietnam has climbed four places to secure the 106th position out of 165 countries and territories in the Economic Freedom of the World index, according to the Canada-based Fraser Institute. Manufacturing of mechanical products at Tam Hop Company in Soc Son District, Hanoi. Photo: Viet Linh/The Hanoi Times The Economic Freedom of the World index evaluates the extent to which policies and institutions support economic freedom. It is published annually by the Fraser Institute in collaboration with the Economic Freedom Network, a coalition of independent research and educational institutions covering nearly 100 countries and territories. Singapore currently leads the world in economic freedom, followed by Hong Kong (China), Switzerland, New Zealand, the US, and … [Read more...] about Vietnam moves up 4 places in Economic Freedom of World index

Combining planning with building firm defensive area Embracing and implementing the Politburo’s Conclusion No.64-KL/TW issued on October 30, 2019 on promoting the implementation of Resolution No.28-NQ/TW dated September 22, 2008 on building provinces and cities into firm defensive areas in the current context, Kim Bang district’s authorities always attach much importance to building the defensive area in line with building the all-people national defense and people's security. Especially, local programs and projects on developing the economy, culture, and society have been combined with planning on building military posture in defensive areas, with a spirit of "economic development in line with strengthening national defense and security." Therefore, the district’s authorities have closely worked with relevant forces to mobilize all economic resources to ensure defense and security, exploit local potential to attract investment and ensure social welfare, and combine … [Read more...] about Socio-economic development in line with building firm defensive areas

The one-day forum featured one opening and two thematic sessions, and one plenary session - high-level dialogue. In his closing speech, National Assembly Chairman Vuong Dinh Hue said in terms of internal capacity and motivations of the economy, delegates opined that it is essential to develop the production sectors of the economy, including agriculture, industry and services; speed up the disbursement of public investment, stimulate consumption demand, develop the domestic market and improve labor productivity. He said they called for synchronous measures to tackle difficulties, restructure various markets, develop and tightly regulate currency, stock, insurance, corporate bond and real estate markets. It is also essential to promote goods distribution via digital platforms and e-commerce, and stimulate domestic tourism demand as well. According to experts, if 95% of the public investment plan for 2023 is disbursed, additional 2 percentage points to the GDP growth in 2023 will … [Read more...] about Vietnam Socio-Economic Forum 2023 wraps up

Vietnam has implemented regulations to effectively manage misinformation. Fake news and disinformation are global issues impacting not only ASEAN but also countries like Vietnam, necessitating comprehensive solutions. Delegates attend the forum. Photo: Congly.vn This consensus was reached at the ASEAN Forum on Tackling Disinformation, held in Danang City on September 19. The forum is part of a series of international events on information and communication in the ASEAN region hosted by the Ministry of Information and Communications (MIC) until September 23. Le Quang Tu Do, the head of the MIC's Department of Radio, Television, and Electronic Information, mentioned that four major platforms dominate in Vietnam: Zalo with 47 million users, YouTube with 63 million users, Facebook with 66 million users, and TikTok with nearly 50 million users. Among these platforms, Facebook, YouTube, and TikTok are particularly susceptible to the rapid spread of … [Read more...] about ASEAN, Vietnam seek to tackle fake news

Party General Secretary Nguyen Phu Trong (R) receives outgoing Lao Ambassador to Vietnam Sengphet Houngboungnuang. (Photo: VNA) Hanoi (VNA) - Party General Secretary Nguyen Phu Trong hosted a reception for outgoing Lao Ambassador to Vietnam Sengphet Houngboungnuang in Hanoi on September 20. The Vietnamese Party chief congratulated the ambassador on his excellent performance during the tenure in Vietnam, and appreciated the his contributions to implementing diplomatic activities of senior leaders, thus promoting the effective implementation of agreements between the two Parties and countries and deepening the Vietnam - Laos special solidarity . He suggested the Lao diplomat to continue to actively contribute to preserving valuable traditions and further stepping up the relationship between the Vietnamese and Lao Parties, States and people. Trong also congratulated Laos on its important achievements in recent times, affirming that Vietnam always supports Laos' reform … [Read more...] about Party chief receives outgoing Lao ambassador

During the meeting, part of his trip to the U.S. for the high-level week of the 78th session of the United Nations General Assembly and bilateral activities, Pham Minh Chinh affirmed that Vietnam considers the U.S. a partner of strategic importance. He used the occasion to thank the U.S. Senate in general and its Foreign Relations Committee in particular for their support for promoting the Vietnam - U.S. relations over the past time, including the settlement of war consequences. The support and cooperation of the two countries’ legislatures plays a crucial role in concretizing new collaboration frameworks and areas of the Comprehensive Strategic Partnership in the time ahead, the leader stressed. Pham Minh Chinh called on the committee to further support joint efforts in fostering cooperation in economy-trade-investment, and other fields like science-technology, innovation, semiconductor industry, energy transition, and climate change response, while stepping up assistance to … [Read more...] about Prime Minister meets leaders of U.S. Senate Committee on Foreign Relations

Tuan said that during this visit, Chairman Vuong Dinh Hue, on behalf of top leaders of Vietnam, will join leaders of Bangladesh in a celebration of the 50th anniversary of the bilateral diplomatic relations (1973-2023). The official underlined that amid the fast, unpredictable and complicated developments in the region and the world, the strengthening of ties between the two countries, who are traditional friends, through the parliamentary channel is expected to contribute to foster ties between the two countries and parliaments. He noted that the Vietnam - Bangladesh relations have been continuously developed with political trust built through visits and meetings via all channels and at all levels. The two sides have set up many important cooperation mechanisms, including a Joint Committee on economic, cultural, science and technology cooperation. Economic and trade partnership has been a highlight of the bilateral partnership, he said, noting that two-way trade has increased … [Read more...] about N.A. leader’s visit aims to reinforce, promote Vietnam – Bangladesh ties: Official