Economic growth

Vietnam posted an economic growth of 6.98% in the first nine months of this year. Experts said the result gives momentum for the economy to achieve its yearly target of 6.8 percent. The General Statistics Office reveals that Vietnam’s economic picture in Quarter 3 was bright despite worrying global context. Specifically, processing and manufacturing sector recorded a year-on-year growth of 11.37%, 102 thousand new enterprises were established and inflation was lowest in three years from 2017 to 2019. Statistics also show that the macro-economy was stabilised, with unemployment rate significantly decreasing while workers’ average income rising. According to surveys by the Office, most enterprises rated their business outlook for quarter 3 as stable and better than the last three months./.VNA … [Read more...] about Quarter 3 sees bright economic picture for Vietnam

At the eighth session of the 14th National Assembly (Photo: VNA) Hanoi (VNA) – The National Assembly voted to pass a resolution on the socio-economic development plan for 2020 during the ongoing eighth session in Hanoi on November 11. The resolution, adopted with 88.2 percent of approval votes, sets out some specific targets. For example, the gross domestic product (GDP) is set to increase by about 6.8 percent, while the consumer price index (CPI) is kept at below 4 percent. The total export turnover is expected to increase by 7 percent, whilst the total amount of social development investment capital will make up about 33-34 percent of the GDP. The rate of poor households is set to reduce by 1-1.5 percent. The unemployment rate in urban areas is below 4 percent. Up to 90.7 percent of the population will join health insurance. General targets are set under the resolution such as stabilising macro-economy; curbing inflation; increasing productivity, quality, efficiency, … [Read more...] about NA adopts resolution on socio-economic development plan 2020

A slowdown in export growth of the foreign-invested sector could have a negative impact on Vietnam’s economy in 2020, according to SSI Securities Corporation, Vietnam’s largest brokerage house. As exports from foreign direct investment (FDI) firms currently account for 69% of Vietnam’s export turnover, the sector plays a decisive role to the country’s exports, stated SSI report. “Export growth of the FDI sector is slowing down at an alarming rate of 5% in the first nine months of 2019, much lower than that of the domestic sector at 16.2%. A number of key export products witnessed low growth rate, or even decline,” said the report.  Specifically, phone and parts recorded are the largest export staple but only expanded by 2% during the January – September period, slower than the 16% growth recorded in the same period of last year. Similarly, exports of electronic products only grew 11.7% year-on-year against the 14% of the comparable period … [Read more...] about Slowdown in FDI’s export growth to impact Vietnam’s economy in 2020

National Assembly deputies voted on the adoption of the Resolution on Socio-economic Development Plan for 2020 on Monday morning in Hà Nội. — VNA/VNS Photo Lâm Khánh HÀ NỘI — The National Assembly (NA) this morning approved the Resolution on socio-economic development plan for the year 2020, targeting 6.8 per cent GDP growth and improvements to national competitiveness. A total of 430 legislators took part in the vote during the ongoing 8th session of the 14th NA tenure, with 426 in favour of the resolution, or 88.2 per cent approval, with two against and two abstaining. Vũ Hồng Thanh, Chair of NA Committee of Economic Affairs, said that many have called for revisions of targeted GDP growth to “upwards of 6.8 per cent” or “within 6.7 to 6.8 per cent” in the resolution but the NA Standing Committee, the top body in the Vietnamese parliament, didn’t agree. The 6.8 per cent GDP growth is a reasonable … [Read more...] about NA adopts socio-economic resolution for 2020, targeting 6.8% GDP growth

The National Assembly (NA) are targeting a gross domestic product (GDP) growth for 2020 of 6.8%, according to the government’s draft resolution on the nation’s socio-economic development plan. The NA also aimed for CPI growth of below 4% for 2020. Meanwhile, export turnover growth for 2020 was set at 7% and the percentage of trade deficit over export turnover of under 3%. Other targets approved by the NA include the percentage of trained labour of 65%; the percentage of the population with health insurance of 90.7% and the rate of forest area at 42%. … [Read more...] about Vietnam GDP growth target 6.8% next year