Economic growth

Strong purchasing power and demand have created a fast and strong locomotive for economic growth, and Vietnam is forecast to record a GDP growth rate of over 8% this year, said Executive Chairman of Dragon Capital Dominic Scriven. Illustrative image (Photo: VNA) This is a rare high amid the context that 2022 is a year full of difficulties for not only Vietnam but also the whole world, he told the Vietnam News Agency. He held that this growth is driven by a purchasing power rebound after the COVID-19 pandemic, as well as the strength of the Vietnamese economy, especially political and social stability, the stability of economic and investment policies, and its openness and integration into the global economy. Scriven noted the economy’s internal driving forces are relatively balanced and strong, from people’s demand, enterprises’ strength, and foreign investment attraction to Vietnam’s competitiveness thanks to free trade agreements, which have helped … [Read more...] about Strong purchasing power, demand drive Vietnam’s economic growth: expert

People walk on Khaosan Road as tourist are allowed to visit the country for the first time in 18 months after coronavirus disease (COVID-19) restrictions were eased, in Bangkok, Thailand November 2, 2021 (Photo: Reuters) Bangkok (VNA) – Thailand’s economic growth recorded the fastest pace in over a year, expanding by 4.5% year-on-year in the third quarter of 2022, thanks to tourism rebound , according to data from the National Economic and Social Development Council ( NESDC ). The Southeast Asian nation’s economy has seen a steady recovery since the government lifted all COVID-19 curbs earlier this year, reviving the country's crucial tourism sector, but the outlook is clouded by risks of slowing global growth and high inflation. The growth will continue to be supported by tourism, private and public investments in the coming time, the council said. Thailand is counting on tourism revival to offset the hit from high global energy prices and volatile financial … [Read more...] about Thailand posts highest economic growth in a year

The city-state's economic performance is often seen as a useful barometer of the global environment because of its reliance on trade with the rest of the world. The trade ministry said it expected growth to come in at 3.5 percent this year -- inside its forecasts for 3-4 percent -- but then drop sharply in 2023 to just 0.5-2.5 percent as weaker global demand offsets a strong recovery in air travel after the pandemic. Officials warned that "significant uncertainties and downside risks in the global economy remain" including the war in Ukraine and central bank moves to fight decades-high inflation with multiple interest rate hikes. "Singapore’s external demand outlook has softened further due to the weaker outlook for the eurozone economy amidst an energy crunch, as well as for China as it continues to grapple with recurring Covid-19 outbreaks and a property market downturn," the ministry said. China is the only major economy still attempting to stamp out the domestic spread of … [Read more...] about Singapore warns slower economic growth in 2023

Amid unpredictable global uncertainties, what should the Vietnamese government do to boost economic growth in Q4 and ensure high growth next year? Shimizu Akira, chief representative at the Vietnam Office of the Japan International Cooperation Agency After growing 5.03 per cent in Q1 2022, the Vietnamese economy bounced back to 7.72 per cent in Q2, and 6 per cent through the year of 2022 according to the International Monetary Fund (IMF). I see that despite numerous difficulties in the global economy, Vietnam remains an attractive destination for foreign direct investment (FDI) due to an abundant and diligent workforce. The diversification of supply chains induced by the US-China trade conflict and the pandemic will enable Vietnam to welcome an increase in FDI inflows and witness a strong shift in the country’s supply chains. However, Vietnam is forecast to face losses in its human resources (HR) advantages due to ageing population over the next three decades, and … [Read more...] about Vietnam preparing for new growth

Containers of goods at Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA) Kuala Lumpur (VNA) - Malaysia's economic growth is the fastest among six ASEAN countries in the third quarter (Q3) and also in the first nine months of this year, an official has said. Facilitated by decisive measures in transitioning to endemicity, the country is building resilience to face strong global headwinds, caretaker Health Minister Khairy Jamaluddin said in his November 13 posting on Twitter. Citing data from various sources in ASEAN, he noted Malaysia's gross domestic product (GDP) growth of 14.2% in Q3 and average nine-month GDP growth of 9.36% year on year, which was also the highest in the region. Vietnam's GDP grew by 13.67% in Q3, followed by the Philippines (7.6%), Indonesia (5.72%), and Singapore (4.4%). Thailand has yet to announce its Q3 economic performance. In Q2, the Malaysian economy expanded by 8.9%, also the highest among the six ASEAN countries. Meanwhile, … [Read more...] about Malaysian economy posts fastest growth in ASEAN

A timely shift in the Covid-19 response to safe and flexible adaptation to the Covid-19 pandemic helped the city attain positive results in socioeconomic development. Hanoi’s gross regional domestic product (GRDP) is set to expand by 8.8% year on year in 2022, surpassing the target of 7-7.5% for this year and the highest in recent years. Vice Chairman of the Hanoi People’s Committee Ha Minh Hai at the meeting. Photos: Thanh Hai/The Hanoi Times Vice Chairman of the Hanoi People's Committee Ha Minh Hai briefed the meeting on the capital's socio-economic development results this year and the target for 2023. According to Hai, the city has completed a vast amount of work for both short- and long-term, including efforts for socio-economic recovery, the revision of the city’s construction planning, preparation for the Ring road No.4 project, and starting the investment procedures for projects in education, healthcare, and culture. “A timely shift in the Covid-19 … [Read more...] about Hanoi’s GRDP growth set to expand by 8.8% in 2022

Bac Lieu is one of the leading provinces nationwide in high-quality shrimp fry production. (Photo: VNA) Bac Lieu (VNA) – Shrimp breeding has been identified as a spearhead economic sector for the Mekong Delta province of Bac Lieu , which has significantly contributed to maintaining economic growth in the province. The locality has poured investments in the sector over the past years so as to optimise its potential. Shrimp export revenue is expected to rise 5.28% per year in 2021-2025 to reach 970 million USD by 2025. Bac Lieu is one of the leading provinces nationwide in high-quality shrimp fry production, with an annual output of 25 billion, accounting for more than half of the volume in the Mekong Delta and about 20% of the whole country. The province counts 188 shrimp fry facilities, of which 159 specialise in tiger prawn and 29 in white-leg shrimp. Besides, there are 33 aquatic processing factories for export with a combined capacity of some 125,000 tonnes … [Read more...] about Bac Lieu turning shrimp sector into economic spearhead

Organized by the Ministry of Finance under the auspices of the International Cooperation Agency of Germany (GIZ), the event was held both online and in-person with about 300 delegates from ministries, agencies and international organisations taking part. It was divided into two sessions focusing on financial resources for socio-economic growth and development, and financial policies for business recovery and development. In his speech, Deputy Minister of Finance Vo Thanh Hung said the financial strategy till 2030 targets building a sustainable, modern and integrated national financial system, contributing to promoting growth, improving the resilience of the economy, ensuring macroeconomic stability and national financial security. Its goals and tasks are aligned with the 2021-2030 socio-economic development strategy. To such end, the ministry has fine-tuned financial and State budget policies and mechanisms to effectively allocate resources over the past two years. During the … [Read more...] about Financial policies for socio-economic growth featured at forum

Illustrative photo. Speaking with Saigon Investment, Dr. NGUYEN DINH CUNG, an economist and Director of the Central Institute for Economic Management, and former member of the Economic Advisory Group of the Prime Minister of Vietnam, stressed that traditional stimuli like the fiscal or monetary policies have lost their advantages, hence it is vital to remove unnecessary barriers and improve the legal system to pave the way for more investments and business activities. This should be the last step in promoting stronger economic growth. JOURNALIST: - Sir, the Government estimates that the GDP growth rate in 2022 will reach about 8 percent, which is the highest in the world, and higher than the expected target of 6.5 percent. What is your opinion about the actual situation and prospects for the future? Dr. NGUYEN DINH CUNG: - This is a pretty high target, but we must set a higher target so that we will make enormous effort to reach it. It is true that we have reached a … [Read more...] about Worries loom despite steady economic recovery

Vietnam will consider lifting the cap on its credit growth, its prime minister said, as the economy is facing pressure from higher interest rates and tightening credit conditions. The move is aimed at "both ensuring the safety of the banking system and macroeconomic stability while boosting economic growth," Pham Minh Chinh said in a statement released on Friday on the government's website. Vietnam previously put a cap of 14% on credit growth this year. Chinh didn't say by how much the cap would be lifted. The country has one of the fastest growing economies in Asia, backed by strong manufacturing and robust exports. Its economic expansion also relies heavily on strong credit growth. Vietnam's economy has rebounded from the COVID-19 pandemic, but has recently faced numerous challenges, with weakening global demand and a strengthening U.S. dollar prompting the central bank to raise its policy rates by a combined 200 basis points and allow the dong currency to weaken against … [Read more...] about Vietnam considers raising cap on credit growth