The Republic of Korea’s economy is maintaining its modest rate of expansion in the context of stable exports and improved domestic consumption. Illustrative image - Source: internet According to a report released by the Korea Development Institute (KDI), the country’s economy continued to grow at a moderate pace owing to exports and consumption, but mining and manufacturing production remained stagnant. The improvement in production-related indicators is limited, it said. Theo VNA … [Read more...] about RoK’s economy maintains modest growth pace
Economy
Vietnam needs to act now to save pension fund or economy could be at risk: World Bank
Vietnam's economy could be at risk if nothing is done quickly to fix its pension system, the World Bank has pointed out after conducting two years of research. The country may encounter an imbalance between collection and spending of the fund in the future, when the number of old people receiving welfare payments is higher than those of working age who are contributing to the fund, said Ousmane Dione, the World Bank's country director for Vietnam. According to the report, Vietnam’s pension fund will run out by 2030, and the deficit will account for 2.5-3 percent of the country’s gross domestic products (GDP) in 2060-2070, Dione told a meeting with Deputy Prime Minister Vuong Dinh Hue in Hanoi on Thursday. He went on to say that Vietnam’s pension fund is facing an aging population, and that pension payments are higher than what workers contribute to the fund via their montly salaries. The bank suggested that Vietnam should raise its pension payments in accordance with … [Read more...] about Vietnam needs to act now to save pension fund or economy could be at risk: World Bank
Green public procurement benefits economy, society: workshop
Green public procurement will bring many benefits to not only buyers and sellers but also the environment and the whole economy and society (Illustrative photo: baodauthau.vn) Hanoi (VNA) – Green public procurement will bring many benefits to not only buyers and sellers but also the environment and the whole economy and society, said Deputy Director General of the Vietnam Environment Administration (VEA) Hoang Van Thuc said. He made the remark at a workshop on April 5 which discussed challenges and opportunities of green public procurement in Vietnam. A 2015 report of the VEA under the Ministry of Natural Resources and Environment shows that the State spends 20 – 30 percent of its budget on public procurement every year on average. This figure could reach 50 percent if it includes spending on the building work. Amid economic restructuring towards sustainable development, sustainable procurement will considerably contribute to the attainment of the … [Read more...] about Green public procurement benefits economy, society: workshop
GSO submits blueprint on evaluating non-observed economy
The project looks to develop a statistical methodology in line with regulations of the System of National Accounts (SNA) 2008 and based on recommendations of international organizations such as the United Nations Statistics Division (UNSD), the Organization for Economic Cooperation and Development (OECD), and the International Labor Organization (ILO). (Photo for illustration: baocongthuong.com.vn) In 2018, the GSO will conduct pilot evaluation of production outcomes of non-observed economic activities in Vietnam. From 2019 onwards, the GSO will integrate the results in the country’s gross domestic product (GDP) and the gross regional domestic product (GRDP) of centrally-run cities and provinces to produce more accurate economic indicators. The non-observed economy comprises five elements. The first element comprises underground economic activities that are legal but deliberately concealed from the public authorities to avoid payment of taxes and social security … [Read more...] about GSO submits blueprint on evaluating non-observed economy
Vietnam’s economy enjoys auspicious start
A view of District 4 of Ho Chi Minh City (Photo: VNA) Hanoi (VNA) – Vietnam’s economy enjoyed a more sustainable growth in the first quarter of the year with a strong economic expansion of 7.38 percent, the best first-quarter performance in the last decade. The growth was fairly even in three main sectors with agro-forestry-fishery increasing by 4.05 percent, industry-construction posting a 9.7 percent growth rate and services climbing 6.7 percent. Meanwhile, the processing and manufacturing sector witnessed a record growth of 13.56 percent in recent seven years. The economic restructuring is moving in a rational fashion with the agro-forestry-fishery sector accounting for a proportion of 10.34 percent in the economy while the industry-construction and services sectors making up of 35.26 percent and 43.77 percent, respectively. More than 26,700 enterprises were established during January-March, with total registered capital of nearly 278.5 trillion VND (12.25 billion … [Read more...] about Vietnam’s economy enjoys auspicious start