Gdp

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

After every 10 years, the country’s GDP growth speed has reduced 1% compared to the previous period, said Thien, former head of the Vietnam Institute of Economics, at the "Raising strength, clearing resources and helping businesses" conference. The event was part of the Vietnam Socio-Economic Forum 2023 on Tuesday. The economist told the conference that one major cause of business sluggishness was that Vietnamese businesses have to pay interest rates two or three times higher than other countries. Another reason was firms’ limited access to bank loans, he said. Thien noted that by the end of August, credit growth was only 5.5%, less than half of this year’s goal (14%). On the matter of slow growth, director of the legal department of the Vietnam Confederation of Commerce and Industry Dau Anh Tuan said low quality infrastructure in Vietnam is still not able to meet the demands of economic growth. Moreover, he said high production costs have lowered competitiveness. This was … [Read more...] about Businesses resilient but grow too slowly

Hanoi's top priorities include the construction of ring roads, urban railway and satellite cities. China's coastal city of Shenzhen is willing to partner with Hanoi to promote decentralized relations in trade, investment, economic activities, 5G technology, new energy vehicles, and renewable energy, said Qin Weizhong, mayor of Shenzhen. Nguyen Manh Quyen, Vice Chairman of the Hanoi People's Committee (right), meets with Shenzhen Mayor Qin Weizhong this week. Photo: The Hanoi Times Shenzhen is China's third-largest economy after Beijing and Shanghai, with a GDP of US$500 billion by 2022, Mayor Qin said at a meeting with Hanoi People's Committee Vice Chairman Nguyen Manh Quyen this week. The city is also home to substantial development of large high-tech enterprises such as Huawei and Tencent, he said, adding that 11 of the world's top 500 companies are headquartered in the city. Among ASEAN countries, Vietnam is Shenzhen's largest trading partner, and … [Read more...] about Hanoi, Shenzhen eye partnerships in urban and public transport development

In the article, author Gary Lit Ying Loong, who is a retired academic from Nanyang Technological University, (NTU) Singapore, and now a visiting professor at some universities in Asia and Europe, highlighted Vietnam's economic growth with consistent gross domestic product (GDP) growth of about 6% for many years, thanks to Doi moi (Renewal) policy. The Doi Moi policy helped to inject a newfound dynamism into Vietnam's economy in the late 1980s. The momentum for a market-driven economy accelerated further in the 1990s. According to the article, following market reforms, billions of overseas investments began pouring into the country. Among them are those by Gamuda Land, Petronas, and Sunway group from Malaysia and the Vietnam-Singapore Industrial Parks (VSIP). It has helped to attract billion-dollar investments from Samsung, Nike, Adidas, and others. Besides, an abundant young workforce has helped power the country's labor-intensive manufacturing sector. “Vietnam is now a rising … [Read more...] about Vietnam – a rising star in the world: Malaysian newspaper

Jonathan Pincus, UNDP Senior International Economist, said Vietnam should give fresh impetus to national innovation and invest big in research and development (R&D) activities with a view to improving labor productivity in long term. He added that Vietnam’s spending on R&D activities, a measure to evaluate the ability to better labor productivity, has lagged behind that in China, Thailand and Malaysia. Besides, rational mechanisms should be put in place to lure leading Vietnamese scientists to domestic institutes and universities, he said, highlighting they will make practical contributions to the national development. Low worker productivity has hampered economic recovery post pandemic, other experts said, pointing a shortage of employees with substantial experience and skills, and a large number of micro and small businesses as major reasons. While government policies to renew the growth model and enhance innovation in science and technology have created favorable … [Read more...] about Businesses’ intrinsic strength – key to socio-economic development

Moody’s Corporation, a global integrated risk assessment firm, on Wednesday announced the launch of Vietnam Investors Service and Credit Rating Agency JSC (VIS Rating), a partnership between Moody’s and leading Vietnamese financial institutions. The Vietnamese Ministry of Finance on Tuesday issued a credit rating agency license to VIS Rating that was initiated by the Vietnam Bond Market Association. VIS Rating will provide independent credit rating services to corporate issuers in Vietnam. Moody’s is the largest shareholder in VIS Rating with a 49-percent holding but VIS Rating operates independently from Moody’s. Other founding shareholders include ACB Securities Company, Dragon Capital Finance Limited, Nam A Bank Asset Management Company Limited, VNDIRECT Securities Corporation, and VPS Securities Joint Stock Company. Michael West, president of Moody’s Investors Service, a subsidiary of Moody's Corporation, said, “Moody’s recognizes the vital role that the local debt … [Read more...] about Moody’s launches credit rating firm in partnership with Vietnam’s leading financial institutions

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

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

Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX). — Photo courtesy of HKEX The Vietnamese stock market is a key capital mobilisation channel for the economy and is undergoing improvement and upgrading towards emerging status. Considered as Asia’s financial hub, Hong Kong is a role model for Việt Nam to follow. When Christina Bao, Co-Head of Sales & Marketing at the Hong Kong Exchanges and Clearing Limited (HKEX), came to Việt Nam for a conference, Việt Nam News reporter Ly Ly Cao took the opportunity to speak to her about solutions to enhance the country’s stock market and how Hong Kong can support Việt Nam in the upgrading process. What do you think about the Vietnamese stock market in its current state? Việt Nam’s economy is on very strong momentum in terms of GDP growth, which grew by more than 8 per cent last year and is hopefully to reach 6 per cent this year. This sets a very strong foundation for the local … [Read more...] about Hong Kong to help elevate Việt Nam’s stock market potential

BLS International, an Indian company offering visa facilities, had earlier said the notice from theIndian mission in Canada cited "operational reasons" for suspension of visa services "till further notice." India's foreign ministry spokesperson did not respond to queries about the matter. Tensions between the two countries escalated earlier this week when Canada said that it was "actively pursuing credible allegations" linking Indian government agents to the murder of a Sikh separatist leader in British Columbia in June. Prime Minister Narendra Modi's government categorically rejected Canada's suspicions that Indian agents had links to the alleged murder. With both nations expelling diplomats, analysts said India and Canada diplomatic ties have touched their lowest point. Canada is India's 17th largest foreign investor, pouring in more than $3.6 billion since 2000, while Canadian portfolio investors have invested billions of dollars in Indian stock and debt markets. Since … [Read more...] about Indian company removes notice about visa service suspension for Canadians