Gross regional domestic product growth rate

Vietnam’s economy is rebounding from the COVID-19 crisis, with its gross domestic product (GDP) expected to jump to a 7.5 percent growth rate in 2022 from a 2.6 percent increase last year , while inflation is projected to stay at 3.8 percent, according to a World Bank (WB) economic update for the country. The WB released the predictions in the report 'Taking Stock: Educate to Grow,' its bi-annual economic outlook for Vietnam released on Monday. The report said the Vietnamese economy started to rebound in the fall of 2021, when high vaccination rates enabled the government to reopen the economy along with gradually removing restrictions due to COVID-19 that hit the country in early 2020. Vietnam was one of the few countries that managed to grow economically during the pandemic, with the economy bouncing back swiftly thanks to its resilient manufacturing and a robust rebound in services, the report commented. The country’s GDP expanded 5.2 percent year on year in the last … [Read more...] about Vietnam likely to record 7.5 percent GDP growth this year: World Bank

A customer at an HDBank transaction office. Viet Nam’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023. — VNA/VNS Photo Capital account restrictions largely insulate interest rates in Viet Nam from global monetary tightening and the country’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023, according to Fitch Ratings. Under a report on the impact of rising interest rates on Asia-Pacific (APAC) banks released this week, Fitch said annual credit targeting remains a centrepiece of the State Bank of Vietnam's (SBV) monetary policy framework, and the refinancing rate is not a primary policy lever. Moreover, strong foreign investment inflows underpin the dong's resilience, which has depreciated by only 2 per cent year-to-date by end-July 2022, making it the second-best performing currency in APAC behind only the Hong Kong dollar. According to Fitch, Viet Nam’s rates are driven chiefly by economic activity and inflation. … [Read more...] about Monetary stance points to only mildly higher interest rates in Viet Nam: Fitch Ratings

A customer at an HDBank transaction office. Vietnam’s policy rate is expected to rise 50 basis points to 4.5 per cent by end-2023. (Photo: VNA) Hanoi (VNS/VNA) - Capital account restrictions largely insulate interest rates in Vietnam from global monetary tightening and the country’s policy rate is expected to increase 50 basis points to 4.5% by end-2023, according to Fitch Ratings. Under a report on the impact of rising interest rates on Asia-Pacific (APAC) banks released this week, Fitch said annual credit targeting remains a centrepiece of the State Bank of Vietnam's (SBV) monetary policy framework, and the refinancing rate is not a primary policy lever. Moreover, strong foreign investment inflows underpin the dong's resilience, which has depreciated by only 2% year-to-date by end-July 2022, making it the second-best performing currency in APAC behind only the Hong Kong dollar. According to Fitch, Vietnam’s rates are driven chiefly by economic activity and inflation. … [Read more...] about Monetary stance points to only mildly higher interest rates in VN: Fitch Ratings

The travel demand of Vietnamese increased sharply after the tourism sector had been reopened. Besides, people also searched for overseas destinations in July with an increase of 780 percent over the same period last year. The countries in Southeast Asia were on the top priorities of Vietnamese tourists, comprising Singapore, Thailand, Cambodia, Indonesia, Malaysia and the Philippines showing that the nearby tourism points were on the top list of Vietnamese in the post-Covid-19 pandemic. From the beginning of the year, Vietnam is always in the group of destinations with the highest growth in the world with a growth rate from 50 to 75 percent. The United States, Australia, Singapore, India, Japan, the Republic of Korea, and so on are among the top ten countries searching Vietnam for traveling. By Mai An- Translated by Huyen Huong … [Read more...] about HCMC becomes top destination for domestic tourists

The latest figures from Thai Nguyen Department of Statistics showed that the province further secured impressive growth in its industrial production in July, with the local industrial production index surging 9.6 per cent against the previous month and showing a 15 per cent jump on-year. The province is focused on export-oriented production and increasing the number of high-tech products, Photo: Le Toan Notably, the local processing and manufacturing industry rose 10.1 per cent against the previous month and fetched 16 per cent hike on-year. Generally, in the first seven months of this year, Thai Nguyen’s total industrial production index hiked 11.2 per cent on-year compared to 9.81 per cent growth in the previous month, with that of the processing and manufacturing industry rising 12 per cent on-year. During the period, top-performing groups of items were TV cameras with 52.4 million products, soaring 32.9 per cent; earing devices reaching 35.6 million pieces, showing … [Read more...] about Thai Nguyen’s industry continues impressive growth

With the internal strength of the currency and the central bank's flexible management, the VND is expected to depreciate by a maximum of 3% in 2022. The Vietnamese Dong (VND) has devalued by 2.21% against the US dollar compared to late 2021, but remained the most stable currency in the region, according to the Bao Viet Securities Company (BVSC). VND is among the most stable currencies in Asia. File photo. In the international market, the US dollar index (DXY), which measures the value of the US dollar against other currencies, rose by 0.76% in July and 10.7% since early 2022. According to the BVSC, all currencies from emerging economies in Asia have depreciated against the USD, with Thailand’s Bath suffering the largest decline by 9.42% compared to the beginning of the year. It was followed by South Korea’s Won whose value fell by 8.49%, t he Philippine Peso (-7.54%), the Malaysian Ringgit (-6.4%), and the Indian Rupee (-6.22%), or the Chinese … [Read more...] about VND remains most stable currency in region: Report

Phung Duc Tien, deputy minister of Agriculture and Rural Development Amid increasing pork prices, the Ministry of Agriculture and Rural Development has been implementing solutions to remove difficulties and promote production. Therefore, the livestock industry is expected to ensure supply from now until the end of this year. Phung Duc Tien, deputy minister of Agriculture and Rural Development, spoke to local media about the solutions to meet food demand and curb CPI in the last months of 2022. Is the food supply sufficient from now until the Lunar New Year? In 2021, Viet Nam's meat production reached 669 million tonnes. By the end of July 2022, the livestock industry saw an increase of 4.8 per cent in pig heads, 1.6 per cent in heads of poultry; and 2.6 per cent of cow heads. Meanwhile, the buffalo herd in 2021 decreased by 2.5 per cent but so far, it has only reduced by 1.1 per cent. Thus, the industry is expected to produce over seven million tonnes of meat, 18.4 … [Read more...] about Livestock sector promotes production to ensure supply and price stability

Despite being levied high duties, Thai cane sugar products still flood the market due to signs of safeguard evasion through other countries. (Photo: SGGP) The MoIT affirmed that Decision No.1514 on the application of safeguard measures to prevent trade remedies evasion was issued based on an investigation that was carried out objectively and transparently following the provisions of domestic laws and in line with international commitments. On the basis of collecting and summarizing information and opinions provided by relevant parties, including the domestic manufacturing industry, foreign manufacturing and exporting enterprises, importing enterprises, and competent authorities, the investigation determined that the use of sugar materials originating from Thailand to produce and export some cane sugar products to Vietnam by enterprises from Cambodia, Indonesia, Laos, Malaysia, and Myanmar is the act of evading anti-dumping and anti-subsidy measures applied to Thai sugar products. … [Read more...] about Vietnam imposes safeguard duties on sugar products from five more countries

Hanoi - Vietnam’s GDP growth is forecast to expand 7.5 percent in 2022 and 6.7 percent in 2023, with resilient manufacturing and a robust rebound in services serving as the driving forces for economic recovery. At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the … [Read more...] about Vietnam’s economic growth forecast at 7.5 pc in 2022: World Bank

At the press conference to release the report. (Photo: WB Vietnam) According to the latest economic update by World Bank (WB) for Vietnam, the country’s economy expanded 5.2 percent in Q4 of 2021, and respectively 5.1 percent and 7.7 percent in Q1 and Q2 of 2022. Inflation is projected to average 3.8 percent over the year. Carolyn Turk, WB Country Director for Vietnam, said that the bi-annual report “lays out a set of policy recommendations that could help mitigate the impact of these risks and make the economy more resilient going forward.” Titled “Taking Stock: Educate to Grow”, this edition underlines transforming the higher education system as the key to boosting the country’s productivity and achieving its development goals, in the context where the country re-emerges from the pandemic and into a challenging global environment. The report’s co-author Dorsati Madani said that while Vietnam’s economic recovery had been relatively stable, not all sectors witnessed the same … [Read more...] about Vietnam’s economic growth forecast at 7.5 percent in 2022: World Bank