Vietnamese people are expected to loosen their purse strings and buy more cars as their incomes rise. The Institute for Industry Policy and Strategy has just submitted the auto industry development planning scheme to 2020 with a vision towards 2030 to the Ministry of Industry and Trade's appraising council and their document reveals local consumers are developing a preference for cars. Lifestyle monitor TNS Vietcycle 2009 survey showed 45 per cent of Vietnamese families had incomes ranging from VND4.5 million to VND20 million ($215-$950) per month. And more money means car purchases, particularly among young people. Despite its 86.7 million population and rather modest per capita incomes averaging $1,150 in 2010, the World Bank still pegged Vietnam as a big consumer in the ASEAN bloc. Vietnam's current car coverage rate of 18.7 units/1,000 residents based on purchasing power parity (PPP) average per capita income of around $2,785 in 2010 is reportedly much lower than the … [Read more...] about Pay packets to drive car ownership growth
Growth
Near-term U.S. growth to outshine first half, medium-term challenges remain
The near-term projection for the U.S. economic growth was expected to outpace the first half of this year due to the recent positive data on consumer spending and business outlays, but a string of medium-term headwinds would stay in place, the U.S. Federal Reserve said Tuesday. The near-term U.S. economic growth would be on a stronger footing, but other important indicators of economic activity including consumer confidence and labor market conditions remained downbeat, the central bank said in the minutes released on Tuesday of a Federal Open Market Committee (FOMC) meeting held earlier this month. The U.S. economy was expected to expand by 1.6 to 1.7 percent in 2011 and 2.5 percent to 2.9 percent in 2012, the U.S. central bank said in its updated projection. The pace was lower than its earlier prediction as a set of factors weighing on U.S. economic recovery still remained. The Fed forecast in June that the world's largest economy would grow by 2. 7 percent to 2.9 percent in … [Read more...] about Near-term U.S. growth to outshine first half, medium-term challenges remain
China’s economic growth eases to 10.3 percent
China's economy continued to grow at a robust pace last quarter, a spokesman for the National Statistics Bureau said on July 15. China's gross domestic product, the broadest measure of economic output, grew at an annual rate of 10.3 percent during the second quarter of 2010. But the pace eased compared to the 11.9 percent rate during the first quarter. With more than 1.3 billion people, China is the world's most densely populated country, and that fact, combined with its rapid economic growth of recent years, has made it a major player in the global economy. But the moderate slowdown has been widely anticipated without any cause for concern among economists, many of whom were previously worried about China's economy overheating and falling in danger of rampant inflation. In 2009, as the U.S. and other global economies were in a deep recession, China was able to maintain strong economic growth -- at a pace of 8.7 percent. The nation's exports have been surging and the … [Read more...] about China’s economic growth eases to 10.3 percent
US economic growth prospects dim on gov’t spending cuts
The US economy was growing at a slower pace than expected, as the federal and local governments started to slash spending with the spiking public debt becoming a hot-button issue in the world's largest economy. US economic growth was revised downward to an annual rate of 2.8 percent in the fourth quarter of 2010, compared with the estimated pace of 3.2 percent in January, the Commerce Department announced on Friday. The increase in real gross domestic product in the fourth quarter primarily reflected positive contributions from personal consumption expenditures, exports, and nonresidential fixed investment that were partly offset by negative contributions from private inventory investment as well as state and local government spending, the department said in a report. Figures showed that real federal government consumption expenditures and gross investment decreased 0.2 percent in the fourth quarter, in contrast to an increase of 8.8 percent in the third quarter. Real state … [Read more...] about US economic growth prospects dim on gov’t spending cuts
Dien Bien Phu set to boost economic growth
The Party Committee, local authorities and people of the north-western province of Dien Bien Phu are determined to boost economic growth, eradicate hunger, reduce poverty and create a new image for the province. Under the leadership of the Party and President Ho Chi Minh, on May 7, 1954, the Party Committee, armed forces and people of Dien Bien along with the people nationwide achieved the Great Victory at Dien Bien Phu. Thanks to State funds and resources from local residents and enterprises, Dien Bien Phu City has been developed and expanded in recent years. Residential areas now have streets named after Heroes from the Dien Bien Phu Campaign like Lo Van Hac, Tran Can and To Vinh Dien. The province has been undergoing a transition from agriculture and forestry to industry, construction and services. At present, agriculture and forestry accounts for 38.4 percent of the province's GDP, industry and construction 26 percent, and services 35.6 percent. In recent years, the … [Read more...] about Dien Bien Phu set to boost economic growth