How monetary policy helps to control inflation

Pham Sy Thanh, Director of VEPR's China Economic Research Programme The factors affecting the world economy in 2023 will bring significant challenges to Viet Nam but also open great opportunities for this country if it has suitable solutions to develop the economy. Pham Sy Thanh, Director of the China Economic Research Programme at the Viet Nam Centre for Economics and Policy Research (VEPR), spoke to Vietnam News Agency about this issue. Many financial institutions believe that monetary policy tightening for curbing high inflation and the unending energy crisis will be important factors affecting the world economy in 2023. What do you think about this issue? The monetary policy tightening of the major central banks is one of the important factors that create a reduction of external demand of the economies as well as the decline in production of countries at present. However, this is only part of the difficulties to anticipate for 2023. The fact is that world inflation has … [Read more...] about Viet Nam will face opportunities and challenges from the world economy in 2023

This year is predicted to be tough due to factors such as inflation, high-interest rates and the Ukraine-Russia conflict. But companies in Viet Nam say they have strategies to overcome the challenges. Viet Nam News reporters Thu Ngan and Vu Hoa ask senior executives where they think the Vietnamese economy and their own sectors are headed. Nguyen Thanh Tung, deputy general director of Vietcombank: Nguyen Thanh Tung, deputy general director of Vietcombank According to experts and international organisations, 2023 will be a year with many difficulties because we will continue to face inflation and potential risks in the real estate market and corporate bonds. In 2023, it is necessary to have more effective and quality solutions for granting credit. This year, Vietcombank will continue to play the leading role of a state bank of Viet Nam in implementing monetary policy. Therefore, we are committed to maintaining the deposit interest rate at a reasonable level, saving costs and … [Read more...] about Company leaders share outlook on economy in 2023

NEW STAFF COMING: A worker operates machines at An Phat Garment Company in Binh DInh Province. The company was granted a loan of VND13 billion with an interest rate of zero per cent according to a policy of the Government on supporting employers affected by the COVID-19 pandemic and is now operating well and hiring 1,600 labourers. Viet Nam outperformed other countries in the region, with gross domestic product growing 8.02 per cent in 2022, the fastest pace annually since 1997. According to UNDP Resident Representative Ramla Khalidi, Viet Nam has bright economic prospects. “Evidence of a strong recovery is welcome news after two years of economic disruption caused by the pandemic. Vietnamese households will enter the Year of the Cat in 2023 in better financial shape than a year ago,” she said. After two years of struggling with COVID-19, seemingly the biggest game changer of the global economy in the century, Viet Nam has found its way to respond appropriately to the pandemic … [Read more...] about Socio-economic recovery programme reaps fruit

The growth momentum in 2022 has created the space and conditions for effective monetary and fiscal maneuvering in 2023. Vietnam's economy has performed well in the context of an unfavorable global outlook as strong recovery is seen in the majority of economic fields and localities. In 2023, the prospects are set to stay bright thanks to the implementation of the Socio-Economic Recovery Program 2022 - 2023. Vice President of National Economics University Hoang Van Cuong. Advantages and challenges are intertwined In 2022, Vietnam’s economy has met and exceeded many socio-economic targets. The country’s GDP growth is estimated at 8% year on year, while inflation is kept below the 4% threshold. Other positive results include export growth of 12%, consumer spending of 10%, and investment capital of 9%. These achievements took place when the world situation remained volatile with unprecedented risks, including the disruption of the supply chain, the … [Read more...] about Vietnam’s economic prospects stay bright despite dim global outlook

The country’s economic performance next year will remain solid despite strong headwinds. Experts shared with The Hanoi Times their views on Vietnam’s economic outlook in 2023, as the country has set a GDP growth target of 6.5% on the back of an 8% economic growth rate in 2022. Dr. Vo Tri Thanh, Director of the Institute of Brand and Competition Strategy: Vietnam’s economy on the rise Dr. Vo Tri Thanh - Director of the Institute of Brand and Competition Strategy. Vietnam's economy has recorded impressive growth, as the country’s positive economic performance is recognized by prestigious international institutions and organizations. Along with a positive economic development level, Vietnam’s status and influence on the global stage are also rising. In the face of difficulties and challenges of the global economy, Vietnam has effectively utilized its internal resources, attracted a wave of investment, and made good use of opportunities to further … [Read more...] about Vietnam set for robust economic growth in 2023: Experts

The keys to economic momentum. Photo: Shutterstock Michele Wee, CEO of Standard Chartered Vietnam “Maintaining macroeconomic stability” We expect the global economy to slow in 2023 as central banks around the world maintain restrictive monetary policies. We forecast modest global GDP growth of 2.5 per cent in 2023, slowing from an expected 3.4 per cent in 2022. The headwinds that have faced most economies in 2022 are likely to persist in the months ahead, however, we anticipate a recovery to take hold in the second half. Our recent global research report on Vietnam indicates that GDP growth is likely to remain strong in 2023. We still have a conviction about Vietnam’s high-growth potential over the medium term, expecting the growth rate to be 7.2 per cent in 2023 and 6.7 per cent in 2024. While macro indicators moderated somewhat in Q4/2022, they remain largely robust. Retail sales posted solid growth in the second half of 2022, implying improved … [Read more...] about The keys to economic momentum

This growth rate is also among the highest in the world, the third among 11 countries in Southeast Asia, and 33rd out of 118 countries and territories worldwide. UNDP Resident Representative in Vietnam Ramla Khalidi noted that this strong recovery was achieved despite powerful headwinds like rising energy and food prices, a strengthening U.S. dollar, slow growth in external markets, and the continuing effects of the pandemic. “The success of the immunization program made possible a robust economic recovery in 2022, including a significant rebound in domestic consumption among the poor and near poor,” said Ramla Khalidi. Vietnam's economy size in 2022 was estimated at nearly USD 400 billion; the annual per capita income was over USD 4,000; its trade size was about USD 750 billion, putting Vietnam in the group of 20 world leading economies in terms of international trade. Meanwhile, nearly USD 20 billion of FDI capital was disbursed, a record high in the past five years. … [Read more...] about Vietnam’s imprint in 2022: All-out efforts bring spectacular growth