Macro economic stability

The Vietnam ese economy shows positive signs of recovery in August, with many economic indicators maintaining growth against previous months. - Illustrative image (Photo: VNA) Hanoi (VNA) - The national economy still faces many challenges both at home and abroad, requiring greater effort s to achieve economic growth target s for 2023, said Deputy Minister of Planning and Investment Tran Quoc Phuong. The Vietnamese economy has shown positive signs of recovery in August, with many economic indicators maintaining growth against previous months. The GDP growth of 3.72% in the first half of the year is lower than the target set by the Government in Resolution 01/NQ-CP, so it is a challenging task to achieve the growth target in 2023, Phuong said. If Vietnam does not reach the economic growth targets, that result will affect the implementation of the five-year socioeconomic development plan from 2021 to 2025, and also the 10-year development strategy from 2021 to … [Read more...] about More efforts needed to achieve economic growth targets: official

Prime Minister Pham Minh Chinh addresses the meeting (Photo: VNA) Hanoi (VNA) - Prime Minister Pham Minh Chinh has required utmost efforts to fulfil to the highest possible level the targets and tasks for 2023 while chairing the regular Government meeting for September and an online meeting between the Cabinet and localities on September 30. He emphasised the need to strongly promote growth drivers, speed up industrial production development, especially the manufacturing-processing industry in the context of continued difficulties and challenges in the world situation as well as in the country. The government leader reiterated the overall goal of maintaining macro-economic stability , reining in inflation, propelling growth, ensuring major balances of the economy, paying attention to social welfare, protecting socio-political stability and social order and safety, intensifying anti-corruption activities, strengthening national defence-security, promoting external … [Read more...] about PM urges utmost efforts to complete targets for 2023

Vietnam’s GDP in the first nine months of this year rises by 4.24% year-on-year. (Photo: VNA) Hanoi (VNA) – Vietnam’s gross domestic product (GDP) in the first nine months of this year rose by 4.24% from the same period last year, the General Statistics Office (GSO) announced on September 29. In the third quarter, the country's economic growth rate was estimated at 5.33% compared to the same quarter of 2022. The GSO assessed that although the nine-month growth rate is only higher than those in the same period of 2020 and 2021 in the past 12 years, it showed a positive trend of increasing gradually over the quarters: 3.28% in the first quarter, 4.05% in the second quarter and 5.33% in the third quarter. In the January-September period, the agro-forestry-fishery sector expanded by 3.72%, contributing 8.03% to the total added value of the entire economy. The growth rates of the industrial and construction sector and the service industry were 5.19% and 6.24% with … [Read more...] about Vietnam’s nine-month GDP increases by 4.24%

Production at the Japanese-invested Nichirin Vietnam Co. Ltd in the Quang Châu IP, Việt Yên District. Việt Nam's account remained in surplus, driven by resilient FDI and portfolio inflows. — VNA/VNS Photo Danh Lam Việt Nam’s real economic growth is expected to slow to 4.7 per cent this year before recovering to 5.5 per cent in 2024 and 6.0 per cent in 2025, according to Việt Nam’s Macro and Poverty Outlook released by the World Bank on Monday. According to the outlook, after last year’s strong rebound, the economy has been facing domestic and external headwinds in 2023. Weaker global growth and trade have dampened external demand for Vietnamese exports, in turn weighing on growth. Real GDP growth slowed to 3.7 per cent in the first half of 2023, reflecting a slump in external demand and weakening domestic demand, while exports contracted by 12 per cent year on year in the first half of 2023. Headline inflation fell from 4.9 per cent year on year in January 2023 to 2.1 per cent … [Read more...] about Việt Nam’s economic growth to slow to 4.7% this year: World Bank

He emphasized the need to strongly promote growth drivers, speed up industrial production development, especially the manufacturing-processing industry in the context of continued difficulties and challenges in the world situation as well as in the country. The government leader reiterated the overall goal of maintaining macro-economic stability, reining in inflation, propelling growth, ensuring major balances of the economy, paying attention to social welfare, protecting socio-political stability and social order and safety, intensifying anti-corruption activities, strengthening national defense-security, promoting external relations, and maintaining a peaceful environment for development. He asked agencies, sectors and localities to get plans and scenarios readied to respond to all circumstances. It is necessary to focus on boosting industrial production with a goal of about 10% in the fourth quarter to make up for the slow growth in previous quarters, he said, ordering … [Read more...] about Prime Minister urges utmost efforts to complete targets for 2023