Macro economy

The State Bank of Vietnam (SBV) will hold its benchmark refinancing and discount rates at 6.25% and 4.25%, respectively, in addition to maintaining its 14% credit growth target for the remainder of 2019, experts forecast. Headquarters of the State Bank of Viet Nam in Ha Noi. The SBV will maintain its 14 per cent credit growth target for the remainder of 2019. — Photo SBV “We expect the SBV to keep its monetary policy on hold for the remainder of 2019. Monetary policy transmission in Viet Nam remains weak and this informs our view for the SBV to continue to manage financial risks through non-interest rate measures such as loan directives and macro-prudential measures,” analysts from Fitch Solutions told Viet Nam News. On the one hand, the analysts said, Viet Nam’s five-year government bond yield stands at 3.85 per cent, below the SBV’s discount rate of 4.25 per cent, and this continues to suggest that monetary policy transmission is still … [Read more...] about VN central bank to keep monetary policy on hold through 2019

At the eighth session of the 14th National Assembly (Photo: VNA) Hanoi (VNA) – The National Assembly voted to pass a resolution on the socio-economic development plan for 2020 during the ongoing eighth session in Hanoi on November 11. The resolution, adopted with 88.2 percent of approval votes, sets out some specific targets. For example, the gross domestic product (GDP) is set to increase by about 6.8 percent, while the consumer price index (CPI) is kept at below 4 percent. The total export turnover is expected to increase by 7 percent, whilst the total amount of social development investment capital will make up about 33-34 percent of the GDP. The rate of poor households is set to reduce by 1-1.5 percent. The unemployment rate in urban areas is below 4 percent. Up to 90.7 percent of the population will join health insurance. General targets are set under the resolution such as stabilising macro-economy; curbing inflation; increasing productivity, quality, efficiency, … [Read more...] about NA adopts resolution on socio-economic development plan 2020

Vietnam posted an economic growth of 6.98% in the first nine months of this year. Experts said the result gives momentum for the economy to achieve its yearly target of 6.8 percent. The General Statistics Office reveals that Vietnam’s economic picture in Quarter 3 was bright despite worrying global context. Specifically, processing and manufacturing sector recorded a year-on-year growth of 11.37%, 102 thousand new enterprises were established and inflation was lowest in three years from 2017 to 2019. Statistics also show that the macro-economy was stabilised, with unemployment rate significantly decreasing while workers’ average income rising. According to surveys by the Office, most enterprises rated their business outlook for quarter 3 as stable and better than the last three months./.VNA … [Read more...] about Quarter 3 sees bright economic picture for Vietnam