Under the first, the national GDP will grow 6.47%, inflation 4.08%, and export 7.21%, and export-import revenue is projected at USD 5.64 billion, heard a workshop in Hanoi on January 12. The figures are set at 6.83%, 3.69%, 8.43% and USD 8.15 billion under the second. CIEM Director Tran Thi Hong Minh said Vietnam stayed updated on assessments and recommendations last year in order to maintain macro-economic stability, rein in inflation, and facilitate reform and socio-economic recovery and development. Such efforts paid off as the national GDP grew 8.02% in 2022, the highest in the 2011-2022 period, outpacing the target of 6.5% set by the National Assembly, and inflation was curbed at 3.15%, below the 4% projected earlier, she noted. Nguyen Anh Duong, head of the CIEM's General Research Department, presented a report on Vietnam’s economy in 2022 and prospects in 2023, which said there would be more impacts on the economy this year, such as tight monetary policies adopted by … [Read more...] about CIEM sketches out Vietnam’s 2023 economic scenarios
Monetary versus fiscal policy
Phan Cong Chanh, CEO of developer Phu Vinh Group, said the real estate market will pose more risks than opportunities for investors in 2023, adding that would-be investors should save their money instead of spending it. According to Chanh, in the long term the market will benefit from rosy economic growth prospects, better legal frameworks and improved stock markets, especially the corporate bond market, But he said this would be gradual recovery that wouldn’t flourish to its full potential until 2-4 years from now. The Central Institute for Economic Management put forth two economic growth scenarios for this year. Accordingly, GDP growth will either stand at 6.47%, inflation at 4.08%, export growth at 7.21% and trade balance at $5.64 billion, or at 6.83%, 3.69%, 8.43% and $8.15 billion, respectively. With the draft amendments to the Land Law submitted to the National Assembly for potential approval in October, and amendments to other related laws such as the Law on Real Estate … [Read more...] about Should you invest in property or save your money this year?
Working session between representatives from Vietnam Centre for Overseas Labour and Ansan Counseling Centre for Foreign Workers (Photo: VNA) Seoul (VNA) – A working delegation of the Vietnam Centre for Overseas Labour (Colab) had a meeting on January 29 with representatives from the Counseling Centre for Foreign Workers of the Republic of Korea (RoK)’s Ansan city to promote the implementation of support activities for Vietnamese labourers in the RoK. The Vietnamese centre’s Director Dang Huy Hong, who is head of the delegation, thanked the Ansan centre for supporting foreign workers in general and Vietnamese in particular when living and working in the Korean city. He showed his hope that the centre will continue working closely with Vietnamese units to support Vietnamese workers, especially newcomers, to soon adapt to the life in the East Asian nation. Colab delegation posing for a photo with Vietnamese workers in RoK (Photo: VNA) During the working … [Read more...] about Support activities for Vietnamese workers in the RoK implemented
The Cambodian People’s Party (CPP) convenes its extraordinary congress on January 28-29. (Photo: AKP/VNA) Phnom Penh (VNA) – The Cambodian People’s Party (CPP) convened its extraordinary congress on January 28-29, during which it issued many important decisions and policies regarding the leadership work, as well as orientations for national development in the time ahead. In his opening remarks, CPP Honorary President Samdech Heng Samrin , who is also President of the National Assembly, said 2023 marks an end to the 2018-2023 mandate of the legislature and the government, and it will also be the beginning of a new five-year tenure. There will be a lot of work to do in the future, he said, stressing the need to join hands and make all-out efforts to win the 7th-term parliamentary election slated for July 23, 2023. The congress set out major strategic goals for the next five years which are based on wishes of the people and reflect the real situation, both … [Read more...] about Cambodian People’s Party sets out strategic goals for 2023-28
Many Vietnamese enterprises achieved success in 2022 after shifting to exports through e-commerce platforms, especially Amazon. The trend is expected to continue this year. Vietnam was among the top five countries with the highest e-commerce retail sale growth rates in 2022, according to a report by the U.S.’s market research company eMarketer. Impressive growth A year after beginning to sell goods on Amazon to European and American markets, ChicnChill, a Vietnamese handicraft brand, reported a growth rate of up to 700 percent. Tran Tuan Dung, CEO of ChicnChill, said he saw the start-up thrive when a majority of Vietnamese enterprises have scaled down their operations due to the impact of the COVID-19 pandemic. He and his team spent months studying the lifestyle in European and American markets and home decoration trends there, thereby determining the company’s key products and penetrating into these markets. After a year, ChicnChill’s home decoration products are … [Read more...] about Vietnamese firms earn big from Amazon