Last week, the face of Vietnam’s macro-economic situation changed dramatically after the General Statistics Office (GSO) announced that, in fact, the economy annually grew by an additional 24.5 per cent for the 2010-2017 period, with specific details to be released soon. The increase means that the country gained an additional average of $40 billion in GDP each year, and per capita income of an extra $500. The impressive figures follows the GSO’s ongoing reassessment of the economy’s GDP for 2010-2017 based on the methodology recommended by the United Nations’ statistics agency, which employs sources of data deemed to better reflect the performance of the economy. The International Monetary Fund (IMF) has also helped Vietnam in this crucial work. “Now is the right time for Vietnam to reassess its GDP scale. GDP is an important macro-economic index,” said a GSO statement released last week. “The reassessment of the GDP size is aimed to more … [Read more...] about Historic GDP rate rise as Vietnam revises figures
Sustainable growth rate calculator
Over the past 50 years, the TFR of Vietnam has continuously decreased, from 6.39 in 1960 to 2.09 in 2006 (below the replacement level fertility calculated by scientists at 2.1). Since then, Vietnam has always kept the rate below the replacement level fertility. According to scientists, Vietnam has avoided giving birth to 20.8 million children in the past 20 years which is of great significance to socio-economic development, contributing to raising per capita income, improving health indicators and the quality of life of the people. Some opinions state that, with such a stable and sustainable fertility rate, Vietnam does not need to continue controlling birth rates. However, this figure does not reflect the true nature as the fertility rate in Vietnam is still unequal in each region. The Southeast and the Mekong Delta region have a fertility rate much lower than the replacement level fertility at 1.5 to 1.6. Several provinces and cities also have low fertility rates including Ho Chi … [Read more...] about Ensuring sustainable population size and structure
Most local banks reported their business performance for 2018 during the opening month of the new year. Despite the central bank’s tightened monetary policy, Vietnam’s banking sector closed last year on a strong financial footing after overall pre-tax profit surged around 40 per cent year-on-year as local banks’ intensified their efforts to resolve bad debts, with double-digit earnings growth and rising income from services. The State Bank of Vietnam (SBV) recently set a credit growth target for 2019 of 14 per cent, focusing on priority fields to ensure risk control and support economic growth. The restructuring of credit institutions and the settlement of bad debts have had a positive effect and created a positive outlook for the local banking sector this year. The SBV will also continue to set credit growth quotas for each bank, depending on its health, to regulate overall credit growth and support government targets. Profits high In mid-January, Vietcombank … [Read more...] about Room remains for credit growth
However, the industry still faces numerous obstacles, requiring the active coordination and rational adjustment among agencies towards sustainable and stable development. An increase of 12% in consumption According to the Department of Building Materials under the Ministry of Construction, Vietnam has now 82 cement production lines with a total designed capacity of over 90 million tonnes. Cement consumption in 2018 reached over 95 million tonnes, a year-on-year increase of 12%. Remarkably, consumption of cement products in the domestic market was over 65 million tonnes, up 10%. Meanwhile, the country exported around 30 million tonnes of products (increase of 50% compared to the previous year), earning over US$1 billion. General Director of Vietnam Cement Industry Corporation (VICEM), Bui Hong Minh, said that in spite of the advantages, such as stable economics, high growth of the construction sector and many Chinese cement production lines closing down due to pollution, Vietnam’s … [Read more...] about Measures for sustainable development of cement industry
Economist Vo Tri Thanh At the end of 2018, Viet Nam’s Gross Domestic Product (GDP) – one of the primary indicators used to gauge the health of a country’s economy – was announced by Vietnam General Statistics Office, beating forecasts made by many international institutions. Earlier, the International Monetary Fund (IMF) predicted the country’s 2018 GDP growth rate would stand at 6.6 per cent in its October report titled ‘Asia at the Forefront: Growth Challenges for the Next Decade and Beyond’. The Australia and New Zealand Banking Group’s Research Unit lowered its projection by 0.2 percentage points to 6.5 per cent. Though more optimistic, the Asian Development Bank (ADB) still cautiously adjusted its growth forecast from 7.1 per cent to 6.9 per cent for 2018. In fact, the 2018 figure reached an amazing growth rate of 7.08 per cent, the strongest growth Vietnamese people have seen in 10 years. However, whether the country is able to … [Read more...] about High growth in 2019: Realistic or optimistic?