Oil rigs on the Bạch Hổ oil field. Việt Nam's crude oil production is forecast to continue to drop over the coming years. — VNA/VNS Photo HÀ NỘI — Việt Nam’s self-sufficiency for crude oil could come to an end due to exploitation that could turn the country into a net importer of crude oil for the first time, experts warned. According to analysts from the Fitch Solutions Macro Research, crude oil production in Việt Nam would continue to drop over the coming years, averaging annual declines of 4-5 per cent over the next 10 years, as offshore reserves fell and investment in significant new projects slowed. Data from the General Statistics Office showed the country produced some 247,000 barrels per day (b/d) last year, a decrease of nearly 12 per cent on year, some way short of State-owned oil and gas company … [Read more...] about Việt Nam forecast to face net imports of crude oil
Trade deficit widens 23 in may
WB forecasts Vietnam’s growth to moderate to 6.6% in 2019
Vietnam’s growth is projected to moderate to 6.6% in 2019, driven by credit tightening, slower private consumption, and weaker external demand, said the World Bank. The international lender published the East Asia and Pacific Economic Update themed “Managing Headwinds,” on April 24. According to the WB, Vietnam’s economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. The extreme poverty rate is estimated to have declined to below 3%. While the medium-term outlook is broadly favorable, significant downside risks are tied to weak external demand, global financial volatility, and incomplete banking and state-owned enterprise (SOE) reforms. On the upside, Vietnam is strongly positioned to benefit from numerous free trade agreements that are coming into force now and over the forecast period. Economic growth in developing East Asia and the Pacific is projected to soften to 6% in 2019 and 2020, … [Read more...] about WB forecasts Vietnam’s growth to moderate to 6.6% in 2019
WB forecasts VN’s growth to moderate to 6.6% in 2019
Illustration photo The international lender published the East Asia and Pacific Economic Update themed “Managing Headwinds,” on April 24. According to the WB, Viet Nam’s economy continues to show fundamental strength, supported by robust domestic demand and export-oriented manufacturing. The extreme poverty rate is estimated to have declined to below 3%. While the medium-term outlook is broadly favorable, significant downside risks are tied to weak external demand, global financial volatility, and incomplete banking and state-owned enterprise (SOE) reforms. On the upside, Viet Nam is strongly positioned to benefit from numerous free trade agreements that are coming into force now and over the forecast period. Economic growth in developing East Asia and the Pacific is projected to soften to 6% in 2019 and 2020, down from 6.3% in 2018, largely reflecting global headwinds and a gradual policy-guided slowdown in China, the World … [Read more...] about WB forecasts VN’s growth to moderate to 6.6% in 2019
Vietnam’s economic growth is on track but risks for long-term prospect remain
The Hanoitimes - The inflation target of under 4% in 2018 would be achievable if there is no major change in energy prices in the fourth quarter. Vietnam's GDP is projected to reach over 6.8% in 2018, however, internal and external risks are going to have significant impacts on the country's long-term prospect, according to the Vietnam Institute for Economic and Policy Research (VEPR). Overview of the VEPR's workshop. Source: Ngoc Thuy. Vietnam's economy in the third quarter expanded 6.88% year-on-year, leading to the overall growth of 6.98% in the January - September period, the best nine-month performance since 2011, stated Nguyen Duc Thanh, VEPR's director. "Vietnam is on track to reach and even exceed the growth target of 6.7% set by the National Assembly for the entire year," Thanh said at the launch of VEPR's quarterly macroeconomic report on October 10. In the long term, the Vietnamese economy will receive multi-dimensional impacts from … [Read more...] about Vietnam’s economic growth is on track but risks for long-term prospect remain
VND to remain steady until year’s end
The VND is seen as one of the least depreciated currencies in the region, Photo: Le Toan FX on fire The daily fixing last Thursday set itself again to a record high of VND22,662 a dollar, adding VND13 a dollar on top of the previous day’s rate, before slightly cooling down to VND22,660 on Friday. Across local commercial banks, the FX rate was reported as edging up last Friday, following a sideways movement seen days before. Each dollar was sold at VND23,095-23,125 and bought at VND23,000-23,030 a dollar, with VND10-20 added on both the buy and sell sides. The upswing of the daily fixing and FX rates in the local market happened in response to the greenback gaining power against other major currencies, with the dollar index breaking the 95.00 figure last week. With the daily rate consistently trending upward in the past four weeks, investment advisory manager Phan Dung Khanh at Maybank Kim Eng Securities in Ho Chi Minh City said that the causes were attributed to several … [Read more...] about VND to remain steady until year’s end