Us real gdp growth by year

Production of electronic parts in Vietnam. (Photo: VNA) HCM City (VNA) – The Singapore-based United Overseas Bank (UOB) has revised up Vietnam’s 2022 GDP growth forecast to 7.0% from 6.5%, assuming no further severe domestic disruptions from COVID-19, and projected growth of around 7.6 – 7.8% in the second half of the year (H2). The sharp rebound in Q2 GDP was driven by manufacturing activities which accelerated for the 4th straight quarter, and a recovery in services output as it continued to regain its footing since the last contraction in the third quarter of last year. UOB said inflationary pressures on Vietnam are manageable as the main source of impact is energy related while food prices are stable. However, upside risks are significant given the rapid pace of gains in energy prices which will eventually spread to the rest of the economy, especially if higher prices persist. VNA … [Read more...] about UBO revises up Vietnam’s 2022 GDP growth forecast to 7%

Vietnam has posted GDP growth of 7.72% in Q2 this year. (Photo: VNA) Hong Kong (VNA) – The Lianhe Zaobao daily in Hong Kong, China, on June 30 ran an article highlighting Vietnam’s impressive economic growth of 7.72% in the second quarter. It wrote that with export and consumption recovery, the Vietnamese economy rebounded strongly in Q2, with gross domestic product (GDP) increasing 7.72% year on year – the fastest pace in almost 11 years. This is expected to boost the GDP growth in the first half of 2022 to 6.42% from a year earlier, beyond the Government’s 5.5% expectation. The country recorded a growth rate of only 2.04% in the same period last year. Unveiling the statistics on June 29, the General Statistics Office (GSO) of Vietnam stressed that compared to other ASEAN members and countries in the world, this is a relatively high growth rate, and that the country has also maintained macro-economic stability, according to Lianhe Zaobao. The article noted … [Read more...] about Hong Kong daily spotlights Vietnam’s impressive growth

Illustrative photo Now more problems have arisen with rising gasoline and oil prices that have created bottlenecks in growth momentum along with high inflation. Need for solutions Recently the Ministry of Finance submitted a draft Resolution to the Standing Committee of the National Assembly on reducing the environmental protection tax rate for gasoline and oil. It is proposed in the Resolution to reduce environmental protection tax from VND 2,000 per liter to floor level of VND 1,000 per liter, in order to curb rising inflation. However, the Ministry of Finance still keeps the same rate for Special Consumption Tax (SCT) and Value Added Tax (VAT) for gasoline. While these two taxes are on a relative value, when the tax base is larger, then more tax is collected and forms a large component of the current gasoline selling price. Previously, many experts had suggested that authorities must consider reducing these two taxes. During one session, a member of the National … [Read more...] about Flexible adjustment needed in growth economy

Hanoi's GRDP growth in the first half of this year shows the economic recovery with the development of many key industries. Hanoi's economy has posted solid growth in the first six months of 2022, director of the municipal statistics bureau Dau Ngoc Hung said at a press conference on June 30. The city's gross domestic product (GDP) has expanded by 7.79% compared to the same period last year, in which, growth in the first and second quarters was 6.02% and 9.49%, respectively, Hung said. He stressed that GRDP growth in the first half of this year is higher than that in the six-month periods in recent years, showing a clear trend of recovery and development quarter after quarter of key industries. In addition, the services sector in the first six months of the year increased by 9.05% year-on-year (with increases of 6.4% and 11.68% in the first and second quarters, respectively) and contributed 5.91 percentage points to the growth of GDP. Director of the Hanoi … [Read more...] about Hanoi’s economy posts solid growth in first half of 2022

During the conference, Chief of the GDP’s Office Major General Trinh Van Hung briefed delegates on the conclusion of the Central Military Commission (CMC) on the task performance during the first six months of the year and missions for the second half. In addition, preparation for a conference to review Party and political work in the whole military and the GDP’s head Organs task performance in the first half of 2022 was reviewed at the event. Accordingly, reports on the implementation of the Party and political work in the whole military and task performance of the GDP’s head Organs in the first six months of the year have been carefully prepared, in line with the reality and major tasks for 2022 defined by the CMC, focusing on leadership work for the task implementation in the last six months of the years. Concluding the event, General Cuong acknowledged and hailed the GDP’s relevant units for their preparation for the upcoming conferences, asking them to soon finalize related … [Read more...] about GDP chief chairs meeting of leaders

UK trade minister Anne-Marie Trevelyan said the country wants to be a part of Vietnam’s development story in the 21st century, and fostering bilateral trade relations is among its priorities. Vietnam and the UK should set a trade turnover target of over US$10 billion by 2023, which would be a meaningful step to mark the 50 th anniversary of Vietnam-UK diplomatic relations next year. Chairman of the National Assembly Vuong Dinh Hue (mid) at the forum. Source: VNA Deputy Prime Minister Le Van Thanh gave the remarks at the Vietnam-UK High-level Forum on Economy and Trade held on June 29. The event is one of the highlights of a visit to the UK by the high-ranking delegation from the National Assembly of Vietnam led by Chairman Vuong Dinh Hue from June 28-30. According to Thanh, the Vietnam-UK strategic partnership has progressed strongly over the years and contributed to socio-economic development in each country. Thanh expected the partnership would … [Read more...] about Vietnam-UK target US$10-billion trade turnover by 2023

The report aligns with the United Nations 17 Sustainable Development Goals and covers all company’s markets “This sustainability report marks an important milestone in our journey as a responsible, inclusive business, that has ESG principles firmly embedded in its values and DNA,” said Jean-Pascal Duvieusart, CEO at Home Credit Group. “I would like to thank all our employees, who continue to demonstrate creativity, passion, and dedication in everything they do. They are living proof that when ESG is consciously embedded in our culture and mindsets, real change happens,” Duvieusart said. Jiri Smejc, CEO of PPF Group and chairman of the board of Home Credit Group said, “Fairness to customers, employees, and communities has always been part of our DNA. It is who we are. ESG principles now give us a tool to show our responsible business practices in a formal, comprehensive way. And I am proud that we can already count a number of milestones on our ESG journey.” Digital … [Read more...] about Home Credit publishes its 2021 Sustainability Report

EDPR has reached an agreement with Trina Solar, the world-leading PV and smart energy total solution provider, to acquire the Trung Son Solar PV project in Khanh Hoa province. Put into operation in December 2020, the project has a power purchase agreement (PPA) signed with Electricity of Vietnam under a 20-year feed-in tariff (FiT). In June, EDPR also inked a deal to scoop up two solar plants in Vietnam with a total capacity of 200MW from Xuan Thien Group. Situated in Ninh Thuan province, the two solar plants have been operated since 2020. The deals have an estimated valuation of $284. Vietnam is one of the fastest-growing economies in Southeast Asia with power demand increasing at around 10 per cent per annum. Thermal represents around 50 per cent of the capacity mix and energy dependence has increased significantly with net imports currently at 30 per cent of total energy demand. With the objective of increasing the weight of renewable energy sources in the energy mix and … [Read more...] about EDPR forays into Vietnam’s renewable energy market after taking over a solar PV project

Grade A rents rose by 5.2 percent year-on-year in the second quarter to US$57.71 per square meter, or 2020 rates, according to property consultancy Knight Frank. There has been no new supply this year, it said. The vacancy rate edged down by 0.5 percentage points from the first quarter to 6.6 percent. "Tenants still prefer the central business district, but they have to consider farther spots in case they need over 1,000 sq.m of space or have limited resources," Leo Nguyen, director of occupier strategy and solutions at Knight Frank, said. Grade B rents were up 5.9 percent from a year earlier to $33.79 but fell 0.7 percent quarter-on-quarter as some landlords reduced them to attract customers. The vacancy rate was 0.7 percentage points higher than in the previous quarter at 8.2 percent. Many firms are considering moving to non-central business district (CBD) areas or letting their employees work remotely. "Demand for grade B offices with an area of up to 4,000 sq.m mainly … [Read more...] about HCMC office rents return to pre-Covid levels

Hanoi (VNA) - The following is a brief review of the day’s events as reported by the Vietnam News Agency on June 30. – Party General Secretary Nguyen Phu Trong on June 30 stressed the task of addressing shortcomings and filling in “vaccums” and “loopholes” so as to prevent corruption and negative phenomena. Speaking at a national conference held in Hanoi to review the 10-year combat against corruption and negative phenomena, the Party leader also said fighting corruption is a critically important but also extremely difficult and complicated task that requires resolute, persistent, continuous, and unceasing efforts from all levels and in all sectors and areas. Read full story National Assembly Chairman Vuong Dinh Hue (L) meets Speaker of the UK House of Lords John Mcfall (Photo: VNA) - Vietnam wishes to share experience with the United Kingdom (UK) in legislative affairs, especially in the building of the legal framework, policies and mechanisms to support the Government … [Read more...] about ☕ Afternoon briefing on June 30