Vietnam economy growth

The report, which was released by the Vietnam Institute for Economic and Policy Research (VEPR), said the positive growth momentum in the latter half of 2017 seems to have helped fuel the growth in Q1 this year. Processing and manufacturing continued to be a key driving force for the economy with an expansion of up to 13.56%, it noted, adding that Samsung Vietnam remained the biggest contributor to the processing and manufacturing industry. The firm’s export of mobile phones and components reached US$12.3 billion in the three months, surging 58.8% year on year. The mining industry rebounded with a growth rate of 0.4% after two consecutive years of contracting. Industrial production output increased by 11.6% from a year earlier, much higher than the growth of the same period of recent years. VEPR Director Nguyen Duc Thanh said most of the added value in this sector came from foreign direct investment (FDI) companies, as the manufacturing industry received great contributions from … [Read more...] about Report reveals problems of Vietnam’s economy despite Q1 strong growth

The seafood industry must envision a long-term strategy to make full use of new trade pacts and prepare for problems that might arise when they take effect, Truong Dinh Hoe, VASEP general secretary, said. Shrimp processed at Cuu Long Seafood JSC in Trà Vinh province. Vietnam ranks second globally in shrimp exports, with a market share of 14 percent, only behind India (15 percent). Hoe was speaking at a conference in HCM City on July 17 on the challenges and opportunities faced by the seafood sector under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), which took effect in January, and the EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be approved by the EU Parliament late this year or early next year. “Two major trade agreements will result in lower tariffs imposed on Vietnamese goods, but domestic enterprises will also face competition with foreign rivals in addition to stringent regulations on product quality and … [Read more...] about Trade pacts bring opportunities for Vietnam seafood industry’s sustainable growth

Vietnam has the potential to become a leader in tax reform, said Johan Langerock, tax policy expert of Oxfam at the Vietnam Fiscal Policy and Development Forum 2019, which opened in Hanoi on November 13. Johan Langerock, tax policy expert of Oxfam Upon addressing the forum themed “Towards a Fair Tax System, Langerock noted that the country’s economic growth reached a 10-year high of 7.1 per cent last year, with this strong economic momentum expected to continue for the remainder of the year. The nation has been transformed from one of the world’s poorest countries that suffered from frequent food shortages, to a lower middle-income economy that is currently a leading exporter of rice, seafood, coffee, and other commodities. The official poverty rate has fallen from 58 per cent in the early 1990s to less than 10 per cent today. Despite this success, the country’s extraordinary economic track record has not been accompanied by a similar pathway in … [Read more...] about Vietnam can be a leader in tax reform: Oxfam

Vietnam may suffer a further loss in its economic growth if environmental pollution worsens, according to the Ministry of Natural Resources and Environment (MoNRE) official Nguyen Hoang Nam. Organic fertilisers produced by Sa Mạc Xanh (Desert Green) Co Ltd where burnt waste is used for farming. — Photo greendesertwte.com Vietnam was ranked fourth among all countries and territories in the world in terms of plastic disposal but not the biggest in terms of land area and population, Nam said at a workshop on Tuesday. Three top economies with the highest plastic disposal were China, Indonesia and the Philippines, he said. World Bank in 2019 estimated that the impacts of environmental pollution might cut off 3.5 per cent from Việt Nam's GDP in 2035, Nam reported. On the global scale, the Spanish organisation DARA International in 2012 forecast climate change might curb the world’s total GDP by 11 per cent in 2030. By 2050, the total volume of plastic waste … [Read more...] about Losses in forecast for Vietnam’s economy if pollution worsens

At the signing ceremony (Source: sggp.org.vn) Hanoi (VNA) – The Swiss Agency for Development and Cooperation (SDC) will provide non-refundable aid word 365,000 CHF (nearly 369,000 USD) for the project Remote Sensing-based Information and Insurance for Crops in Emerging Economies – third phase (RIICE 3). An agreement to this effect was signed by the SDC and the Vietnamese Ministry of Agriculture and Rural Development (MARD) in Hanoi on July 17. The funding, which accounts for 82 percent of the project’s total value, aims to carry out the final steps to integrate the RIICE into the MARD’s rice cultivation and production monitoring system. Swiss Ambassador to Vietnam Beatrice Maser Mallor said domestic partners have applied cutting-edge technologies such as remote sensing and cloud computing to assist relevant sides in the rice production value chain.   With such technologies, agricultural agencies can promptly access accurate data, thus improving rice … [Read more...] about Switzerland helps Vietnam apply remote-sensing technology in rice production