Illustrative image (Source: adb.org) Hanoi (VNA) – The Asian Development Bank (ADB) has approved aid worth over 100 million USD to help the Vietnamese Government install eight modernised irrigation systems in five drought-affected provinces, according to the bank’s November 27 news release. The bank’s move is expected to contribute to improving agricultural productivity, especially among farmers growing high-value crops such as coffee, peppers, grapes, dragon fruits, and mangoes. Its support for the upgraded irrigation systems, which will supply water on-demand through pressurised pipe systems, will cover policy measures to help Binh Thuan, Dak Lak, Dak Nong, Khanh Hoa, and Ninh Thuan provinces improve irrigation management services, including the operations and maintenance of irrigation infrastructure. It will also assist the development of improved groundwater and water productivity assessments, as well as micro-irrigation systems based on the type of crops and … [Read more...] about ADB helps improve Vietnam’s irrigation systems
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Vietnam’s economy to continue to develop strongly and remarkably
(VEN) - Vietnam Economic News’ reporter Minh Long spoke with Stephen Wyatt, CEO of JLL Vietnam, about how regulations and the current situation of the Vietnamese financial sector might influence the economy. Stephen Wyatt, CEO of JLL Vietnam Following the State Bank of Vietnam’s Circular 06/2016 and Circular 16/2018, as of January 1, 2019 all commercial banks, branches of foreign banks, will have to reduce the current rate of short-term and medium-term loans from 45 percent to 40 percent. Do you think this will affect the economy in general and the real estate market in Vietnam in particular? This decision is the next step in a series of consistent policy easing measures by the government and the State Bank of Vietnam to support economic growth. In the context of continued high credit growth and orientation will continue to push for the whole year, if officially applied, will help significantly reduce the pressure of mobilization with commercial banks. As … [Read more...] about Vietnam’s economy to continue to develop strongly and remarkably
Vietnam’s economy continues to see signs of growth
The report presented the implementation of Vietnam’s socio-economic tasks and state budget last year and during the first months of this year. It mentioned a number of solutions to Vietnam’s sustainable growth. The government report said Vietnam met or surpassed all targets set in 2017 by the National Assembly. Vietnam achieved a GDP growth rate of 6.81% and export growth of 21% with a surplus of nearly US$3 billion. Vietnam’s economy continues to see signs of growth. Photo for illustration During the first months of this year, the country’s macro-economy was stable, inflation was under control. Vietnam saw economic growth of 7.38% in the first quarter of this year, the highest rate in 10 years. So far this year, exports have earned US$74 billion, up 19%. Confidence in Vietnam’s economic growth National Assembly deputies praised the whole political system and the government’s efforts in streamlining administrative procedures, … [Read more...] about Vietnam’s economy continues to see signs of growth
Vietnam’s economy stablises in 2018
Fiscal consolidation, together with low inflation rates in 2018, are chief drivers for Viet Nam’s continuously stabilising macro economy in the context of rising global trade protectionism and turmoil, said the Asian Development Bank (ADB). Fiscal consolidation, together with low inflation rates in 2018, are chief drivers for Viet Nam’s continuously stabilising macro economy in the context of rising global trade protectionism and turmoil, said the Asian Development Bank (ADB). - Photo dantri.com.vn According to the ADB’s 2018 Asian Development Outlook (ADO) released on Wednesday, Viet Nam will continue to achieve a strong GDP growth of 7.1 per cent this year, before falling to 6.8 per cent in 2019. "Aided by effective macroeconomic management, economic growth will spurt in 2018, with Viet Nam becoming one of the strongest performers in the region," said Eric Sidgwick, ADB Country Director for Viet Nam. "Viet Nam‘s robust economic growth will be driven … [Read more...] about Vietnam’s economy stablises in 2018
ADB forecasts Vietnam’s economy to grow 7.1 percent in 2018
“Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region”, said ADB Country Director for Vietnam Eric Sidgwick. At the press conference to launch the ADB new report on April 11 Vietnam’s robust economic growth will be driven by vigorous manufacturing and export expansion, rising domestic consumption, strong investment fuelled by foreign direct investment (FDI) and domestic enterprises, and an improving agriculture sector, he added. Vietnam has been able to mobilise an abundant supply of young, well educated workers to attract foreign investment to labour-intensive manufacturing over the last decade. However, as the Vietnamese economy becomes more sophisticated, the gap between worker qualifications and business needs is widening, Sidgwick warned, noting that if not addressed, this skills gap could become a major obstacle to Vietnam’s development aspirations. … [Read more...] about ADB forecasts Vietnam’s economy to grow 7.1 percent in 2018