How is the Vietnam economy in the 2009-2010 period? What are the economy's impacts on local firms? These were questions discussed at a conference entitled "Prospect of Vietnamese economy and challenges faced by local businesses between 2009 and 2010" recently held by Business Forum Newspaper under the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Institute of Economics in Hanoi. Impacts Dr. Dang Xuan Thanh from the Institute of World Economics and Politics, said the world economic crisis have lasted 18 months and seriously influenced Vietnamese economy in medium and long term. The country has seen a sharp fall in economic growth, export turnover, foreign direct investment, tourist number and revenues and labor export. He added that, in the long run, Vietnam may cope with high risks of inflation, a low FDI inflow, slow recovery of global trade tiers and more fierce trade competition. According to Dr. Vo Tri Thanh, Deputy Head of Central Institute for Economic … [Read more...] about Which Prospect for Vietnam Economy in 2009-2010 Period?
StanChart says Vietnam economy on solid recovery track By Thanh Trung - The Saigon Times Daily HANOI - Vietnam has weathered the global economic crisis relatively well with the assistance of proactive fiscal measures and resilient domestic demand, according to Standard Chartered Bank. The country's latest GDP growth data, for the third quarter of 2009, show that its economy is on a solid recovery track although the export sector remains sluggish, says the bank's latest report on Vietnam's economy. Tai Hui, StanChart regional head of research in South East Asia, said, "We have revised up our growth forecasts to 4.9% from 4.2% for 2009 to reflect this better-than-expected performance." Vietnam's GDP growth for 2010, the economist predicted, will be 6.7% instead of 5.0% as earlier forecast by the bank. For 2011, the rate has also been revised up to 7.2% from the previous 6.0%. The report, however, warns of new challenges that the country will be facing. The bank has revised its inflation … [Read more...] about StanChart says Vietnam economy on solid recovery track
VietNamNet Bridge - ADB (Asian Development Bank) has predicted a 6.8 percent GDP growth rate for Vietnam in 2018, a figure which is much higher than the average growth rate in the region. ADB has predicted a 6.8% GDP growth rate for Vietnam in 2018 The Vietnam economy depends heavily on the world economy which began entering a prosperous period after 10 years of difficulties. The FED’s plan to raise the prime interest rate four times in 2018 would slightly decrease by 0.0075 percentage points Vietnam’s GDP. Huong mentioned the possibility that the Vietnam stock market would be upgraded to an Emerging Market by the end of 2019 or early 2020. RELATED NEWS GDP grows sharply as economy relies on foreign-invested enterprises Vietnam cautious about economic growth for 2018 Mai Thanh … [Read more...] about How will the Vietnam economy be in 2018?
WB: Vietnam economy grows beneath potential Tu Hoang By Tu Hoang - The Saigon Times Daily HANOI – The World Bank (WB) projected Vietnam’s economy would expand at a lower-than-expected pace and beneath its potential. Speaking at a press briefing in Hanoi City on October 6 where the WB launched the East Asia Economic Update report, the international lending institution estimated the nation’s gross domestic product (GDP) growth at around 5.4% at the end of this year and possibly not more than 5.5% before 2016. The WB’s projections were lower than the targets set by the Government. Nguyen Van Nen, Minister and Chairman of the Government Office, told a regular press conference in the capital late last month said the local economy posted relatively stable growth between January and September. Though no breakthroughs have been made so far, the GDP growth of 5.8% is obtainable this year, Nen said. Some cabinet members even expected a GDP growth rate of 5.9%, … [Read more...] about WB: Vietnam economy grows beneath potential
Survey shows business execs still upbeat about Vietnam economy By Binh Nguyen - The Saigon Times Daily HCMC - Senior business executives in general still hold an upbeat outlook about Vietnam in 2009, although the level of optimism has fallen sharply, according to a survey just released by Grant Thornton International. The accounting and consulting firm's new International Business Report unveils 31% of the executives from over 7,000 privately-held businesses (PHB) around the world expressed optimism in Vietnam's growth in 2009. The report points out that while major economies such as the United States, Japan and the euro zone enter into a recession, Vietnam's economic growth remained strong in 2008 although it slowed down to 6.23% from 8.5% in 2007. "Vietnam's economic growth slowed in 2008 to its weakest pace in almost a decade and suffered during the year by the soaring prices for raw materials and then the global financial crisis," the report says. It cited Vietnam's total … [Read more...] about Survey shows business execs still upbeat about Vietnam economy