Illustrative image (Source: khmertimeskh.com) Hanoi (VNA) – Cambodia’s economy grew 7.5 percent in 2018, driven largely by the rapid expansion of exports and ongoing construction boom, according to the World Bank’s Cambodia Economic Update, which was released on May 6. Heightened uncertainty has, however, intensified risks, the WB said. “Improving investment climate and reducing the cost of doing business along with building skills for future economy are key priorities to sustain strong growth in the medium term. Growing evidence highlights that investment in people are essential to drive economic progress and sustainable development. Investing in people and improving the quality of Cambodia’s human capital should remain at the core of Cambodia’s aspirations to reach an upper middle-income economy by 2030,” said Inguna Dobraja, World Bank Country Manager for Cambodia. The report also calls for filling skills gaps and … [Read more...] about Cambodia’s economy grows 7.5 percent in 2018
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The Hanoitimes - Many South Korean travelers described an impressive experience in Vietnam, for them: “home away from home!” Vietnam opens tourism promotion office in South Korea Vietnam aims to pocket US$30 billion from tourism in 2019 The number of South Korean visitors to Vietnam in 2018 hit 3.48 million, a surge of 44.3% from a year earlier, continuing the upward trend over the past years. South Korean visitors in Vietnam Hanoi and Ho Chi Minh City are abuzz with Korean culture while beachside destinations like Danang, Hoi An, Nha Trang, and Phu Quoc are tailored for Korean tastes, according to both domestic and foreign media. Reasons attributed to the surge in South Korean visitors are as follows. Firstly, geographical proximity. It takes average five hours to get to Vietnam from South Korea. The short distance is a favorable condition for young people who can save time to enjoy their vacation in the country of both modern and … [Read more...] about Why is Vietnam so attractive to South Korean visitors?
The Hanoitimes - Geographic advantages are among factors proving that Vietnam is one of the world’s promising lands for global investors. Geographic advantages A beach in Phu Quoc island. File photo Over the past years, foreign capital inflows have been reportedly increasing in different parts across Vietnam like the capital city of Hanoi, the northern coastal city of Haiphong, the northern province of Quang Ninh, which is home to the world’s natural heritage Ha Long Bay, the northern province of Bac Ninh, which is home to a Samsung complex and hundreds of its Korean vendors, and Japanese Canon. The central region becomes attractive destination with the world’s famous beaches of Nha Trang, Phan Thiet, and Danang. Dozens of big domestic and overseas investors namely Vingroup, Sun Group, and French multinational hospitality company Accor have poured money into the aforementioned localities. In a latest move, Prime Minister Nguyen Xuan Phuc has … [Read more...] about Why is Vietnam’s real estate a magnet for international investors? (P.2)
A breakdown of sectors shows that agriculture grew by 3.76% and contributed 8.7% to GDP growth, while industry and construction expanded by 8.85% and made a 48.6% contribution to the overall growth. The services sector grew by 7.03% and contributed 42.7%, GSO Director Nguyen Bich Lam said on December 27. Agriculture’s growth rate was the highest in seven years and came as a result of restructuring efforts in recent years, especially in plant cultivation and aquaculture. Manufacturing continued to be the main growth driver of the Vietnamese economy, growing by a strong 12.98%, though lower than the figure of 2017 but still higher than during the 2012-2016 period. Such figures demonstrate that the economy is no longer reliant on the extraction of natural resources when 2018 is the third consecutive year to witness a decline in the mining industry. Services in 2018 also grew at a faster pace than during the 2012-2016 period with retail, wholesale, financial services, accommodation, … [Read more...] about Vietnam’s economy grows by 7.08 percent in 2018, highest in 11 years
Turkish economic growth slowed to 5.2 percent year-on-year in the second quarter, in what officials described as an "economic rebalancing" before an expected second-half slowdown as Turkey grapples with a currency crisis. At a market in Istanbul, Turkey President Tayyip Erdogan has overseen strong growth during his 15 years in power but the economy is now facing challenges after a sharp decline in the lira, triggered partly by concerns about his influence over monetary policy. Second quarter gross domestic product (GDP) expanded a seasonally and calendar adjusted 0.9 percent from the previous quarter, data from the Turkish Statistical Institute showed. Last year the economy grew 7.4 percent. Growth was driven by domestic demand despite a moderate slowdown in consumption and investments in the second quarter but the slowdown will become more visible from the third quarter, said Finance Minister Berat Albayrak. Rabobank emerging markets forex strategist Piotr Matys said that, … [Read more...] about Turkey”s economy grows 5.2 pct in Q2, set to slow down