Thailand's economy is expected to grow 4.1 percent this year, up from 3.6 percent predicted last August, as the recovery is broadening, the World Bank said on April 9. The WB raises Thailand's growth forecast this year due to economic recovery and rising exports - Source: Bangkok Post While rapid export growth continues to fuelling the economy, an increase in capacity utilisation and acceleration in capital goods imports suggest a nascent domestic demand recovery, the World Bank said in a statement. Theo VNA … [Read more...] about World Bank raises Thailand’s 2018 growth forecast
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Vietnam needs to act now to save pension fund or economy could be at risk: World Bank
Vietnam's economy could be at risk if nothing is done quickly to fix its pension system, the World Bank has pointed out after conducting two years of research. The country may encounter an imbalance between collection and spending of the fund in the future, when the number of old people receiving welfare payments is higher than those of working age who are contributing to the fund, said Ousmane Dione, the World Bank's country director for Vietnam. According to the report, Vietnam’s pension fund will run out by 2030, and the deficit will account for 2.5-3 percent of the country’s gross domestic products (GDP) in 2060-2070, Dione told a meeting with Deputy Prime Minister Vuong Dinh Hue in Hanoi on Thursday. He went on to say that Vietnam’s pension fund is facing an aging population, and that pension payments are higher than what workers contribute to the fund via their montly salaries. The bank suggested that Vietnam should raise its pension payments in accordance with … [Read more...] about Vietnam needs to act now to save pension fund or economy could be at risk: World Bank
9 million Vietnamese people still living in extreme poverty: World Bank
Nine million Vietnamese people are still living in extreme poverty, according to a World Bank report released on Thursday which calls for more alleviation efforts despite the success so far. Vietnam's poverty rate fell by almost 4 percentage points since 2014, to 9.8 percent in 2016, but the problem is far from solved, especially among ethnic groups, the report said. Ethnic minorities, many of them living in mountains areas, account for 72 percent of poor people in the 93-million strong Vietnam, it said. The average per capita consumption of ethnic minorities remains less than 45 percent of the Kinh and Hoa (Chinese), the majority groups in Vietnam. The poor also faces a widening gap in terms of access to upper secondary education and improved water and sanitation, the report said. Education in Vietnam thus remains to be a key area in combating poverty, the report said, suggesting that the government improve education opportunities for children from all backgrounds to give them equal … [Read more...] about 9 million Vietnamese people still living in extreme poverty: World Bank
World Bank report: Vietnam continues to reduce poverty
Illustrative image (Source: VNA) Hanoi (VNA) - Poverty in Vietnam continues to fall, particularly amongst ethnic minorities, who saw their rate of poverty decline significantly by 13 percentage points, the largest decline in the past decade, says a new World Bank (WB) report. According to the Report “Climbing the Ladder: Poverty Reduction and Shared Prosperity in Vietnam” released by the WB at a workshop in Hanoi on April 5, improving income from highland agriculture can help Vietnam further reduce poverty, which has fallen by almost 4 percentage points since 2014, to 9.8 percent in 2016. Ethnic minorities – many of them living in highland areas – account for 72 percent of Vietnam’s poor, and encouraging them to grow more profitable industrial crops may improve their earnings. Addressing the workshop, WB Country Director for Vietnam Ousmane Dione said Vietnam has achieved tremendous results in reducing poverty and improving the quality of … [Read more...] about World Bank report: Vietnam continues to reduce poverty
Vietnam, World Bank launch energy efficiency project
(VEN) - The World Bank and Vietnam’s Ministry of Industry and Trade jointly launched the Vietnam Energy Efficiency for Industrial Enterprises (VEEIE) project on March 5 to support energy-efficient technologies and practices. Consumption intensity According to the Department of Energy Efficiency and Sustainable Development under the Ministry of Industry and Trade, the national target program on energy efficiency and utilization in the 2011-2015 period cut energy consumption by 5.96 percent, equal to savings of over 11.8 million tonnes of oil. The energy consumption intensity of production industries that used to consume significant energy also dropped in the 2011-2015 period, such as steel (down 8.09 percent), cement (down 6.33 percent) and yarn (down 7.32 percent). In addition, the Ministry of Industry and Trade has certified more than 10,000 products for the energy efficiency label. Deputy Minister of Industry and Trade Hoang Quoc Vuong highlighted the efforts of the Vietnamese … [Read more...] about Vietnam, World Bank launch energy efficiency project