Vietnam’s economy is witnessing an impressive rebound and is expected to be among the best recovering economies in the world despite Covid-19 resurgence in neighboring countries. The newly released 2021 ADO (Asian Development Outlook) Report says Vietnam’s economic growth will see strong recovery this year with a predicted GDP growth rate of 6.7 percent, while the growth rate will be 7 percent next year. ADB (Asian Development Bank) experts attribute the strong economic recovery to success in controlling the spread of the coronavirus. They also believe that growth will be empowered by the export-oriented manufacturing and processing industry, investment increases, and trade expansion. Economic growth is forecast to continue thanks to reform of the business environment and Vietnam’s FTA (free trade agreement) memberships with most developed economies. VEPR (Vietnam Institute for Economic and Policy Research) has raised its forecasted GDP growth rate to 6-6.3 percent in 2021. … [Read more...] about Vietnamese strategy: overcoming the pandemic, maintaining high economic growth
ADB highlighted bright prospects for the Vietnamese economy “Stagnant domestic consumption and weak external demand caused by the COVID-19 pandemic slowed down Vietnam’s economy last year, but the growth momentum remains strong this year and next, made possible by Vietnam’s success in controlling the spread of the virus,” said ADB Country Director for Vietnam Andrew Jeffries. “But significant risks remain this year and next, including the emergence of new coronavirus variants and a delay in the government’s vaccination plan.” The Asian Development Outlook (ADO) 2021 says Vietnam’s economic growth will be boosted by export-oriented manufacturing, increased investment, and expanding trade. The growth momentum is expected to continue, thanks to ongoing reforms to improve the business environment and Vietnam’s participation in multiple free trade agreements involving almost all advanced economies. Rising international oil prices and increased domestic consumption is expected to push … [Read more...] about ADB forcasts Vietnam’s economic growth to rebound to 6.7 per cent this year
Fruit exports to the US thrive Vietnam’s fruit exports reached about 1 billion USD in the first quarter of this year, up 10 percent compared to the same period last year. Of the figure, exports to the US - Vietnam’s 4cond-largest fruit and vegetable market - accounted for 30 percent. The market’s potential is expected to grow in the time to come. Growth is expected to continue in the future due to increasing market demand. The US is Vietnam’s second-largest fruit market, after China. It imports about 150 million USD worth of fruit each year. While the figure is rather modest, it is still significant in creating a driving force for fruit growers to improve the quality to meet the requirements of other demanding markets. Greater profit margins will create fiercer competition in the market. The price of Vietnamese fruit, meanwhile, is always higher than in countries such as Thailand. Prices are expected to fall in the time to come, though, as more enterprises invest in … [Read more...] about VIETNAM BUSINESS NEWS APRIL 29
Positive growth thanks to effective anti-epidemic strategy The Asian Development Outlook (ADO) report, released on April 28, states that the Vietnamese economy still grew in 2020 despite the COVID-19 pandemic and the ensuing downturn in global growth. Accordingly, the Government's effective anti-epidemic and socio-economic development measures managed to largely insulate the economy from the COVID-19 pandemic in 2020, GDP growing by 2.9% – one of the highest growth rates in the world. In particular, economic bright spots worthy of mention were agriculture, growing by 2.7% in 2020 from 2.0% in 2019, the sector buoyed by proactive export promotion; structural transformation (for example, shifting from rice to high-value cash crops and livestock); and a dynamic private sector. Agriculture contributed 0.4 percentage points to GDP growth last year – a strong performance given the severe floods and drought, increased salinity intrusion, and a sharp drop in external demand, reported the … [Read more...] about Vietnam’s economic growth to bounce back strongly in 2021-2022
In Việt Nam, banks and consumer lending companies thrive for providing a ‘fast and easy’ credit experience as well. –Photo kinhdoanhvatiepthi.vn Op-Ed Nicolas Lainez, PhD * Big data and AI are transforming the credit industry in Southeast Asia. This process is visible in Việt Nam where credit markets undergo rapid expansion. With some 60 million un(der)banked citizens short of credit history, digital credit scoring emerges as a magic tool to foster financial inclusion. This technology combines big data gleaned from smartphones and machine learning algorithms to assess borrowers’ creditworthiness. Despite its potential, this technology is being deployed in legal limbo. However, regulation is critical to foster fintech innovation while safeguarding the public interest. Credit scoring start-ups capitalize on the high mobile phone and internet penetration rates and the rapid development of digital technologies in Việt Nam. These technologies collect intimate data about … [Read more...] about Regulating digital credit scoring in Vietnam: An imperious necessity?