Bến Thành Market in HCM City’s District 1. HCM City reports economic growth of 8.3 per cent. — VNS File PhotoViet Nam News HCM CITY — Despites difficulties and challenges the HCM City economy grew by 8.3 per cent this year to more than VNĐ1.33 trillion (over US$59.6 billion). Dr Trần Hoàng Ngân, director of the HCM City Cadre Academy, said the growth rate is 1.24 times the country’s rate and has been achieved despite the impacts of global events such as the China-US trade war. But this year there have been certain financial problems. The city is no longer allowed to use public lands in lieu of money for BT (build – transfer) public works. As a result, payments for some major works such as the Bến Thành – Suối Tiên and Bến Thành – Tham Lương metro lines have been affected. The city also had to deal with complaints by groups of residents who gathered to … [Read more...] about HCM City reports economic growth of 8.3 per cent
Economic growth
Confused values in times of rapid economic growth
Martin Rama, Chief Economist for South Asia at the World Bank. The last time I was in Hanoi I felt frightened. As I was returning to my hotel late at night, and was about to cross the beautiful Ly Thai To street, dozens of roaring motorbikes suddenly emerged out of nowhere, thundering in front of me in a frantic and potentially lethal race. It was one of these "games" where one of the motorbikes is chased through town, at very high speed, by all the others. Of course, I had witnessed many of these absurd races when I lived in Hanoi, until 2010. But this time the game seemed wilder. To my surprise, the "players" now included young women, two by motorbike, behaving as dangerously as the young men. And nobody was wearing a helmet. Given the crazy speed of the race, and the acrobatics to touch the chased team, the risk of instant death was high. The horde disappeared like a flash the dark of the night, as rapidly as it had emerged. As the city center … [Read more...] about Confused values in times of rapid economic growth
VN stocks fall for a second day on economic growth worries
Viet Nam News HÀ NỘI — Vietnamese shares fell for a second day due to worries about a slowing global economy. The benchmark VN-Index on the Hồ Chí Minh Stock Exchange dropped 0.85 per cent to close Friday at 952.04 points. The southern market has lost total 0.96 per cent in the last two trading days and a total of 0.68 per cent this week. The HNX Index on the Hà Nội Stock Exchange dropped 0.61 per cent to end at 106.65 points, totalling a two-day decline of 0.95 per cent. The northern market index has decreased by 0.46 per cent this week. The market indices headed down during most of Friday on increased selling pressure. Increased selling pressure hit large-cap stocks, pulling the blue-chip VN30 Index down 1.09 per cent to 918.79 points at the end of the day. Twenty-five of the 30 largest stocks by market capitalization declined, including Vietinbank (CTG), VPBank (VPB), Vietcombank (VCB), food and beverage group Masan (MSN), Military Bank … [Read more...] about VN stocks fall for a second day on economic growth worries
IMF pledges to assist Vietnam’s economic growth
At the reception, Binh underlined that Vietnam gives priorities to stabilizing macro-economy; curbing inflation; enhancing the economy’s productivity, quality, effectiveness, self-reliance and competitiveness; improving its investment-business environment; boosting economic growth; and restructuring the economy with a focus on growth model renovation. Politburo member and Chairman of the Communist Party of Vietnam Central Committee’s Commission for Economic Affairs Nguyen Van Binh (R) and Division Chief in the Asia and Pacific department of the IMF and head of the delegation Alex Moumouras The Party official hoped that the IMF would continue to cooperate closely with Vietnam, further its assistance, and provide training courses and policy consultancy to the country. For his part, Division Chief in the Asia and Pacific department of the IMF and head of the delegation Alex Moumouras highly evaluated the Vietnamese Party’s and State’s … [Read more...] about IMF pledges to assist Vietnam’s economic growth
Forum seeks new drivers for national economic growth
At the forum (Photo: VNA) Hanoi (VNA) – Vietnam should push reform and development at the same time so as not to lag behind in the new era, Minister of Planning and Investment Nguyen Chi Dung said at the first Vietnam Reform and Development Forum (VRDF) in Hanoi. Addressing the forum which opened in Hanoi on December 5 under the theme “New vision, new drivers of economic growth in the new era”, the minister explained that the fourth Industrial Revolution is making wide and deep impacts on all socio-economic aspects of all countries worldwide. The revolution has also created marked changes in production organisation, service supply, business methods as well as consumption habits and human behaviours, Dung added. In such context, Vietnam is required to make strong and fundamental reforms in order to continue advancing forward. The minister pointed out that Vietnam is enjoying a “golden” period with a high rate of working-age population and an … [Read more...] about Forum seeks new drivers for national economic growth