Economic recovery and growth plan

The National Assembly on January 11 voted to adopt a Government-proposed socio-economic recovery programme worth nearly VND350 trillion (approximately US$15 billion) over the next two years. Nam Hai Dinh Vu Port in Hai Phong, a major maritime service and shipping centre of Vietnam. — VNA/VNS Photo An Dang Of 426 lawmakers present, 424 voted in favour of the highly anticipated resolution that is in response to a tumultuous year in which Vietnam was hard hit by the fourth wave of COVID, necessitating stringent lockdowns that hurt the country's economy and livelihoods. As a result, the country achieved 2.58 per cent GDP growth in 2021, the lowest in a decade. The five major tasks stated in the resolution are: reopening the economy in tandem with enhancing healthcare capacity and pandemic preparedness (VND60 trillion), ensuring social welfare and job creation (VND53.15 trillion), support for businesses and cooperatives (VND110 trillion), developing infrastructure … [Read more...] about National Assembly NA passes largest ever relief package for economic recovery, development

Tourists in Thailand (Photo: Xinhua/VNA) Bangkok (VNA) - Thai Minister of Finance Arkhom Termpittayapaisith has forecast the country’s economy would grow 3.5-4.5 percent this year driven by fiscal policy, exports and investment, despite an outbreak of the Omicron coronavirus variant remaining a challenge. According to him, 2021’s growth is estimated at only 1 percent, as the vital tourism sector has yet to recover significantly. However, the resumption of Thailand's quarantine waiver for foreign tourists from next month is expected to help boost the recovery. The Thai Government plans to invest 900 billion baht (27.4 billion USD) in infrastructure projects this year, Arkhom said, adding there are also other public-private investment projects. After earlier 1.5 trillion baht borrowing plans, the government can still borrow a further 10 percent of gross domestic product (GDP) if needed. With the price of goods rising, he said the government will try to keep inflation … [Read more...] about Thailand’s economic growth projected at 3.5-4.5 percent this year

The Vietnam Employment Outlook Survey for the first half of 2022 was conducted by ManpowerGroup Vietnam on 153 employers in 21 industries nationwide from November 30 to December 31. The respondents were human resource managers, talent acquisition managers, and business owners in diverse industries. According to the survey, up to 93 per cent of the surveyed companies have recovered from the pandemic, with 50 per cent or more of their usual activities recovered, while only 7 per cent said that their business operations remained affected or even remained suspended. Vietnamese businesses have learned to adapt and respond more flexibly to achieve the dual goals of effective disease prevention and economic development. Most recently, the World Bank said in the Economic Update for Vietnam, “Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5 per cent from 2.6 per cent in 2021”. The positive economic outlook gives employers in … [Read more...] about Employers expect strong hiring outlook for first half of 2022

PM requests tighter inspections to prevent corruption Prime Minister Pham Minh Chinh on January 12 chaired a meeting with representatives from ministries, sectors and localities on prevention and combat of corruption and negative phenomena, during which he stressed the need to intensify inspection and examination. He said that in the past year, the prevention and combat of corruption and negative phenomena was carried out continuously and drastically from the Government to the local authorities, demonstrating a high political determination and achieving remarkable results. However, he pointed out, there remains much to be done now, including improving the quality of inspections and the capacity of those involved in this work, renewing law dissemination and education, and stepping up thematic and specialised inspections. The Government leader requested strengthening inspections, especially on the responsibilities of the leaders, including the heads of ministries, sectors and … [Read more...] about VIETNAM NEWS HEADLINES JANUARY 13