Experts: VN economy promising next yearHung Le HCMC – With positive achievements this year, experts have forecast Vietnam’s economy would continue growing steadily next year, heard a seminar themed “Vietnam’s economic prospects in 2018”. At the seminar held by the HCMC CEO Club in the city last Thursday, Nguyen Duc Kien, vice chairman of the National Assembly’s Economic Committee, said Vietnam could obtain the gross domestic product (GDP) growth target of 6.7% this year. The country will continue stabilizing the macro economy, controlling inflation and speeding up the economic restructuring next year. The Government will accelerate public administration reforms, combat corruption, and improve the institutional capacity for market economy and business environment, Kien added. The Government will also amend laws on investment, bidding and construction to help enterprises overcome difficulties. In addition, Kien noted that there are still up to 241 … [Read more...] about Experts: VN economy promising next year
Economy
Experts claim plunging oil prices benefit economy
Global oil prices have fallen sharply over the last week to below USD 36 a barrel, while Brent crude in London fell to USD37.93 a barrel, which mean that prices have dropped a third compared with May 2015 and nearly two-thirds compared with their peak in June 2014. While falling oil prices have created mounting pressure on crude oil drilling and exporting companies in Vietnam, economic expert Bui Ngoc Son said the economy would actually benefit. "Cheaper fuel will help reduce the prices of other essential goods and boost production and consumption," Son explained. "It is calculated that fuel prices account for as much as 40-50% of input costs." In a recent interview with VTV, Deputy Finance Minister Do Hoang Anh Tuan said that budget collection from crude oil export no longer made a significant contribution to the state budget in comparison with five and ten years ago, standing at VND 66 trillion (US$3.1 billion) this … [Read more...] about Experts claim plunging oil prices benefit economy
Digital economy is core of restructuring: PM
Mr. Phuc told the Smart Industry World 2017 seminar and exhibition that the fourth industrial revolution presents the opportunity to realize Vietnam’s aspiration for prosperity. The government has adopted important solutions to develop IT infrastructure, smart agriculture, tourism and urban areas, and an innovative startup ecology, he stressed.“Our key missions include fine-tuning policies, applying IT in administrative reform, building an e-government, and providing online public services. ITC infrastructure will serve as the core of the digital economy,” Mr. Phuc noted. The exhibition showcases the latest solutions such as smart homes, 3D printing technology, automation, and artificial intelligence by companies from the US, Germany and Japan. … [Read more...] about Digital economy is core of restructuring: PM
Education deal with Ireland has good effect on Vietnam’s economy
An educational cooperation agreement between Vietnam and Ireland will have a significant impact on the quality of Vietnam’s education system and a positive effect for its economy, said Mark Ashwill, Managing Director of Capstone Vietnam – a human resource development company. Deputy Prime Minister and Foreign Minister Pham Binh Minh (R) received Irish Minister for Education and Skills Richard Bruton in Hanoi on November 24The PIE News - a widely read and highly trusted source of news and business intelligence about the global international education industry – recently interviewed Ashwill about the 578,000 EUR agreement, which had been signed by Vietnamese Deputy Prime Minister Pham Binh Minh and Irish Minister for Education and Skills Richard Bruton on the sidelines of the Asia Europe Meeting (ASEM) in late November.It cited Ashwill as saying that Irish universities are strong in technology and applied research, for which there is a great need in Vietnam as the … [Read more...] about Education deal with Ireland has good effect on Vietnam’s economy
Vietnam Economy to Develop Sustainably in 2018
CEL Consulting, a supply chain management consulting company, forecast that Vietnam’s economy will continue the trend of sustainable development in the medium term, while GDP growth is expected to reach 6.3 per cent in 2017 and will grow 6.4 - 6.8 per cent in 2018. Vietnam’s economy in the first 10 months of 2017 grew in various areas. High demands for domestic consumption and export expansion are driving production, retail and consumer services. Although exports still contribute significantly to the economy, Vietnam’s domestic market is becoming more attractive when the middle class is forecast to grow at 32-35 per cent by 2020. Mr Julien Brun, CEO of CEL Consulting, said, the business environment, low interest rate and credit growth of 22 per cent are favourable conditions for enterprises to borrow loans from commercial banks. In the first 10 months of 2017, up to 105,125 enterprises were established with a total capital of more than VND1,022 trillion, up … [Read more...] about Vietnam Economy to Develop Sustainably in 2018