VietNamNet Bridge – The economic panorama of Vietnam in 2011 was not very bright, but it is acknowledged that the Government exerted its effort to overcome difficulties when the global economy did not surpass the crisis yet. The Government issued Resolution 11, which is said the clearest message about the Government’s goals: controlling inflation and stabilizing macro economics. Notably, the Government had often focused on two targets, both curbing inflation and speeding up growth. But in 2011, it gave priority to cooling inflation. The Government’s package of solutions, including tightening the monetary and fiscal policies, cutting down government spending, releasing pressure on the forex market, worked quite well. Another noteworthy point is the Government confirmed that stabilizing macro-economics would be not only the mission of 2011, but also the mission of the middle and long-term reform process. At the first session of the new National … [Read more...] about What expectation for the economy in 2012?
How agriculture affects the economy
Agriculture Is The Workhorse By Dr. Vo Hung Dung (*) Over the past five years in a row, agriculture has been the kingpin which helped Vietnam’s economy develop in a stable way and weather the global economic crisis. Yet investment in the agricultural sector is way below that in other economic sectors. Despite its accounting for over 20% of gross domestic product (GDP), investment in the agricultural sector—which includes agriculture, forestry and fisheries—is less than 3% of GDP. This ratio has deeply plunged since 2000 (Graph 1). As a result of the plummeting investment, the growth of the agricultural sector has decelerated. The average growth of this sector has declined consecutively from one five-year period to another, from 4.4% in 1996-2000, to 3.8% in 2001-2005, and to 3.5% in 2006-2010. Undoubtedly, the slow growth of the sector has affected prices of raw and processed foods, and thus in Vietnam’s case, inflation. Despite the modest investment, the … [Read more...] about Agriculture Is The Workhorse
Swift inflation fall hits economy: expert By Thanh Hai - The Saigon Times Daily DANANG – Strong inflation control measures have produced positive results but the faster-than-expected decline in prices has led the economy to almost come a halt, said Tran Dinh Thien, director of the Vietnam Institute of Economics. Increasingly large numbers of enterprises are shutting down or suspending their business over tough market conditions, Thien said at the two-day Vietnam Banking and Investment Conference in Danang City held by Danang City in coordination with Euromoney Conferences and slated to wrap up on Friday. “The important thing is a stable macro-economic environment… Pulling down inflation to 7-8% has turned out to be an easy job but the point is how to do it without affecting the economy,” he said. Sharing this view, Simon Andrews, IFC regional manager for Vietnam, Laos, Cambodia and Thailand, said investors were wondering what policy Vietnam would bring out in … [Read more...] about Swift inflation fall hits economy: expert
Which Prospect for Vietnam Economy in 2009-2010 Period? How is the Vietnam economy in the 2009-2010 period? What are the economy’s impacts on local firms? These were questions discussed at a conference entitled “Prospect of Vietnamese economy and challenges faced by local businesses between 2009 and 2010” recently held by Business Forum Newspaper under the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Institute of Economics in Hanoi. Impacts Dr. Dang Xuan Thanh from the Institute of World Economics and Politics, said the world economic crisis have lasted 18 months and seriously influenced Vietnamese economy in medium and long term. The country has seen a sharp fall in economic growth, export turnover, foreign direct investment, tourist number and revenues and labor export. He added that, in the long run, Vietnam may cope with high risks of inflation, a low FDI inflow, slow recovery of global trade tiers and more fierce trade competition. … [Read more...] about Which Prospect for Vietnam Economy in 2009-2010 Period?
VietNamNet Bridge - Even though Vietnam has a long coastline, the country is still struggling with how to best exploit these advantages in developing a more developed maritime economy. The 10th Party Central Committee issued the Resolution on Vietnam Marine Strategy to 2020 with the goal of turning Vietnam into a prosperous country from the sea. VietNamNet talks with experts about the strategy. The experts who joined VietNamNet talks were Mr. Ngo Luc Tai, Vice Chair of HCM City Marine Science and Technology Association, Dr. Nguyen Chu Hoi, lecturer of the Vietnam National University, former Deputy General Director of the Vietnam Sea and Islands Agency, and Architect Tran Ngoc Chinh, former Deputy Minister of Construction, Chair of the Vietnam Urban Planning and Development Association. Q: How has the Resolution on Vietnam's marine strategy to 2020 has been implemented? Nguyen Chu Hoi: In the spirit of this marine strategy, by 2020 Vietnam will strive to become a strong … [Read more...] about Vietnam and the marine strategy