GDP growth target out of reach, says economist By Thanh Thuong - The Saigon Times Daily HCMC – With the current macroeconomic uncertainties, it is impossible for the country to achieve this year’s GDP growth target of 6-6.5%, said Tran Hoang Ngan, member of the National Assembly Economic Committee. According to the latest report by the General Statistics Office, the national GDP grew at 4.38% in January-June year-on-year. The report said the low GDP growth is due to stagnant production and snowballing inventories at local producers. Ngan, who is also vice rector of the HCMC Economics University, told the Daily that it is unlikely that the nation will realize the target of GDP growth this year. He insists decreased investment at home is the main reason behind the current tough situation since investment capital is the decisive driving force for economic growth. As such, the country for the rest of the year will have to make all-out efforts to reach its GDP growth target, … [Read more...] about GDP growth target out of reach, says economist
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WB maintains Vietnam GDP growth forecastPhuong Thao By Phuong Thao - The Saigon Times Daily HCMC - The World Bank (WB) in its latest global report has projected Vietnam’s gross domestic product (GDP) to expand by 5.5% this year, the same as what the international development lender predicted in April. WB still keeps its projection unchanged for Vietnam’s GDP growth despite the rising tension in the East Sea after China illegally deployed a giant oil rig and a large number of escort ships well within Vietnamese waters. In the Global Economic Prospects (GEP) report, WB forecast Vietnam’s GDP to increase by 5.6% next year and 5.8% in 2016. WB explained in the report that Vietnam was expected to continue benefiting from recovering global demand due to improved macroeconomic fundamentals, including price stability with GDP growth projected to increase modestly but steadily to reach 5.8% by 2016. Business sentiment continued to show a solid expansion in Vietnam … [Read more...] about WB maintains Vietnam GDP growth forecast
GDP growth projected at 6.11% in H1 Tu Hoang By Tu Hoang - The Saigon Times Daily Employees of HCMC Power Corporation are seen doing repair work at a low-voltage power work in the city. The electricity generation and distribution sector has contributed much to the country’s high IIP growth in the first half of this year - PHOTO: MINH KHUE HANOI - The country’s key economic indicators have improved, with gross domestic product (GDP) in January-June estimated to expand 6.11% compared to the same period last year. This is the highest H1 economic growth since 2010, according to the Ministry of Planning and Investment’s latest report on production, trade, services and investment in the first six months of the year, VietnamPlus reports. Deputy Minister of Planning and Investment Dang Huy Dong told a review meeting in Hanoi on June 24 that the H1 GDP growth of 6.11% indicated that the economy has got back to the high growth path since 2014. The industrial and … [Read more...] about GDP growth projected at 6.11% in H1
VietNamNet Bridge - The oil price keeps dropping dramatically, leading to a decrease in Vietnam’s state budget revenue. Meanwhile, other indicators that measure the health of the national economy all show worrying signs. “2015 was believed to be the toughest year in dozens of years in the global and Vietnamese oil & gas industry,” said Nguyen Vu Truong Son, CEO of the Vietnam National Oil and Gas Group (PetroVietnam). Son said the oil price in the first six months of the year stayed at $38 per barrel, which was even lower than the average price of $54 per barrel in 2015. The sharp fall in oil price which has lasted since 2014 has made it ‘more difficult than ever’ to develop and exploit oil fields. PetroVietnam has had to delay the mine development plans and cut billions of dollars worth of expenses on operation costs and logistics. This will certainly affect oil exploitation in 2017 and the following years. “The number of mines planned … [Read more...] about Oil fields depleted, exports hit threshold, GDP growth slows
VietNamNet Bridge - Two more international institutions have lowered their predicted GDP growth rate for Vietnam in 2016, showing less optimism about Vietnam’s economy. However, analysts say a lower GDP growth rate won’t be a concern. Credit Suisse has lowered the predicted GDP growth rate for Vietnam from 6.3 percent to 6 percent. In a similar move, Business Monitor International (BMI) has lowered the growth rate from 6.3 percent to 5.9 percent. The World Bank (WB) earlier this month updated the new predicted GDP growth rate at 6.2 percent, or 0.4 percent lower than the figure released in January. The National Finance Supervision Council, in the latest report, though affirming the upward tendency in GDP growth in the long term, also noted that economic growth has slowed down in the short term since the third quarter of 2015. Vo Tri Thanh, former deputy head of CIEM, said it would be difficult to reach a 6.7 percent GDP growth rate. Thanh said … [Read more...] about Is 6.7 percent GDP growth rate a must for Vietnam in 2016?