VietNamNet Bridge – Vu Viet Ngoan, head of the Prime Minister’s Economic Advisory Team, talks to Thời báo kinh tế Việt Nam (Việt Nam Economic Times) about how the country can maintain its strong growth in 2019 and the next few years with internal strengths. Loading cargoes at the Hoang Dieu Port in the northeastern city of Hai Phong. — VNA/VNS Photo Thong Nhat The Government’s report said 2018 saw “comprehensive and positive achievements across all socio-economic aspects”. In your opinion, what was the highlight? In 2018, the Vietnamese economy witnessed growth in all three sectors – agriculture, industry and service. Not only have we attained high GDP growth, we have also consolidated macroeconomic fundamentals and increased the quality of growth, with the increase in productivity and higher ratio of manufacturing industries in the GDP compared to 2017. For me, there are two points that outshine … [Read more...] about Market confidence to drive Vietnam economic growth in 2019
Vietnam economic growth
Vietnam’s economic growth forecast to reach 6.9 per cent this year
The economic growth of Vietnam is expected to reach 6.9 per cent in 2018, which is slightly lower than the 7.1 per cent projected in April as exports, agriculture, construction, and mining are expected to moderate in the second half of the year, according to the predictions of the Asian Development Bank (ADB). The ADB has lowered Vietnam's growth forecast to 6.9 per cent this year According to statistics published by the ADB, the Vietnamese economy continued to perform strongly in the first half of 2018, although external and domestic challenges could affect the country’s growth outlook for this year and the next. In an update of its flagship annual economic publication, Asian Development Outlook (ADO) 2018, the ADB forecasts Vietnam’s economic growth at 6.9 per cent for 2018, while retaining its 2019 growth forecast of 6.8 per cent. Economic growth will likely hold up well in the near-term, buoyed by resilient domestic demand, improved business conditions, and … [Read more...] about Vietnam’s economic growth forecast to reach 6.9 per cent this year
Foreign media lauds Vietnam’s economic growth
Workers at an electronic spare part manufacturing plant in Vietnam (Illustrative image. Source: VNA) Hanoi (VNA) – France’s Le Temps newspaper on July 19 ran an article describing Vietnam as a new factory of the world. According to the article, low wages, tax incentives and free trade agreements have facilitated Vietnam’s exports to foreign markets. It highlighted the spectacular growth of industrial parks in Vietnam, but noted that the dependence on export and foreign direct investment (FDI) would make the country vulnerable to trade disputes between the US and other trade partners such as China and the European Union. Meanwhile, the UK’s Inquirer.net also reported that Vietnam has switched from being an agricultural economy to one of the brightest manufacturing hotspots in Southeast Asia, citing the latest report from Jones Lang LaSalle, one of the world's leading real estate services firms. It quoted the report as saying that “This phenomenal … [Read more...] about Foreign media lauds Vietnam’s economic growth
Vietnam’s economic growth to hit decade high
(VEN) - Vietnam’s 7.38 percent gross domestic product (GDP) growth in the first quarter of the year signals a decade record for annual GDP growth. Optimistic scenarios The Asian Development Bank (ADB) and two Vietnamese leading macroeconomic advisory agencies - the Central Institute for Economic Management (CIEM) under the Ministry of Planning and Investment, and the Vietnam Institute for Economic and Policy Research (VEPR) under the Vietnam National University - have issued optimistic 2018 scenarios about Vietnam’s macroeconomic outlook and GDP growth. According to the ADB, the Vietnamese economy will expand by 7.1 percent this year, before easing back to 6.8 percent in 2019. Vigorous manufacturing and export expansion, rising domestic consumption, strong foreign and domestic investment, and an improving agriculture sector will drive Vietnam’s robust economic growth, ADB Country Director for Vietnam Eric Sidgwick said. The CIEM forecasts a 2018 growth of 6.67 … [Read more...] about Vietnam’s economic growth to hit decade high
ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high
The Asian Development Bank thinks that Vietnam’s economy will expand by 7.1 percent this year, which if true would be the highest growth rate recorded by the country since 2008. “Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region,” the Manila-based lender said in its Asian Development Outlook (ADO) 2018 released on Wednesday. The country’s economic growth will be driven by manufacturing and export expansion, rising domestic consumption, strong investment fueled by foreign investors and domestic firms, and an improving agriculture sector, Eric Sidgwick, ADB country director for Vietnam, was quoted in the report as saying. While highlighting Vietnam’s strong growth potential, the report pointed out several major risks to the outlook, including rising global trade protectionism. Vietnam’s annual trade now exceeds 185 percent of GDP, making it the second … [Read more...] about ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high