ADB Forecasts Vietnam GDP Growth of 4.5 per cent This Yr The Asian Development Bank (ADB) has forecast in a report that Vietnam’s economy will slow to 4.5 per cent this year and will recover to 6.5 per cent next year. Despite impacts of the global economic downturn, Vietnam’s economy may still be able to achieve a moderate level of growth of 4.5 per cent in 2009 and recover to 6.5 per cent in 2010, the ADB's report said. A slowdown in growth of the domestic economy is inevitable, and near-term economic prospects of Vietnam are clouded with unusually high level of uncertainty on the length and depth of the global economic downturn, it said. “The main near-term challenge for Vietnam is to limit the slowdown in growth while keeping fiscal and current account deficits in check,” said Aymui Konishi, ADB Country Director for Vietnam said. “The government of Vietnam should accelerate economic reforms and further open up its economy in line with WTO … [Read more...] about ADB Forecasts Vietnam GDP Growth of 4.5 per cent This Yr
Vietnam economy growth
Hanoi Times – Will Vietnam economy which known as an “emerging economy”, “new star” continue to tell its miraculous story as in the past years? In these days, there comes bad news from the economy. In the domestic market, inflation and gold price are on the rise. In contrast, the economic growth and stock market plunge. Besides, the world market is being staggered by the American financial crisis and the increasing prices of food and crude oil. All these have portrayed an overall and vivid picture of the economy. In fact, the difficulties facing Vietnamese economy in the first 4 months can be understandable when Vietnam intensively integrates into the regional and international market. Moreover, it is also a good chance for us to restructure the ineffective economic sectors which are not competent enough to compete in both domestic and international markets. Regarding the reasons of economic turmoil in the first 4 months of 2008, the Party’s … [Read more...] about A contemplation of Vietnam economy in “price storm”
An employee at a Japan-invested electronic parts company in Ho Chi Minh City. Electronics exports are now Vietnam’s top export item, overtaking traditional items such as garments, leather, coffee, and rice, and contributing much to the country's growth. Photo: VNA Vietnam’s growth is expected to rise modestly to 5.5 percent in 2014 in the absence of visible progress in addressing structural problems, the World Bank said in a recent report. The trade and current accounts are expected to remain in surplus this year, although by a smaller amount than in 2013. Meanwhile, inflation is likely to stay within the government target of 7 percent in 2014 given the modest credit growth and assuming that no major supply-side shocks materialize, the Washington-based lender said in the East Asia Pacific Economic Update released Monday. Vietnam’s economy expanded 5.4 percent last year from 5.3 percent in 2012. Inflation slowed to 6.6 percent in 2013 from 9.1 percent in 2012. … [Read more...] about Vietnam economy will grow 5.5 pct this year: World Bank
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?
Vietnam Targets Growth of 6.5 Pct Next Year The directive calls on ministries, authorities, State economic groups and corporations to submit their socio-economic development plans and budget estimates for 2012 by August 2011. The 2012 objectives include stabilising the macro-economy, curbing inflation and reaching an economic growth rate higher than that of 2011 in order to ensure social security, improved living standards, political stability, defence and security, law and order and the improved efficiency of international integration. A strict and prudent, yet flexible monetary policy is necessary in order to achieve a balance between monetary and fiscal policies, control inflation, stabilise local currency and increase foreign currency reserves. Prime Minister Nguyen Tan Dung said that the government was committed to imposing tighter controls and greater transparency in terms of public spending and investment, especially regarding investments using public budgets, Government … [Read more...] about Vietnam Targets Growth of 6.5 Pct Next Year