VietNamNet Bridge – Economists have warned that Vietnam could fall into the middle-income trap, and it is predicted that within several years it could even fall behind Laos and Cambodia in economic growth. A World Bank (WB) report shows that Vietnam’s GDP per capita was $1,910 in 2013. The figures were $1,645 in Laos, $1,007 in Cambodia and $900 in Myanmar. Laos and Cambodia are believed to be at lower development levels than Vietnam. Deputy Minister of Planning and Investment Nguyen Chi Dung admitted that if the current growth continued, Laos and Cambodia would outstrip Vietnam in just three or five years. While Vietnamese government officials are reluctant to talk about the middle-income trap, international experts said that Vietnam had fallen into the trap. “I can say for sure now that Vietnam is falling into the middle-income trap,” said Professor Kenichi Ohno, director of the Vietnam Development Forum project. Dr. Tran Dinh Thien, head of the Vietnam … [Read more...] about Vietnam’s growth rate could fall behind Laos, Cambodia: experts
Vietnam growth rate
Credit reachs the highest growth rate in the past three years
The Hanoitimes - According to the State Bank of Vietnam (SBV), Vietnam`s credit growth rate increased by 6.09 % as of June 15 compared to the end of 2014 and nearly 19% from the same period last year. Vietnam recorded the highest credit growth rate in the past three years. Thu Minh … [Read more...] about Credit reachs the highest growth rate in the past three years
Tourism achieves high growth rate
Foreign tourists visit Cham Museum in Da Nang City (Source :VNS/VNA)  Hanoi (VNA) - The growth rate of Vietnam's tourism sector was higher than its targets the last five years in terms of volume of tourists, revenue and facilities. This follows five years of implementation of its tourism development strategy towards 2020 and 2030. According to the Vietnam National Tourism Administration's Institute for Tourism Development and Research, foreign tourist arrivals grew at 5.7 percent on average each year during the 2011-15 period, while the number of local tourists grew at 16.3 percent a year. In 2011, the local tourism industry served six million foreign tourists and 30 million local tourists. The figures rose to 7.9 million and 38.5 million, respectively in 2014. Meanwhile, Vietnam received seven million foreign tourists and 53.8 million local tourists in the first 11 months of this year. The target number of 7.5 million foreign tourists has already been achieved for 2015, … [Read more...] about Tourism achieves high growth rate
Vietnam expects a yearly GDP growth rate of over 6.5%
(VOVworld) - The National Assembly’s Economic Committee in its social economic report released in Ho Chi Minh City confirmed Vietnam’s economic recovery with a growth rate of over 6.5% projected for this year. Dr. Tran Hoang Ngan said industrial production and manufacturing sector were the driving force behind national economic recovery. He said people’s living standards must be improved: “Economic recovery is obvious with year on year growth rate increases. Economic restructuring has laid foundation for further development. Now voters are more concerned about life quality.” … [Read more...] about Vietnam expects a yearly GDP growth rate of over 6.5%
Businesses still suffer even with higher GDP growth rate, low inflation
VietNamNet Bridge - Although the GDP growth rate is high and the inflation rate is low, both people and businesses are facing difficulties, economists say. A government report shows that GDP grew by 6.5 percent in the first nine months of the year, the highest growth rate compared with the same period of the four previous years. Meanwhile, the 9-month basic inflation rate was 2.15 percent only. The consumer price index (CPI) increased by 0.74 percent only against the same period, which represented the lowest increase in the last 15 years during the same time. Economists have questioned the figures. “Why was the inflation rate low while both fiscal and monetary policies were open?” said Nguyen Dinh Cung, head of CIEM. The government’s report showed that the outstanding loans would increase by 17 percent in 2015, the sharpest increase since 2011. Cung said that the inflation rate in the first nine months of the year was low because of the low input material … [Read more...] about Businesses still suffer even with higher GDP growth rate, low inflation