The Hanoitimes - Vietnam`s nominal GDP in 2018 is forecast to grow over 6.7% to reach VND5,555 trillion (US$240.5 billion), leading to GDP per capita of US$2,540, up 6.3% year-on-year or US$155. Vietnam targets the GDP growth rate of 6.6 - 6.8% in 2019, Vice Minister of Planning and Investment Nguyen Van Trung was quoted by VnEconomy as saying. Illustrative photo. Additionally, the country expects export turnover to increase by 7 - 8% and keep trade deficit below 3%, Trung said at a meeting on October 9. In 2019, total social investment would account for 33 - 34% of GDP, while the average CPI is projected to reach around 4%, Trung informed. Vietnam's labor force (from the age of 15 upwards) would be around 55.9 million, up 1.97% year-on-year, state budget revenue of VND1,411 trillion (US$60.57 billion), up 7% year-on-year. Meanwhile, Vietnam's budget expenditure is expected at VND1,633 trillion (US$70.10 billion), up 7.2% year-on-year, resulting in a … [Read more...] about Vietnam targets GDP growth rate of 6.6 – 6.8% in 2019
What is gdp growth rate
HSBC puts GDP growth at 6.1% this yearDinh Duy By Dinh Duy - The Saigon Times Daily A Hanjin Colombo ship is seen at a local port in this fi le photo. HSBC Bank has predicted Vietnam’s GDP growth of 6.1% this year, below the Government’s 6.2% target - PHOTO: TL. HCMC - HSBC Bank has predicted that Vietnam would obtain a gross domestic product (GDP) growth rate of 6.1% and run a budget deficit equivalent to 6% of GDP this year. The bank’s projections are different from what Vietnam expects. The GDP growth target set by the Government for this year is 6.2% and that for the budget deficit is 5%. In a report released yesterday, the bank said 2015 may appear to be a daunting year at first glance as Vietnam is an export-oriented economy but global demand is slowing. Oil prices have slid, limiting Vietnam’s key fiscal revenue and export income. Domestic demand, despite improving slowly, is still dented by the banking … [Read more...] about HSBC puts GDP growth at 6.1% this year
VietNamNet Bridge – Luu Bich Ho, former director of the Development Strategy Institute under the Ministry of Planning and Investment, spoke to the newspaper Kinh te & Do thị (Economic and Urban Affairs) about opportunities and challenges that Viet Nam will face to increase its already high GDP. What are the positive and negative factors that Viet Nam is facing if it wants to achieve a GDP growth rate of 7 per cent for 2016 as suggested by Prime Minister Nguyen Tan Dung in the February cabinet meeting, against the target of 6.7 per cent set earlier by the National Assembly? Viet Nam’s GDP in 2015 was 6.68 per cent. This laid a firm foundation for the nation to enter 2016 with positive signals, including a low inflation rate and a quick economic recovery. However, in 2016, Viet Nam faces many potential risks from both the international and regional economies. These include the low price of crude oil, the world’s financial bubble, and various … [Read more...] about Vietnam seeking to build on 2015 success, reach 7% GDP growth rate
VietNamNet Bridge - The soft landing of the Chinese economy would be better for Vietnam than a hard landing, experts say. China says the economy will "absolutely not experience a hard landing" though China's National People's Congress has lowered the economic growth target for 2016 to 6.5-7 percent. According to Nguyen Tri Hieu, a renowned economist, a hard landing occurs when the economy plunges rapidly and the GDP decreases in two consecutive quarters. There is no clear concept about ‘soft landing’, but it is understood as a decline in small degree. China is a powerful economy with the GDP value ranking second in the world, with a large population, and big forex reserves ($3.2 trillion). Thus, the economy is quite capable to resist negative happenings in the world. Therefore, Hieu said, the Chinese government has every reason to state that it will not make a hard landing amid the doubts by international scholars. Nguyen Huy Quy, former Head of the Institute for … [Read more...] about China’s hard or soft landing: what is the scenario for Vietnam?
Hanoi Times - The Governor of the State Bank of Vietnam, Nguyen Van Giau, said that the Government is going to propose lowering the targeted GDP growth rate to 6.5-6.7% instead of 6.5-7%. The newly promulgated interest rate policy has been designed based on the new target. One day after the State Bank of Vietnam announced the interest rate cuts and compulsory reserve decrease, commercial banks have slashed their lending interest rate to 15%. The exchange rates quoted by commercial banks remain stable, while the rate on the black market has exceeded VND 17,000/US $1.00 threshold. Governor Nguyen Van Giau talks about the new changes. Why has the State Bank of Vietnam been continuously cutting basic interest rates and trying to support banks improve their liquidity in the last two weeks after it tightened the monetary policies for many months? The US financial crisis has become more serious since September 15, which has spread out to other developed countries. The … [Read more...] about Governor : Gov’t may lower targeted GDP growth rate to 6.7%