Why does economic growth occur

Hanoi (VNA) - Vietnam’s 2021 GDP growth is projected at 5.49 percent in the normal scenario, 6.9 percent if the current situation gets better, and 3.48 percent in the worst-case scenario, according to the Vietnam Institute of Economics under the Vietnam Academy of Social Sciences (VASS). The real growth rate will depend on the world economic situation and the capacity to absorb FDI, the “Vietnam Economic Overview 2020: Promoting innovation-based economic growth” conference held by the institute on January 19 heard. VASS President Bui Nhat Quang said the COVID-19 pandemic strongly affected economic growth around the world in 2020, with most major economies posting contractions. Vietnam, however, achieved the twin targets of disease prevention and socio-economic recovery and development. It posted economic growth of 2.91 percent, the lowest since 1986, when its “renewal” process began, but higher than the figure posted in many other countries in the … [Read more...] about GDP growth to reach 5.49 pct. in normal scenario in 2021: Economics Institute

The ministry has urged ministries and sectors to promptly prepare guiding documents for EVFTA implementation. The government issued Decree 111/2020/ND-CP on Vietnam’s special preferential import and export tariffs in accordance with the EVFTA, for application from 2020-2022; Decree 103/2020/ND-CP on certification of fragrant rice exports to the EU; and Decree 102/2020/ND-CP on ensuring legal timber in Vietnam. Meanwhile, Prime Minister Nguyen Xuan Phuc issued decisions approving EVFTA implementation plans and appointing organizations to chair EVFTA implementation. The Ministry of Industry and Trade issued Circular 11/2020/TT-BCT referring to the origin of goods associated with the EVFTA. … [Read more...] about Efficient EVFTA implementation contributes to economic recovery

Hanoi (VNA) – Vietnam has started to emerge as the latest Asian nation with a strengthening position in the region, and a future high potential for economic growth, wrote Murat Ungor, a Senior Lecturer, Department of Economics, University of Otago in his article run by New Zealand’s website asiamediacentre.org.nz on January 18. In the article, the author cited data from the World Bank as saying that the country’s  gross domestic product (GDP) grew by 7 percent in 2019, similar to 2018, one of the fastest growth rates in the region. It is argued that if Vietnam can maintain a 7 percent increase in economic growth over the next decade, the country will follow the same trajectory as the previous "Asian Tigers,”  according to the article. International trade was also progressively liberalised, with the signing of various free trade agreements, it said, adding that the World Bank now considers Vietnam one of the most dynamic emerging … [Read more...] about New Zealand media: Vietnam – the time has come

In addition, enterprises need to understand the actual situation to make accurate decisions. Specifically, enterprises must closely follow market developments and keep up-to-date with information published by ministries and agencies. Given that trade exchanges are disrupted by the Covid-19 pandemic, enterprises need to pay special attention to and promote investment in digital transformation, contributing to strong changes in management and operation, and maintaining and developing relations with partners. In particular, digital transformation is a way for enterprises to be compatible with the government’s public services. … [Read more...] about Additional stimulus packages may be needed to support the economy

-- Vietnam’s 2021 GDP growth is projected to hit 5.49 percent in the normal scenario, 6.9 percent in the optimistic outlook, and 3.48 percent in the worst-case scenario, the Vietnam News Agency reported on Tuesday, citing the Vietnam Institute of Economics under the Vietnam Academy of Social Sciences. … [Read more...] about Breakfast @ Tuoi Tre News – January 20