Illustrative photo (Source: VOV) Goh noted in an article on the website bluenotes.anz.com that Vietnam's gross domestic product growth in the first half of 2019 was solid amidst the downturn in global trade and the impact of African swine fever (ASF) on the agriculture sector. ANZ Research maintains its full-year 2019 GDP growth forecast for Vietnam of 6.7 per cent. Although this is lower than the 7.1 per cent growth rate achieved in 2018, it reinforces Vietnam’s place as one of the fastest-growing economies in Asia. Inflation is expected to remain manageable, averaging 2.8 per cent in 2019 which is below the State Bank of Vietnam’s 4 per cent target. ANZ Research sees monetary policy being on hold this year. This adds up to a solid performance considering the headwinds from the external sector and the ongoing impact on the domestic agricultural sector from ASF. He believes that Vietnam continues to reap the benefits of past reforms and commit to further … [Read more...] about ANZ expert highlights Vietnam’s path to success
Why is retirement age increasing
Illustrative image (Photo: VNA) Hanoi (VNA) – The Vietnamese government’s commitment to broad-based economic reforms bodes well for the country’s longer term prospects and look to have it on the path to upper middle-income status, held Khoon Goh, head of Asia Research at Australia and New Zealand Banking Group Limited (ANZ). In an article on bluenotes.anz.com, Goh noted that Vietnam’s gross domestic product growth in the first half of 2019 was solid, particularly considering the downturn in global trade and the impact of African swine fever (ASF) on the agriculture sector. As a result, ANZ Research maintains its full-year 2019 GDP growth forecast for Vietnam of 6.7 percent. Although this is lower than the 7.1 percent growth rate achieved in 2018, it reinforces Vietnam’s place as one of the fastest-growing economies in Asia, he stated. As Vietnam continues to reap the benefits of past reforms and commit to further ongoing … [Read more...] about ANZ expert optimistic about Vietnamese economy outlook
Doãn Mậu Diệp. — Photo tienphong.vn Doãn Mậu Diệp, Deputy Minister of Labour, Invalids and Social Affairs, speaks to the Tiền Phong (Vanguard) newspaper about how Việt Nam will revise the retirement age for workers or State employees How do you respond to a proposal that Việt Nam would raise the retirement age for its workers while many people in the working age still can’t find jobs? It is a real fact that in any labour market, job positions are always bigger than the actual number of working people. Yet, in all countries, many people are still unemployed. Japan is a good example. According to a national survey, there is only one candidate for four working positions while the unemployment rate in Japan currently stands at 2.4 per cent. In the real labour market, the mismatch between supply and demand happens in all countries, and Việt Nam is no exception. For example, in the Republic of Korea, the … [Read more...] about Why we have to increase the retirement age?
A nationwide strike called by Brazil's trade unions disrupted public transport and triggered road blocks in parts of the country Friday, ahead of protests against far-right President Jair Bolsonaro's pension reform. A view of closed metro station in Sao Paulo, Brazil, during a national strike called by trade unions over Brazilian President Jair Bolsonaro's pension reforms. (Photo: AFP/Miguel SCHINCARIOL) Hours before the opening match of the Copa America in Sao Paulo, some metro lines in the country's biggest city were paralyzed as professors and students also prepared to take to the streets over the government's planned education spending cuts. It will be the latest mass demonstration against Bolsonaro since he took office in January, but the timing could not be worse for the embattled president as Brazil prepares to play Bolivia in South America's showcase football tournament. Bolsonaro was expected to attend the opener at Morumbi stadium where police sharpshooters will be … [Read more...] about Brazil strike disrupts transport ahead of Copa America
Vice chairman of National Assembly’s Committee for Social Affairs Bùi Sỹ Lợi. — Photo news.zing.vn Bùi Sỹ Lợi, vice chairman of National Assembly’s Committee for Social Affairs talks to Hải Quan (Customs) newspaper about a proposal to increase retirement age in the draft amended Labour Law. The draft revised Labour Code has proposed increasing retirement age to 62 for men and 60 for women from 2021. What are the foundations of this proposal? According to the 2012 Labour Code and Law on Social Insurance, the retirement age for men is 55 and for women is 50. The age is reduced by five to 10 years for jobs prone to high risks and toxic elements. In fact, the average retirement age for both men and women is only 54 because the retirement age set in the law is not always followed. The number of people in the workforce is on the decline. In the context of an aging population, we will be in shortage of workers for the national … [Read more...] about Retirement age adjustment needs to be flexible