Projected GDPs for ASEAN+3 countries. Viet Nam is forecast to be the second fastest-growing economy in the region this year. — Photo amro-asia.org Viet Nam is expected to come out second only to the Philippines in terms of projected GDP for 2022 and on top for 2023, according to a recent Quarterly Update of the ASEAN +3 Regional Economic Outlook. Specifically, the country was projected to achieve a growth rate of 6.3 per cent this year and 6.5 per cent next year, well above the region-wide figures which were estimated at 4.3 per cent and 4.9 per cent respectively. Compared to the previous update, Vietnamese growth rates were revised downwards to reflect the lower growth forecasts for China and the US, its major trade partners. The country was expected to top the list with growth rates of 6.5 per cent and 7.0 per cent in the April update. “Viet Nam is a much more open economy and very exposed to the US and Chinese economies. Because we are expecting reductions in growth rates … [Read more...] about Viet Nam to do well economically this year and the next: AMRO
Centre right leads sicily regional vote according to exit polls
Vietnamese economy to perform well: AMRO
Projected GDPs for ASEAN+3 countries. Vietnam is forecast to be the second fastest-growing economy in the region this year. (Photo amro-asia.org) Hanoi (VNS/VNA) – Vietnam is expected to come out second only to the Philippines in terms of projected GDP for 2022 and on top for 2023, according to a recent Quarterly Update of the ASEAN + 3 Regional Economic Outlook. Specifically, the country was projected to achieve a growth rate of 6.3% this year and 6.5% next year, well above the region-wide figures which were estimated at 4.3% and 4.9% respectively. Compared to the previous update, Vietnamese growth rates were revised downwards to reflect the lower growth forecasts for China and the US, its major trade partners. The country was expected to top the list with growth rates of 6.5% and 7.0% in the April update. “Vietnam is a much more open economy and very exposed to the US and Chinese economies. Because we are expecting reductions in growth rates in these countries and … [Read more...] about Vietnamese economy to perform well: AMRO
Grand energy aims require direction
Speaking at the Vietnam Circular Economy Forum 2022 last week in Hanoi, Caitlin Wiesen, resident representative of the United Nations Development Programme (UNDP) in Vietnam, suggested that the country needs to further promote renewable energy production. “We know that the cost of renewable energy has dropped dramatically, by 89 per cent over the past 10 years, and solar is currently the cheapest source of electricity,” she explained. In just five years, Vietnam has scaled up its solar capacity from virtually zero to over 16,000MW by 2022, far exceeding national targets, Wiesen added. “Vietnam also has rich wind power potential, especially offshore wind, with more than 3,200km of coastline,” she said. Meanwhile, over the past decades, the energy sector has been a fundamental enabler of inclusive economic development in Vietnam. The sector is well-positioned to lead the green growth ambitions of the country, Wiesen said, and can catalyse new investments, create new jobs, and … [Read more...] about Grand energy aims require direction
Building innovative funds in blockchain biz
There will be another VIR talk show on blockchain application on July 8, Photo: Shutterstock Earlier this year William Do, CEO of Hobbit Investment, explained that exponential benefits and fast payback time are making blockchain projects a 4.0 trend that is replacing the wave of startups that flourished in previous years. “The blockchain model with its transparent, speedy, and bold projects has solved the problems that pioneering startups of the past could not answer,” he said. According to Do, just a handful of projects launched during the 2017-2020 entrepreneurship wave were able to establish themselves in the international market. The remainder struggled to survive without the support of major players in their industries. In more recent times, Hobbit has successfully raised capital for blockchain game Fight of the Ages (FOTA), and Do will appear on a VIR talk show on July 8 to share his own personal experience as well as the general status of innovation funds for … [Read more...] about Building innovative funds in blockchain biz
Tax for development: Does Vietnam need tax reform?
Patrick Lenain - Former assistant director Organisation for Economic Co-operation and Development Schools and universities will need to adopt new technologies. Public transportation networks will need to be upgraded. Large-scale logistical hubs will be required to remain integrated in global supply chains. Old-age citizens will need welfare support. Electricity generation will need to decarbonise. Coastal cities will need to adapt to rising sea levels. Military spending will need to protect the country. And it is obvious that health spending remains a priority. Unfortunately, tax revenue is at present too limited to finance these large investments. Vietnam’s government collected tax revenue equivalent to 16 per cent of GDP last year, according to the International Monetary Fund. This is less than Malaysia (18.3 per cent), Singapore (18.5 per cent), India (19.7 per cent), Thailand (20.3 per cent), and China (27 per cent). This is also less than before the pandemic, reflecting … [Read more...] about Tax for development: Does Vietnam need tax reform?