Distinguish between economic growth and economic development

Vinh Phuc (VNA) – The northern province of Vinh Phuc’s industry has been growing to become a key economic sector that contributes greatly to the local gross regional domestic production (GRDP). According to the provincial People’s Committee, nine out of 20 industrial parks and clusters approved by the Prime Minister have become operational. The locality has had more than 10,500 businesses. In the 2015-2020 period, the average growth of the province’s industrial-construction production value is estimated to reach 12.1 percent per year, nearly doubling the target set at the resolution released at the 16th Party Congress of the province. The sector also makes up more than 65 percent points to the whole economic growth of the province. The added value of the processing-manufacturing sector of the province accounts for 4.5 percent of the added value of the sector in the whole country. Meanwhile, electronic spare parts have been the leading export products of … [Read more...] about Industrial sector helps promote Vinh Phuc economic growth

The local real estate market has seen some changes thanks to the ‘Thu Duc City effect’. The apartment prices in the area have increased from VND30 million per square meter to VND45 million on average, a 45 percent increase in three years. Le Hoang Chau, chair of the HCM City Real Estate Association (HOREA), said the attractiveness of the Thu Duc City project lies in rapid infrastructure development and future programming. District 9, for example, has been invested in heavily to connect with the city centre and provinces in the southeast region. … [Read more...] about Thu Duc City set to be new growth pole for HCM City

Quang Ninh (VNA) - Investment in industrial parks (IPs) and economic zones (EZs) has become a new driver of growth in the northeastern province of Quang Ninh, with local authorities issuing various policies to attract investors. According to experts, Quang Ninh is considered a strategic investment destination in Vietnam’s northern region and an important link in the Hanoi - Hai Phong - Quang Ninh northern economic growth triangle. The province possesses major advantages, with Van Don district to become a multi-sectoral marine economic zone and an entertainment centre, with a casino, high-end sea-island tourism, and general services. The province has planned to develop eleven IPs and four EZs that together span over 368,000 ha, accounting for more than 30 percent of Quang Ninh’s total natural area. Six of the 11 IPs have already been issued investment registration certificates and have infrastructure invested in and leased. Investors have so far poured about 27.35 … [Read more...] about Industrial parks, economic zones create new growth momentum in Quang Ninh

Addressing the event, President of the Asian Development Bank Masatsugu Asakawa spoke highly of Vietnam’s initiative on the inclusion of the sub-regional development into the overall development of ASEAN, saying it contributes to the regional efforts for post-COVID-19 recovery. … [Read more...] about ASEAN 2020: sub-regional development on table on AMM-53 first working day

The Global Economic Outlook report from Oxford Economics, commissioned by chartered accountancy body ICAEW suggests that while economic activities are picking up again and growth is expected to eventually rebound to 6.4 percent in 2021, the pace of recovery over the second half of 2020 will vary across the region, depending on the easing of lockdown restrictions and improved export demand. … [Read more...] about ICAEW: Vietnam is expected to be the only South-East Asian economy to record positive growth this year