Distinguish between economic growth and economic development

Illustrative image (Photo: https://edition.cnn.com/) Bangkok (VNA) - Reopening the tourism industry to vaccinated foreigners from November will help drive GDP growth and sustain business confidence of Thailand, according to the Federation of Thai Industries (FTI). Thai Prime Minister Prayut Chan-o-cha on October 11 stressed that Thailand should not lose the " golden time " to earn revenue during the end of the year, insisting the reopening date will be on November 1. Revenue from tourism, which makes up 10 percent of Thailand’s GDP, is a quick way to boost the domestic economy, said the FTI. The federation expects foreign arrivals would help Thailand reach its GDP growth target of 0 - 1 percent this year. Local media on October 13 quoted FTI Chairman Supant Mongkolsuthree as saying that Thailand must learn to live with COVID-19 and let everything run by itself. It is time for Thailand to bring back bustling business activities, while maintaining necessary … [Read more...] about Thailand pins hope on tourism resumption to promote economic growth

Workers at a factory applying "three-on-site" model during social distancing orders. — VNA/VNS Photo Huynh Phuc Hau Minister of Planning and Investment (MPI) Nguyen Chi Dung calculated economic growth in the whole of 2021 at between 3 and 3.5 per cent, but also said such a target will be difficult to reach. At the 4th session of the National Assembly Standing Committee meeting in Ha Noi yesterday, Dung said four out of 12 socio-economic targets have not yet reached the set plan due to the pandemic. He added though the economic growth in the first six months reached 5.64 per cent compared to 2020, the fourth outbreak had a serious impact, decreasing the third-quarter growth by 6.17 per cent, dragging the growth rate of the first nine months’ GDP to only 1.42 per cent. He added the macroeconomy suffered potential risks caused by disruptions in some production chains, supply chains, and goods circulation, meanwhile the labour and employment situation was severely affected. At … [Read more...] about GDP growth target is hard to reach: MPI

Minister of Planning and Investment (MPI) Nguyen Chi Dung calculated economic growth in the whole of 2021 at between 3 and 3.5 per cent, but also said such a target will be difficult to reach. Workers at a factory applying "three-on-site" model during social distancing orders. At the 4th session of the National Assembly Standing Committee meeting in Hanoi yesterday, Dung said four out of 12 socio-economic targets have not yet reached the set plan due to the pandemic. He added though the economic growth in the first six months reached 5.64 per cent compared to 2020, the fourth outbreak had a serious impact, decreasing the third-quarter growth by 6.17 per cent, dragging the growth rate of the first nine months’ GDP to only 1.42 per cent. He added the macroeconomy suffered potential risks caused by disruptions in some production chains, supply chains, and goods circulation, meanwhile the labour and employment situation was severely affected. At the meeting, … [Read more...] about GDP growth target is hard to reach: Minister of Planning and Investment

Tanja Leimgruber - Programme lead, Digital Transformation for Green Growth, Global Green Growth Institute in Vietnam In recent years, Vietnam’s major cities have been frequently listed among the most polluted cities. At the same time, there remain challenges of environmental pollution, over-exploitation of natural resources, lack of adequate waste management, and increasingly extreme weather events that need to be addressed with urgency nationwide. The global mega trend of digital transformation – which will impact all areas of the economy and our personal lives – provides a unique opportunity for Vietnam to address these challenges and support the country’s sustainable economic growth. The key questions for governments and each citizen are how different stakeholders could be impacted by digital transformation; and what enabling conditions or essential policies and regulations are available to ensure that the benefits of digital transformation outweigh the potential negative … [Read more...] about Zooming ahead in sustainable economic growth – digitally

The International Monetary Fund (IMF) has forecast Vietnam’s GDP to grow at around 3.8% this year, higher than that of its regional peers, Malaysia, Thailand, the Philippines, and Indonesia. Vietnam’s GDP is predicted to grow at around 3.8% this year, higher than that of Malaysia, Thailand, the Philippines, and Indonesia. The IMF said in its "World Economic Outlook" report released recently that Asia's economic growth this year is predicted to stand at about 6.5%, with some countries enjoying good GDP growth rates such as Singapore at 6% in comparison to last year's negative growth rate of 5.4%, and China at 8% compared to 2.3% recorded in the previous year. The remaining 4 countries, Indonesia, Thailand, the Philippines, and Malaysia last year all recorded negative growth, and this year's growth forecast is also below 3.5%, the IMF said, while forecasting that Thailand will grow at a mere 1% compared to last year's GDP negative growth of 6.1%. According to … [Read more...] about IMF forecasts Vietnam’s GDP to see highest growth in ASEAN 5 group

Speakers at the workshop on October 14 (Photo: VNA) Hanoi (VNA) – A workshop held in Hanoi on October 14 highlighted the circular economy as the future of equal and sustainable economic growth . The event, part of the annual Vietnam Corporate Sustainability Forum 2021, was organised by the Vietnam Chamber of Commerce and Industry ( VCCI ) and the Vietnam Business Council for Sustainable Development (VBCSD). It saw the participation of about 500 delegates from ministries, sectors, business associations, domestic international organisations, and enterprises via videoconference. Nguyen Quang Vinh, Secretary General of the VCCI, said over the past years, thanks to efforts by the Government, relevant agencies, and many enterprises, the concept of “circular economy” has become much more familiar to the business community. A circular economy brings a new approach to the use of materials in a more effective and economical manner while constantly reminding people about … [Read more...] about Circular economy decisive to sustainable economic growth: workshop