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Minister of National Development Planning Bambang Brodjonegoro during a function to formulate the initial draft of the medium-term national development plan 2020-2024 (Photo: Antara) Jakarta (VNA) - The Indonesian government has prepared three scenarios for its national economic growth projection for the next five years to enhance its resilience to threats of global upheavals. At a meeting on a draft plan of medium-term national development for 2020-2024 on September 19, Minister of National Development Planning Bambang Brodjonegoro mentioned threats of global upheavals, including the recession in Turkey and the US-China trade war. The Indonesian government projects optimistic national economic growth of 6 percent, moderate growth of 5.7 percent and pessimistic growth of 5.4 percent. Brodjonegoro noted that the government recommends the lowest growth target of 5.4 percent, as global conditions are unpredictable. He added that the National Development Planning Ministry had … [Read more...] about Indonesian government outlines three economic growth scenarios

The agro-forestry-aquatic sector boasts great potential to attract more investment, while also contributing to the country’s export turnover (Photo: Le Toan) Over the past few months, TH Group has spent millions of US dollars on beefing up production of fresh milk products. Not only being locally consumed, these products are also exported to China, where TH has become the first Vietnamese enterprise to be allowed by China’s authorised agencies to export fresh milk products into this gigantic market with a population of 1.4 billion people. Under a protocol signed in April between Vietnam’s Ministry of Agriculture and Rural Development (MARD) and China’s General Administration of Customs on veterinary and health requirements for dairy products to be exported, TH Group has met all strict requirements and conditions set by China. Also, in April, TH Group inked an MoU for a strategic partnership on market development and consumption of foodstuffs, farm produce, … [Read more...] about Agriculture driving economic growth

The Asian Development Bank (ADB) increased its growth projections for Vietnam by 0.1 percentage point, bringing its estimates to 6.9 and 6.8 percent in 2019 and 2020, respectively, according to a report released earlier this month. ADB’s new predictions were an upgrade to the numbers it had previously unveiled in the September edition of its Asian Development Outlook Supplement, attributing the 0.1 percentage point jump to unexpectedly strong outturns driven by exports. The report also noted that Vietnam’s GDP growth in the first three quarters of 2019 accelerated to seven percent, its highest rate for the period in nine years. Private consumption from Q1 to Q3 rose by 7.3 percent, while investment expanded by 7.7 percent thanks to a steadily improving business environment, continued investor confidence, and increased foreign direct investment. With unexpectedly strong growth momentum in Q3 likely to carry into Q4 and on to 2020, ADB adjusted its growth forecast for … [Read more...] about ADB lifts Vietnam’s 2019 growth forecast to 6.9 percent

The 2019 Human Development Report, published by the United Nations Development Program (UNDP), used data from 189 countries and territories to rank them based on the three HDI components of longevity, education and per capita income. Vietnam's 2018 HDI was 0.693, placing it 118th in the ranking and in the upper end of the Medium Human Development group, the report says. It notes that from 1990 to 2018, Vietnam had an average annual HDI growth of 1.36 percent, the 20th best rate of all countries and territories. Vietnam's growth was also the fourth fastest in Southeast Asia, behind Laos (1.49 percent), Cambodia (1.49 percent) and Myanmar (1.85 percent). In the covered period, life expectancy in Vietnam increased by 4.8 years, its mean years of schooling by 4.3 years, its expected years of schooling by 4.9 years and its Gross National Income per capita by 354.5 percent. Meanwhile, Vietnam's loss of HDI value and income due to inequality in 2018 was 16.3 and 18.1 percent, respectively, … [Read more...] about Vietnam strides forward in human development index growth

KEIN deputy chairman Arif Budimanta (Photo: en.antaranews.com)   Jakarta (VNA) – Indonesia's economic stagnation at 5 percent over the last several years is caused not only by external factors but also domestic ones, according to the National Industrial Economic Committee (KEIN). Antara news agency quoted KEIN deputy chairman Arif Budimanta as saying that structural problem is the cause, particularly because the structure of economic players is imbalance. The economic stagnation is also caused by expanding the current account deficit, payment balance deficit, income gap, and limited job opportunities, Budimanta said. He emphasised the need to optimise micro-, small-, and medium-sized enterprises (MSMEs) to boost the economy. According to a study conducted by the Megawati Institute, MSMEs contribute 99.99 percent of entrepreneurs, 97 percent of employment, and 60 percent of GDP, as against major companies that contribute only 0.01 of business players, three percent of … [Read more...] about MSMEs – driving force of Indonesian economy: KEIN