(VEN) - The Vietnamese economy had a successful start when gross domestic product (GDP) growth in the first quarter of the year reached its highest level in a decade. This growth is relatively uniform in most key sectors, creating important motivation for the country to achieve the growth target set for 2018. GDP growth in the first quarter of 2018 reached 7.38 percent, the highest growth rate for the first quarter over the past decade. Strong growth in the first quarter was driven by the industry and construction sectors, retail-service sector, exports and macroeconomic stability. The industry and construction sectors posted a 9.7 percent growth rate, contributing 3.39 percentage points to the 7.38 percent GDP growth. According to the National Financial Supervisory Commission, the industry and construction sectors are one of the key drivers for strong GDP growth in the first quarter of the year, with the manufacturing and processing industry as the core. In fact, the industry … [Read more...] about Strong Q1 economic growth driven by production and exports
Economic growth
Economic growth projected at 6.85% in 2018-2020
Economic growth projected at 6.85% in 2018-2020 Vu Viet Ngoan, head of the Prime Minister’s economic advisory team, speaks at a meeting with PM Nguyen Xuan Phuc in Hanoi last week - PHOTO: VGP HCMC – The Prime Minister’s economic advisory team has projected average economic growth at 6.85% between now and 2020. Speaking at a meeting between the Prime Minister and members of the team on April 20, Vu Viet Ngoan, head of the advisory group, said reform efforts and drastic measures had helped significantly improve the investment and business environment. The policy that recognizes the private sector as a major driving force of economic development have paid off, he noted. According to experts in the advisory team, it is hard to maintain the current growth momentum. Creating new growth drivers and promoting labor productivity should be seen as a vital way to boost growth, improve the quality of growth, achieve sustainable development, attain the five-year growth … [Read more...] about Economic growth projected at 6.85% in 2018-2020
Tra Vinh boosts economic growth through luring investment
Tra Vinh licensed 49 investment projects, encompassing five foreign ones with total registered capital of 143 million USD, and 44 domestic ones worth nearly 3.5 trillion VND (153.3 million USD) in 2017 (Illustrative image. Source: VNA) Tra Vinh (VNA) – The year 2017 marked the outstanding performance of the Mekong Delta province of Tra Vinh in investment attraction, contributing remarkably to the local economic growth. During the year, nearly 80 domestic and foreign investors came to study the local incentives in investment, doubling the number of 2016, including 35 investors from Japan, the Republic of Korea, Singapore, the US, Turkey and Malaysia. As a result, the locality licensed 49 investment projects, encompassing five foreign ones with total registered capital of 143 million USD, and 44 domestic ones worth nearly 3.5 trillion VND (153.3 million USD). On aggregate, 59 projects worth over 153.8 trillion VND (6.7 billion USD) are being carried out at industrial and … [Read more...] about Tra Vinh boosts economic growth through luring investment
Labour productivity enhancement – key to economic growth
An apparel factory of the Formostar Garment Vietnam Co., Ltd in Hai Duong province (Photo: VNA) Hanoi (VNA) – Vietnam’s labour productivity is very low compared with growth need, thus raising productivity is the key to economic growth, experts said at a conference on April 13. According to Ngo Van Tuan, deputy director of the Party Central Committee’s Economic Commission, the country’s productivity increased by an average 4.7 percent a year during 2011-2017, while the GDP growth was about 6.21 percent and real wage rose by an average 12.59 percent. “This means production costs in Vietnam is becoming more expensive, which directly affects the country’s competitiveness,” Tuan told the CEO forum 2018 held by the Vietnam Economic Times. The General Statistics Office (GSO) reported that local productivity has been increasing throughout recent year, but remains lower than regional levels. By purchasing power parity in 2012, … [Read more...] about Labour productivity enhancement – key to economic growth
ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high
The Asian Development Bank thinks that Vietnam’s economy will expand by 7.1 percent this year, which if true would be the highest growth rate recorded by the country since 2008. “Aided by able macroeconomic management, economic growth will spurt in 2018, with Vietnam becoming one of the strongest performers in the region,” the Manila-based lender said in its Asian Development Outlook (ADO) 2018 released on Wednesday. The country’s economic growth will be driven by manufacturing and export expansion, rising domestic consumption, strong investment fueled by foreign investors and domestic firms, and an improving agriculture sector, Eric Sidgwick, ADB country director for Vietnam, was quoted in the report as saying. While highlighting Vietnam’s strong growth potential, the report pointed out several major risks to the outlook, including rising global trade protectionism. Vietnam’s annual trade now exceeds 185 percent of GDP, making it the second … [Read more...] about ADB forecasts Vietnam’s economic growth to surpass last year’s decade-long high