Fastest growing economy

WB forecasts Vietnam's economic growth to stabilise around 6.5 percent this year - Illustrative image (Source: VNA) Hanoi (VNA) – The World Bank (WB) forecasts Vietnam’s economic growth to stabilise around 6.5 percent in 2018 in its East Asia-Pacific Economic Update released on April 12. The growth is projected to rise further in the short run, if the global recovery remains intact, the bank said. According to the report, while inflation is predicted to remain moderate thanks to a benign global price environment, strong wage growth may ultimately lift core inflation. External balances are projected to benefit from robust exports and FDI inflows. However, the report stressed that there are significant challenges, despite the generally favourable medium-term outlook. “Domestically, a slowdown in structural reforms could weaken the ongoing recovery and weigh on Vietnam’s medium-term potential growth. There is also a risk that fiscal consolidation may erode … [Read more...] about Vietnam’s economy to grow by 6.5 percent in 2018: WB report

HSBC maintains its 2016 GDP forecast of 6.7 percent year-on-year for Vietnam as the dual engine of domestic demand and exports are expected to stay strong. The bank’s report “Vietnam at a glance, Great expectations” released on January 5 said Vietnam’s economy “hit a sweet spot” in 2015 with GDP growing 6.7 percent, the fastest pace in eight years while inflation weakening to 0.6 percent. Photo for illustration: nld.com.vn GDP of last year’s fourth quarter rose by 7.1 percent, putting full-year growth at 6.7 percent, above the government’s target of 6.2 percent. Domestic demand was the key driver behind the rise, giving a push to service sector. Full-year consumption expanded 9.1 percent year-on-year, surpassing growth of 6.5 percent in 2014. In contrast to the significant GDP growth, inflation slowed further to 0.6 percent in 2015 due to falling prices of energy, foods and core commodities. “The Government has set the 2016 … [Read more...] about HSBC forecasts State’s growth target of 6.7 percent will be achieved

Illustrative image (Source: FoodBev Media) Hanoi (VNA) - The formula milk company Bubs Australia announced on November 11 that it had reached an agreement with Vietnam TVV Service and Trading Co., Ltd. to distribute its formula milk products for children in Vietnam via the mother and baby store chain BiboMart JS Company. The range of products from Bubs will officially hit the shelves of 135 BiboMart supermarkets, starting from early December 2019. A Bubs representative said that the two-year deal is expected to generate revenue of approximately 1.02 million USD during the first year, and 1.36 million USD in the second year. Bubs expressed its desire to enter into a long-term partnership in Vietnam. According to Bubs, the new partnership with TVV and Bibo Mart marks a new milestone as the Australian firms seek to expand into Asia and Vietnam, a country that it considers to be one of the region's fastest growing markets. Ngo Tran Khanh Van, CEO of TVV, said she believes that there … [Read more...] about Bubs Australia ready to put milk products on sale in Vietnam

Jonas Grunder, deputy head of cooperation at the Swiss Embassy in Vietnam, speaks at the workshop in Hanoi on May 29 (Photo: VNA) Hanoi (VNA) – A workshop was held in Hanoi on May 29 to help the press learn about sustainable development issues for businesses, calling for their help in raising public awareness of corporate sustainability reports. The workshop, themed "Media and Sustainability Reporting: Awareness and Reality", was under the project "Corporate Sustainability Management and Reporting for Competitive Business", funded by the Swiss State Secretariat for Economic Affairs. Jonas Grunder, deputy head of cooperation at the Swiss Embassy in Vietnam, said: "We believe that this project is highly relevant in Vietnam given the new context of a globally integrated economy. While economic integration advances with free trade agreements strongly benefiting Vietnam, they also result in higher regulation and competition for enterprises, in particular small and medium-sized … [Read more...] about The press urged to raise public awareness of sustainability reports

An egg quality evaluating machine. (Source: VNA) HCM City (VNA) – Updating technology and revamping administration are crucial for the existence and development of Vietnamese businesses amidst the fourth industrial revolution, experts said at a workshop in Ho Chi Minh City on April 12. The experts agreed that the industrial revolution has directly impacted Vietnam’s economy, especially enterprises. Assoc. Prof. Dr. Le Hoai Quoc, head of the management board of the Saigon High-teach Park (SHTP), said the revolution generates both opportunities and challenges for local firms. Sectors like tourism, domestic trade, IT, education, health care and construction will benefit from data connectivity and digitalisation. Meanwhile, energy, electricity, electronics, manafucaturing technology and garment-textile are expected to face cost-related challenges. However, this rule would not be applied to all enterprises in those sectors, he said, explaining that those which know how … [Read more...] about Vietnamese firms brace for Industry 4.0