Gdp

The General Statistics Office (GSO) last week reported that after growing 5.03 per cent in Q1 2022, the Vietnamese economy bounced back to 7.72 per cent in Q2, and 13.67 per cent in Q3. Vietnam impressing with GDP growth - illustration photo In the first nine months of this year, it grew 8.83 per cent against the 1.42 per cent in the same period last year and only 2.12 per cent in that of 2020, representing the biggest 5-month increase in a decade. The agro-forestry-fishery expanded 2.99 per cent on-year, while the rates of the industry and construction sector and the service sector were 9.44 and 10.57 per cent, respectively. “The 9-month economic situation has flourished in almost all sectors. The economy’s production and business activities in Q3 have strongly grown on-year,” said GSO general director Nguyen Thi Huong. “Many sectors have bounced back strongly, especially industrial production, making it more favourable for the economy to reach the desired growth … [Read more...] about Vietnam impressing with GDP growth

GDP’s Deputy Chief Lieutenant General Trinh Van Quyet chaired the event. Reportedly, the GDP has actively built a project in response to the Ministry of National Defense (MND)’s Plan No.983/KH-BQP on April 4, 2022 on assigning tasks to build plans to organize activities in celebration the two anniversaries above; and then asked for comments and feedback from military units, Central agencies, and localities. Addressing the conference, the GDP’s deputy chief hailed the responsibility of the functional units in building and finalizing the project, meeting all set requirements. In addition, the participants during the conference also promoted responsibility and contributed opinions to the project in line with reality. General Quyet underscored that this is an important political event, an occasion to affirm the stature and role of the military and the whole-people defense in the current context. He also requested the Department of Political Education and Information and relevant … [Read more...] about Conference held to map out plan for coming VPA’s founding anniversary

Manufacturing has been identified as the growth engine of Vietnam’s economy, but the added value from the industry dropped sharply after the pandemic. While in 2019, the added value increased by 8.86 per cent compared to 2018, it only increased by 3.36 per cent in 2020 and 4.82 per cent in 2021, according to the General Statistics Office of Vietnam. Vietnam’s supporting industries seeking incentives - illustration photo Tran Thi Thu Trang, director of Hanel Import-Export JSC, found the current processes tough, especially when it comes to being one step ahead to capture customer needs and orders. “If you miss a beat, you are going to be 1-2 years behind in joining the global supply chain,” Trang said. “The enterprise’s capital has been poured into investment in machinery and equipment and needs support to invest in modern technology to make products more competitive. But currently, the state does not offer specific incentives for enterprises to invest in smart equipment … [Read more...] about Vietnam’s supporting industries seeking incentives

Vietnamese consumers are more open to online insurance The State Bank of Vietnam’s recent interest rate hike to stabilise the VND and curb inflation has not dimmed the central bank's outlook for economic growth. Despite pandemic-related uncertainties, geopolitical instabilities, and rising inflation, the Vietnamese economy is expected to grow by 7 per cent in 2022, according to the IMF. Vietnam's insurance penetration rate remains between 2.3 per cent and 2.8 per cent, lower than in most emerging and developed markets. However, the insurance industry is embarking on a digital transformation journey that could transform the entire insurance value chain. Experts predict a compound annual growth rate of 23.7 per cent for the life insurance market between 2020 and 2025 and 8.5 per cent for the general insurance industry between 2021 and 2026 in terms of gross written premium. “With the goal of increasing Vietnam's digital economy’s contribution to 20 per cent of GDP by 2025, … [Read more...] about IXT released report on Vietnam’s insurance consumers

Illustrative image. (Photo: vneconomy.vn) Hanoi (VNA) – The COVID-19 pandemic has put the brake on Vietnam’s economic growth over the last two years but, on the other hand, it has also fueled a significant uptick in e-commerce which recorded a 16% growth to 13.7 billion USD in retail revenue in 2021, according to the White Book on Vietnamese E-business 2022. Last year, the economic growth hit the lowest in 30 years, at just 2.58%, with key services sub-sectors experiencing downturn. Data from the General Statistics Office showed that retailing and wholesaling declined 0.21% year-on-year, causing the economy to decrease 0.02 percentage point. Warehouse and logistics plunged 5.02% and lodging and catering services 20.81%, leading to a drop of 0.3% and 0.51%, respectively, to the GDP growth. Meanwhile, the share of turnover from e-retailing to last year’s total retail sales of goods and services was 7%, a year-on-year rise of 27% from 2020. E-retailing is forecast … [Read more...] about E-retailing to grow 20% this year

There is a lot of room for Vietnam and India to develop trade cooperation, and the most important thing is enhancing connectivity , especially infrastructure connectivity, via both land and maritime corridors. (Illustrative image. Photo: VNA) Hanoi Oct. 6 (VNA) - Vietnam and India should further strengthen connectivity to record more robust growth in bilateral trade, which is expected to hit 15 billion USD this year and surpass the record the two countries set in 2021, Indian analysts have said. Data from the General Department of Vietnam Customs shows that two-way trade between Vietnam and India surged to over 13 billion USD in 2021 from about 200 million USD in 2000. This has been a significant outcome, especially given major disruptions to supply chains during the COVID-19 pandemic. It is yet to match potential, however, Indian analysts believe. “There is a lot of room for Vietnam and India to develop trade cooperation, and the most important thing is enhancing … [Read more...] about Strengthening connectivity key to boosting Vietnam-India trade: Analysts ​