Moody's predicts Vietnam’s real GDP growth to reach 6.7 percent in 2018 (Source: VNA) Hanoi (VNA) – Moody’s Investors Service said that Vietnam’s real GDP growth will remain robust, averaging 6.7 percent in 2018, in its annual credit analysis released on April 3. According to Moody’s, the country’s (B1 positive) credit profile reflects the economy’s robust growth trends, which are spurred in turn by its increasing competitiveness and a rapid economic transition away from traditional sectors such as agriculture into manufacturing, and further up the value-added scale within these sectors. Moody's credit analysis, titled "Government of Vietnam -- B1 positive", rated Vietnam’s economic strength as "high (-)", institutional strength "low ( )"; fiscal strength "moderate (-)"; and susceptibility to event risk "high (-)". It said Vietnam’s 2018 growth, nearly twice as high as the average for B-rated sovereigns of 3.6 … [Read more...] about Moody’s: Vietnam’s real GDP growth to reach 6.7 percent in 2018
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Aim for GDP growth of 6.7%: Government
People shop at a night market in Hang Dao Street, Hoan Kiem District in Ha Noi. Viet Nam gained decade-high GDP growth of 7.38 per cent in the first quarter of this year. — VNA/VNS Photo Vu Sinh The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyen Xuan Phuc said this during the monthly government meeting on Monday in Ha Noi. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual law issues. In his opening speech, Phuc also lauded the growth of several sectors in the … [Read more...] about Aim for GDP growth of 6.7%: Government
GSO census to boost GDP accuracy
The General Statistics Office (GSO) has began carrying out a general census of businesses nationwide on April 1 to take stock of the real situation in corporate development. Head of the GSO’s Industry Statistics Department Pham Dinh Thuy said the survey aimed to gather sufficient information about businesses, and calculate more accurately the GDP of the country, as well as economic growth of localities. The survey result is expected to support management, policy-making, the socio-economic development plan, as well as the development of the country, locality, investors, businesses and co-operatives. It also aims to evaluate the application of science and technology in enterprises and the readiness of enterprises in the 4.0 industrial revolution, and collect information for compiling intermediate co-efficients of the goods processing and assembling. The GSO will investigate six groups of information related to enterprises. The first group will focus on information identifying the … [Read more...] about GSO census to boost GDP accuracy
6.7% GDP growth targeted for 2018: Gov’ meeting
Viet Nam News HÀ NỘI — The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyễn Xuân Phúc said this during the monthly government meeting on Monday in Hà Nội. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual law issues. In his opening speech, Phúc also lauded the growth of several sectors in the first quarter. For example, agriculture and fisheries grew by 4.05 per cent, while construction and industry expanded by 9.77 … [Read more...] about 6.7% GDP growth targeted for 2018: Gov’ meeting
Industry expected to contribute 40 percent to GDP by 2030
Illustrative image (Source: chinhphu.vn) Hanoi (VNA) – Vietnam’s industry is expected to contribute 40 percent to the country’s gross domestic product (GDP) by 2030, according to a newly issued resolution. Under Resolution 23-NQ/TW to develop the national industry until 2030, with a vision to 2045, issued recently by the Politburo, the processing and manufacturing industry will make up some 30 percent. The value of high-tech processing and manufacturing products is targeted to reach at least 45 percent, while industrial labour productivity will increase by 7.5 percent on average annually. The industrial growth rate will average over 8.5 percent, of which the processing and manufacturing industry will see a rise of 10 percent yearly. The resolution also sets the country’s competitive industrial performance index among the top three countries in the ASEAN, while the percentage of workers in the industrial and service sectors is over 70 percent. Under … [Read more...] about Industry expected to contribute 40 percent to GDP by 2030