Gdp

Can Van Luc, chief economist with state-owned lender BIDV, said at an economic forum Monday that severe impacts of the Covid-19 pandemic and ensuing social distancing campaign were main contributors to the Q3 fall in HCMC. If the prediction comes true, it would be the first time since 2000 that Vietnam records a negative GDP growth in a quarter. Revenue from services could fall over 10 percent in the third quarter, while some industries like footwear and beverage recorded a negative growth of 28 percent and 23 percent respectively in August. "A possible negative growth in the third quarter shows that this is the most challenging time for the economy, as social distancing measures in 25 localities, including Hanoi and Ho Chi Minh City have directly impacted manufacturing and services," Luc said. Other experts at the forum expressed similar concerns about the economy. Vu Thanh Tu Anh, dean of the Fulbright School of Public Policy and Management, said that GDP growth will be … [Read more...] about GDP to bounce back after Q3 fall

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, Vietnam’s productivity in 2016 reached 9,894 … [Read more...] about Labour productivity enhancement – key to economic growth

Vietnam's economic outlook depends greatly on how the COVID-19 pandemic will play out, according to Standard Chartered. Photo: baodautu.vn The bank sees downside risks to the forecast – and a potential interest rate cut – if the economic impact of Vietnam’s COVID-19 outbreak is prolonged. Such a scenario could affect Vietnam’s external position. According to Standard Chartered, GDP growth in the third quarter may likely have slowed to 1.9 per cent on-year, from 6.6 per cent in the second quarter, as the pandemic hit the economy. Ealier this month, the bank had revised its GDP growth forecasts for Vietnam for 2021 to 4.7 per cent from 6.5 per cent and 7.0 per cent from 7.3 per cent for 2022 due to softening economic indicators, the worsening pandemic, and a still-slow vaccination rollout. Standard Chartered anticipates a further downgrade and an interest rate cut by the State Bank of Vietnam if COVID-19 cases are not brought under control by September. It sees a rebound in … [Read more...] about Standard Chartered forecasts fourth-quarter growth in Vietnam at 5.5 per cent

The speed of economic recovery would largely depend on the scale of the vaccination program, although testing remains a key solution to prevent the spread of the pandemic. The serious Covid-19 situation, slow progress in the vaccination program, and strict requirements on movements are among issues that downgraded Vietnam’s rank among the world’s fastest-growing economies. Chairman of the National Assembly Vuong Dinh Hue at the meeting. Source: quochoi.vn World Bank’s lead economist Jacques Morisset stressed the view in a social-economic consultation conference held today [September 27] under the chair of the Chairman of the National Assembly Vuong Dinh Hue. In this regard, Morisset called for more efficient management of movement limitations by simplifying procedures and a smooth data-sharing mechanism between agencies. To stabilize the macro-economic condition, the World Bank expert suggested the Government keep a balance between monetary and fiscal … [Read more...] about Solutions for Vietnam to claim spot among world’s top economic prospects

The digital sector is planned to account for 30 per cent of GDP by 2030 According to Minister Hung, electronic payment is the cornerstone for moving to a digital economy. Specifically, mobile money is the most efficient means for electronic payments to reach the whole population, even the remote or rural areas where the majority of the population is unbanked. "Currently, the last procedures are being finished so that a pilot license for mobile money will be issued at the beginning of October. We believe the new mechanism will create a significant push to support digital transformation on a national scale,” said Hung. According to the minister, for people to take the leap of faith into a digital world, network safety and security must be ensured. “COVID-19 has presented us with several obstacles and hurdles. However, the pandemic will pass. What matters is who will seize the chances presented by COVID-19, who will adapt the swiftest and modify their business model in order to … [Read more...] about Mobile money to be officially launched from October