Inflation vietnam

Inflation in Vietnam currently does not warranty an increase in interest rates or tightening of currency. At present, Vietnam is in a more favorable position than many other countries in the world. No undue pressure In a conversation with Saigon Investment, Dr. Ho Quoc Tuan from the University of Bristol, commented that when talking about global inflation, the first factor that comes up is the increase in the price of energy and raw materials across the world which have been greatly affected by the Russia-Ukraine war. Among the factors that are affecting the most are energy prices of crude oil and gas. Analysts in this field have said that even with the US President visiting Saudi Arabia, the ability to deal with energy supply is still very difficult. Currently, the US Congress is trying to come up with policies to encourage domestic production of shale oil, but they are also not too optimistic. Dr. Ho Quoc Tuan said that this means that the supply cannot be resolved this year … [Read more...] about Inflation not a domestic problem in Vietnam

In any case, public debt will not hit the limit of 65 per cent of GDP, said the Ministry of Finance Vietnam’s real GDP grew 5.03 per cent on-year in the first quarter of 2022, extending the 5.22 per cent pace in the last quarter of 2021 as the services sector rebounded after more parts of its economy were reopened with the relaxation of mobility and distance restrictions. The manufacturing sector continued to take the lead, and most significantly, the overall services sector expanded 4.58 per cent on-year, from 1.22 per cent in the previous quarter and 3.62 per cent in the first quarter of last year. It was clear that service activities were able to benefit from the lifting of COVID-19 restrictions imposed during the second half of last year. Recent data suggests that Vietnam’s underlying growth momentum remained intact in the second quarter of this year. The manufacturing sector continued to power on, registering a 9.24 per cent on-year gain in the first five months, from … [Read more...] about Vietnam steady but external risks weigh

Illustrative image (Photo: travelpluto.com) Singapore (VNA) – Singapore on June 21 announced a support package worth 1.5 billion SGD (about 1.08 billion USD) to provide immediate relief for vulnerable people and businesses amid rising inflation . Vulnerable households will receive an additional goods and services tax (GST) Voucher - Cash Special Payment of up to 300 SGD in August and a 100-SGD utilities credit. Eligible taxi main hirers and private-hire car drivers will get a one-off relief of 150 SGD in August to offset higher fuel costs. For businesses, there are higher subsidies for the Progressive Wage Credit Scheme. Accordingly, the co-funding share of eligible wage increases for local lower-wage workers under the scheme in 2022 will go up from 50 percent to 75 percent for resident employees with gross monthly wages up to 2,500 SGD. For wages above 2,500 SGD and up to 3,000 SGD, the co-funding will be raised from 30 percent to 45 percent. An Energy … [Read more...] about Singapore announces 1.08 billion USD support package to fight inflation

Singaporean-based United Overseas Bank (UOB) maintained its forecast for Vietnam’s gross domestic product (GDP) growth at 6.5 percent this year despite global uncertainty brought about by the conflict in Ukraine and soaring commodity prices. UOB recently released its report on the economic growth of markets around the world, including Vietnam. The report pegged its forecast for Vietnam’s GDP growth at 6.5 percent and core inflation rate at 3.7 percent this year. UOB’s forecast for the country’s GDP growth is in line with the Vietnamese government’s goal of hitting a 6-6.5 percent economic expansion for 2022. The bank's report predicted that the country’s GDP growth will reach 7.6 percent in the third quarter of this year. However, the inflation rate could rise to five percent in 2023 due to various risks and challenges, including the Russia-Ukraine conflict and related sanctions. One of the optimistic signs of the Vietnamese economy is that foreign direct investment (FDI) … [Read more...] about UOB forecasts 6.5 percent GDP growth for Vietnam despite global uncertainty

Strict punishment serves as a deterrent to others, Party chief Nguyen Phu Trong has said. Vietnam is moving into the next phase  in the fight against corruption and bribery, which is to ensure that officials do not dare, are not able and have no desire to commit corruption. Vietnam Party chief Nguyen Phu Trong at the meeting. Photos: Le Hai General Secretary of the Central Committee of the Communist Party of Vietnam Nguyen Phu Trong stressed the view during a meeting between National Assembly deputies of Hanoi with voters in districts of Ba Dinh, Dong Da, and Hai Ba Trung today [June 23]. The event took place on both online and offline platforms, with over 1,220 voters representing those from all 55 wards of the three districts. Referring to the ongoing quest against corruption and bribery, the Party chief stressed the determination to carry out the process in a persistent, resolute, and humane manner. “The disciplinary process against the officials in … [Read more...] about Vietnam moves to next development phase in combating corruption: Party chief

In a recent report, the Singapore-based United Overseas Bank noted that Vietnam continued its development trend in the second quarter of 2022. In the first six months of this year, the production sector recorded a 9.2 percent rise year-on-year. Based on its latest data and analysis of upcoming challenges, the report maintained its prediction for Vietnam’s GDP growth this year at 6.5 percent, and 7.6 percent in the third quarter of 2022. However, the bank experts held that a number of outside risks are challenging the country’s economic growth, including the Russia-Ukraine conflict . With an uncertain outlook from geopolitics, and the fact that domestic inflation continues to be managed, UOB believed that the State Bank of Vietnam has enough capacity to keep its policy interest rate stable to support economic recovery efforts./. VNA … [Read more...] about OUB maintains Vietnam’s GDP growth forecast at 6.5 percent