The Hanoitimes - The country is currently the 47th-largest economy in the world measured by nominal GDP. After 32 years undergoing economic reform, Vietnam’s economy has maintained an average GDP growth rate of 6.6%, featuring among the world’s top 50 economies, according to Nguyen Thien Nhan, head of the Party Committee of Ho Chi Minh City. Illustrative photo. Compared to other countries with high economic growth rate over the last 32 years, Vietnam’s GDP growth is only behind that of China with 9.4%, and above South Korea and Malaysia 5.9%, Thailand 5.2%, the US 2.6%, Japan 1.7% and Germany 1.8%, Nhan said at the 48th Chief Financial Officers (CFO) World Congress as reported by local media. Due to the US economic sanctions, the value of Vietnam’s economy in 1989 totaled only US$6.3 billion, which later experienced exponential growth since 1995 thanks to the US lifting the embargo and Vietnam becoming a member of the ASEAN, Nhan … [Read more...] about Vietnam is among world’s top 50 economies after 32 years of reform
Low income economies
Japan PM Abe calls for public works spending plan to help economy
Japan PM Abe calls for public works spending plan to help economy Heavy machines are seen at a construction site in Tokyo, Japan March 13, 2018 – PHOTO: REUTERS TOKYO (REUTERS) - Japan's Prime Minister Shinzo Abe called on Monday for a new public works spending program to stimulate the economy amid growing concerns about global risks. The spending, which is expected in the first half of next fiscal year starting in April, will focus on strengthening infrastructure to withstand earthquakes and frequent flooding, according to a presentation made at the Council on Economic and Fiscal Policy (CEFP). Some of Japan's top government advisers also called for stimulus to offset a decline in consumption expected after an increase in the nationwide sales tax in October next year. The rush to approve public works spending and other measures to support consumption highlights growing concern among policymakers about the economy. "The prime minister asked me to take firm measures to … [Read more...] about Japan PM Abe calls for public works spending plan to help economy
Low productivity poses risks to Vietnam economy
The Hanoitimes - Spillover effects from the FDI sector to domestic enterprises are considered a long-term solution for sustainable productivity development. Vietnam's low productivity growth remains one of the main challenges for Vietnam to achieve sustainable development, putting the country's economy at risk of being left behind by regional competitors, said Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR). Overview of the conference. Source: Ngoc Lam. Productivity as central issue "Productivity should be the central issue of reform," Thanh said at a conference on September 26, adding that a high productivity growth rate would result in Vietnam becoming a middle-income country and moving up the global value chain. This is also the objective of the economic restructuring process and institutional reform that Vietnam has been undertaking for many years, Thanh added. Thanh referred to a statement made by economist … [Read more...] about Low productivity poses risks to Vietnam economy
Vietnam among 18 outperforming emerging economies
The Hanoitimes - Emerging economies have accounted for almost two-thirds of the world’s GDP growth and more than half of new consumption over the past 15 years yet, as individual countries, their economic performance varies substantially. Vietnam has been classified among the best performing emerging economies, according to a new McKinsey Global Institute (MGI) report. The report, titled "Outperformers: High-growth emerging economies and the companies that propel them", identifies the emerging economies which have achieved a track record of stronger and more consistent growth than their peers and examines key factors determining their outperformance. The press conference's overview. Photo: Minh Tuan Of the 71 major emerging economies the report analyzes, 18 economies - about one in four - are classified as “outperformers”. Among those, seven achieved more than 3.5% per capita GDP growth over 50 years, between 1965 and 2016. They are China, Hong Kong, Indonesia, … [Read more...] about Vietnam among 18 outperforming emerging economies
HCMC helps low-income earners to escape poverty
Director Tan said in early 2016, the city had over 115,000 poverty-line households and near-poor households accounting for nearly 5.8 percent of the city whole population. Within two year, the city has given more than VND3 trillion ($129 million) to provide employment and improve living condition for members of 100,000 households. Over 28,100 laborers were offered jobs and around 72,400 students of poor and near-poor families enjoyed exemption of school fee or received half remission of their tuition fees. Additionally, 780,000 low-income households were given health insurance cards. It is expected that the city has just 4,800 households living below the poverty line and it can finish the program earlier than planned. The city government has helped poor people by socioeconomic development policies and other policies. Specifically, from 2016 now on, the city has adopted measures for sustainable poverty reduction by creating good environment for production and improve access to basic … [Read more...] about HCMC helps low-income earners to escape poverty