Obstacles to economic development in developing countries

Era Dabla-Norris, Anne-Marie Gulde-Wolf, and Francois Painchaud, staff at the IMF Asia and Pacific Department, have offered their analysis of Vietnam's success in fighting Covid-19. The father of the Vietnamese nation, Ho Chi Minh, once noted that: “The storm is a good opportunity for the pine and the cypress to show their strength and their stability.” Vietnam has so far shown strength and stability in weathering the Covid-19 storm, and offers a successful example of how a developing country can fight a pandemic. Reaping the containment dividend Rapid introduction of containment measures Aggressive and cost-effective control measures Whole-of-society fight … [Read more...] about Vietnam’s success in containing Covid-19 offers roadmap for other developing countries

Vietnam targets 6-6.5 GDP growth in 2022 (Photo: VNA) Hanoi (VNA) – Prime Minister Pham Minh Chinh has presented to the National Assembly a draft socio-economic development plan for 2022 which aims for a GDP growth of at about 6-6.5 percent in 2022. The PM delivered the plan at the second session of the 15th National Assembly which opened on October 20. The Government’s socio-economic development plan for next year sets forth 16 key targets regarding economy, social affairs and the environment, including keeping the consumer price index (CPI) growth at around 4 percent and State budget overspending over GDP at 4 percent. To realise those goals, the Government has outlined major tasks and solutions, focusing on implementing the master strategy on pandemic prevention and control, with a roadmap on safe, flexible adaptation to and effective control of COVID-19. Prime Minister Pham Minh Chinh speaks at the meeting. (Photo: VNA) According to the PM, 2022 is a … [Read more...] about Vietnam targets 6-6.5 GDP growth in 2022

Prime Minister Phạm Minh Chính reports on the socio-economic development plan for 2022. — VNA/VNS Photo HÀ NỘI — Prime Minister Phạm Minh Chính has presented to the National Assembly a draft socio-economic development plan for 2022 which aims for a GDP growth of at about 6-6.5 per cent in 2022. The PM delivered the plan at the second session of the 15th National Assembly which opened in Hà Nội on Wednesday. The Government’s socio-economic development plan for next year sets forth 16 key targets regarding the economy, social affairs and the environment, including keeping the consumer price index (CPI) growth at around 4 per cent and State budget overspending over GDP at 4 per cent. To realise those goals, the Government has outlined major tasks and solutions, focusing on implementing the master strategy on pandemic prevention and control, with a roadmap on safe, flexible adaptation to and effective control of COVID-19. According to the PM, 2022 is a significant year as it … [Read more...] about Gov’t sets growth target of at least 6 per cent in 2022

Coordinating Minister for Economic Affairs, Airlangga Hartarto (Source: ANTARA) Jakarta (VNA) - Digital transformation and sustainability are important factors for achieving the 2025 ASEAN Economic Community (AEC) blueprint target, Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto said while chairing the online 20th ASEAN Economic Community Council (AECC) on October 18. He said he fully supported the sustainable attempt for improving the digital skills of the region’s micro, small, and medium enterprises (MSMEs) through various initiatives, for instance, the ASEAN SME Academy, Go Digital ASEAN, ASEAN Access, and the integration of MSMEs into the global value chain. In supporting the regional digital transformation agenda, the minister highlighted five strategies that need to be carried out by the governments of each member country. They include issuing inclusive, coherent, and holistic regulations which support innovation and digital economy … [Read more...] about Indonesia outlines factors for achieving 2025 AEC blueprint target

Total investment capital for railway development until 2030 is estimated at VND230 trillion (US$10.5 billion). Hanoi and  Ho Chi Minh City are projected to be the main transit hubs in Vietnam’s railway planning for the 2021-2030 period, which targets to build nine new railway routes with a total length of 2,362 kilometers. The country would have a network of 25 railway routes with a length of 6,354 kilometers by 2050. Photo: Tran Dung The plan was signed off by Deputy Prime Minister Le Van Thanh in decision No.1769/QD-TTg on October 19, with a view to upgrading existing railway tracks and ensuring smooth connection with international rail transport routes for total investment capital of VND240 trillion ($10.5 billion). The planning also expects to ensure greater efficient capital mobilization for the construction of new railway routes, including the North-South express railway, routes connecting international seaports, airports, and major cities. By 2030, … [Read more...] about Hanoi set to become Vietnam’s major transit hub in 2030 railway planning

The Government is expected to soon issue an overall economic recovery plan, which serves as the basis for localities to carry out their own push for economic development. Vietnam’s GDP growth in 2021 is estimated at around 3-3.5% in 2021, which would translate into a GDP per capita of US$3,660-3,680. Prime Minister Pham Minh Chinh at the National Assembly. Photo: VGP Prime Minister Pham Minh Chinh revealed the figures during a hearing at the National Assembly today [October 20], referring to four out of 12 socio-economic targets set for this year that are unlikely to be met. These include the GDP growth to stay below the 6% objective and the poverty rate under multi-dimensional standards to be reduced by 0.5-1 percentage point against the target of 1-1.5 percentage points. According to Chinh, the emergence of Covid-19 outbreaks and new variants have caused severe impacts on socio-economic activities. “The economic resilience has weakened, reflected by … [Read more...] about Vietnamese Gov’t lowers GDP growth forecast to 3.5% this year