Socio economic variables

Vietnamese National Assembly Chairman Vương Đình Huệ and spouse (left) welcome his Lao counterpart Saysomphone Phomvihane and spouse to Hà Nội, Việt Nam, on Monday. — VNA/VNS Photo Doãn Tấn HÀ NỘI — Chairman of Việt Nam National Assembly (NA) Vương Đình Huệ and Lao counterpart Saysomphone Phomvihane on Monday in Hà Nội discussed various aspects of bilateral cooperation, as the latter is on a three-day official visit to Việt Nam. This is the first high-level international delegation to visit Việt Nam’s NA in nearly two years due to disruptions caused by the COVID-19 pandemic. On behalf of the leadership of the parliament, NA Chair Huệ warmly welcomed Lao NA Chair Saysomphone's visit to Việt Nam, expressing appreciation for the fact that the Lao legislator chose Việt Nam as the first country to visit in his new capacity. The visit is an important milestone, contributing to the consolidation and promotion of great friendship, special solidarity and comprehensive … [Read more...] about Vietnamese, Lao top legislators want parliamentary ties to become ‘exemplary model’ in region, world

Sihanouk International Airport. (Photo: VNA) Phnom Penh (VNA) – Measures to ease travel restrictions and recover socio-economic activities by the Cambodian Government have prompted some local airlines to hasten the resumption of regular commercial flights to Bangkok, Thailand in November. Cambodia and Thailand have announced the resumption of flights to fully reopen their economies after being seriously affected by the COVID-19 pandemic for almost two years. vaccinated Cambodian tourists would be allowed to travel to the country without quarantine since November 1. Cambodia Airways announced that they will restart flights between Phnom Penh and Bangkok from November 13 and November 17, respectively. VNA … [Read more...] about Cambodian carriers resume flights to Thailand from November

Policy and environmental conditions affect economic growth both in the long run and in the short run. In 2021, Ho Chi Minh City has many growth opportunities because the world economy is on a good recovery, so export orders of enterprises increase. At the same time, the trade conflicts of some big countries such as the US with China and the political crisis in Myanmar have pushed orders to shift to Vietnam quite a bit. Foreign investors also choose Ho Chi Minh City as an attractive destination to pour money into an investment. However, businesses could not produce, capital flow did not come as expected because of the impact of the prolonged epidemic. Therefore, the city authorities’ policies have switched from fighting the coronavirus pandemic to safe adaptation to the epidemic removing barriers for facilitation of the resource flow, then Ho Chi Minh City's economy will gradually recover quickly. For the economy to develop, state management must not obstruct the circulation of … [Read more...] about HCMC seeking new impetus for economic growth

Vietnam needs to allocate 5.5-5.8 percent of its GDP, or VND445.76-666 trillion (US$19.46-29.07 billion) for economic recovery, according to the National Assembly Economic Committee. "Without a special support program and a fiscal and monetary stimulus package, Vietnam will fall behind and fail to meet its five-year economic growth targets," Can Van Luc, chief economist at lender BIDV, said at a forum Sunday. Truong Van Phuoc, former acting president of the National Financial Supervisory Commission, said one way to raise money is for the government to issue bonds. The central bank should lowers its policy rates by one percentage point since inflation is forecast to be under 3 percent this year, he said. The government’s target had been to keep it under 4 percent. The bank should also ease refinancing loan requirements to bring down banks’ interest rates, Phuoc added. Vo Tri Thanh, former head of the Central Institute for Economic Management, said easing restrictions on … [Read more...] about Bonds, low lending interest rates key to economic recovery: experts

Illustrative image (Source: VNA) Hanoi (VNA) – Developing a skilled workforce should be considered an important pillar to help the country adapt to the new normal and the national economy quickly recover from the recession and grow intensively and sustainably, heard a session of the Vietnam Economic Forum 2021 on December 5. Truong Anh Dung, head of the Directorate of Vocational Education and Training under the Ministry of Labour, Invalids and Social Affairs, said although Vietnam is in the golden population period, there still remains various limitations regarding workforce quality. Among 55 million labourers, only 24.5 percent own degrees and certificates, he further explained, noting that Vietnam would miss out on opportunities brought by the golden population if the country takes no actions to speed up investment in developing skilled human resources. Dung suggested pushing ahead with vocational training and extending the duration of the policy on providing vocational … [Read more...] about Vietnam Economic Forum: vocational training needed to adapt to new normal

The Vietnamese economy is estimated to suffer a US$37 billion loss in potential growth due to the COVID-19 pandemic by the end of this year, a senior official said on Sunday. Nguyen Thanh Phong, deputy head of the Party Central Committee’s Economic Commission, made the remarks at a forum discussing economic recovery measures held in Hanoi on Sunday. If it was not for the COVID-19 pandemic, the country’s economy could have grown around seven percent per year over the past two years, Phong said. However, it expanded a mere 2.91 percent in 2020 and is expected to expand just 2.5 percent in 2021. To weather the pandemic’s impact, it is necessary to have comprehensive recovery solutions with four growth drivers namely investment, exports, domestic consumption, and digital transformation, the official said. Vietnam posted a modest gross domestic product (GDP) growth rate of 1.42 percent in the first nine months of this year due to severe impacts of the COVID-19 pandemic, according … [Read more...] about COVID-19 costs Vietnamese economy $37bn in growth: official