The global economic crisis

Resolution 01 also aims to achieve other important milestones. These include a rise in productivity, a better trained and qualified workforce, and a continued fall in poverty. These are all positive and welcome aspirations which – once achieved – will benefit both local and international business communities. To take just one example: more people with degrees will act as a magnet for more foreign companies to move their business operations to Vietnam, while also benefiting those who are here through up-skilling their potential labour pool. … [Read more...] about New economic priorities for a new year

Southeast Asia experienced a three-speed recovery, with differences primarily driven by the varying success of countries’ ability to contain fresh waves of infection and implement lockdown exit strategies to safely reopen their economies and fiscal and monetary policy support. … [Read more...] about Viet Nam GDP to grow by 8 per cent: Oxford Economics

Hanoi (VNS/VNA) - Southeast Asia’s economic growth will rebound to 6.2 percent in 2021 with Vietnam achieving 8 percent growth, according to the latest economic outlook report from Oxford Economics commissioned by chartered accountancy body ICAEW. GDP across the region contract by 4.1 percent in 2020, with countries that had been successful in controlling the COVID-19 pandemic like Vietnam and Singapore leading the recovery.  Indeed, Vietnam was expected to be the only economy to record positive growth in 2020. The rebound was in part due to the low-base effect of 2020, but policies were set to remain very accommodative with extensive fiscal support and low interest rates. Prolonged lockdowns and social distancing measures in the region were forecast to cap global GDP growth in 2021, making it unlikely that a return to pre-COVID GDP and trade activity would take place before late 2021.  In Southeast Asia, … [Read more...] about Vietnam’s GDP to grow by 8 percent: Oxford Economics

“The interconnectedness of the global economy means that countries will have to work collectively to strengthen their pandemic response plans and address the dual challenges of resuming business activities while keeping their people safe.”  … [Read more...] about Vietnam’s GDP to grow by 8 per cent: Oxford Economics

The country should increase national resilience with a focus on State-owned enterprises (SOEs), small-and-medium enterprises (SMEs) and the informal sector. SMEs and the informal sector collectively form a crucial domestic demand engine and will continue to need support, especially in the short term while growth and incomes remain depressed. SOEs account for one-third of GDP yet grow much more slowly than other companies do. While Việt Nam has reduced its number of fully owned SOEs by more than 90 per cent since 2001, its journey is far from complete because these efforts have yet to make the sector any leaner. Targeted equitisations, sustainable divestments, and transformation programmes could be considered to make SOEs competitive at home and even more competitive on the global stage. … [Read more...] about The right structural adjustments help Việt Nam achieve long-term growth aspirations