CPV: Vietnam has still maintained an encouraging economic growth this year following robust growth in 2005, according to a recent World Bank (WB) report on Vietnam's economic development and reform process. In the first five months of the year, the country posted a year-on-year export increase of 24 percent. Industrial performance, as measured by the value of turnover, rose by 17.2 percent year-on-year. In addition, the production value of the private economic sector rose 24.1 percent followed by the foreign investment sector with a growth of 20.9 percent and the state economic sector, 8.7 percent. Domestic consumption and investment continued rising sharply during the January-May period. The retail sales index, an indicator of household expenditure, increased 19.6% compared to the same period last year. Meanwhile, inflation stood at 3.6 percent in the first five months and 8.5 percent in 2005. The deficit is financed mainly through official development assistance (ODA) and … [Read more...] about World Bank: Vietnam achieves robust economic growth
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World Bank: Vietnam logistics improve
The Hanoi Times - Vietnam has been ranked among the top developing economies with significant performance in logistics that transcends the level of per capita income. In its latest study, the World Bank noted that many countries perform better than what their income level would suggest. The 10 most significant over-performers include China (27), India (47), Uganda (66), Vietnam (53), Thailand (35), the Philippines (44), and South Africa (28). Improvements can be seen in customs, infrastructure, international shipments, logistics quality and competence, tracking and tracing and timeliness. The capacity of countries to efficiently move goods and connect manufacturers and consumers with international markets is improving around the world, but much more progress is needed to spur faster economic growth and help firms benefit from trade recovery, according to a new World Bank survey on trade logistics. Germany is the top performer among the 155 economies ranked in the Logistics … [Read more...] about World Bank: Vietnam logistics improve
World Bank: Vietnam’s economy becomes more stable
(CPV) - "Vietnam's economy is gradually entering a more stable macroeconomic environment after a prolonged period of heightened turbulence. Its economic growth at around 5.7 percent and year-end inflation at less than 10% in 2012", said a World Bank (WB) report. Addressing at a press conference to announce the World Bank's East Asia-Pacific Economic Update 2012 held in Hanoi on May 23, chief economic expert of the WB in Vietnam, Mr Deepak Mishra said while Vietnam's economy has started to stabilize, the significant tightening of macroeconomic policies, along with an uncertain global economic environment, are beginning to take a toll on economic growth. "Especially after the Government introduced Resolution 11 in February 2011 to stabilize the economy and to ensure social stability, the country's real GDP growth decelerated from 6.8% in 2010 to 5.9% in 2011 and further to 4.0% in the first quarter of 2012 as domestic demand slowed, affecting construction, services, and utilities", he … [Read more...] about World Bank: Vietnam’s economy becomes more stable
World Bank: Vietnam has gained positive achievements in the war against corruption
(CPV) - So said Ms Victoria Kwakwa, World Bank's Country Director for Vietnam during an interview with a reporter from the Communist Party of Vietnam Online Newspaper. Reporter: How do you feel about the Vietnamese Government's policies and solutions on fighting corruption over the last few years? Ms Victoria Kwakwa: There has been progress in some areas. The dialogue surrounding corruption has become increasingly open and frank, the legal system is more transparent than five or ten years ago, and the government is paying greater attention to monitoring the actual level of corruption. These are positive achievements. It is important to remember that addressing corruption means addressing the underlying causes. If your boat is sinking, you don't just bale water, you fix the leak. It is the same with corruption. Vietnam has made progress in reducing administrative barriers, in making processes simpler, in making decisions more transparent- these actions also remove opportunities for … [Read more...] about World Bank: Vietnam has gained positive achievements in the war against corruption
World Bank: Vietnam navigated global financial crisis relatively well
The WB said the global financial crisis and economic recession slowed economic growth in Vietnam . The impact was apparent in the first quarter of 2009, when GDP increased only by 3.1 percent from a year earlier, or 4 percentage points below the average first-quarter growth for the last few years. However, positive signs of recovery have been emerging as a result of the government efforts to support economic activity. The government announced its stimulus package which included various measures, from an interest rate subsidy, to tax breaks, and to additional capital spending. As a result, GDP grew by 4.5 percent in the second quarter and 5.8 percent in the third, raising real GDP growth to 4.6 percent year-on-year for January-September. According to the report, the global economic recession has had a significant impact on Vietnam's external sector. Over the first eight months of 2009, exports declined by 14.2 percent year-on-year in dollar terms. Export turnover is down across most … [Read more...] about World Bank: Vietnam navigated global financial crisis relatively well