Ministry forecasts Vietnam’s GDP growth this year at 3%-3.5%

The Ministry of Planning and Investment has projected the country’s gross domestic product (GDP) growth in 2021 at 3%-3.5%, down 0.5 percentage points from the rate forecast in September.

Ministry forecasts Vietnam’s GDP growth this year at 3%-3.5%
A production line at Vitto Group in Vinh Phuc Province. The Ministry of Planning and Investment has projected the country's GDP growth at 3%-3.5% this year. - Photo: VNA

At a press briefing on October 2, Deputy Minister of Planning and Investment Tran Quoc Phuong said the forecast was made based on the country’s socioeconomic performance in the January-September period and the prospects in the rest of the year, the local media reported.

To reach a growth rate of 3% or 3.5% this year, the country’s GDP growth this quarter would have to hit 7.06% or 8.84%, respectively, Phuong said.

Vietnam used to achieve a GDP growth of over 7% in the past. However, the economic growth in the last quarter will depend much on the deployment of a plan to adapt safely and flexibly to the Covid-19 pandemic and control it effectively.

To reach the growth target, enterprises must be allowed to resume their operations, Phuong noted, adding that laborers should be facilitated to return to work so that enterprises can operate in the new normal.

In addition, the smooth circulation of goods should be ensured. In the recovery period, it will be a great success if enterprises can recover 80% of their capacity, the deputy minister said.

At a regular Cabinet meeting on October 2, Prime Minister Pham Minh Chinh stressed that the economic growth this year would largely depend on the production and business recovery this quarter and the ability to adapt to the pandemic in the coming periods.

 

Therefore, the Government leader asked the Ministry of Planning and Investment to quickly complete a plan to help the economy recover and develop in the new normal.

The ministry must submit the plan to the competent agencies for issuance this month.

The Asian Development Bank (ADB) late last month forecast Vietnam’s GDP growth for this year at 3.8%, while the World Bank predicted the country’s growth rate at 4.8%.

However, international organizations remain optimistic about Vietnam’s economic growth outlook. ADB believed that Vietnam’s economy would recover and expand 6.5% in 2022 if the pandemic is brought under control late this year and 70% of its population is vaccinated against Covid-19 by the second quarter of next year.

Source: SGT

Standard Chartered revises down Vietnam’s 2021 GDP growth forecast to 4.7%

Standard Chartered revises down Vietnam’s 2021 GDP growth forecast to 4.7%

Standard Chartered has revised down its forecast for Vietnam’s gross domestic product (GDP) growth this year from 6.5% to 4.7%.

 
 

Other News

.
Coffee, vegetable industries agree on codes of conduct to encourage sustainability
Coffee, vegetable industries agree on codes of conduct to encourage sustainability
BUSINESSicon  17/11/2021 

As many as 42 enterprises from the coffee and fruit-vegetable industries have signed a pledge to show their commitment to support and implement the codes of conduct (CoCs) 

Pandemic will have long-lasting impact on business operations in Vietnam
Pandemic will have long-lasting impact on business operations in Vietnam
BUSINESSicon  17/11/2021 

Many factories, including about 200 contracted factories that make sportwear for Nike Corporation, resumed production in Vietnam earlier this month. 

Hoa Binh: attractive destination for investors
Hoa Binh: attractive destination for investors
BUSINESSicon  04/11/2021 

In an effort to attract investment, especially from the start-up community and young entrepreneurs, the authorities of Hoa Binh province have issued special incentive policies.

Vietnam to attract more investment in seaport development
Vietnam to attract more investment in seaport development
BUSINESSicon  17/11/2021 

Vietnam will need about 313 trillion VND (13.7 billion USD) to develop a modern seaport system between now and 2030, and the funding will mostly come from non-budget sources.

VIETNAM BUSINESS NEWS NOVEMBER 17
VIETNAM BUSINESS NEWS NOVEMBER 17
BUSINESSicon  17/11/2021 

Shares retreat on selling pressure, liquidity remains high

Vietnam Airlines officially receives FAA permit to run direct flights to US
Vietnam Airlines officially receives FAA permit to run direct flights to US
BUSINESSicon  16/11/2021 

National flag carrier Vietnam Airlines on November 16 officially received a permit from the US Federal Aviation Administration (FAA) to operate non-stop commercial flight service between Vietnam and the US.

Vietnam, Israel look toward bilateral FTA next year
Vietnam, Israel look toward bilateral FTA next year
BUSINESSicon  17/11/2021 

Vietnamese Minister of Industry and Trade Nguyen Hong Dien has hailed Israel as a promising market of Vietnam in West Asia.

Mekong Delta has some 2.5 million tons of rice left for export
Mekong Delta has some 2.5 million tons of rice left for export
BUSINESSicon  16/11/2021 

With the local rice demand taken into account, the Mekong Delta region has some 2.5 million tons of rice left in November and December that can be exported.

Vietnam-South Korea bilateral trade to hit $70 billion this year
Vietnam-South Korea bilateral trade to hit $70 billion this year
BUSINESSicon  17/11/2021 

The bilateral trade turnover between Vietnam and South Korea reached $63.4 billion in the first 10 months of 2021 and is likely to exceed $70 billion by the end of the year.

The ‘war of nerves’ between landlords and tenants
The ‘war of nerves’ between landlords and tenants
FEATUREicon  17/11/2021 

Many shop owners have had to suspend their business and give back their premises to landlords because of the impact of Covid-19. But, surprisingly, despite low demand, many landlords have still raised rental prices.

Economists warn of high inflation, low growth rate
Economists warn of high inflation, low growth rate
FEATUREicon  17/11/2021 

Seeking capital to help recover production and business is not easy but it’s not the biggest difficulty, experts say. The tougher task is driving money “to the right addresses at the right time”.

Green economy absorbs in green consumption behaviors
Green economy absorbs in green consumption behaviors
BUSINESSicon  16/11/2021 

Countries in the world have been making efforts to demonstrate their commitments to the climate change battle with the aim to minimize negative impacts on ecosystems and develop a green economy.

Retail revenue likely up 3-4% by year-end, compared to 2020
Retail revenue likely up 3-4% by year-end, compared to 2020
BUSINESSicon  16/11/2021 

Thanks to an expected upturn in retail demand between now and the end of the year, the total revenue for 2021 is expected to have grown by three to four per cent, when compared with the previous year. 

Several listed foreign firms report lower profits and losses in 2020
Several listed foreign firms report lower profits and losses in 2020
BUSINESSicon  16/11/2021 

The majority of foreign-invested enterprises listed on Vietnam's stock market either posted lower after-tax profits or losses in 2020 due to the impact of the COVID-19.

VIETNAM BUSINESS NEWS NOVEMBER 16
VIETNAM BUSINESS NEWS NOVEMBER 16
BUSINESSicon  16/11/2021 

Foreign paper hails Vietnam as economic success story

Vietnam Airlines’s additional shares to be officially traded from Nov. 19
Vietnam Airlines’s additional shares to be officially traded from Nov. 19
BUSINESSicon  15/11/2021 

The Ho Chi Minh Stock Exchange (HoSE) has announced the additional listing of nearly 800 million shares of Vietnam Airlines Corporation, coded HVN, from November 15.

E-commerce promotes Vietnam's digital economy
E-commerce promotes Vietnam's digital economy
BUSINESSicon  16/11/2021 

While tourism has been hit hard by Covid-19, e-commerce has become the driving force for the digital economy in Vietnam this year.

HCM City distribution chains ensure food supply
HCM City distribution chains ensure food supply
BUSINESSicon  16/11/2021 

Nearly 1,600 workers at a supermarket chain tested positive for coronavirus when the fourth Covid wave in HCM City reached its peak over the summer. One of them died.

Farm exports to EU must follow food hygiene requirements: experts
Farm exports to EU must follow food hygiene requirements: experts
BUSINESSicon  16/11/2021 

After one year of EVFTA (EU-Vietnam Free Trade Agreement) implementation, Vietnam’s farm exports to the EU have increased sharply.

Four ‘economic commanders’ at NA forum share their vision about stimulus package
Four ‘economic commanders’ at NA forum share their vision about stimulus package
FEATUREicon  15/11/2021 

All four ministers of economy-related fields were asked to answer inquiries at the last National Assembly session, a rare occurrence in Vietnam.

 
 
 
Leave your comment on an article

OR QUICK LOGIN