Vietnam – one of fastest growing economies: WB

Vietnam's growth accelerated to 4.5 percent in the last quarter of 2020, resulting in an annual growth rate of 2.9 percent - making it one of the fastest growing economies in the world, according to the World Bank (WB).

In the January edition of its monthly Vietnam Macro Monitoring, the bank said the country’s industrial production and retail sales continued to expand solidly, with growth rates close to pre-pandemic levels.

December 2020 marked another strong performance of merchandise trade, with double digit growth rate in imports (23.1 percent) and exports (17.8 percent), while FDI inflows slowed.

Consumer price index remained flat in December 2020, as food prices stabilised, while consumer demand has yet to fully recover from the crisis.

 

Credit growth picked up slightly after the State Bank of Vietnam cut policy interest rates in October, ending 2020 at 10.1 percent.

The approval and rollout of several COVID-19 vaccines at the end of 2020 raised the outlook of domestic and global economies in 2021, particularly for tourism and airlines.

The government will need to assess carefully when to unwind macroeconomic policies launched in response to the crisis to minimise negative impact on the economy, the bank suggested./.VNA

 
 

Other News

.
Multinational supply chain evades small industry
Multinational supply chain evades small industry
BUSINESSicon  29/04/2021 

Foreign investments in Vietnam have the ability to change the economics of many of the country’s support industries, who are continually struggling to be part of the larger supply network.

Four-month FDI totals $12.25 billion
Four-month FDI totals $12.25 billion
BUSINESSicon  29/04/2021 

In the first four months to April 20, foreign investors pumped 12.25 billion USD in Vietnam, equal to 99.3 percent of the amount recorded in the same period last year.

Flower and ornamental plant production on the rise
Flower and ornamental plant production on the rise
BUSINESSicon  28/04/2021 

Flower and ornamental plant production has dramatically developed in recent years, bringing high economic value.

Contract enforcement, bankruptcy filings stall because of lack of regulations
Contract enforcement, bankruptcy filings stall because of lack of regulations
FEATUREicon  29/04/2021 

Vietnam’s judicial agencies seemingly cannot catch up with business environment reform. Two judicial indicators – contract enforcement and business bankruptcy – have not seen considerable improvement.

ST25 is a generic rice variety, not a brand: NOIP
ST25 is a generic rice variety, not a brand: NOIP
FEATUREicon  28/04/2021 

The National Office of Intellectual Property (NOIP) says the ST25 rice variety has been granted a Protective Certificate No 21.VN.2020 under Decision No 45/QD-TT-VPBH dated March 6, 2020 by the director of the Department of Crop Production.

49% of Vietnamese delete shopping apps on mobile devices
49% of Vietnamese delete shopping apps on mobile devices
BUSINESSicon  28/04/2021 

The increase in app deletions shows that Vietnamese e-commerce platforms need to improve the quality of services in order to retain customers.

Listed companies look to tap real estate segment
Listed companies look to tap real estate segment
BUSINESSicon  27/04/2021 

A series of listed businesses on the stock market have announced plans to expand and tap real estate investment.

More farming products sold on e-commerce sites
More farming products sold on e-commerce sites
BUSINESSicon  27/04/2021 

The e-commerce sites of Vietnam Post and Viettel Post saw 33 more suppliers of agricultural products and regional specialities open new booths in the first 10 days of April.

Recruitment demand soars in textile & garment, IT sectors
Recruitment demand soars in textile & garment, IT sectors
BUSINESSicon  27/04/2021 

The effectiveness of free trade agreements, especially the EU– Vietnam Free Trade Agreement, has helped to increase export orders for textile and garment enterprises in Vietnam, 

HCM City taxman wants to tax apartments for lease
HCM City taxman wants to tax apartments for lease
BUSINESSicon  27/04/2021 

The HCMC Tax Department has proposed piloting a plan to tax apartments for lease in five residential blocks in District 11.

Local banks target high profits
Local banks target high profits
BUSINESSicon  27/04/2021 

During the “season” of shareholders’ meetings, Vietnamese banks are confident about their plans to increase profits by several trillion dong in 2021. Several banks have set a record growth target of up to 30%-50%.

VEPR: Vietnamese economy could grow by 6.3 pct in 2021
VEPR: Vietnamese economy could grow by 6.3 pct in 2021
BUSINESSicon  26/04/2021 

The Vietnamese economy could grow by about 6-6.3 percent in 2021, said chief economist Pham The Anh from the Vietnam Institute for Economic and Policy Research (VEPR) 

Business stories: The bosses with the most leisure time
Business stories: The bosses with the most leisure time
FEATUREicon  27/04/2021 

Company presidents Tran Dinh Long and Dang Thi Hoang Yen have time to go to cafés and don’t attend shareholder meetings.

Positive growth revisions on the cards after resilient Q1
Positive growth revisions on the cards after resilient Q1
BUSINESSicon  26/04/2021 

With its relatively good economic growth in the first quarter driven by surging manufacturing and processing activities and strong control of COVID-19, 

Vietnamese companies lower 2021 targets despite brighter economic outlook
Vietnamese companies lower 2021 targets despite brighter economic outlook
BUSINESSicon  26/04/2021 

Even though economic growth is expected to strongly recover this year as the pandemic has been contained, companies in many sectors have still lowered their profit targets.

Shares to gain on stable cash flow and Q1 positive earnings
Shares to gain on stable cash flow and Q1 positive earnings
BUSINESSicon  26/04/2021 

Shares are forecast to rebound this week on the positive Q1 earning results and stable cash flow, analysts said.

E-commerce workforce downsized due to COVID-19
E-commerce workforce downsized due to COVID-19
BUSINESSicon  26/04/2021 

The proportion of enterprises with employees specialised in e-commerce decreased significantly last year compared to previous years

National Quality Awards 2019-2020 bestowed on 116 businesses
National Quality Awards 2019-2020 bestowed on 116 businesses
BUSINESSicon  25/04/2021 

The Vietnam National Quality Awards 2019-2020 were presented at a ceremony in Hanoi on April 25, honouring 116 companies with remarkable achievements

China benefits the most from Vietnam’s trade surplus
China benefits the most from Vietnam’s trade surplus
BUSINESSicon  25/04/2021 

Vietnam has joined many multilateral and bilateral trade agreements in recent years. The question is what the country receives from these trade relations.

Vietnam imposes anti-dumping duty on Chinese aluminum imports
Vietnam imposes anti-dumping duty on Chinese aluminum imports
BUSINESSicon  25/04/2021 

The domestic industry has been affected due to the dumping of Chinese aluminum imports in recent years.

 
 
 
Leave your comment on an article

OR QUICK LOGIN