Vietnam’s GDP to grow 2-3 percent this year: former GSO director

Vietnam’s GDP growth this year can reach 2 – 3 percent, according to former director of the General Statistics Office (GSO) Nguyen Bich Lam.

Vietnam’s GDP to grow 2-3 percent this year: former GSO director hinh anh 1

His forecast is similar to the Ministry of Planning and Investment’s estimate submitted to the government in August and close to the Asian Development Bank (ADB)’s forecast of 1.8 percent earlier this month.

The estimate was based on business and production performances in August and the first eight months of 2020 in the light of the Vietnamese government’s success in containing the spread of COVID-19 as well as extra efforts to disburse public investment and develop a better business climate for investors in the final quarter of the year and years to come, Lam said.

Additionally, Vietnam expects to reap benefits from free trade agreements (FTAs), particularly the EU-Vietnam FTA (EVFTA) which is thought to boost growth of the agriculture, fisheries and industry, he added.

“The government and localities have lifted social distancing rules and restored domestic and international flights,” he continued. “The government has been urgently implementing support packages for affected businesses and people to help them ease difficulties and stimulate domestic demand.”

The labour transition from the formal to informal sectors during such a difficult period has helped Vietnam avoid a negative growth like many other countries, he explained.

He further noted that China’s conomic recovery was also a factor in the positive forecast because of the close trade relations between Vietnam and the world’s second largest economy. China remains one of Vietnam’s largest importers and exporters of materials and goods, so its positive GDP growth will provide a major impetus for Vietnam’s economy, he added.

 

The ADB forecast Vietnam’s economy to expand 1.8 percent in 2020 amid the coronavirus and bounce back to 6.3 percent next year in its recent report.

According to statistics from the Ministry of Planning and Investment, Vietnam continued to maintain a stable macroeconomy with the August Consumer Price Index (CPI) rising 0.07 percent, 0.12 percent lower than the index at the end of 2019 that was the lowest between 2016 and 2020.

Disbursement of public investment surged 45.4 percent in August and 30.4 percent in the first eight months of the year, the highest during the period.

Foreign trade totalled more than 337 billion USD from January to August, up 0.03 percent from a year earlier. Exports exceeded 174 billion USD, a year-on-year increase of 1.6 percent, allowing Vietnam to enjoy over 11.9 billion USD in trade surplus.

Agriculture was forecast to pick up about 2.6 – 2.7 percent this year./.VNA

Large growth potential for Vietnam banking services in long-term

Large growth potential for Vietnam banking services in long-term

Many listed banks witnessed weak performance of fee income growth in the first six months of the year due to the Covid-19 pandemic.

 
 

Other News

.
Domestic petrol prices to reach new highs on global market rally
Domestic petrol prices to reach new highs on global market rally
BUSINESSicon  10/10/2021 

Retail petrol prices in Vietnam are likely to reach new highs when the Ministry of Finance and the Ministry of Industry and Trade announce their price adjustments on October 11.

Media, businesses together overcome impact of Covid-19 pandemic
Media, businesses together overcome impact of Covid-19 pandemic
BUSINESSicon  10/10/2021 

The online forum "The press accompanies businesses to restore production and business, overcome the impact of the pandemic" to mark Vietnam Entrepreneurs' Day on October 13.

Efforts made to protect interests of Vietnamese products in EU market
Efforts made to protect interests of Vietnamese products in EU market
BUSINESSicon  10/10/2021 

Vietnam has taken various measures in a bid to protect the interest of Vietnamese products and exporters in the EU markets, according to the Trade Remedies Authority of Vietnam under the Ministry of Industry and Trade (MoIT).

Local property market expects strong rebound
Local property market expects strong rebound
BUSINESSicon  09/10/2021 

The country’s real estate market has seen positive signs for recovery following the economic reopening, experts said.

'Nike leaves Vietnam': phony news and warnings
'Nike leaves Vietnam': phony news and warnings
FEATUREicon  10/10/2021 

"Nike is leaving Vietnam" has been confirmed as misinformation. Nike does not own any factories in Vietnam, but only hires partners in Vietnam to process its products.

Nine ministries want to return VND8 trillion of public capital
Nine ministries want to return VND8 trillion of public capital
BUSINESSicon  10/10/2021 

Nine ministries have told the Ministry of Finance they want to return a total of VND 8,054 billion of foreign loans that they could not disburse.

Vietnam works towards responsible, sustainable fishery sector
Vietnam works towards responsible, sustainable fishery sector
BUSINESSicon  09/10/2021 

Vietnam’s fishermen, businesses and government have joined hands in implementing fishing regulations, in a bid to have the European Commission (EC)’s illegal, unreported and unregulated (IUU) fishing “yellow card” removed. ​

Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
Resumption of flights to Hanoi, no concentrated quarantine for people with negative Covid tests proposed
FEATUREicon  09/10/2021 

The Vietnam Aviation Business Association (VABA) has cities and provinces to resume flights to their localities, especially flights to/from Noi Bai, Da Nang and Tan Son Nhat, on October 10.

Which bailout package for the economy will be passed?
Which bailout package for the economy will be passed?
FEATUREicon  09/10/2021 

Minister of Planning and Investment Nguyen Chi Dung has been assigned a difficult task – drafting a program on recovering and developing the economy in association with improving economic autonomy in 2022-2023.

Wind and solar power: race to exploit endless resources
Wind and solar power: race to exploit endless resources
FEATUREicon  08/10/2021 

In the Draft Power Development Planning 8, one of the power source scenarios with the highest scores is the development of power sources associated with renewable energy under Resolution 55 of the Politburo.

Military Bank named among ‘Best Companies to Work for in Asia 2021’
Military Bank named among ‘Best Companies to Work for in Asia 2021’
BUSINESSicon  08/10/2021 

The Military Commercial Joint Stock Bank (MB) on October 8 received the "Best Companies to Work for in Asia 2021" award by HR Asia, a leading HR magazine in Asia.

Vietnam’s steel group in the world’s top 15 for market capitalization
Vietnam’s steel group in the world’s top 15 for market capitalization
BUSINESSicon  08/10/2021 

Hoa Phat Stee Group of billionaire Tran Dinh Long has entered the world's top 15 corporations in terms of market capitalization.

Apparel industry struggles to reach export target this year due to COVID-19
Apparel industry struggles to reach export target this year due to COVID-19
BUSINESSicon  08/10/2021 

The domestic textile and garment industry is likely to not reach its goals in production and business due to the strong impacts of the COVID-19 pandemic, according to the Vietnam Textile and Apparel Association (Vitas).

VIETNAM BUSINESS NEWS OCTOBER 10
VIETNAM BUSINESS NEWS OCTOBER 10
BUSINESSicon  10/10/2021 

Measures suggested to boost GDP growth amid COVID-19

Economic momentum in 2021 takes a knock
Economic momentum in 2021 takes a knock
BUSINESSicon  08/10/2021 

Prolonged social distancing in many localities have led to lower-than-expected economic growth for the first nine months, but with the accelerated vaccine rollout, the economy is expected to gain growth momentum soon.

VIETNAM BUSINESS NEWS OCTOBER 8
VIETNAM BUSINESS NEWS OCTOBER 8
BUSINESSicon  08/10/2021 

Personal demand for deposits drops sharply

Proposal to resume flights from/to major cities from October 10
Proposal to resume flights from/to major cities from October 10
BUSINESSicon  08/10/2021 

The Vietnam Aviation Business Association (VABA) has proposed centrally-run provinces and cities agree on a plan to resume regular commercial passenger flights, especially those from/to Hanoi, Da Nang and HCM City from October 10.

VIETNAM BUSINESS NEWS OCTOBER 9
VIETNAM BUSINESS NEWS OCTOBER 9
BUSINESSicon  09/10/2021 

Four scenarios for Vietnam’s cloud computing market

Pig farmers incur losses, pork shortage for Tet holiday possible
Pig farmers incur losses, pork shortage for Tet holiday possible
BUSINESSicon  08/10/2021 

With the current low prices, farmers will take a loss of VND2 million when selling a pig. If the prices keep decreasing, farmers will give up farming, resulting in pork shortage for Tet (lunar New Year) sale season.

Nike Group to expand investment in Binh Duong
Nike Group to expand investment in Binh Duong
BUSINESSicon  07/10/2021 

Sportswear giant Nike Group has affirmed that it will continue to expand production in Binh Duong province, said Nguyen Thanh Toan, Director of the Department of Industry and Trade of the southern industrial hub.

 
 
 
Leave your comment on an article

OR QUICK LOGIN