What do economists say about economic performance in 2020?

2020 will be a tough year for Vietnam’s businesses

Vu Tien Loc, chair of VCCI

2020 will be a tough year for Vietnam’s businesses because the world economy is slowing down. There are big challenges ahead: the size of the economy is increasing rapidly, but the health of businesses and the economy still matters.

What do economists say about economic performance in 2020?



Pham Quang Vinh, former Deputy Minister of Foreign Affairs, former Vietnamese Ambassador to the US

One thing is certain: the world will change forever after the US-China trade war and it will never return to what it was before. There will be a trade agreement between the US and China, and fewer opportunities for small countries will rise up the sooner this happens.

Tran Du Lich, member of the Prime Ministerial Economic Advisory Council

The state pursues the goal of the nation’s development. It doesn’t do business for profit.

The state pursues the goal of the nation’s development. It doesn’t do business for profit.

 


In the current conditions, three things are needed to assist Vietnam’s businesses to improve their competitiveness – stable macro economy, good legal framework and service-based administration.

Vu Tu Thanh, regional deputy managing director of the US-ASEAN Business Council

There are reasons to place hopes on 2020. This is not my hope, but the hope of the American businesses which I have relations with.

The American business circle, which keeps track of the Party and government’s movements, has every reason to believe that there will be more good news than bad news.

Can Van Luc, chief economist of the Bank for Investment and Development of Vietnam

I think the real estate market is undergoing the ‘filtration’ period, and it is not as pessimistic as some people think. One of the reasons is that the regime and policies still cannot catch up with the development of the market.

Nguyen Tu Anh from the Central Economic Committee

The biggest bottleneck in 2019 was public investment. But the problem has been fixed, so the disbursement will be better in 2020.

Le Hoang Chau, chair of the HCM City Real Estate Association

From the perspective of an association, we regularly make proposals and suggestions to help the government improve the business environment to make it more transparent.

The real estate market is meeting many legal problems, problems in law enforcement and people implementing the laws.

Tran Viet Vinh, CEO of Fiin Credit

The fintech market has been exploding in the last two to three years. Ten to 15 years ago, when the market was in its infancy, there were only a few companies. But later, more and more domestic firms joined the market. It is now the right time to develop the Vietnamese fintech market.

Le Ha 

Vietnam: Fastest-growing digital economy in Asia-Pacific

Vietnam: Fastest-growing digital economy in Asia-Pacific

The digital sector is expected to contribute 30% to Vietnam's economy by 2030.

Private sector must drive economy: academic

Private sector must drive economy: academic

Associate Professor Dinh Trong Thinh of Academy of Finance talks about the important role of the private sector in the national economy.

 
 

Other News

.
Nissan Vietnam ceases operation in response to COVID-19
Nissan Vietnam ceases operation in response to COVID-19
BUSINESSicon  03/04/2020 

Automaker Nissan Vietnam has declared a temporary shutdown as from April 5 amid the complex developments of the COVID-19 pandemic.

BUSINESS NEWS HEADLINES APRIL 3
BUSINESS NEWS HEADLINES APRIL 3
BUSINESSicon  03/04/2020 

Vietnamese confectionery firms get their act together

Room for Vietnamese farm produce exports to Singapore amid COVID-19
Room for Vietnamese farm produce exports to Singapore amid COVID-19
BUSINESSicon  03/04/2020 

Vietnamese enterprises shipped around 500 tonnes of goods, including coffee, instant noodles, sweet potato, cabbage, pineapple, watermelon, and dragon fruit, to Singapore in March, according to the Vietnamese Trade Office in Singapore.

VN wood industry facing losses due to COVID-19
VN wood industry facing losses due to COVID-19
BUSINESSicon  03/04/2020 

 The wood industry was facing a ‘disaster’ with many businesses left without orders from now until 2021 due to the COVID-19 pandemic, said the Vietnam Timber and Forest Product Association (VTFPA).

Vietnam’s manufacturing drops to record low in March due to pandemic
Vietnam’s manufacturing drops to record low in March due to pandemic
BUSINESSicon  03/04/2020 

The Vietnam Manufacturing Purchasing Managers' Index (PMI) fell sharply to 41.9 in March from 49.0 in February, a survey by IHS Markit and Nikkei released on April 1 showed.

Cambodian government offers financial support for tourism sector
Cambodian government offers financial support for tourism sector
BUSINESSicon  03/04/2020 

The Cambodian government recently announced a measure to assist workers employed in the tourism sector which is severely affected by the COVID-19 pandemic.

Many firms optimistic about business in Q2
Many firms optimistic about business in Q2
BUSINESSicon  03/04/2020 

Many enterprises in the manufacturing and processing industry are optimistic about the outlook for the second quarter of 2020, according to a survey conducted by the General Statistics Office (GSO).

Floundering service sector threatens mass unemployment
Floundering service sector threatens mass unemployment
BUSINESSicon  03/04/2020 

With restaurant and café chains struggling amid COVID-19, thousands of employees in the service sector could lose their jobs. 

Will coronavirus reverse globalisation?
Will coronavirus reverse globalisation?
BUSINESSicon  02/04/2020 

Could Covid-19 permanently change how the global economy works?

Coronavirus: Oil prices rise on hopes of a price war truce
Coronavirus: Oil prices rise on hopes of a price war truce
BUSINESSicon  02/04/2020 

US President Donald Trump said he expects Saudi Arabia and Russia to strike a deal in the next few days.

Government considers $2.6 billion support package for Vietnamese hit by COVID-19
Government considers $2.6 billion support package for Vietnamese hit by COVID-19
BUSINESSicon  02/04/2020 

Minister of Planning and Investment Nguyen Chi Dung submitted a relief package worth US$2.6 billion to help those most affected by the COVID-19 pandemic at the meeting of permanent Government members on April 1.

GDP growth of 3.82 percent in Q1 is a miracle: official
GDP growth of 3.82 percent in Q1 is a miracle: official
BUSINESSicon  02/04/2020 

Vietnam’s GDP growth rate of 3.82 percent in the first quarter of 2020, a record low since 2011, is still a miracle amidst a global economic recession, an official has said.

Honda Vietnam suspends production due to COVID-19
Honda Vietnam suspends production due to COVID-19
BUSINESSicon  02/04/2020 

Honda Vietnam (HVN) has become the fourth automaker in Vietnam to suspend production and assembly of cars and motorbikes over the concerns of the COVID-19 pandemic.

Ba Ria–Vung Tau seeks investors for 23 key projects
Ba Ria–Vung Tau seeks investors for 23 key projects
BUSINESSicon  02/04/2020 

Authorities in the southern province of Ba Ria-Vung Tau have been asked to speed up procedures so that investors can be sought for important projects.

VN central bank asks for cut in electronic fund transfer fees
VN central bank asks for cut in electronic fund transfer fees
BUSINESSicon  02/04/2020 

The State Bank of Vietnam (SBV) on March 31 issued a directive to reduce the fees for transactions via interbank electronic payment system by 50 percent for local banks.

Banks maintain normal operations during national social distancing
Banks maintain normal operations during national social distancing
BUSINESSicon  02/04/2020 

Banking services will remain available to meet the transaction demands of businesses and individuals, according to the State Bank of Vietnam (SBV).

Bank customers warned of fraud amid COVID-19 pandemic
Bank customers warned of fraud amid COVID-19 pandemic
BUSINESSicon  02/04/2020 

Banks have warned customers about fraud during the COVID-19 pandemic, advising them not to open suspicious emails or click on dubious links sent as email attachments related to the pandemic.

Finance Ministry asks insurers not to sell COVID-19-related products
Finance Ministry asks insurers not to sell COVID-19-related products
BUSINESSicon  02/04/2020 

The Ministry of Finance has asked insurers to stop introducing and selling insurance packages related to COVID-19.

Securities trading uninterrupted during COVID-19 fight: SSC
Securities trading uninterrupted during COVID-19 fight: SSC
BUSINESSicon  02/04/2020 

Trading on the Vietnamese securities market was essential and would not be disrupted under any circumstances during the fight against COVID-19, the State Securities Commission (SSC) said on March 31.

Restaurants, coffee chains in Vietnam switch to selling online delivery
Restaurants, coffee chains in Vietnam switch to selling online delivery
BUSINESSicon  02/04/2020 

After HCM City decided to temporarily close restaurants and catering services with the capacity of more than 30 customers, they began selling online and delivering food.

 
 
 
Leave your comment on an article

OR QUICK LOGIN