Vietnam’s economy has shown signs of recovery but the world is still reeling in the fight against Covid-19. As such, Vietnam needs to be well prepared for any upheaval.
The Vietnam Institute for Economic and Policy Research (VEPR) estimated local GDP growth for this year at between 2.6 per cent and 2.8 per cent at a workshop yesterday in Hanoi, lower than the 3.8 per cent it forecast in July.
ASEAN and all member states must collaborate to establish a better tax policy system to build sustainability and resilience across the region, found a report launched on Thursday in Ha Noi.
Vietnam should take stronger measures related to origin of goods and products to avoid risks of lawsuits or being taken advantage of by other countries to evade US import tariffs.
Such increases have created a burden on the citizens, while multinationals are taking advantage of Vietnam’s incentive policies to avoid taxes.
A low GDP growth rate is unavoidable in 2020 as the economy has been seriously affected by Covid-19.
People who have idle money are engaging in property speculation, but at the same time many producers seriously lack money, according to Pham The Anh from the Hanoi Economics University.
Building a transparent legal framework; improving business climate; adopting flexible policies on imports, exports and foreign exchange rates; protecting environment will be needed to achieve economic growth target of 6.8%.
Vietnam needs a “revolution in its policy-making mind-set” before it can take advantage of the fourth industrial revolution, said Pham Xuan Hoe from the Banking Strategy Institute, at a forum in Hanoi on January 7.
Increasing exports to the US, Vietnam is a step closer to the risk of alleged monetary manipulation as US President Trump tries to reach a trade agreement with China at a negotiation round this October.
The growth forecast for Vietnam’s economy in 2019 has been upgraded to 6.96% from an earlier estimate of 6.56-6.81% by the Vietnam Institute for Economic and Policy Research (VEPR).
As many as 85 percent of industrial enterprises in Vietnam still lag behind the fourth Industrial Revolution (Industry 4.0), and only 13 per cent are at the beginner level, one official has warned.