Want to be in the loop?
subscribe to
our notification
Business News
IMF: VN’S ECONOMIC GROWTH TO REBOUND TO 6.7% IN 2021
Viet Nam would remain the only one with positive growth among five major economies in ASEAN, and its economic growth would rebound to 6.7% in 2021, according to the International Monetary Fund’s October 2020 World Economic Outlook (WEO) Update.
The IMF has revised down its forecast for Viet Nam’s GDP growth to 1.6% in 2020 from a previous estimate of 2.7% in June.
Viet Nam, however, remains the only country among major economies in ASEAN-5 (Thailand, Malaysia, Indonesia, the Philippines, and Viet Nam) expected to deliver positive growth this year.
Overall, ASEAN-5 economies are expected to contract by 3.4% in 2020, before expanding 6.2% in 2021.
The IMF forecasted that Viet Nam’s GDP in 2020 may exceed US$340 billion, higher than Singapore (US$337 billion and the Philippines (US$367 billion).
Meanwhile, the nation’s GDP per capita could increase from US$3,416 in 2019 to US$3,500 at the end of this year.
Viet Nam’s GDP increased 2.12% during the first nine months of 2020, according to the General Statistics Office (GSO).
Although the slowest growth in the past decade, it has to be considered a success given the heavy toll the COVID-19 pandemic has taken on the global economy.
Speaking at the Cabinet meeting in early October, Prime Minister Nguyen Xuan Phuc called for more efforts to achieve GDP growth rate of 2.5-3% this year as V-shaped recovery is becoming clearer over the past months.
According to tradingeconomics.com, in the first half of 2020, Viet Nam was the unique country among major economies in ASEAN posting positive economic growth (1.81%) while other nations announced negative economic growths including Malaysia (-16.5%), Singapore (-13.3%), Thailand (-9.7%), Indonesia (-4.19%) and the Philippines (-15.2%).
Source: VCCI
Related News
Q1 2024: 51.3 MILLION WORKERS EMPLOYED
51.3 million people in Vietnam aged 15 and above were employed during the first quarter of 2024, an increase of 174,100 compared to 2023, or 0.34 percent. The unemployment rate among the country’s working-age population has fallen by 2.24% compared to the same period last year.
FOUR COMMODITIES POST Q1 EXPORT VALUE OF OVER 5 BILLION USD
The total export turnover of agricultural, forestry, and fisheries products in the first three months of 2024 is estimated to reach 13.53 billion USD, an increase of 21.8% compared to the same period of 2023.
MOIT PROPOSES SCHEME TO BOOST RENEWABLE ENERGY PROCUREMENT
The proposed Direct Power Purchase Agreement (DDPA) mechanism, outlined in the draft decree, targets organisations and individuals consuming electricity from the 22kV power grid or higher, with a monthly consumption averaging 500,000kWh. However, residential households are excluded from direct procurement.
REAL ESTATE BONDS PLACE PRESSURE ON ISSUING FIRMS
The ministry’s recent report underscores concerns within Vietnam’s corporate bond market for 2023 and 2024. It emphasizes the critical need to address hindrances to the real estate sector in line with the objectives provided in Government Resolution No. 33/NQ-CP, which aims to stabilize the industry.
DA NANG CUSTOMS FOCUSES ON DEVELOPING CUSTOMS-BUSINESS PARTNERSHIPS
Da Nang Customs Department issued an action plan for developing customs-business partnership in 2024. One of the new events this year is the workshop on “Settlement reports for enterprises engaged in outsourcing, export production and export processing” held in Da Nang Customs Department on April 16, 2024.
OVERCOMING HURDLES IN SUSTAINABLE INDUSTRIAL AND ECONOMIC ZONE DEVELOPMENT
“The path toward sustainable development for industrial zones (IZs) and economic zones (EZs) continues to encounter significant challenges. A notable concern is the instability and lack of consistency in the institutions and policies governing these zones. This inconsistency has resulted in a void of transformative impetus for socio-economic advancement,” said Dr. Nguyen Quang Tuyen from Hanoi Law University.