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POSITIVE OUTLOOK FOR VIETNAM ECONOMY IN SECOND HALF OF 2019
In the last six months of 2019, Vietnam’s economy is forecast to have a good growth rate, projected at 6.6% according to the World Bank. Some key economic sectors are expected to see positive breakthroughs.
This is clearly demonstrated by Taking Stock, the World Bank’s bi-annual economic report on Vietnam released in Hanoi on July 1. According to Mr. Sebastian Eckardt, Lead Economist for the World Bank in Vietnam, the forecast of the World Bank’s economic growth indicators is quite close to the Vietnam economic survey published by the National General Statistics Office a few days ago.
The World Bank’s forecast for the last six months of 2019 is at 6.6%, much lower than 6.8% in Q1/2019, or 7.5% in Q1/2018 and 7.1% in 2018; this is, however, within the safe, acceptable threshold. Heavily impacted by external factors, the domestic economy still maintained a good growth, said Mr. Sebastian Eckardt.
The successful signing of EVFTA agreement will create great opportunities for businesses and investors of both sides in the future. From an export perspective, EU is a big trading partner of Vietnam with a market of 512 million people and high income. This will be a fertile land for Vietnam's spearhead exports such as textiles, footwear, agricultural products, wooden products.
“Vietnam needs to prepare to adjust its macroeconomic policies in case some of these risks materialize and lead to a deeper than expected downturn,” said Mr. Ousmane Dione, World Bank Country Director for Vietnam. “Vietnam will also continue to push for deeper structural reforms, enhance export competitiveness, and further deepen trade integration through bilateral and regional agreements.”
Smokeless industry will be a new growth engine
In the World Bank report, Vietnam's tourism industry will be a big growth driver of Vietnam in the coming time. In 2017, tourism contributed 8% of the country’s GDP. This is also a strong breakthrough growth of this industry.
The lack of product and location diversification is placing strains on Vietnam’s most frequently visited destinations and elevating risks of overcrowding, especially in months when the seasonality of domestic and foreign travelers overlaps. Popular destinations include HCM City, Hanoi, Da Nang, Khanh Hoa and Quang Ninh
The economic experts of the World Bank also said that although Vietnam has potential to develop the tourism industry, the Government of Vietnam also needs to develop a framework policy for the long term development. Specifically, the World Bank recommends the main priorities including enhancing coordination of destination planning and product development, diversifying tourism products and visitor source markets, developing tourism workforce skills, strengthening local tourism value chain linkages, improving visitor flow management, boosting destination infrastructure capacity and quality, and protecting environmental and cultural assets.
The HCM People’s Committee attributed trade promotion and investment activities to transformation of economic structures, higher proportion of processing and high added products, better investment attraction and business confidence in the business and investment environment.
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Anantara Hoi An Resort is collaborating with Macanese celebrity Chef Neta and certified Pilates Master Trainer Fatima Hung to organise a series of events showcasing Macanese Culture.
Specifically, the group will invest in a Ferocrom factory with a capacity of 1.5 million tonnes per year in the first phase and a stainless steel factory with a capacity of 1 million tonnes of steel and 1 million tonnes of non-ferrous metal per year in the second phase.
Việt Nam is among the world’s top 20 countries in terms of the number of internet users, social network users and smartphone users. In addition, the young population, fast internet development and increasing e-payment are other factors that make Việt Nam favourable for blockchain technology.
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