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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.
1. Football ground rollers supply-bid cancel2. Speciality automobile supply-bid denial3. Conductors, insulation film and metal membrane supply4. Sewing equipment and machine supply5. Industrial compressed gas supply----and more news
The monthly statistical data presents current economic and social statistics on a variety of subjects illustrating crucial economic trends and developments, including production of agriculture, forestry and fishery, business registration situation, investment, government revenues and expenditures, trade, prices, transport and tourism and so on.
In the framework of cooperation with the United States Agency for International Development (USAID), the Ministry of Finance in collaboration with the Ministry of Industry and Trade recently organized the Workshop on International Best Practices to Prevent Origin Fraud, Illegal Transshipment and Circumvention of Trade Remedies in Hanoi.
1. The refinancing interest rate expected to reach 5.75pct by 2020 2. Big 4 banks could stop lending due to low capital 3. Why are investors still wary of PGBank's stocks? 4. Vietnam's foreign trade likely to hit 500 billion USD in 2019 5. Trade deals trigger foreign investments in Vietnam's food sector ----and more news
After continuous debate and revisions, the National Assembly (NA) last week adopted the revised Law on Foreigners’ Entry into, Exit from, Transit through and Residence in Vietnam, which will take effect on July 1, 2020.
A series of policies on administrative penalties for violations arising in the monetary and banking sector, sanctioning of administrative violations in the field of competition, driver training, driving tests and issuance of driving licenses for road motor vehicles shall come into effect since December 2019.