Illustrative image - Source: VNA The ASEAN 5 here comprises Indonesia, Malaysia, the Philippines, Thailand and Vietnam. The IMF kept the projected global growth at 3.9 percent for 2018 and the next year as in the April 2018 WEO, but noted that the expansion is becoming less even, and risks to the outlook are mounting. It said the rate of expansion appears to have peaked in some major economies and growth has become less synchronized. The WEO forecast that the US economy will expand by 2.9 percent in 2018 and 2.7 percent in 2019. It also revised down growth of the euro zone economy, Japan and the UK at 2.2 percent, 1 percent and 1.4 percent, respectively, lower than the previous forecast of 2.4 percent, 1.2 percent and 1.6 percent. Among emerging market and developing economies, growth prospects are also becoming more uneven, amid rising oil prices, escalating trade tensions, and market pressures on the currencies of some economies with weaker fundamentals. Growth projections have … [Read more...] about IMF forecasts stable growth for ASEAN 5 in 2018
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Trade with UK surges on exports
The two-way trade turnover between Viet Nam and the UK reached US$4.37 billion in 2012, rising 35.5 per cent from 2011. HA NOI — The two-way trade turnover between Viet Nam and the UK reached US$4.37 billion in 2012, rising 35.5 per cent from 2011. According to statistics from the Trade Office of the Vietnamese Embassy in the UK and Northern Ireland, Viet Nam received a total $3.9 billion from exporting goods to the UK, up 44.3 percent from 2011. The country's key exports included tea, coffee, mechanical equipment, plastic and leather products. In the same period, Viet Nam was also active in shipping household items such as furniture, electric devices, garments and footwear. Meanwhile, Viet Nam's imports were valued at a total $467.47 million, down 11.3 per cent from the previous year. The country's chief imports from the UK were chemicals, machinery, pharmaceutical products, animal feed, and rubber products. In January this year, bilateral trade value climbed 67 per cent from … [Read more...] about Trade with UK surges on exports
Lam Dong Managers and Businesses Unite to Boost Growth
Lam Dong Managers and Businesses Unite to Boost Growth With the appropriate exploitation of available resources, along with well-planned policies of Lam Dong province to attract investment, Lam Dong’s economy has seen significant growth over the past years. The achievement is built on the considerable contributions of Lam Dong's managers and businesses. Mr Nguyen Trong Hoang, director of Lam Dong's Trade and Tourism Department: “Trade and tourism sector keeps high growth rate” In recent years, Lam Dong authorities have invested in building a clean, green and beautiful environment. Da Lat city alone is covered with a variety of green trees and flowers, leaving visitors with a good impression of the city of flowers. Besides, Lam Dong tourism has also been diversifying products, reinforcing and developing traditional festivals into annual festivals, such as Ponguor fall festival in January of the lunar calendar, and expanding the Hung Temple and Hung Temple … [Read more...] about Lam Dong Managers and Businesses Unite to Boost Growth
UK donates US$10 million to business fund
According to Vietnamese Deputy Minister of Planning and Investment Dang Huy Dong, the VBCF is the continuation of the Vietnam Challenge Fund (VCF), which received several non-refundable grants from the UK government through their Department for International Development (DFID). The fund aims to provide support to private businesses with community-based ideas that help low-income people escape poverty and to establish closer links with the economy. VBCF activities will be in accordance with the country’s socio-economic policies and sustainable and green development strategies. Fiona Louise Lappin, Head of DFID Vietnam, said the fund will serve as an important tool for private enterprises to become involved in poverty reduction, which traditionally is a responsibility solely held by government. The Business Challenge Fund has been a positive influence on the poor in many Asian and African countries by providing them with access to social services. On a scale 10 times larger than … [Read more...] about UK donates US$10 million to business fund
International tourism to continue robust growth in 2013
International tourist arrivals grew by 4% in 2012 to reach 1.035 billion, according to the latest UNWTO World Tourism Barometer. Emerging economies (+4.1%) regained the lead over advanced economies (+3.6%), with Asia and the Pacific showing the strongest results. Growth is expected to continue in 2013 only slightly below the 2012 level (+3% to +4%) and in line with UNWTO long term forecast. By region, Asia and the Pacific (+7%) was the best performer, while by sub-region South-East Asia, North Africa (both at +9%) and Central and Eastern Europe (+8%) topped the ranking. “2012 saw continued economic volatility around the globe, particularly in the Eurozone. Yet international tourism managed to stay on course” said UNWTO Secretary-General, Taleb Rifai. “The sector has shown its capacity to adjust to the changing market conditions and, although at a slightly more modest rate, is expected to continue expanding in 2013. Tourism is thus one of the pillars that should be … [Read more...] about International tourism to continue robust growth in 2013