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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Foreign media lauds Vietnam’s economic growth
According to the article, low wages, tax incentives and free trade agreements have facilitated Vietnam’s exports to foreign markets. (Photo for illustration) It highlighted the spectacular growth of industrial parks in Vietnam, but noted that the dependence on export and foreign direct investment (FDI) would make the country vulnerable to trade disputes between the US and other trade partners such as China and the European Union. Meanwhile, the UK’s Inquirer.net also reported that Vietnam has switched from being an agricultural economy to one of the brightest manufacturing hotspots in Southeast Asia, citing the latest report from Jones Lang LaSalle, one of the world's leading real estate services firms. It quoted the report as saying that “This phenomenal growth can be attributed to Vietnam establishing itself as an export-driven economy, dedicated industrial and economic zones, numerous free trade agreements, strong economic growth and a young, … [Read more...] about Foreign media lauds Vietnam’s economic growth
UK wants to increase investment in HCM City: Official
At a working session with Vice Chairman of the municipal People’s Committee Tran Vinh Tuyen on July 6, Fairhead said economic relations between the UK and Vietnam have seen progress in recent years. In 2017, Vietnam exported 6 billion USD worth of products to the UK, up 30 percent year-on-year, while importing around 1 billion USD worth of goods from the European country, she said. Vice Chairman of the Ho Chi Minh City People’s Committee Tran Vinh Tuyen (R) receives Baroness Fairhead, Minister of State for Trade and Export Promotion at the UK Department for International Trade Vietnam’s economy has achieved impressive growth, Fairhead said, stressing that British enterprises have highly evaluated the country’s investment and business environment, especially HCM City’s development potential in the coming time. With their experiences and modern technologies, companies from the UK can help HCM City with data digitalization and provide it … [Read more...] about UK wants to increase investment in HCM City: Official
Votes of confidence for Việt Nam’s economy
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Viet Nam News By Brian Spence* The good news just keeps coming for the Vietnamese economy. As discussed in this column, it enjoyed its strongest start to the year in a decade – growing by 7.38 per cent year-over-year – in the first quarter of 2018, marking itself out as one of the true powerhouses of Asia. Best-case expectations for full-year growth are in the region of 6.7-6.8 per cent, but there are hopes of just over 7 per cent from some quarters. Now, the EU-Việt Nam Free Trade Agreement (EVFTA) is coming into view – a deal which has been heralded as the most ambitious of its kind between the bloc and a developing nation, and one which will put an end to 99 per cent of customs duties on goods. Although concluded in 2015, the EVFTA is only expected to have been ratified and come into force by the end of 2018; but, when it does, what a blessing it is likely to prove. It is expected that the Agreement will boost the Vietnamese economy by up to 15 per cent … [Read more...] about Votes of confidence for Việt Nam’s economy
Why the Smart Money is Staying on Vietnamese Growth
Viet Nam News By Brian Spence Việt Nam’s Gross Domestic Product (GDP) expanded by 6.81 per cent in 2017, marking its highest growth rate in a decade. The country continues to storm ahead this year, with the economy growing by 7.38 per cent in the first quarter – one of the fastest rates in Asia – and total growth is expected to be in the region of 6.7-6.8 per cent (the former as targeted by the National Assembly) for the year. It could even hit 7.1 per cent, according to the Asian Development Bank. Looking ahead, the Vietnamese Government is seeking to maintain the country’s growth spurt until 2020, with Prime Minister Nguyễn Xuân Phúc having spoken of moves encouraging private companies – which currently account for 43 per cent of GDP – to grow and boosting investment into rural areas. Industry and construction are the engine rooms of this growth. Việt Nam’s competitiveness on wages, high labour … [Read more...] about Why the Smart Money is Staying on Vietnamese Growth