The domestic private sector in Vietnam is still relatively underdeveloped and faces major challenges, said speakers from the Ministry of Planning and Investment at a recent economic forum in Hanoi. In a keynote address, Minister Bui Quang Vinh told the audience that since Doi Moi reforms began in the 1980s and governmental leaders opened the country to international trade and investment, the country has experienced marked economic growth. But it has largely been the strong response from foreign multinationals that has transformed the economy into a dynamic market-oriented one without a corresponding answer from the domestic private sector. Though this economic growth has contributed to lifting tens of millions out of poverty, this prosperity has not been broadly shared among the population and just as many citizens have received little to no benefit at all. The country now finds itself at a crossroads, said Minister Vinh, with economic growth slowing down compared to that of … [Read more...] about Entrepreneurs are the pillar of the Vietnam economy
The prevalence of US dollars in the Vietnamese economy had decreased significantly since the end of 2011 and the exchange rates had been stabilised, according to a State Bank of Vietnam statement. A customer makes a dollar transaction at a bank in the capital. Since the end of 2011, the exchange rates have been stable. The decline of dollarisation (the habit of using US dollars in daily activities and trades between local people and firms) was seen in the narrowing ratio of foreign currency deposits against total money supply. The figure fell from 30 per cent in 1990, to 15.8 per cent by the end of 2011, most recently dropping to 12 per cent by the end of last month. The central bank also pointed out that credit in Vietnamese dong had surged significantly, while credit in US dollars had plummeted. In the first eight months of the year, credit in dong rose 10.4 per cent while credit in dollars fell 11.55 per cent. The central bank has also taken measures this … [Read more...] about Vietnam economy sees dollarisation decline
By Dang Khoa  July 19, 2018 | 02:36 pm GMT+7 A woman works at Xuan Hoa furniture factory in Xuan Hoa town, outside Hanoi, Vietnam April 5, 2018. Photo by Reuters/Kham GDP to grow by 7 percent this year and not 6.8 percent as forecast earlier. Standard Chartered Bank’s Global Focus report on the economy for the third quarter said manufacturing and construction will be the fastest growing sectors this year. FDI inflows will remain strong, with 50 percent coming into manufacturing, it said. Vietnam received an estimated $16.2 billion in FDI in the first half of this year, down 4.4 percent from the same period last year, according to the General Statistics Office (GSO). "We are positive on Vietnam’s growth medium-term on strong manufacturing activity as FDI inflows to manufacturing remain strong. We believe that Vietnam will remain one of the fastest growing economies in Asia in 2018,” Asia Economist for Standard Chartered … [Read more...] about Standard Chartered Bank says Vietnam economy to grow faster than expected
VietNamNet Bridge - ADB (Asian Development Bank) has predicted a 6.8 percent GDP growth rate for Vietnam in 2018, a figure which is much higher than the average growth rate in the region. ADB has predicted a 6.8% GDP growth rate for Vietnam in 2018 The Vietnam economy depends heavily on the world economy which began entering a prosperous period after 10 years of difficulties. The FED’s plan to raise the prime interest rate four times in 2018 would slightly decrease by 0.0075 percentage points Vietnam’s GDP. Huong mentioned the possibility that the Vietnam stock market would be upgraded to an Emerging Market by the end of 2019 or early 2020. RELATED NEWS GDP grows sharply as economy relies on foreign-invested enterprises Vietnam cautious about economic growth for 2018 Mai Thanh … [Read more...] about How will the Vietnam economy be in 2018?
Vietnam's economy saw its strongest first-quarter growth in a decade, data showed on Thursday (Mar 29), driven by a surge in electronics manufacturing and exports. While agriculture and wholesale and retail trade have seen steady rises, manufacturing remains a the pillar of Vietnam's growth. (Photo: AFP/Hoang Dinh Nam) The reading comes as the communist country is poised to expand its overseas markets after signing an 11-nation Asia-Pacific trade deal this month that replaces the Trans-Pacific Partnership (TPP), scrapped by the US last year. Observers said a spike in exports was a promising sign that Vietnam's market has not been dented by US President Donald Trump's protectionist agenda. The 7.38 per cent GDP expansion in January-March was sharply up from the rate of just over five per cent seen in the same period last year, according to the Government Statistics Office, and well above the government's annual target of 6.7 per cent. The figures are the best since a 7.40 per … [Read more...] about Vietnam economy grows at best rate in a decade