Want to be in the loop?
subscribe to
our notification
Business News
INTERNATIONAL ORGANIZATIONS FORECAST STRONG GROWTH FOR VIETNAM IN 2021
Many international organizations have forecast robust economic recovery for Vietnam in 2021.
The International Monetary Fund (IMF) expects Vietnam’s economy to grow 6.5 percent in 2021 despite some economic scarring.
In its 2020 Article IV Consultation report with Vietnam, the IMF said the country’s growth is projected to strengthen to 6.5 percent, as normalisation of economic activity continues, businesses recover, and private consumption and business investment rebound.
Per the report, manufacturing and retail sales are expected to lead the recovery, while the travel and hospitality services will remain subdued. Net exports will continue to contribute positively to growth as external demand picks up.
Economic scarring due to disruptions to domestic activity and the labour market will temporarily weigh on potential growth as labour re-allocation gradually takes place, and capital stays idle in the hardest-hit sectors.
The Standard Chartered Bank has forecast Vietnam’s economy will grow at 7.8 percent this year with manufacturing driving the revival.
Meanwhile, a preliminary assessment by the ASEAN 3 Macroeconomic Research Office (AMRO) said the nation’s GDP growth will rebound to 7 percent this year, driven by a recovery in external demand, a resilient domestic economy, and increased production capacity.
Market researcher Fitch Solutions expects that Vietnam’s economy will grow 6.5 percent each year over the course of the next 10 years as the Government diversifies export markets and improves infrastructure.
Source: VIR
Related News
![Card image cap](/uploads/Logo/Cathay%20%281%29.jpg)
ONE-TIME OFFER: COMPLEMENTARY CATHAY PACIFIC LOUNGE PASS
Begin your trip on the right note in Cathay Pacific’s first-ever ferry lounge, located at Shenzhen’s Shekou Cruise home port. Situated at the end of the pier, the ferry lounge offers a breathtaking 270-degree view of the sea. You can immerse yourself in sheer luxury and revel in the panoramic beauty. Catch a glimpse of Hong Kong in the distance.
![Card image cap](/uploads/news/Industrial%20Zone.jpg)
VIỆT NAM TARGETS FULL MOBILE BROADBAND COVERAGE ON HIGHWAYS, INDUSTRIAL ZONES BY 2025
By 2025, Việt Nam aims to achieve one hundred per cent mobile broadband coverage on all national highways, expressways and railways under a plan to enhance the quality of Việt Nam’s mobile telecommunications network by 2025, which has been approved by the Ministry of Information and Communications (MIC).
![Card image cap](/uploads/news/Investment6.jpg)
VIETNAM ONE OF FASTEST-GROWING E-COMMERCE MARKETS IN SOUTHEAST ASIA
The report released on July 16 highlighted that the total GMV of Southeast Asia’s eight leading e-commerce platforms rose to $114.6 billion in 2023, up 15 per cent from 2022. The key drivers for the region's e-commerce GMV expansion in 2023 are Vietnam and Thailand, growing 52.9 per cent and 34.1 per cent on-year, respectively.
![Card image cap](/uploads/news/Security.jpg)
2025 PIVOTAL FOR STOCK MARKET UPGRADE EFFORT
The Ministry of Finance (MoF) is expected to soon publish the entire content of the draft circular amending and supplementing four circulars on transactions, registration, depository, and clearing, as well as operations of securities companies and information disclosure. This move, along with feedback and explanations, aims to meet the criteria for upgrading Vietnam’s stock market.
![Card image cap](/uploads/news/bn-01.jpg)
VIETNAM INTENSIFIES E-COMMERCE TAX SCRUTINY
The department plans to offer guidance for and hold direct dialogues with e-commerce taxpayers to ensure compliance. Efforts will also include updating the e-commerce database, conducting risk analysis, and leveraging artificial intelligence (AI) to manage data and issue alerts.
![Card image cap](/uploads/news/eco2.jpg)
FOOTWEAR EXPORTS SEEN REACHING US$27 BILLION THIS YEAR
This optimistic forecast reflects the industry’s efforts to expand and diversify its markets. Lefaso indicated that Vietnam’s footwear sector will concentrate on traditional markets like the U.S. and the European Union, alongside markets with free trade agreements to maximize opportunities.