Want to be in the loop?
subscribe to
our notification
Business News
MINISTRY PROJECTS THREE ECONOMIC GROWTH SCENARIOS TO 2023
The Ministry of Planning and Investment (MPI) has developed three forecast scenarios for the last six months of this year and next year.
Following the Government's regular meeting in June, the MPI developed a draft project to ensure macroeconomic stability, control inflation and secure large trade balances.
The draft will be reported to the Government Standing Committee within this month.
Last month, CPI grew by 3.18 per cent compared to the end of last year. In the first six months of the year, the price index of raw materials used for production increased by 6.04 per cent compared to the same period last year. Prices of many imported inputs also soared.
Petrol prices and input materials increased with the recovery of domestic consumption, which created inflationary pressure and high production costs, which in turn reduces production and slows down the recovery of production.
On the basis of the forecast of the domestic and international situation, the Ministry of Planning and Investment has developed three forecast scenarios for the last six months of this year and next year.
In the best scenario, the macro economy is stable, inflation is controlled at about four per cent, major trade balances are guaranteed, and economic growth this year will reach the set target and next year will reach the average target in the 2021-2025 period at between 6.5-7 per cent.
In the medium scenario, the macro economy is basically stable, inflation is higher than 4 per cent, but still under control, economic growth this year will reach the set target, and next year’s growth only approaches the average target in the 2021-2025 period.
With the low scenario, the macro economy will face many difficulties, inflation will increase, economic growth this year will reach the set target, and next year’s growth will be lower than the average target of the 2021-2025 period.
Source: VNS
Related News
POSITIVE ECONOMIC OUTLOOK FOR VIETNAM
Driven by strong recent economic performance, many foreign agencies have upgraded Vietnam's growth forecasts for 2024 and 2025. The National Assembly set a GDP growth target of 6.5-7% for 2025, aiming for 7-7.5%, while the Prime Minister set a more ambitious 8% growth target.
KEY SOLUTIONS TO DRIVE GREEN GROWTH
The Prime Minister has issued Directive 44/CT-TTg, dated December 9, 2024, outlining key tasks and solutions to accelerate the implementation of the National Strategy on Green Growth for the 2021-2030 period, with a vision to 2050.
EFFECTIVE RESTRUCTURING BODES WELL FOR LOCAL AIRLINES
Aviation businesses in Vietnam are expected to perform better in 2025, driven by effective restructuring. National flag carrier Vietnam Airlines is on the way to making consolidated revenues of around $4.37 billion in 2024, up from $3.88 billion in 2023.
PM ORDERS SWIFT RESOLUTION OF CHALLENGES FOR RENEWABLE ENERGY PROJECTS
Prime Minister Phạm Minh Chính has laid stress on the need to complete the resolution of obstacles for renewable projects by February 2025 to prevent wastefulness, contributing to ensuring electricity for development.
CLEAR LEGAL FRAMEWORK NEEDED TO UNLOCK DIGITAL ASSET POTENTIAL
The past decade has seen remarkable advancements in technology worldwide, particularly in digital assets such as blockchain, cryptocurrencies, asset tokenization and decentralized finance (DeFi). Once unfamiliar, digital assets have now become integral to the global financial system. Leading nations in this field not only to drive innovation but also establish a strategic edge in the global economy.
VIETNAM TO RANK AMONG TOP 15 LARGEST ECONOMIES IN ASIA BY 2025
Based on data from the International Monetary Fund (IMF), Seasia Stats predicts that Vietnam’s economy will reach $506 billion in 2025, earning it a place in the top 15 largest economies in Asia. “Vietnam is rapidly developing thanks to its manufacturing boom and strong foreign investment inflows,” Seasia Stats noted.