Want to be in the loop?
subscribe to
our notification
Business News
VN'S GDP TO GROW BY 5.5-6%, RISK AND INFLATION ON THE RISE
Việt Nam's GDP was forecast to grow by 5.5-6 per cent this year, albeit with significant risks and inflation in the range of 4-4.5 per cent in 2022 and likely over 5 per cent in 2023, said economists and policymakers during an economic forum organised by the Ministry of Planning and Investment in Hà Nội yesterday.
The country recorded 5.03 per cent GDP growth during the first quarter of 2022 and a 2.1 per cent rise in CPI. Inflation has largely remained under control with macroeconomic indicators looking stable, according to deputy minister of planning and investment Trần Quốc Phương.
Notably, Việt Nam's Business Environment Index has almost recovered to its pre-pandemic level. The ministry said nearly 50,000 new businesses have been registered since the beginning of the year, the highest number recorded for a single quarter in history.
Economists, however, remained optimistically cautious as the Southeast Asian country was still hard at work controlling the pandemic. Coupled with volatile energy prices and the ongoing Russia-Ukraine conflict, Việt Nam's GDP, in the worst-case scenario was forecast at as low as 4.5 per cent, said Prof. Cấn Văn Lực.
Economic recovery, while showing promising signs, was not rapid across the board, especially in travel, tourism and construction which require further support to get back on track, said Nguyễn Quang Thuân, Chairman of FinnGroup, a service provider of financial data, business information, industry research, credit rating reports and other data-driven analytics services.
Francois Painchaud, Regional Resident Representative for Việt Nam and Laos at International Monetary Fund (IMF), praised the country's efforts in pandemic control and economic recovery but urged policymakers to pay extra attention to inflation, the fallout of international geopolitical conflicts, credit crunch, domestic real-estate market and corporate bonds.
Painchaud called for stronger support for economic recovery, and measures to ensure financial stability and inclusive growth. In the long run, he said the government must focus on implementing reforms in the banking and finance sector, modernising financial policies and improving economic resilience.
In a recent report, the IMF said it expected Việt Nam's economy to grow by 6 per cent this year and 7.2 per cent in 2023 with short-term inflation on the rise.
Source: VNS
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.