Vietnam’s GDP growth accelerated remarkably throughout 2017, driven by improvements in manufacturing and the trade balance as the year progressed and supported by high consumption growth. Interest rates, inflation, and the value of the Vietnam dong (VND) were all stable, thanks to some wise macroeconomic policies by the State Bank of Vietnam (SBV) and because of a very favorable global economic backdrop. Economists use the term “Goldilocks economy” to describe an economy that grows rapidly enough to significantly boost the prosperity of its citizens and to generate attractive investment returns, but not so rapidly to stoke inflation. The term comes from a children’s story about a young girl named “Goldilocks” who likes to eat porridge that is “not too hot, and not too cold … but just right!” 2017 in review Vietnam’s GDP growth accelerated from 5.2 per cent (annualized) in the first quarter of 2017 to 7.5 per cent in the third quarter, driven by an acceleration in the growth of the country’s manufacturing activity from 8 per cent year-on-year in the first quarter to 14 per cent in early December, which was reflected by strong performance in Vietnam’s PMI readings throughout the year. This remarkable acceleration was supported by 12 per cent year-on-year growth in disbursed foreign direct investment (FDI) inflows, by the launch of certain new, large industrial facilities, including Formosa’s mega-steel mill, and by the rebound of Samsung’s smartphone production from the second quarter, following issues related to the Samsung Galaxy 7 phone that led to… [Read full story]
HÀ NỘI — The balance of the petrol price stabilisation fund surged to more than VNĐ5.22 trillion (some US$ 230 million) at the end of the third quarter of 2017, the Ministry of Finance reported on Monday. Of the total, the balance of the fund at Việt Nam National Petroleum Group (Petrolimex) was the highest with VNĐ3.1 trillion. It was followed by PetroVitenam Oil Corporation (PV Oil) with VNĐ457.6 billion, Military Petroleum Corporation (MIPECORP) with VNĐ381.6 billion and One-Member Limited Liability Oil and Gas Company of HCM City with VNĐ352.7 billion. However, there were five out of 27 petrol traders reporting negative fund…... [read more]
Vivian Balakrishnan, Singapore’s Minister of Foreign Affairs and 2018 chair of ASEAN, tells journalists that to understand the bloc’s history and challenges, it is important to examine the external environment and strategic forces that have shaped it over the last 50 years. What is your assessment of where ASEAN stands today and the future and present challenges it faces? Today, ASEAN-10 has a combined GDP of US$2.5 trillion and a population of 628 million people, which is larger than the European Union. As always, ASEAN continues to be affected by external developments. Number one, the geo-strategic balance of power is…... [read more]
Balancing next year’s State budget amid domestic economic difficulties and fluctuations in the world economy while boosting investment in the agriculture sector were top concerns expressed by National Assembly deputies on October 30. According to some deputies, policy makers should forecast factors, which can have negative effects on the State budget, such as the ups-and-downs of world oil prices. Minister of Finance Vu Van Ninh noted that the US financial crisis had affected many countries in the world and many sectors, including world crude oil prices. State budget collection was originally expected to increase by 23.5 percent, equivalent to VND76…... [read more]
(VOV) -Deputy Foreign Minister of the Republic of Korea (RoK) Ahn Chong Ghee has expressed his government's desire to strike a trade balance between the two countries. The RoK would like to balance trade with Vietnam and to offer more incentives to Vietnamese exports, Ahn told Vietnamese Deputy Prime Minister Vu Van Ninh at a meeting in Hanoi on September 24. The Korean diplomat is leading a RoK government delegation to the 8th meeting of the Vietnam-RoK Inter-government Committee. He proposed Vietnam create more favourable conditions for Korean businesses to invest in infrastructure, banking, and energy industries, especially nuclear power.…... [read more]
Striking A Delicate Balance By Tan Duc Thoroughly exploiting natural resources without comprehensively assessing the environmental impact will lead to their inexorable demise Although the Government has halted the export of salt-tainted sand from dredging projects since July 1, 2010, controversy remains. The Ministry of Natural Resources and Environment sticks to its stance that salt-tainted sand export should be stopped as Vietnam needs this material for tackling rising sea levels. The Ministry of Construction supports the export freeze in areas where sand is required for leveling. Meanwhile, the Ministry of Transport, the Ministry of Agriculture and Rural Development and localities…... [read more]
