Economic experts have cast doubt on last year’s higher-than-expected economic growth of 6.81%, saying it might not have been that high. Speaking at a workshop held in Hanoi on January 16 to launch a macroeconomic report for the final quarter of last year and all of 2017, Nguyen Duc Thanh, director of the Vietnam Institute for Economic and Policy Research (VEPR), said his institute had calculated the Vietnam Economic Performance Index (VEPI), whose results are not as impressive as GDP growth. VEPI is based on data on indicators like commercial electricity output, export-import turnover and credit growth. The index in quarter four last year was 7.28%, higher than in previous quarters and the same period of 2016, while the officially announced GDP growth this quarter was 7.65%. The fact that GDP growth was way above VEPI is seen as abnormal, Thanh noted. According to economic expert Pham Chi Lan, there is a differential between the figures announced by VEPR and the Government’s General Statistics Office (GSO). When GSO announced economic growth results, many people asked what led to phenomenally high economic growth in the last two quarters of last year. Lan described VEPR’s figures as more subjective. Former Minister of Trade Truong Dinh Tuyen threw his weight behind VEPR’s calculations. He said that his growth forecast for last year was not at all close to what was published by GSO. As estimated by VEPR, economic growth this year might reach 6.65%. Growth is expected at 6.02% this quarter and 7.27%… [Read full story]
The capital city of Hanoi was totally liberated on October 10, 1954. This was a historical event in the glorious revolutionary cause of the city and the nation, marking the outstanding victory of the Vietnamese nation in the protracted resistance war against French colonialists. Hanoi has set up relations of friendship and cooperation with more than 60 capital cities of over 50 countries and territories around the world and, as a member of numerous world acclaimed organisations, has raised the capital city’s position in its international economic integration process. Hanoi has become an attractive and safe destination for international investors…... [read more]
The previous GDP growth record was the first quarter of 2005, at 7.3 per cent. In the first three months, some key economic sectors attaining high growth rates are agro, forestry and fisheries at 2.3 per cent, and industry and construction at 9.3 per cent. Industrial production increased strongly by 16.6 per cent on-year, valued at VND130 trillion (US$8.1 billion). Export turnover is estimated to reach US$10.48 billion, 18 per cent higher than last year. Crude oil still makes the largest contribution to total export value, but decreases 14.6 per cent compared to the same period last year. The consumer…... [read more]
Vietnam has recorded a high economic growth rate over the past years thanks to its prudent economic management and intensified integration into the global economy, the world's monetary body praised recently. In its review of the world economy last year, the International Monetary Fund (IMF) recognized that Vietnam was in a favorable position to continue its structural reform in the banking and public corporate sectors, improve the investment climate, strengthen state management and enhance transparency in policy making. The report stated that the IMF highly valued the Vietnamese government's efforts to control price and salary pressures. Vietnam's balance of payments…... [read more]
(VOVworld) - A conference on investment promotion of the Red River Delta opens in Ninh Binh province on Friday. Speaking at the event, Deputy Prime Minister Vu Van Ninh praised Ninh Binh province's efforts to maintain a high economic growth rate this year at over 10% and reduce the poverty rate to below 9% in the context of economic recession. Ninh asked the province to actively cooperate with ministries, sectors, and adjacent localities to attract investment to major projects. He suggested Ninh Binh province to sustainably develop tourism into an economic spearhead sector by 2015. The province is asked to…... [read more]
Singapore records high economic growth in three years (Source: straitstimes)Hanoi (VNA) – The Singapore economy expanded by 4.6 percent year onyear in the third quarter of this year, the highest growth in three years,according to the Ministry of Trade and Industry (MTI).The figure is higher than the 2.9 percent growth in the previous quarter, theMIT said in a report on October 13.According to the MTI, on a seasonally adjusted basis, the country’s GDP grew 6.3percent in the third quarter from 2.4 percent in the second quarter.The increase was attributable to the robust manufacturing sector expansion, by15.5 percent year on year…... [read more]
