Illustrative image (Source: VNA) Hanoi, January 15 (VNA) – Vietnam has recorded upbeat growthdespite disadvantages brought about by the withdrawal of the US from theTrans-Pacific Partnership, according a recent article published on the EastAsia Forum.In his article for the Forum’s special feature series on2017, Suiwah Leung, Honorary Associate Professor of Economics at the CrawfordSchool of Public Policy, the Australian National University, highlighted that theglobal economy’s broad recovery throughout 2017 has assisted Vietnam’sdevelopment.In the article named “Vietnam’s economy stays its coursedespite external headwinds”, Leung noted that Vietnam’s GDP growth recovered tonearly 6.8 percent last year, driven mainly by growth in domestic demand,manufacturing and exports. He mentioned moderate inflation at 3 percent, hence theState Bank of Vietnam cutting its benchmark interest rate by 25 basis points to4.25 percent. The bank also raised its annual credit growth target to 20–21percent, and actual credit growth remained high at 18.5 percent.The article said continued strong growth in goods andservice exports resulted in a small current account surplus and internationalreserves rising to just below 3 percent of imports. The nominal exchange ratehas remained relatively stable with a small devaluation of about 1.4 percent.This helped stem the continued appreciation of the real exchange rate andimprove competitiveness for the domestic sector.The article also pointed to challenges facing Vietnam, withbudget deficits exceeding 6 percent of GDP in the past five years. Publicsector debt has resultantly come close to the 65 percent of GDP limit set by theNational Assembly. The author suggested that the government continue to pursuestructural reforms in… [Read full story]
On the margins of the event, the Deputy PM joined meetings with a number of leaders, including Indonesian Vice President Jusuf Kalla; Russian Deputy Prime Minister Arkady Dvorkovich; WEF Executive Director Philipp Rosler; Deputy Secretary General of the Organisation for Economic and Cooperation Development (OECD), Mari Kiviniemi; Asian Development Bank (ADB) Vice President Stephen Groff; and US Pacific Commander Chief Harry Harris. Speaking at the opening ceremony, Phuc highlighted Vietnam’s responsible efforts and contribution to the building of the ASEAN Community as well as the fostering of ties with other countries and partners in the spirit of honesty and mutual trust…... [read more]
Dung said ASEAN 3 (China, Japan and the Republic of Korea) needs to strengthen operations and create a firm position in the regional integration process to effectively tap existing regional connectivity initiatives such as Belt and Road, Free and Open Indo-Pacific Strategy, Partnership for Quality Infrastructure, and Asian Infrastructure Investment Bank. He underscored the importance of maintaining an environment of peace and stability for development cooperation, fostering trust building, shaping an open, balanced, transparent and rules-based regional architecture. Themed “20 years of ASEAN 3 cooperation: Towards the East Asia Economic Community”, the event attracted nearly 60 delegates from governmental agencies and scholars…... [read more]
Vice Chairman of the Da Nang People’s Committee Nguyen Ngoc Tuan delivered a speech at a session of the 5th East Asian Seas Congress. (Photo: VNA) Da Nang (VNA) - The growth potential of shipping, port and oil and gas industries , their economic contributions to world trade, opportunities available in each sector, and areas for further development were the focus of discussion at a workshop on “Maritime sector’s contributions to a blue economy for the seas of East Asia” organised in the central city of Da Nang on November 18.... [read more]
(CPV) - On November 26 to 28, 2012, an international conference for financial stability in East Asia will be held in Hanoi. The conference, themed "Financial Stability framework and Supervision in a changing environment", is hosted by the National Financial Supervisory Commission (NFSC), the Government Office, the Ministry of Finance, the Ministry of Foreign Affairs and State Bank of Vietnam (SBV). The event was announced in a press briefing on November 20, in Hanoi, presided over by NFSC Chairman Vu Viet Ngoan, SBV Deputy Governor Dang Thanh Binh, Chairman of State Securities Commission Vu Bang and IDG General Director Le…... [read more]
(CPV) - The East Asia's Financial Stability Conference, under the theme "Financial Stability Framework and Supervision in a Changing Environment", closed on November 28 with significant achievements. This was announced by the organising board in a press briefing on the result of the conference, right after the session on November 28. The press brief was presided over by Mr. Vu Viet Ngoan, Chairman of the National Financial Supervisory Committee, Mr. Nguyen Van Thao, Assistant to the Minister of Foreign Affairs, and Mr. Nguyen Doan Hung, Deputy Chairman of the State Securities Committee. At the press brief, Mr. Ngoan said that…... [read more]
