VN’s shadow economy sparks debate

Despite concerns from economic experts about the undetermined scale and scope of Viet Nam’s undocumented market transactions, authorities are adamant that the illicit economy is under control and will soon be regulated heavily. — Photo dantri.com.vn Despite concerns from economic experts about the undetermined scale and scope of Viet Nam’s undocumented market transactions, authorities are adamant that the illicit economy is under control and will soon be regulated heavily. In its latest move, the Ministry of Planning and Investment (MPI) is expected to finalise and submit to the Prime Minister’s Office a scheme on underground economic sectors today. Under the direction of Deputy Prime Minister Vuong Dinh Hue, the report details the sectors’ structure and statistics, based on the General Statistics Office’s (GSO) findings. Vo Tri Thanh, former deputy director of the Central Institute for Economic Management (CIEM), said that since 1990, the GSO estimated the size of the underground economy to be more than 10 per cent of GDP. About 10 years ago, reports of evaluations conducted by other agencies and organisations measured the amount of cash outside official circulation. The results showed that the value of this area was about 30 to 35 per cent of GDP. However, economic experts raise questions on the authenticity of the data. Nguyen Duc Thanh, director of the Institute for Economic and Policy Research (VEPR), said that a re-calculation of the informal economy was necessary for the Government to grasp specific data and set out a suitable development strategy. However, he argued… [Read full story]

Advertisements



Link http://news.c10mt.com/search/label/vietnambreakingnews and http://news.c10mt.com


Links Topics : https://news.c10mt.com/2018/01/vns-shadow-economy-sparks-debate.html