Sunday, January 17, 2021 4:48:51 AM - Markets closed
VN-INDEX 1,194.20 +6.80/+0.57%
HNX-INDEX 225.47 +3.20/+1.44%
UPCOM-INDEX 78.64 +0.88/+1.13%
Vietnam’s GDP to grow 2-3 percent this year: former GSO director
VietNamPlus - 9/21/2020 1:39:13 PM
 (0 ratings. You must sign in to rate.)
Vietnam’s GDP growth this year can reach 2 – 3 percent, according to former director of the General Statistics Office (GSO) Nguyen Bich Lam.
His forecast is similar to the Ministry of Planning and Investment’s estimate submitted to the government in August and close to the Asian Development Bank (ADB)’s forecast of 1.8 percent earlier this month.
The estimate was based on business and production performances in August and the first eight months of 2020 in the light of the Vietnamese government’s success in containing the spread of COVID-19 as well as extra efforts to disburse public investment and develop a better business climate for investors in the final quarter of the year and years to come, Lam said.
Additionally, Vietnam expects to reap benefits from free trade agreements (FTAs), particularly the EU-Vietnam FTA (EVFTA) which is thought to boost growth of the agriculture, fisheries and industry, he added.
“The government and localities have lifted social distancing rules and restored domestic and international flights,” he continued. “The government has been urgently implementing support packages for affected businesses and people to help them ease difficulties and stimulate domestic demand.”
The labour transition from the formal to informal sectors during such a difficult period has helped Vietnam avoid a negative growth like many other countries, he explained.
He further noted that China’s conomic recovery was also a factor in the positive forecast because of the close trade relations between Vietnam and the world’s second largest economy. China remains one of Vietnam’s largest importers and exporters of materials and goods, so its positive GDP growth will provide a major impetus for Vietnam’s economy, he added.
The ADB forecast Vietnam’s economy to expand 1.8 percent in 2020 amid the coronavirus and bounce back to 6.3 percent next year in its recent report.
According to statistics from the Ministry of Planning and Investment, Vietnam continued to maintain a stable macroeconomy with the August Consumer Price Index (CPI) rising 0.07 percent, 0.12 percent lower than the index at the end of 2019 that was the lowest between 2016 and 2020.
Disbursement of public investment surged 45.4 percent in August and 30.4 percent in the first eight months of the year, the highest during the period.
Foreign trade totalled more than 337 billion USD from January to August, up 0.03 percent from a year earlier. Exports exceeded 174 billion USD, a year-on-year increase of 1.6 percent, allowing Vietnam to enjoy over 11.9 billion USD in trade surplus.
Agriculture was forecast to pick up about 2.6 – 2.7 percent this year./.
Read original article here
Newer News
15/01 Vietnam always a leading partner of Netherlands in Asia
13/01 Difficult year ahead for leather-footwear sector: experts
13/01 Two more Vietnamese dairy producers licensed to export to China
12/01 Vietnam prepares best conditions to spur economic growth: forum
08/01 FDI enterprises increase but more losses reported
07/01 HCM City's retail market grows by 11.9 percent despite pandemic
05/01 Gov’t issues Resolution on 2021 socio-economic development
05/01 HCM City targets higher exports by key earners in 2021
28/12 Trade surplus posts record high since 2016
22/12 Wood exports to hit 12.5 billion USD in 2020
Older News
14/09 Construction steel sales projected to recover in year-end months
11/09 VN energy sector a magnet for foreign investors
05/09 HCM City maintains export growth in eight months
27/08 Import-export expected to drive credit growth
24/08 Việt Nam shrimp exports to South Korea to edge up: VASEP
19/08 Seafood exports increase after EVFTA comes into effect
18/08 Vietnam opposes Indonesia’s conclusions on anti-dumping investigation on steel sheets
14/08 Export set to hit 340 billion USD in 2025
07/08 Vietnamese consumers became the most avid savers globally
04/08 EVFTA expected to contribute to EU recovery after coronavirus crisis
Newsletter Signup
Top Stories
Number of new securities trading accounts reaches record high
Trade surplus posts record high since 2016
Reference exchange rate up 1 VND on June 5
Reference exchange rate up 6 VND on December 10
Reference exchange rate continue going down
Market Update
Last updated at 3:20:02 PM
VN-INDEX 1,194.20 +6.80/+0.57%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.