The Asian Development Bank (ADB) has lowered its forecast of Vietnam’s gross domestic product (GDP) growth in 2021 to 5.8 percent from its previous prediction of 6.7 percent in April, as the fourth wave of COVID-19 infections hampers the country's recovery.
Hanoi (VNA) - The Asian Development Bank (ADB) haslowered its forecast of Vietnam’s gross domestic product (GDP) growth in 2021 to 5.8percent from its previous prediction of 6.7 percent in April, as thefourth wave of COVID-19 infections hampers the country's recovery.
Vietnam's economic growth accelerated from 1.8 percent inthe first half of 2020 to 5.6 percent in the same period this year as theglobal recovery from the pandemic boosted export, the bank said in a report releasedon July 20.
However, the ongoing wave of COVID-19 infections has led to disruption insupply chains and prolonged social distancing measures in many provinces and cities whosegrowth rates are high. These have severely affected the circulation of goods andgreatly limited economic activities in 2021.
Also as part of the report, the bank is projecting 7.2percent economic growth for developing Asia in 2021, compared with its forecastof 7.3 percent in April, as new COVID-19 outbreaks slow the recovery in someregional economies.
Excluding the newly industrialised economies of Hong Kong (China); the Republic of Korea; Singapore; and Taiwan (China), developing Asia’supdated growth outlook is 7.5 percent for 2021 and 5.7 percent for 2022,compared with earlier projections of 7.7 percent and 5.6 percent, respectively.
“Asia and the Pacific’s recovery from the COVID-19 pandemiccontinues, although the path remains precarious amid renewed outbreaks, newvirus variants, and an uneven vaccine rollout,” said ADB Chief EconomistYasuyuki Sawada.
“On top of containment and vaccination measures, phased andstrategic rejuvenation of economic activities - for instance, trade,manufacturing, and tourism - will be key to ensure that the recovery is green,inclusive, and resilient.”
The COVID-19 pandemic remains the biggest risk to theregion's outlook, as outbreaks continue in many economies./.
The Asian Development Bank (ADB) has approved a 4.6 million USD technical assistance to help the Vietnamese Government to strengthen public-private partnership (PPP), private sector development, and state-owned enterprise (SOE) reform.
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Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
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Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Making garment products for export (Photo: VNA) 
