Vietnam prepares best conditions to spur economic growth: forum
Vietnam has prepared the best conditions to spur its economic growth as the global economy is grappling with the severe impacts of the COVID-19 pandemic, experts have said.
Tran Hong Quang, Director of the Vietnam Institute for Development Strategies, speaks at the forum (Photo: vneconomy.vn)
HCM City (VNA) – Vietnam has prepared the best conditions to spur its economic growthas the global economy is grappling with the severe impacts of the COVID-19 pandemic, expertshave said.
At the VietnamEconomic Scenario Forum in Ho Chi Minh City on January 11, the experts said Vietnam has mapped out asocio-economic development strategy for 2021-2025. Vietnam aims to become a developingcountry with a modernity-oriented industry by 2025 and a developing nation witha modern industry and high middle income five years later.
Tran Hong Quang,Director of the Vietnam Institute for Development Strategies under the Ministryof Planning and Investment, said the country’s GDP growth rate is projected atabout 7 percent annually in the 2021-2030 period. Its GDP per capitais set at 4,700-5,000 USD in 2025, and around 7,500 USD in 2030, he added.
To that end, Vietnamshould boost key economic sectors that would serve as the driver of thenational economy, and complete the restructuring of State-owned enterprises, hesuggested.
The country needsto swiftly complete the infrastructure system, particularly in transport,energy, IT, major urban areas, and climate change response, according to Quang.
Other expertssuggested enhancing the private economic sector in terms of volume, quality,efficiency and sustainability, making them become an engine of the nationaleconomy.
Some said the selectionof foreign investments would help Vietnam attract projects with hightechnologies, modern governance and connected with the global supply chains.
Nguyen Xuan Thanh,a member of the Prime Minister’s Economic Advisory Group, held that thenational economy will be driven by the domestic market, private investments andexports to the EU and ASEAN this year.
Pham Thanh Ha, Director of the central bank's Monetary Policy Department, speaks at the forum. (Photo: vneconomy.vn)
Pham Thanh Ha, Director of the StateBank of Vietnam (SBV)'s Monetary Policy Department, said the central bankwill continue to manage the monetary policy proactively and flexibly.
Andy Ho, Managing Director and Chief Investment Officer of VinaCapital, said Vietnam’s enhanced prestige in theinternational arena has helped to lure foreign investment to the country./.
The Vietnam Report JSC and VietNamNet newspaper announced the top 500 largest enterprises in Vietnam (VNR500) in 2019 at a ceremony in Hanoi on January 9.
Vietnam has been hit hard by the current novel coronavirus pandemic (COVID-19), but it will show signs of recovery in the post-coronavirus period, the World Bank said in its Vietnam Macro Monitoring report for May.
In the first four months of 2020, committed foreign direct investment (FDI) amounted to US$12.3 billion, a year-on-year decrease of 15.5%. Surprisingly, the value of FDI commitment rebounded in April, up by 81% over March 2020.
Vietnam’s economy could grow bigger than Singapore by 2029, the UK-based Global Business Outlook recently cited the Development Bank of Singapore (DBS)’s report.
Party General Secretary To Lam’s upcoming state visit to the Republic of Korea (RoK) is expected to mark a new milestone in the bilateral relationship, creating fresh momentum for trade and investment cooperation between the two countries.
In the context of the growing global digital economy, digital transformation and the promotion of e-commerce are key drivers helping Vietnam boost integration, enhance competitiveness, and expand export markets, according to the Vietnam E-commerce and Digital Economy Agency
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
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.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
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.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
Tran Hong Quang, Director of the Vietnam Institute for Development Strategies, speaks at the forum (Photo: vneconomy.vn) 
Pham Thanh Ha, Director of the central bank's Monetary Policy Department, speaks at the forum. (Photo: vneconomy.vn) 
