Vietnam is among emerging countries in the world with strong economic growth forcasts for this year and the years to come, according to the World Bank (WB)’s recent Global Economic Prospects report.
Hanoi (VNA) – Vietnam is among emerging countries in the world with strong economic growth forcasts for this year and the years to come, according to the World Bank (WB)’s recent Global Economic Prospects report.
In the context that investment in infrastructure and industry in Vietnam is increasing, the WB forecasts that the country’s annual economic growth will reach 6 percent.
In the report, the bank asserted that Vietnam has strengthened development efforts and promoted privatisation.
The state-owned sector currently accounts for only 40 percent of the economy. Meanwhile, the private sector is growing thanks to an abundant labour force, increasing salaries and stable prices.
𝓡 The proportion of agriculture in the economy has dropped, making up only 18 percent of GDP last year while that of the production and service sectors was 82 percent.
Besides Vietnam, other countries with strong growth prospects include Myanmar, the Philippines, Indonesia, Bangladesh and Ethiopia.-VNA
The World Bank is now embarking on a process to design its next strategy to support Vietnam in implementing the 2016-2020 socio-economic development programme and achieve the set objectives.
Vietnam has become one of the world’s great development success stories, rising from the ranks of the poorest countries, said Work Bank (WB) Group President Jim Yong Kim.
The World Bank (WB) will support Vietnam in building a road map to smoothly shift preferential loans from the IDA to the IBRD to ensure the national budget’s sustainable payment capacity.
China’s Laoling city, in coordination with VINEXAD, hosted a series of events in Ho Chi Minh City from August 7-9 to seek trade and economic cooperation with Vietnam.
Vietnamese Ambassador to Cambodia Nguyen Minh Vu led a delegation to Mondulkiri, Ratanakiri, and Kratie provinces from August 5-8, aiming to deepen economic ties and support Vietnamese businesses operating in Cambodia’s northeastern region.
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.
Part of HCM City, Vietnam (Source:VNA)
