WB forecasts Vietnam’s economy will expand 6 percent
The World Bank forecast that the Vietnamese economy will grow at a speed of 6 percent in 2015, according to the East Asia and Pacific Economic Update released on October 5.
The World Bank forecast that the Vietnamese economy will grow at a speed of 6 percent in 2015, according to the East Asia and Pacific Economic Update released on October 5.
The country’s poverty rate is expected to reduce with extreme poverty, which is currently set at living on 1.90 USD per day or less, tapering off from 2.8 percent in 2012 to 1 percent in 2017. Meanwhile, the population living under 3.10 USD per day is predicted to dwindle to 6.7 percent in 2017 from 12.3 percent in 2012.
Economic recovery and stable macro-economic conditions will further reduce poverty. However, slower agricultural growth will affect rural resident incomes, thus increasing the urban-rural income gap, the World Bank said.
The report also pointed to challenges facing the country, such as slow growth, unstable elements spurred by the country’s dependence on trade and decreases in the prices of rice and other farm produce.
It recommended that Vietnam outline a plan to consolidate mid-term financial conditions while carrying out reforms to fortify finances for State-owned enterprises and banks.
Meanwhile, the World Bank expected the East Asia-Pacific region’s economy to expand by 6.5 percent in 2015, lower than the 6.8 percent growth of last year.
East Asia will create global momentum as it accounts for almost two-fifths of the world’s economic growth, the World Bank said.
It highlights that the region needs to prioritise prudent macro-economic management to tackle financial issues as well as deepen economic restructuring with a focus on private investment.
Axel van Trotsenburg, World Bank Vice President for East Asia and the Pacific region, said that growth in developing East Asian-Pacific countries continues to be solid, adding that the moderating trend suggests policymakers focus on structural reforms which create a foundation for sustainable, long-term and inclusive growth.
The reforms are comprised of regulatory improvements in the finance, labour and product market and measures intensifying transparency and accountability, he said.-VNA
The World Bank (WB) expects Vietnam’s economic growth to hover around 6-6.2 percent in 2015, underpinned by further recovery in domestic demand, robust private consumption and investment growth.
Most components of the World Bank-funded Sustainable City Development Project in central Da Nang city have been kept on schedule with satisfactory outcomes, said senior urban specialist at World Bank.
The World Bank (WB) will closely work with Vietnam to complete a population report with a vision towards 2035, WB Country Director for Vietnam Victoria Kwakwa has said.
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.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
More than a product showcase, Vietfood & Beverage – Propack Vietnam 2025 is designed as a comprehensive ecosystem where businesses, experts, and consumers can share knowledge, explore technologies, and connect for collaboration.
Both sides expressed their hope that the outcomes of the discussion will continue to improve the efficiency of customs clearance activities at the customs clearance points and dedicated transport routes of the Huu Nghi – Youyi Guan international border gate pair.
The maximum retail price of E5 RON92 petrol has increased by 207 VND to 19,608 VND (0.75 USD) per litre while that of RON95-III rose by 234 VND to 20,074 VND per litre.
Garment production for exports. (Source: VNA)
