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Vietnam’s 3Q economic growth to reach 10.8%: Standard Chartered

Vietnam’s GDP would expand by 10.8% in the third quarter and 3.9% in the fourth quarter, for a total GDP growth of 6.7% in 2022, according to Standard Chartered Bank.

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Standard Chartered economists forecast that the State Bank of Vietnam will keep the policy rate at 4% in 2022 to support businesses as well as the economy’s growth despite rising inflation.

Retail sales growth will continue to improve strongly at 30.2% in July, compared with 27.3% in June. Exports, imports, and industrial production are forecast to increase 22.2%, 20%, and 15% respectively in July compared with 20%, 16.3%, and 11.5% in June. It is expected that Vietnam may record a trade deficit this month.

“We expect inflation to increase to 3.6% in July, compared with 3.4% in June – the fastest increase in the past 2 years, mainly due to pressure from the source. supply, while the pressure from the demand side also gradually increases. At the moment, the inflation situation is still under control, Mr. Tim Leelahaphan, economist for Thailand and Vietnam at Standard Chartered, said.

Fuel prices increased while prices of other commodities in the inflation basket remained relatively low. Price pressures, especially food and fuel, are likely to increase in the second half of 2022 and into 2023.

Vietnam has continuously reduced gasoline prices (about 20%) since the beginning of July 2022, after 7 consecutive price increases since the end of April. The Government has also proposed to reduce the import tax on gasoline to 10% from 20%.

Standard Chartered economists forecast that the State Bank of Vietnam will keep the policy rate at 4% in 2022 to support businesses as well as the economy’s growth despite rising inflation.

Retail sales growth will continue to improve strongly at 30.2% in July, compared with 27.3% in June. Exports, imports, and industrial production are forecast to increase 22.2%, 20%, and 15% respectively in July compared with 20%, 16.3%, and 11.5% in June. It is expected that Vietnam may record a trade deficit this month.

We expect inflation to increase to 3.6% in July, compared with 3.4% in June – the fastest increase in the past 2 years, mainly due to pressure from the source. supply, while the pressure from the demand side also gradually increases. At the moment, the inflation situation is still under control, Mr. Tim Leelahaphan, economist for Thailand and Vietnam at Standard Chartered, said.

Fuel prices increased while prices of other commodities in the inflation basket remained relatively low. Price pressures, especially food and fuel, are likely to increase in the second half of 2022 and into 2023.

Vietnam has continuously reduced gasoline prices (about 20%) since the beginning of July 2022, after 7 consecutive price increases since the end of April. The Government has also proposed to reduce the import tax on gasoline to 10% from 20%.

Source: VGP

Source: https://e.nhipcaudautu.vn/economy/vietnams-3q-economic-growth-to-reach-108-standard-chartered-3346937/

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Vietnam-Australia Digital Forum 2023: Making Vietnamese digital enterprises go global

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September 20, 2023

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The Vietnam – Australia Digital Forum 2023 was held in Sydney, the Australian state of New South Wales (NSW), on August 4 to promote the cooperation in information and communication technology as well as the digital field between the two countries.

Vietnam-Australia Digital Forum 2023: Making Vietnamese digital enterprises go global hinh anh 1The signing of a memorandum of understanding (MoU) between Vietnam’s Posts and Telecommunications Institute of Technology and its Australian partners. (Photo: VNA)

Sydney – The Vietnam – Australia Digital Forum 2023 was held in Sydney, the Australian state of New South Wales (NSW), on August 4 to promote the cooperation in information and communication technology as well as the digital field between the two countries.

The event was co-organised by Vietnam’s Ministry of Information and Communications (MIC), the Australian Trade and Investment Commission (Austrade) and the NSW Trade and Investment Department in charge of the Vietnam market.

The forum took place as part of Vietnamese Minister of Information and Communications Nguyen Manh Hung’s visit to Australia, Director of the MIC’s Department of International Cooperation Trieu Minh Long told Vietnam News Agency correspondents in Sydney.

In 2023, one of the key tasks that the ministry focuses on implementing is to support Vietnam’s digital business community  go global. In addition to activities in Australia, it also implements programmes in other countries and regions around the world such as the US, Japan, and Europe.

Long highlighted strengths of Vietnam’s digital technology enterprises, saying some of them have been successful in foreign markets, even in choosy markets like the US and Japan.

One of the advantages of Vietnamese businesses when accessing the Australian market is that the two countries have good diplomatic and economic relations, along with the strong Vietnamese community in Australia.

Speaking at the forum, Consul General of Vietnam in New South Wales, Queensland and South Australia Nguyen Dang Thang said that developing a digital platform is a breakthrough solution to promote faster digital transformation, reduce costs and increase economic efficiency.

International cooperation is also an important solution to carry out digital transformation, especially promoting the transformation in society, thereby creating momentum for the digital transformation process in government agencies, he added.
Highlighting the two countries’ new cooperation opportunities, Thang said Vietnam and Australia have a strong cooperative relationship, high political trust which is an important point for cooperation in cybersecurity.

Karla Lampe, Director of NSW International Engagement & Market Development under the NSW’s Department of Enterprises, Investment and Trade (DEIT), emphasised that Vietnam and Australia are maintaining strongest-ever partnership, both from economic perspective and from the ties between the two governments. Both New South Wales and Vietnam have large technology companies and influential individuals in the media.

She expressed her hope that the two countries further promote economic and trade ties in the future, and outline ambitious digital transformation goals.

At the forum, representatives from agencies, organisations, research institutions and businesses of the two countries discussed issues related to information and communication technology, and digital technology to learn about policy incentives, the investment environment in Vietnam and Australia.

At the end of the forum, they witnesses the signing of a memorandum of understanding (MoU) between Vietnam’s Posts and Telecommunications Institute of Technology and its Australian partners including Western Sydney University, the University of Canberra, SET Education, the Association of Vietnamese Australian Scholars and Professionals (VASEA)./.

Source: https://en.vietnamplus.vn/vietnamaustralia-digital-forum-2023-making-vietnamese-digital-enterprises-go-global/265680.vnp

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Vietnam lures over 16 billion USD in foreign investment

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September 20, 2023

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As of July 20, total newly-registered capital, additional capital, and capital contributions and share purchase by foreign investors stood at nearly 16.24 billion USD, up 4.5% compared to the same period of 2022 and 8.8% compared to the first half of the year.

Vietnam lures over 16 billion USD in foreign investment hinh anh 1

Source: https://en.vietnamplus.vn/vietnam-lures-over-16-billion-usd-in-foreign-investment/265410.vnp

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Vietnam’s macro-economy stays stable, inflation controlled: official

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September 20, 2023

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Vietnam’s marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

Vietnam’s macro-economy stays stable, inflation controlled: official hinh anh 1The regular press conference takes places on August 5 in Hanoi. (Photo: VNA)

Hanoi – Vietnam’s
marco-economic continues to stay stable and inflation is controlled Minister-Chairman of the Government Office Tran Van Son told a press conference following monthly cabinet meeting in Hanoi on August 5.

Son said that the cabinet meeting for July focused on assessing and discussing the socio-economic situation in July
and first seven months of 2023; the progress of the programme on
socio-economic recovery and development; public investment capital
allocation and disbursement; and the implementation of three national target
programmes among others.

According to Son, participants to the meeting held that in July,
the socio-economic situation was improved compared to the previous month,
contributing to the country’s performance in the first seven months.

So far, the macro-economic situation has remained
stable, while inflation has been controlled. In the first seven months, the
average consumer price index (CPI) increased 3.12%, while all the major
economic balances were ensured.

State budget collection exceeded 1 quadrillion VND
(42.13 billion USD), equivalent to 62.7% of the estimate. Meanwhile, the
country’s exports fetched 195.4 billion USD, with a trade surplus of 16.5
billion USD.

In July, the Index of Industrial Production (IIP)
rose 3.9% month on month and 3.7% year on year. Total revenue from retail of
goods and services increased 7.1% year on year in July and 10.4% in seven
months.

At the same time, the country welcomed more than 1
million foreign visitors in July and 6.6 million in the January-July period,
6.9 times higher than that in the same period last year.

In seven months, 267.63 trillion VND of public
investment capital was disbursed, completing 37.85% of the yearly target, 3.38%
increase year on year. Meanwhile, the country attracted nearly 16.24 billion
USD in foreign direct investment (FDI), up 4.5%.

In July, 13,700 new businesses were established,
raising the total number of new firms to 131,900 in seven months.

Social welfare, security and defence were also
kept stable.

To date, nearly 93.8 trillion VND of the
socio-economic recovery and development programme has been disbursed. Requests
of localities have also been responded to in a timely manner.

Son said that Prime Minister Pham
Minh Chinh clearly pointed out tasks focusing on removing difficulties for production and business, giving
priority to promoting growth, creating jobs, ensuring livelihoods for people
associated with stabilising the macro-economy, controlling inflation, and ensuring
major balances of the economy.

The PM also asked
ministries, agencies and localities to accelerate the disbursement of public investment capital, and carry out the socio-economic
recovery and development programme, as well as three national target programmes. He urged agencies
to strengthen
forecasts, warnings and provide timely information on
natural disasters and readiness for rescue works, Son said, adding that the PM assigned
specific tasks to particular ministries, sectors and localities in the time to
come./.

Source: https://en.vietnamplus.vn/vietnams-macroeconomy-stays-stable-inflation-controlled-official/265691.vnp

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