Business

Vietnam’s GDP projected to grow 7.5% in 2022: World Bank

Vietnam’s economic recovery accelerated over the last six months, GDP growth is anticipated to soar from 2.6% in 2021 to 7.5% in 2022, and inflation will be 3.8%, according to World Bank.

Published

10 months ago

August 9, 2022

TienphongNews

1_9148806-1

“Taking Stock: Educate to Grow”, according to the World Bank’s bi-annual economic outlook for Vietnam. Vietnam’s economy expanded 5.2 percent in Q4-2021, 5.1 percent in Q1-2022, and 7.7 percent in Q2-2022.

This optimistic view, meanwhile, is vulnerable to increased risks that threaten the possibility of recovery.

There are risks such as a slowdown in growth or stagflation in the major export markets, more shocks to commodities prices, ongoing disruption of the global supply chains, or the appearance of new COVID-19 versions. Continued labor shortages, the possibility of greater inflation, and increased financial sector concerns are among the domestic problems.

The focus should be on the implementation of the Recovery and Development policy package and expanding targeted social safety nets to help buffer the poor and vulnerable from the effects of the fuel price shock and rising inflation.

State Bank of Vietnam should be ready to switch to monetary tightening to reduce inflationary pressures through interest rate hikes and tighter liquidity provision.

Vietnam needs to raise productivity by 2% to 3% annually to maintain economic growth, a World Bank report says.

The report argues that transforming the higher education system would be essential for increasing Vietnam’s productivity and help achieve its goal of becoming an upper-middle-income country by 2035 and a high-income country by 2045.

To match average higher education enrollment levels in upper-middle economies, 3.8 million Vietnamese students would need to be enrolled in higher education institutions, nearly twice as many as in 2019.

According to World Bank research, Vietnam’s higher education system requires a change to improve access, quality, and relevance of instruction while also making more effective use of resources.

The usage of digital technology should be increased, the role of the private sector should be strengthened, and the regulatory structure should be simplified. The demand for higher education has decreased as a result of rising tuition fees and perceptions of diminishing economic returns.

Source: https://e.nhipcaudautu.vn/economy/vietnams-gdp-projected-to-grow-75-in-2022-world-bank-3347204/

Up Next

Vietnam likely to record 7.5 percent GDP growth this year: World Bank

Don't Miss

Hoa Phat provides over 4.5 million tons of steel to the market after 7 months

Business

Vietnam Fisheries Trade Union raises fishermen’s awarness on combatting IUU fishing

Published

12 mins ago

June 8, 2023

TienphongNews

Vietnam Fisheries Trade Union (VFTU) on May 29 held a communication event aiming to raise awareness of union members on national sovereignty over seas and islands as well as on the prevention and combat of illegal, unreported and unregulated (IUU) fishing.

Vietnam Fisheries Trade Union raises fishermen's awarness on combatting IUU fishing hinh anh 1

To remove the European Commission’s yellow card, it is necessary for ship owners to comply with legal documents on seas and islands while operating at sea. (Photo: nongnghiep.vn)

Khanh Hoa – Vietnam Fisheries Trade Union
(VFTU) on May 29 held a communication event aiming to raise awareness of
union members on national sovereignty over seas and islands as well as on the
prevention and combat of illegal, unreported and unregulated (IUU) fishing.

Participants at the event were updated on the current
situation of the country’s sea and islands, efforts to combat IUU fishing associated with the responsibilities of union members and fishermen towards having the “yellow card” imposed by the European Commission
on Vietnamese fishery products removed.

According to the Vietnam General Confederation of Labour, the
VFTU has 90 chapters in 16 out of 28 coastal provinces and cities, with nearly
18,000 members and over 5,200 fishing vessels of more than 15m in length.

In recent years, the VFTU has been proactive in popularising legal
documents on seas and islands and calling on its members and boat owners to combat
IUU fishing. It has coordinated with relevant agencies in providing national
flags, first aid kits and life vests to fishermen.

Vietnam Fisheries Trade Union raises fishermen's awarness on combatting IUU fishing hinh anh 2

At the signing ceremony (Photo: nongnghiep.vn)

The trade union has timely issued statements rejecting the unilateral fishing ban in the East Sea by foreign countries, as well as protesting acts that hinder, drive away, attack and arrest people and property of union members and Vietnamese fishermen.

At the event, the
VFTU signed several cooperation agreements with enterprises such as Son Ha Group, Bao Viet Insurance Corporation and
Minh Hong Phuc Vietnam Co. Ltd. These agreements will create favourable
conditions for union members to access products and services at preferential
prices, thereby helping them feel secure while operating at sea, contributing
to protecting the country’s sovereignty over sea and islands./.

Source: https://en.vietnamplus.vn/vietnam-fisheries-trade-union-raises-fishermens-awarness-on-combatting-iuu-fishing/253811.vnp

Business

Vietnamese durian gets more farming area codes for export to China

Published

1 hour ago

June 8, 2023

TienphongNews

China has approved another 47 farming area codes and 18 packaging facility codes for importing durian from Vietnam, according to Ministry of Agriculture and Rural Development.

Vietnamese durian gets more farming area codes for export to China hinh anh 1

Illustrative image (Photo: thanhnien.vn)

Hanoi – China has approved another 47 farming area codes and 18
packaging facility codes for importing durian from Vietnam, according to
Ministry of Agriculture and Rural Development.

Farming area codes enable traceability and thus agricultural exports.

To qualify for export to China, durian need to weigh three kilogrammes or more,
meet stringent safety standards, have traceability stamps in English or Chinese,
and show the name of the packaging facility.

China, the world’s largest durian market, began importing the fruit from Vietnam
last year after approving 51 farming area codes.

The number has since increased to 293 along with 115 packaging facility codes.

According to statistics from the General Department of Customs, durian has been
identified as the fruit with the highest economic value.

Its exports in the first quarter were worth 153 million USD, 8.3 times up from
the same period last year, of which China accounting for 83%.

Dang Phuc Nguyen, general secretary of the Vietnam Fruit Association, said the
fact that more farming area codes and packaging facility codes had been
approved by China was good news for durian growers and exporters.

It would enable Vietnam to increase exports to China, where demand is enormous./.

Source: https://en.vietnamplus.vn/vietnamese-durian-gets-more-farming-area-codes-for-export-to-china/253798.vnp

Business

Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations

Published

2 hours ago

June 8, 2023

TienphongNews

Vietnam is ready to coordinate with other CPTPP member countries in implementing the 2023 rotating chair New Zealand’s initiatives on elevating the deal as a model one of the region and the world, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Vietnam willing to join efforts for CPTPP elevation, IPEF negotiations hinh anh 1

At the Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting in Detroit, Michigan, the US (Photo: VNA)

Washington – Vietnam is ready to coordinate with other CPTPP member countries in implementing the 2023 rotating chair New Zealand’s initiatives on elevating the deal as a model one of the region and the world, affirmed Minister of Industry and Trade Nguyen Hong Dien.

Dien made his remarks while attending the recent ministerial meeting among members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in Detroit, Michigan, the US. Participating countries agreed that it is necessary to continue promoting the effective implementation of the agreement to bring full and practical benefits to people and enterprises, particularly small- and medium-sized ones.

While in Detroit, Dien also attended a meeting of ministers from ASEAN nations joining the Indo-Pacific Economic Framework for Prosperity (IPEF) and the IPEF ministerial meeting.

At these meetings, Dien stated Vietnam will continue to work closely with other IPEF countries, including those from ASEAN to complete basic negotiations of the initiative this year. For the IPEF’s Pillar III of Clean Economy, Vietnam wishes to see more cooperation activities among the ASEAN partners in clean energy production, and the development and transfer of technologies and solutions serving the elimination of greenhouse gases, among others, serving the energy transition of each country.

Lauding efforts by partner nations so far, the minister affirmed Vietnam always supports and is ready for discussion to contribute to the building of practical content suitable to each member’s development conditions.

He also called on participating countries to continue upholding the principles agreed upon from the beginning of negotiations.

On the occasion, the Vietnamese minister met with US Secretary of Commerce Gina Raimondo and Japanese State Minister for Foreign Affairs Yamada Kenji.

Raimondo told Dien that the US is ready to work with Vietnam to discuss some necessary flexible options to ensure that countries respect Vietnam’s legal system and work together on such a basis.

Dien affirmed that Vietnam will work closely with the US and other countries to ensure the overall success of the IPEF. He voice support for the US view of fair commerce, which does not discriminate, cause burden or restrict trade, or harm production and workers. Vietnam commits to continue to actively cooperate with the US to comprehensively address concerns of both nations, thereby maintaining their stable commercial relations, towards a harmonious, sustainable and mutually beneficial trade balance, the minister stated.

Meeting with Yamada, Dien welcomed the three ODA projects worth 61 billion JPY (434.2 million USD) freshly signed between Vietnam and Japan on the sidelines of the 49th G7 summit in Hiroshima. He said room remains extensive for the sides to work together in the fields of energy, food processing, support industries, and material technology.

The Vietnamese Government is committed to ensuring an open and stable business climate for enterprises of the two countries to operate and succeed in Vietnam, he said./.

Source: https://en.vietnamplus.vn/vietnam-willing-to-join-efforts-for-cptpp-elevation-ipef-negotiations/253797.vnp