VietNamNet Bridge - ADB (Asian Development Bank) has predicted a 6.8 percent GDP growth rate for Vietnam in 2018, a figure which is much higher than the average growth rate in the region. ADB has predicted a 6.8% GDP growth rate for Vietnam in 2018 The Vietnam economy depends heavily on the world economy which began entering a prosperous period after 10 years of difficulties. The FED’s plan to raise the prime interest rate four times in 2018 would slightly decrease by 0.0075 percentage points Vietnam’s GDP. Huong mentioned the possibility that the Vietnam stock market would be upgraded to an Emerging Market by the end of 2019 or early 2020. RELATED NEWS GDP grows sharply as economy relies on foreign-invested enterprises Vietnam cautious about economic growth for 2018 Mai Thanh … [Read more...] about How will the Vietnam economy be in 2018?
The Hanoitimes - On February 15, at the headquarters of the Government, Prime Minister Nguyen Xuan Phuc hosted reception for Takashi Oyamada, Chief Executive Officer and President of The Bank of Tokyo-Mitsubishi UFJ (BTMU) in Hanoi. PM Nguyen Xuan Phuc and Takashi Oyamada, CEO and President of The Bank of Tokyo-Mitsubishi UFJ (BTMU) At the reception, the PM made the statement that Vietnam is working hard to improve its business climate to attract more foreign investors, including those from Japan, said Prime Minister Nguyen Xuan Phuc.Lauding sound cooperation between BTMU and the Vietnam Joint Stock Commercial Bank for Industry and Trade (Vietinbank), particularly their organisation of investment promotion conferences, PM Phuc said Vietnam attaches importance to the supply of capital for its economy during the development progress. He stressed that Vietnamese enterprises want to form partnerships with the Japanese peers to learn from their experience in management, production … [Read more...] about Encouraging Japanese businesses to invest in Vietnam – Economy
At a logistics forum in HCM City on October 16, Deputy Minister of Industry and Trade Tran Tuan Anh said that in past years, logistics costs have taken away between 20 and 25 percent of the country’s gross domestic product (GDP). Cutting the costs of logistics would boost Vietnam’s international competitiveness. According to Anh, competition over prices, small or quick-fix business practices and outsourcing to foreign firms are common among Vietnamese logistics companies. Localities also lack specialised logistics centres. The shares and status of Vietnamese logistics suppliers are very modest. Most logistics activities in Vietnam are taken care of by foreign companies. The deputy minister said in order to develop logistics services in Vietnam, local logistics companies need to connect with each other, and work closely with export and import companies. This could help increase the country’s share of sea logistics and goods logistics when Vietnam implements … [Read more...] about Logistics: serious shortcoming in Vietnam economy
The Hanoitimes - On February 28, the European Commissioner for Agriculture and Rural Development led a high-level trade mission comprising 29 business representatives to Vietnam to explore market opportunities. The EU-Vietnam Business Network (EVBN) will implement a trade promotion program for food and beverage in Ho Chi Minh City and Hanoi on February 28- March 3 to help European businesses access the potential market and seek partners. Executives of 29 food and beverage businesses from 14 EU countries will attend seminars and workshops to study investment environment and quality food concepts in the country. According to EVBN, EU businesses want to access Vietnam market in different fields, especially food and beverage, to prepare for the EU-Vietnam Free Trade Agreement (EVFTA) which comes into effect in 2018. In late last year, a business delegation of 40 EU firms arrived in Vietnam to meet Vietnamese retailers and businesses. The Vietnam Foodexpo 2016 in HCM City in November … [Read more...] about European enterprises keen on business prospects in Vietnam – Economy
Reporter: The year 2015 marked an important turning point of Vietnam’s economy in international integration, so what challenges will Vietnam face?Minister Bui Quang Vinh: Vietnam has actively participated in negotiations to sign Free Trade Agreements so Vietnam’s economy will integrate more intensively into the world’s economy in 2016. When Vietnam joined the ASEAN Community, including the ASEAN Economic Community (AEC) on December 31, 2015, it faced three challenges, including the free movement of products, investment and high-skilled labour. This means that qualified professionals can apply for jobs in other ASEAN countries and companies can search for qualified personnel from the community to meet their staffing needs. Without higher competitiveness, Vietnamese people may lose jobs right in “their playing field” and the recent recruitment of Vietnam Airlines’s flight attendants is proof. Previously, the national airline only recruited their staff … [Read more...] about Vietnams Economy 2016: Competitiveness and Challenges