Latest blog articles
Vietnam's Q2 GDP growth forecast: 5.6%
Viet Nam’s GDP in the second quarter of this year is forecast to expand 5.6 per cent or 6.27 per cent, depending on two scenarios, expert said.
Production line at the Knauf Vietnam Co Ltd’s new gypsumboard plant in the northern port city of Hai Phong.
Dang Duc Anh, director of the National Centre for Socio-Economic Information and Forecast (NCEIF)’s analysis and forecast department, said this at a discussion on the country’s macro-economic growth forecast, held in Hanoi on Wednesday.
Under the first scenario of 5.6 per cent GDP growth, Anh said that processing and manufacturing industries in Q2 would grow higher than in the first quarter, and the slowdown of the mining industry would be lower than that in Q1.
The foreign exchange rate would be relatively stable and credit growth would continue to rise in Q2, Anh said, adding that disbursement of State investment capital would be also higher than Q1.
In the second scenario, the GDP would grow 6.27 per cent in Q2, owing to the recovery of the mining sector, with exploitation output at the same level as 2016; the disbursement of State investment capital would be strong; and the processing and manufacturing industry would grow higher than it did during the same period last year.
The Q2 GDP in 2016 expanded 5.57 per cent.
At the discussion, experts pointed out that Viet Nam’s economy would be influenced significantly by global scenarios such as the recovery of world trade and economy, oil price fluctuations and development of the global finance market in the wake of the US Federal Reserve’s interest rate hike.
In the domestic market, business confidence of local enterprises is stable, experts said. More than 50 per cent of the firms expect their number of business contracts in Q2 to be higher than Q1.
Investment by private and foreign direct investment firms is also expected to rise in Q2 owing to the Government’s efforts to improve the business climate.
To meet the Government’s GDP growth target of 6.7 per cent in 2017, NCEIF director Nguyen Thi Mai Thu suggested that the State work to further stabilise the macro economy to be able to create more confidence among investors and the business community.
It will also be necessary to speed up the disbursement of State investment capital and Government bonds, she added.
The Government should also closely monitor the implementation of tasks raised in its Resolution 19/2016/NQ-CP on improving the business climate and the national competitive edge, and on the action programme on economic restructuring in the 2017-20 period.
Though exports are forecast to rise significantly in the next few months, expert Cấn Văn Lực recommended that export firms be active in material resources.
According to the General Statistics Office (GSO), Viet Nam’s GDP growth in the first quarter of 2017 was only 5.1 per cent, lower than the 6.72 per cent and 5.48 per cent growth rates during the same period in 2015 and 2016, respectively.
Ha Quang Tuyen, director of GSO’s national account department, said there are three reasons why the growth rate has been weaker than forecast in Q1.
First, the lingering effects of drought and saltwater intrusion from last year led to a sharp drop in rice production, which led to a contraction in the plant cultivation sub-sector.
Second, industrial growth slowed to 4.1 per cent against 7.4 per cent recorded in the first three months of 2016, mainly the result of a manufacturing slowdown.
Notably, electronic production shrank 1 per cent compared to the 11.3 per cent growth last year because of Samsung’s poor performance.
Third, the mining sector has been hit by the Government’s attempts to balance growth and the exploitation of natural resources, as part of its drive to restructure the economy and renew the growth model.
Authorities poised to demolish Calais 'Jungle'
Calais (France) (AFP) - French authorities were poised on Tuesday to begin demolishing the notorious Calais "Jungle" camp that that has become a symbol of Europe's refugee crisis.Ahead of the operation to knock down the squalid slum, hundreds of migrants were queueing up in the pre-dawn darkness for buses to take them to housing sites around France."Bye Bye, Jungle!" one group of migrants shouted as they hauled luggage through the muddy lanes of the shantytown where thousands of mainly Afghans,… chat_bubble_outline Read More...
Live civets seized in Cambodia en route to Vietnam
A shipment of thirty-five live common palm civets en route to Vietnam was seized in Cambodia's southeastern province of Kandal yesterday, according to The Phnom Penh Post. The local newspaper quoted Moung Dara, customs chief at the Chrey Thom border-checkpoint, as saying that the small cat-like carnivores were “being kept in cartage [ready] for crossing to Vietnam, and the person [carrying them] escaped”. The civets have been then handed over to the NGO Wildlife Alliance, which plans to release… chat_bubble_outline Read More...
Vietnamese travel firms invited to design tours to Korea
The Korea Tourism Organization (KTO) has asked Vietnamese travel firms to design tours to lure local tourists to the Republic of Korea, having successfully organized such an activity last year. Jung Chang Wook (C) of the Korean Tourism Organization (KTO) in Vietnam, poses for photos with representatives of travel companies who won the 2016/2017 winter tour design competition KTO on March 15 awarded prizes totaling US$20,000 to four Vietnamese tour operators for having designed attractive… chat_bubble_outline Read More...
Southern Vietnamese province to have $38mn hospital
The health department of Vinh Long Province on Monday turned the first sod at a VND850 billion (US$38.11 million) general hospital. The Xuyen A General Hospital in the Mekong Delta province will be the biggest of its kind in the locality once completed, the provincial health department said. Covering 40,000 square meters, the 10-floor healthcare facility will have 800 beds and is slated to be put into operation in 2017, serving about 2,000 patients per day. Luong Ngoc Khue, director of the… chat_bubble_outline Read More...
92 minutes on court, lifetime of experience for Destanee
MELBOURNE, Australia (AP) — Destanee Aiava's Australian Open lasted just 92 minutes Monday while making history as the first person born in the 2000s to play in the main draw of a Grand Slam tournament.She took away enough experience from her 6-3, 7-6 (4) loss to Mona Barthel to last a lifetime, she said, and received some advice from the biggest name in the women's game several days before she even stepped on court.And she fully expects to be back."This isn't the first and the last time I'm… chat_bubble_outline Read More...