Vietnam expects a GDP growth of 6.53 percent this year and 6.7 percent in 2016 as efforts to cope with recent drastic fluctuations have created a solid foundation for its economy, an official said.
The Vietnam Global Investment Forum takes place in Hanoi on September 30 (Source: VNA)
Vietnam expects a GDP growth of 6.53 percent this year and 6.7 percent in 2016 as efforts to cope with recent drastic fluctuations have created a solid foundation for its economy, Minister of Planning and Investment Bui Quang Vinh has said.
At the Vietnam Global Investment Forum in Hanoi on September 30, Vinh noted that Vietnam will keep to the path of a market economy while speeding up integration into the global economies in order to fuel its economic expansion. As a result, it must align the economic institutions and law system with the world’s norm while domestic businesses must gear up for fierce competition.
Thorough preparations must be made by both the Government and enterprises, otherwise the local market will be dominated by foreign firms, he stressed.
Jonathan Choi, Chairman of the Sunwah and VinaCapital Groups, underlined massive opportunities for foreign investors in Vietnam in the time ahead while asking the country to continue to better its market economy mechanism and ensure consistent policies, which are prerequisites to attract long-term foreign investments.
The Southeast Asian nation faces both opportunities and challenges on the path to international integration, and domestic businesses should be well aware of and get ready to handle those challenges, Asian Development Bank Country Director for Vietnam Eric Sidgwick said.
Jonathan Choi suggested that the Government assist small- and medium-sized enterprises in accessing cutting-edge technologies to improve their product value.
Meanwhile, Saigon Securities Incorporation (SSI) Chairman and CEO Nguyen Duy Hung thought Vietnamese companies should partner with foreign firms to offer products best suit the market demand.
Macro policies need to ensure equality among companies and help local firms to develop, which will help achieve sustainable economic growth, he added.
Indochina Capital Corporation CEO Peter Ryder said Vietnam has made solid step forwards over the past two decades but needs a long-term vision and should not expect quick success.-VNA
The Vietnamese economy is projected to continue recovery in the four remaining months of the year, bolstered by Government efforts to maintain macro-economic stability.
The country's total retail sales and services revenue reached 110 billion USD, rising 9.8 percent over the same period last year, or 9.1 percent, if inflation is excluded.
Vietnam’s macro-economy has remained stable so far this year with September’s average consumer price index (CPI) up 0.74 percent year-on-year and no signs of inflation.
Vietnam welcomes foreign businesses’ stable and long-term investments and operations and considers their success as its own, Prime Minister Nguyen Tan Dung said at the Vietnam Global Investment Forum.
Antoine Colin, Senior Vice President for Global Supply Chain Digital Transformation & Resilience at HP Inc., affirmed HP’s strategic commitment to building a supply chain and ecosystem in Vietnam and the region.
Deputy Director General of the Ministry of Industry and Trade (MoIT)’s Trade Promotion Agency Bui Quang Hung emphasised that logistics has evolved from a technical function into a core capability for Vietnamese exporters to maintain their competitive advantage in the US market.
A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Outcomes of ABAC III will shape ABAC’s final policy recommendations to be submitted to the ABAC-APEC leaders’ dialogue, scheduled to take place in the Republic of Korea this November.
This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
According to NordCham Vietnam Chairman Thue Quist Thomasen, the Vietnamese Government’s commitment to achieving net-zero emissions by 2050 is both a challenge and an opportunity for businesses to contribute to green and sustainable growth.
The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
Deputy PM Tran Hong Ha urged countries to work together to remove supply chain bottlenecks, expand market access, strengthen cooperation in smart customs procedures, mutually recognise technical standards, and eliminate unnecessary protectionist barriers to boost trade and investment.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The Vietnam Global Investment Forum takes place in Hanoi on September 30 (Source: VNA)
