Vietnam’s GDP growth is likely to reach 6.5 percent this year as the country’s economy has weathered the recent turbulence in the external environment fairly well.
A car assembling factory in Vietnam (Illustrative image. Source: VNA)
Hanoi (VNA) – Vietnam’s GDP growth is likely to reach 6.5 percent this year as the country’s economy has weathered the recent turbulence in the external environment fai🃏rly well, said the World Bank (WB)’s latest report released on December 2.
Victoria Kwakwa, WB Country Director for Vietnam, said stronger domestic demand, robust export performance, low inflation and improved confidence have enabled Vietnam to create firmer foundations for mid-term growth.
It is a good time for Vietnam to solidify macroeconomic stability and rebuild policy buffers through decisive efforts to rein in fiscal imbalances and tackle remaining vulnerabilities in the banking sector, she added.
According to the report, Vietnam’s better macroeconomic conditions helped maintain stability in the banking system.
On the external front, Vietnam’s export performance remains strong, with total export turnover increasing by 9.2 percent from the same period last year, mostly thanks to strong growth of manufacturing exports, especially hi-tech products such as cell phones, electronics, and computers.
The medium-term outlook for Vietnam remains positive, with growth projected to be maintained and inflation expected to remain low. However, slow restructuring progress poses risks to medium-term growth prospects while delays in fiscal tightening could undermine sustainability of public debt, said the report.
According to Pham Minh Duc, an economic expert from the WB, the Trans-Pacific Partnership (TPP) Agreement is expected to bring great benefits to Vietnam once the globe’s largest trade deal takes effect.
Among the current TPP signatories, Vietnam, as the economy with the lowest per capita GDP, has unique comparative advantages, particularly in labour-intensive manufacturing.
Simulations suggest that the TPP could add as much as 8 percent to Vietnam’s GDP, 17 percent to its real exports, and 12 percent to its capital stock over the next 20 years. Despite various implementation challenges, the impact of the TPP on Vietnam is expected to be positive.
“The recently concluded TPP will not only improving market access, but will also serve as a critical anchor for the next phase of structural reforms in Vietnam.”, said Sandeep Mahajan, a WB economist.-VNA
Vietnam expects to grow at 6.5-7 percent for the next five years, according to a Government report tabled recently at the National Assembly on socio-economic development.
The National Assembly approved a resolution on the socio-economic development plan for 2016, which sets the goal of a 6.7 percent increase in gross domestic product (GDP), on November 10.
Vietnam has seen clear progress this year in many areas like banking sector reforms, capital markets and foreign investment. Economist Vu Dinh Anh speaks with Vietnam News Agency about this.
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 price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
A car assembling factory in Vietnam (Illustrative image. Source: VNA)
