Sunday, January 24, 2021 8:42:30 AM - Markets closed
VN-INDEX 1,166.78 +2.57/+0.22%
HNX-INDEX 240.12 -0.16/-0.07%
UPCOM-INDEX 77.60 +0.13/+0.17%
Vietnamese economy forecast to grow 7 percent during 2021-2025 - 11/22/2019 1:13:07 PM
 (0 ratings. You must sign in to rate.)
Vietnam’s gross domestic product (GDP) is forecast to expand 7 percent during 2021-2025 on the back of new-generation free trade agreements, according to the Ministry of Planning and Investment’s National Centre for Socio-Economic Information and Forecast (NCEIF).
At a workshop “Vietnam Economy Perspectives for 2021-2025: Opportunities and Challenges from New Generation Free Trade Agreements” in Hanoi on November 21, NCEIF Director Tran Thi Hong Minh stressed free trade deals, particularly the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU–Vietnam Free Trade Agreement (EVFTA) will have enormous impacts on the economy during the period.
She held that the CPTPP and EVFTA have wider range of commitments than other free trade pacts as they cover import and export terms while setting production methods for goods exchanges. In general, they have positive influence on economic growth, especially in markets of the signatories.
The EVFTA and CPTPP could help increase Vietnam’s GDP by 4.3 percent and 1.3 percent, respectively by 2030, she said, adding shipments to the EU are expected to surge some 44.4 percent by 2030 while those to CPTPP member states are forecast to pick up 14.3 percent by 2035.
“They will exert influence on the Vietnamese economy in mid- and long-terms as they put pressure on the Government to improve institutions and business climate”, she said.
There is a strong possibility that the GDP growth could reach 7 percent per year during 2021-2015, with stable macro-economy, inflation rate projected at 3.5-4.5 percent each year and labour productivity growth reaching around 6.3 percent per year.
In another scenario, Vietnam’s GDP could expand 7.5 percent if the country can take advantage of the Fourth Industrial Revolution, improve quality of investment attraction, and well develop the modern economy.
Meanwhile, Tran Toan Thang, an official from the NCEIF, said the EVFTA and CPTPP’s commitments are higher than WTO in terms of investment openness, investment protection and dispute settlement, and they help Vietnam promote exports  as well as improve supply chains.
Although Vietnam can improve its competitive capacity in terms of market scale and labour productivity, it could take time for the country to better infrastructure, innovation and technology readiness.
Therefore, the country should work more to renew its growth model, accelerate key drivers of economic growth, and make good use of opportunities from global integration, science-technology development and the Fourth Industrial Revolution, he suggested./.
Read original article here
Newer News
20/01 Germalink port receives first commercial vessel
19/01 Two wind power plants to be built in Tien Giang province
15/01 Vietnam always a leading partner of Netherlands in Asia
13/01 Difficult year ahead for leather-footwear sector: experts
13/01 Two more Vietnamese dairy producers licensed to export to China
12/01 Vietnam prepares best conditions to spur economic growth: forum
08/01 FDI enterprises increase but more losses reported
07/01 HCM City's retail market grows by 11.9 percent despite pandemic
05/01 Gov’t issues Resolution on 2021 socio-economic development
05/01 HCM City targets higher exports by key earners in 2021
Older News
20/11 Software firms are adding more value to their products
18/11 Steel products experience slow consumption in October
17/11 Household businesses to be regulated: NA deputies
16/11 Steel products experience slow consumption in October
13/11 Vietnam urged to promote circular economy
11/11 Vietnam’s exports estimated at 217.05 bln USD in 10 months
09/11 Livestock exports expected to fetch US$1.2 billion this year
07/11 Vietnam’s export tunover surges 7.4 percent in 10 months
03/11 Vietnamese telcos target 5G chipsets and devices
02/11 US forecasts bright outlook for trade with Việt Nam
Newsletter Signup
Top Stories
Number of new securities trading accounts reaches record high
Trade surplus posts record high since 2016
Reference exchange rate up 1 VND on June 5
Reference exchange rate up 6 VND on December 10
Reference exchange rate continue going down
Market Update
Last updated at 3:10:09 PM
VN-INDEX 1,166.78 +2.57/+0.22%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.