Friday, August 19, 2022 6:32:34 PM - Markets open
VN-INDEX 1,269.18 -4.48/-0.35%
HNX-INDEX 297.94 -3.25/-1.08%
UPCOM-INDEX 92.77 -0.08/-0.09%
WB: Vietnam’s economy could converge toward pre-pandemic rate from 2022 onward
VietNamPlus - 9/29/2021 4:57:55 PM
 (0 ratings. You must sign in to rate.)
 
Vietnam’s GDP is expected to expand by about 4.8 percent in 2021, and the economy could converge toward the pre-pandemic GDP growth rate of 6.5 to 7 percent from 2022 onward, the World Bank has forecast.
 
In its East Asia and Pacific Fall 2021 Economic Update released on September 28, the bank said a sustained global recovery would ensure strong demand for Vietnamese products in its main export markets like the US, EU, and China.
 
According to the bank, aside from the second social protection support package, the government is considering tax relief to support businesses.
 
Fiscal policy would become more supportive with faster execution of public investment, especially once mobility restrictions are rolled back, it said.
 

 
Vietnam’s GDP is expected to expand by about 4.8 percent in 2021. (Photo: VNA)
 
Given available fiscal space, the government should deploy further resources to mitigate adverse social impacts, the bank said, suggesting Vietnam pursue the goals of green growth and digitalisation to raise the resilience and sustainability of its economy.
 
In its September 2021 Vietnam Macro Monitoring, the bank also said the foreign direct investment (FDI) inflow suggests continued confidence in Vietnam’s economy.
 
WB experts explained that Vietnam’s economy still grew 2.9 percent last year against serious decreases seen in other countries.
 
Earlier, the Asian Development Bank (ADB) revised down Vietnam's 2021 GDP growth forecast from 6.7 percent to 3.8 percent due to a resurgence of the COVID-19 pandemic that has tightened the labour market, lowered industrial output, and disrupted agricultural value chains.
 
ADB remains bullish on the country’s prospects in the medium and long term. Growth could be aided by a revival of domestic demand, an acceleration in the disbursement of public investment, and an expansion to new export markets thanks to multiple free trade agreements and the expected global economic recovery.
 
 
The ADB also remains bullish on Vietnam’s prospects in the medium and long term. (Photo: AFP/VNA)
 
For the East Asia and Pacific region, the WB said its recovery has been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households, likely slowing economic growth and increasing inequality.
 
Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for most countries in the region.
 
While China’s economy is projected to expand by 8.5 percent, the rest of the region is forecast to grow at 2.5 percent, nearly 2 percentage points less than forecast in April 2021.  Employment rates and labor force participation have dropped, and as many as 24 million people will not be able to escape poverty in 2021.
 
“The economic recovery of developing East Asia and Pacific faces a reversal of fortune,” said World Bank Vice President for East Asia and Pacific Manuela Ferro. “Whereas in 2020 the region contained COVID-19 while other regions of the world struggled, the rise in COVID-19 cases in 2021 has decreased growth prospects for 2021. However, the region has emerged stronger from crises before and with the right policies could do so again.”/.
 
VNA
 
Read original article here
 
Newer News
15:38 Pangasius exports to EU expected to gain strong growth this year
17/08 Deputy PM asks for careful consideration of public-invested projects
17/08 EVFTA and UKVFTA: the same sweet spot
17/08 Faster disbursement of public investment boosts cement industry
16/08 Vietnam able to become new tiger in Asia: economist
13/08 Vietnamese firm reaches first partnership deal to develop eSports in Cambodia
13/08 Vietnam, Laos enjoy 24.2% rise in two-way trade in 7 months
11/08 Vietnam’s coal consumption to surge in 2025-35
09/08 Việt Nam's economic growth forecast at 7.5 per cent in 2022: World Bank
05/08 Aquatic exports drop below US$1 billion in July
Older News
29/09 Vietnam’s GDP up 1.42 percent in nine months
29/09 Vietnam’s CPI up 1.82 percent in January-September
28/09 PM asks for efforts to complete 95 percent of public investment disbursement plan in 2021
28/09 Foreign investors keep trust in Vietnam’s recovery
28/09 Experts: real estate, consumption finance, construction bright spots in investment
27/09 Registered foreign investment up, disbursement down in Jan-Sep
27/09 Foreign investors keep trust in Vietnam’s recovery
24/09 Foreign investors affirm confidence in Vietnam's economic recovery in post-COVID-19
24/09 Nine-month FDI inflows up 4.4 percent despite COVID-19
23/09 President receives representatives of US business associations, investors
 
Newsletter Signup
Top Stories
GEG: Japanese firm buys 35.1 per cent stake in Việt Nam’s power company
REE: HSBC arranges VND900 billion bilateral green loan to REE Corporation
Việt Nam's economic growth forecast at 7.5 per cent in 2022: World Bank
Shares to move up after testing supply and demand
Việt Nam in the headwinds of global rate hikes and inflation
Market Update
Last updated at 3:05:04 PM
VN-INDEX 1,269.18 -4.48/-0.35%
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...
Portfolio
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.