Vietnam to post world’s fifth-highest economic growth: WB
Vietnam is projected to be the fifth highest-growing economy in the world this year and the country has a unique opportunity to increase its footprint in the global economy in both trade and investment, Stefanie Stallmeister, World Bank Acting Country Director for Vietnam, has said.
Hanoi (VNA) - ༒Vietnam is projected to be the fifth highest-growing economy inthe world this year and the country has a unique opportunity to increase itsfootprint in the global economy in both trade and investment, StefanieStallmeister, World Bank Acting Country Director for Vietnam, has said.
Shemade the remarks during the unveiling of the WB’s report "What will be the newnormal for Vietnam? The economic impact of COVID-19" on July 30. TheCOVID-19 pandemic is the largest economic shock for the past 35 years, posingrisks in the health and economic sectors, she added. About 30 million workhands,equivalent to half of the country’s workforce, have been affected by thepandemic. Thereport argued that Vietnam should not envision a return to the old normal, butrather should define what will be the new normal as the pandemic has changed inso many ways how people live, work, and communicate. Themain challenge for Vietnam will be finding new drivers of growth to consolidatethe expected recovery. “Toadapt to the new normal, policymakers must find new ways to compensate for theweakening of the traditional drivers of growth while managing risinginequality,” Stallmeister said. TheWB report put forward three lines of action for Vietnam, which are to graduallyreopen the country to international visitors, focus on fiscal policy, and supportthe rebound of hardest-hit businesses. Stallmeisterforecast that Vietnam’s GDP growth could reach 2.8 percent in 2020 and 6.7percent in 2021./.
World Bank (WB) Country Director for Vietnam Ousmane Dione said the bank will continue supporting the Southeast Asian country on its development path at a meeting with Politburo member Nguyen Van Binh, head of the Party Central Committee's Economic Commission in Hanoi on June 10.
The World Bank (WB) Group and the Australian Government have agreed to extend their strategic partnership in Vietnam with a commitment of a further 5 million AUD to support Vietnam’s economic recovery and protect the most vulnerable from the negative impacts of the COVID-19 pandemic.
The World Bank (WB)’s Board of Executive Directors has approved grants totalling 422 million USD to support Vietnam’s tertiary education sector and urban development, the WB in Vietnam announced on July 1.
Deputy Minister of Foreign Affairs Nguyen Quoc Dung, head of Vietnam’s SOM ASEAN, attended an online high-level dialogue on ASEAN’s recovery post-COVID-19 on July 30.
Tilapia is considered highly competitive in export markets thanks to its affordability, ease of processing, and appeal across both high-end and mass-market segments.
In the first seven months of the year, Phu Tho attracted an impressive 651.7 million USD in foreign direct investment, including 35 newly licensed projects totaling 119 million USD in registered capital and 45 existing projects with an additional capital of 533 million USD.
Under the agreements, VinEnergo will invest in, install, and operate 43 MWp of rooftop solar power capacity and 45 MWh of BESS capacity across the three plants.
Under a draft to amend and supplement the Government's Decree 125/2020/ND-CP on administrative sanctions for violations of tax and invoice regulations, the Ministry of Finance has proposed classifying the failure to issue invoices into five different levels. Infraction levels will correspond to fines of 1 million VND to 80 million VND, depending on the nature and number of invoicing violations.
A new airline developed and invested by Sun Group — has officially announced a strategic partnership with Amadeus IT Group (Amadeus), one of the world’s leading travel technology companies. This agreement not only lays the foundation for a modern digital infrastructure but also marks a pivotal step in SPA’s global expansion strategy, enabling the airline to access international distribution networks and reach customers worldwide.
Of the total, 107,700 were new firms, with combined registered capital of 928.4 trillion VND (35.4 billion USD), up 10.6% in number and 5.5% in capital compared with the same period last year.
Experts agree that a combination of technology, enforcement, education and cross-border cooperation is essential to protect copyrighted content in Vietnam’s growing digital ecosystem.
Poland is Vietnam’s largest export market in Central and Eastern Europe, with key staples including seafood, textiles, footwear, coffee, and cashew nuts.
Cashless payments are growing at an impressive rate, averaging 30–40% annually. Vietnam’s per capita cashless transaction volume now trails only China, with total value of 295.2 quadrillion VND (11.26 trillion USD), or 26 times of its GDP.
A draft resolution on piloting a digital asset and cryptocurrency market is being developed, aiming to create a broad-enough regulatory sandbox that enables investor participation and provides practical grounds for policy refinement in areas such as risk management and anti-money laundering.
Viettel was ranked third for overall mobile performance with a score of 82.56 just behind UEA’s e& (88.05) and Quatar’s Ooredoo (87.05) and ahead of Singapore’s Singtel (82.53). Vinaphone took second in 5G speed with a score of 78.11, trailing only behind e&.
PM Chinh proposed MUFG work closely with the Ministry of Finance to improve legal frameworks and support the establishment and operation of the international financial centre in Da Nang and Ho Chi Minh City.
The Prime Minister emphasised the significance of maintaining macroeconomic stability, controlling inflation, promoting growth, and improving the harmony between monetary and fiscal policies.
Petrovietnam will step up the development of new products and the expansion of international markets to reduce reliance on the domestic market. It also plans to optimise capital use, manage cash flow and costs, streamline operations, and enhance workforce quality to achieve its 2025 goals.
Vietnam has so far attracted 43,346 valid FDI projects with a total registered capital of 517.14 billion USD. The accumulated disbursed capital is estimated at nearly 331.46 billion USD, accounting for 64.6% of the total registered capital.
Illustrative image (Source: laodong.vn) 
