Vietnam legislators set 2023 GDP growth target at 6.5%
The National Assembly has set Vietnam's economic growth target for 2023 at 6.5%, inflation at 4.5%, and GDP per capita at about $4,400.
The goals were approved Thursday at the ongoing NA sitting in Hanoi.
Prior to the ratification, some NA members argued that the inflation target should be less challenging, like 6-8%, because of the tightening of monetary policies in many countries across the world including the U.S. and global uncertainties.
However, Vu Hong Thanh, head of the NA Economic Committee, said the 4.5% inflation goal meant the government would have to “prioritize macroeconomic stability and inflation curbing.”
The legislative body asked the government to work out policies and measures to ensure the two key tasks.
Thanh said next year’s GDP growth target of 6.5% was based on estimated 8% growth this year, which is high; and with global uncertainties and economic recession risks factored in.
Per Thursday’s NA approval, in terms of monetary policy, the government is required to take measures to increase adaptability and resilience of the financial and banking system in all situations; tightly control inflation and flexibly manage interest rates and exchange rates.
Fiscal policy, meanwhile, has to be focused in order to ensure minimal revenue losses and waste; and to tighten control over potentially risky sectors like real estate, corporate bonds and securities.
The government has also been asked to thoroughly resolve issues with long-delayed projects and complete legal frameworks and mechanisms to manage issues related to virtual assets and cryptocurrencies.
It has also been asked to accelerate the progress of key transport and infrastructure works, urban railway projects, highways and ring roads for which investment policies have already been approved.
The government should remove obstacles and difficulties facing major power projects across the country in order to ensure national energy security, lawmakers said.
National Assembly members also stressed that developing skilled human resources for the country was a vital duty for the government.
The government has put Vietnam’s GDP growth forecast for this year at 8%, higher than its target of 6-6.5%. The figure is higher than the predictions of some international institutions.
On September 27, the World Bank said the country's economic expansion could hit 7.2% this year, the highest in Southeast Asia. On September 21, the Asian Development Bank put Vietnam’s growth estimation at 6.5% this year on strong economic fundamentals, key to fast recovery. The figure is the highest in Southeast Asia and equals the Philippines'.
- Read More
Latvian man sentenced in Vietnam for operating loan shark ring with 1,380% interest rate
Aigars Plivěs, a Latvian national, on Monday was sentenced to two years and nine months in prison for operating three companies that offered loans with high interest rates of 401-1,379.7% per year, earning illicit gains of more than VND4.15 trillion ($163 million).
Society - Wed, December 18, 2024 | 10:37 pm GMT+7
April Tea Shop to close down amid F&B sector woes
The Tiem tra thang 4 (April Tea Shop), a popular check-in and beverage destination for young people in Ho Chi Minh City, has announced it will shut down on December 25, ending a five-year journey.
Companies - Wed, December 18, 2024 | 9:56 pm GMT+7
New tourism trends seen in Thailand
Thailand is gearing up to attract more luxury and high-spending travellers in a bid to stimulate post-pandemic expenditure.
Southeast Asia - Wed, December 18, 2024 | 9:37 pm GMT+7
Thailand to allow more foreign workers in business
The Thai cabinet has approved in principle increasing the number of foreign workers at businesses to deal with labour shortage, according to Thai government spokesman Jirayu Huangsab.
Southeast Asia - Wed, December 18, 2024 | 9:25 pm GMT+7
Indonesia to build first nuclear power plant
Indonesia is planning to build its first nuclear power plant on Kelasa island in Bangka Belitung province.
Southeast Asia - Wed, December 18, 2024 | 9:18 pm GMT+7
Thailand announces research and innovation direction for 2025
The recent “Research X Innovation 2025” conference examined global trends and announced Thailand’s research and innovation direction for 2025.
Southeast Asia - Wed, December 18, 2024 | 8:49 pm GMT+7
Malaysia eyes to become ASEAN’s next-generation vehicle hub
The Malaysian Investment Development Authority (MIDA) has partnered with DRB-Hicom Bhd and Zhejiang Geely Holding Group Co. Ltd. to develop the Automotive Hi-Tech Valley (AHTV) in Tanjung Malim, Perak, with a goal of turning the country into ASEAN’s hub for next-generation vehicles (NxGV) and energy-efficient vehicles.
Southeast Asia - Wed, December 18, 2024 | 8:46 pm GMT+7
Thai IP developer Amata eyes clean energy cooperation with northern Vietnam province
Amata Group of Thailand on Wednesday recommended the northern province of Quang Ninh foster cooperation in clean energy development in the time to come.
Investing - Wed, December 18, 2024 | 4:54 pm GMT+7
Czech's Sev.en Global Investments to make Europe's largest energy investment in Vietnam
Czech-based Sev.en Global Investments, a multi-sector business, will expand its footprint to Asia, with Vietnam as a key market, the firm announced Wednesday.
Energy - Wed, December 18, 2024 | 3:43 pm GMT+7
Vietnam's Mekong Delta has immense opportunities for herbal-based medicine development: exec
The government should prioritize planning for designated growing areas and support product promotion to advance the development of products derived from medicinal herbs, said Pham Thi Xuan Huong, general director of OPC Pharmaceutical JSC.
Companies - Wed, December 18, 2024 | 2:15 pm GMT+7
Petrovietnam seeks WB support in offshore wind energy
State-owned Petrovietnam has called on the World Bank to provide support, including capital, to help with green energy projects, especially offshore wind power.
Energy - Wed, December 18, 2024 | 1:36 pm GMT+7
Masan High-Tech Materials exits its downstream business H.C. Starck
Vietnam's Masan High-Tech Materials on Wednesday announced the successful closing of the sale of 100% of H.C. Starck Holding (Germany) GmbH to Mitsubishi Materials Corporation Group.
Companies - Wed, December 18, 2024 | 1:24 pm GMT+7
New stock trading system KRX must come on stream in 2025: regulator
The State Securities Commission (SSC) of Vietnam has demanded stock exchanges and related entities to launch the new stock trading system KRX in 2025.
Finance - Wed, December 18, 2024 | 11:40 am GMT+7
Hong Kong-invested battery maker GPPD raises Vietnam investment to $35 mln
Singapore-incorporated GPPD Pte. Ltd., a subsidiary of Hong Kong-based Gold Peak Technology Group Limited, has increased its investment in Vietnam’s southern province of Binh Phuoc to $34.6 million.
Industries - Wed, December 18, 2024 | 11:17 am GMT+7
Vietnam interest rate unlikely to fall further: experts
Interest rates in Vietnam are unlikely to decrease further and may even rise slightly in the near future, according to Pham The Anh, chief economist at the Vietnam Economic and Strategy Research Center (VESS).
Economy - Wed, December 18, 2024 | 10:04 am GMT+7
Vietnam an important partner of Guangdong-Hong Kong-Macao Greater Bay area: Sunwah Group chairman
Through Hong Kong, an international financial center, Vietnamese businesses can more easily and effectively access the Guangdong-Hong Kong-Macao Greater Bay, says Sunwah Group chairman Jonathan Choi.
Economy - Wed, December 18, 2024 | 8:17 am GMT+7