The Central Institute for Economic Management (CIEM) introduced two scenarios for Vietnam’s economic growth 2021 during a seminar held in Hanoi on January 15.
The latest economic outlook report from Oxford Economics, commissioned by chartered accountancy body ICAEW, predicted that GDP across South-East Asia (SEA) will contract by 4.1% in 2020 before a sharp rebound to 6.2% in 2021. Countries which have been successful in controlling the pandemic like Vietnam and Singapore, have led the region in recovery.
The State budget revenue fulfilled 98% of the estimate and rose by VND184 trillion as compared to the adjusted target of the National Assembly of Vietnam in October 2020, said a report released by the Ministry of Finance at the online conference that reviewed State budgetary and financial activities in 2020 and previewed tasks and actions in 2021. The fiscal revenue to GDP was 23.9%.
The National Single Window (NSW) and ASEAN Single Window (ASW) mechanisms were implemented by the General Department of Customs, ministries, and sectors in line with the spirit of the Government’s Resolution No. 02/NQ-CP, dated January 1, 2020, on the continued realisation of key tasks and solutions to improve the business environment and national competitiveness in 2020.
Viet Nam’s economy will rank 19th in the world by 2035, according to a report released recently by the UK’s Centre for Economics and Business Research (CEBR).
The Vietnam Value Program is the Government-backed long-term sole trade promotion program designed to build and develop the National Brand through product branding. Joining the program is an opportunity for Vietnamese businesses to improve their competitiveness and build their brands methodically and effectively.
A series of well-known brand names in the Vietnamese market were honored at the announcement ceremony of companies with Vietnam Value-certified products in 2020, including Saigon Newport Corp., Cholimex Food, Vietinbank, Vietcombank, Sunhouse, Traphaco, Viet Tien Garment, Vinacafe, Viglacera, Vinamilk, BRG, TH True Milk, PVFCCo and Tran Phu M&E.
The effort to prevent the Covid-19 pandemic helped Vietnam's national brand value to expand 29% to US$319 billion this year, according to Brand Finance.
The Vietnamese economy expanded 2.91% in 2020, the lowest growth rate over the past decade, according to official data.
Recently, a Thai business recently spent a whopping US$90 million to have possession of solar power projects in Tan Chau - Tay Ninh and Phong Dien II, Thua Thien Hue. The move is part of an expansion in Southeast Asia in the renewable energy sector, which is seen as a low-risk but high-growth business.
Vietnam is facing many opportunities to accommodate shifting foreign direct investment (FDI) inflows as well as to increase the sustainability of supply chains. However, the country has difficulty participating deeply in the processing and manufacturing industry and is lagging behind other countries in the region in this respect.
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