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BUSINESS




ADB RAISES GROWTH FORECAST FOR VIETNAM TO 6.2% THIS YEAR

The Asian Development Bank (ADB) has revised its economic growth forecast for
developing Asia slightly up thanks to stronger domestic demand and export
growth.


July 16, 2024 at 21:09:56
The Asian Development Bank projects Vietnam’s economic growth at 6.2% this year,
higher than the projection of 6% the bank made in April. (Photo: VNA)

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Hanoi (VNA) – The Asian Development Bank (ADB) has revised its economic growth
forecast for developing Asia slightly up thanks to stronger domestic demand and
export growth.

In the latest edition of Asian Development Outlook, which was released on July
17, the financial institution projected Vietnam’s economic growth at 6.2%,
higher than the projection of 6% the bank made in April.

Growth in developing Asia and the Pacific is expected to be 5.0% this year, the
ADB said, higher than the previous forecast of 4.9%. The region grew by 5.1% in
2023. The report noted that stronger domestic demand and exports, particularly
electronic products, has become the driving force behind the region's rapid
growth.



However, ADB still maintained its growth forecast of 4.9% for the Asian region
in 2025, due to concerns about the impact of changes in the world, including
uncertainty relating to election outcomes in major economies and geopolitical
tensions.

The bank raised its economic growth forecast for the East Asia region in 2024 to
4.6%, compared to the previous projection of 4.5%, driven by a surge in exports
of semiconductors and other electronic products thanks to the artificial
intelligence (AI) boom.

The Southeast Asia region is projected to grow by 4.6% this year and 4.7% next
year.



The ADB kept its 2024 and 2025 growth forecasts for China at 4.8% and 4.5%
respectively, but noted a risk that a property slump there could deepen and lead
to weaker growth prospects.

Official data released by National Bureau of Statistics of China on July 15
showed that the country's economy grew 4.7% in April-June from a year earlier,
its slowest since the first quarter of 2023.

The ADB expects regional inflation to slow to 2.9% in 2024 from 3.3% last year,
before nudging up to 3.0% in 2025./.

VNA

#ADB #economic growth forecast #inflation #geopolitical tensions #growth
prospects #export growth #domestic demand

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POST-PANDEMIC RECOVERY


VIETCOMBANK NAMED MOST VALUABLE BRAND IN VIETNAM


CONSTRUCTION INDUSTRY EXPANDS AT THE HIGHEST RATE SINCE 2020: MINISTRY


VIETNAM SEES GROWING NUMBER OF CHINESE INVESTORS: FORUM


INVESTORS WAIT FOR A BOOST IN THE IPO MARKET


THAILAND ATTRACTS NEARLY 33 MILLION FOREIGN TOURISTS SO FAR THIS YEAR


RELATED NEWS


ADB MAINTAINS 2024 ECONOMIC GROWTH FORECAST FOR VIETNAM

April 19, 2024 at 17:55:00
In its April 2024 Asian Development Outlook (ADO) report, the Asian Development
Bank (ADB) has maintained its earlier forecast for Vietnam’s economic growth
this year, despite ongoing uncertainties from the external environment.
Vietnam’s economy is expected to achieve a growth rate of 6.0% in 2024 and 6.2%
in 2025.


STANDARD CHARTERED REVISES DOWN VIETNAM’S GDP GROWTH FORECAST IN 2024 TO 6%

April 24, 2024 at 02:03:00
Standard Chartered Bank has lowered Vietnam’s GDP growth forecast in 2024 to 6%
from the previous 6.7% due to lower-than-expected Q1 growth and global trade
headwinds.


UOB KEEPS VIETNAM’S GDP GROWTH AT 6%

July 16, 2024 at 04:22:26

Singapore-based United Overseas Bank (UOB) has maintained its forecast for
Vietnam’s economic growth at 6% for the whole year on the back of the recovery
of both domestic and foreign demand as well as production sector in the first
half.




SEE MORE


VIETNAMESE COFFEE SECTOR WORKING TO MEET EU DEFORESTATION REGULATION

December 17, 2024 at 19:34:32

The Vietnamese Ministry of Agriculture and Rural Development (MARD) and the
Sustainable Trade Initiative (IDH) organisation of the Netherlands on December
17 co-organised the handover ceremony of the pilot results for the database
system for forests and coffee-growing areas in compliance with the EU
Deforestation Regulation (EUDR).


RUBBER VALUE SOARS IN 2024: VRA

December 17, 2024 at 19:21:04

All Vietnam's rubber’s top 15 export markets saw growth in export values in
2024, with Malaysia recording the highest increase, expanding fivefold, followed
by Sri Lanka at 3.7 times, according to the Vietnam Rubber Association (VRA).


THAILAND REMAINS VIETNAM’S BIGGEST TRADING PARTNER IN ASEAN

December 17, 2024 at 19:13:04

The activities conducted by the Vietnam Trade Office in Thailand in 2024 have
enriched the trade and investment relations between the two countries,
contributing to helping Thailand maintain its position as Vietnam's largest
trading partner in the Association of Southeast Asian Nations (ASEAN), according
to Le Huu Phuc, Vietnam's Trade Counsellor in Thailand.


VIETCOMBANK NAMED MOST VALUABLE BRAND IN VIETNAM

December 17, 2024 at 18:48:07

The Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has
become the most valuable brand in Vietnam in 2024, according to a recently
released report of Forbes Vietnam.


REFERENCE EXCHANGE RATE UP ON DECEMBER 18

December 17, 2024 at 18:11:15

The State Bank of Vietnam set the daily reference exchange rate for the US
dollar at 24,278 VND/USD on December 18, up 8 VND from the previous day.




CONSTRUCTION INDUSTRY EXPANDS AT THE HIGHEST RATE SINCE 2020: MINISTRY

December 17, 2024 at 17:44:34

The construction industry is estimated to expand at around 7.8- 8.2% this year,
the highest rate since 2020, according to a Ministry of Construction report.


VIETNAM SEES GROWING NUMBER OF CHINESE INVESTORS: FORUM

December 17, 2024 at 05:54:55

With sustained economic growth over years, Vietnam continues to impress and
attract an increasing number of Chinese investors, participants said at an
investment and trade forum between Ho Chi Minh City and China’s Guangdong-Hong
Kong-Macao Greater Bay Area (GBA) in the southern economic hub on December 17.


INVESTORS WAIT FOR A BOOST IN THE IPO MARKET

December 17, 2024 at 04:51:51

A new chapter is expected to unfold in Vietnam's financial market, as companies
across various sectors gear up for their initial public offerings (IPOs),
signalling a notable shift in the country's investment landscape.


EXPERTS ADVISE ON HCM CITY'S POTENTIAL TO BECOME KEY SERVICE HUB

December 17, 2024 at 03:00:57

Thanks to its distinctive business advantages, especially in boosting the growth
of the service sector, Ho Chi Minh City has the potential to become a major
service hub of the region, experts said at a conference in the city on December
17.


REGIONAL, INT’L FINANCIAL HUBS TO HELP BOOST NATIONAL ECONOMY: DEPUTY PM

December 17, 2024 at 02:35:48

Developing regional and international financial hubs in Vietnam is expected to
create new mechanisms and resources, and serve as a "boost" for the national
economy, Deputy Prime Minister Nguyen Hoa Binh said while chairing a meeting
discussing the implementation of the Politburo's conclusion on building the hubs
in Hanoi on December 17.


SIX SOES TO BE TRANSFERRED BACK TO INDUSTRY MINISTRY

December 17, 2024 at 01:21:24

Six State–owned enterprises (SOEs) with a total State stake of 800 trillion VND
(31.5 billion USD) will be transferred back to the Ministry of Industry and
Trade (MoIT) after six years under the management of the Commission for the
Management of State Capital at Enterprises (CMSC).


RETAIL GIANTS TO ENSURE SUFFICIENT SUPPLY, STEADY PRICES OF TET GOODS

December 17, 2024 at 00:15:53

Saigon Co.op has stockpiled more than 12,000 tonnes of essential goods
traditionally consumed for the upcoming Lunar New Year (Tet) holiday in late
January, or 30-50% higher than normal.


MEKONG CONNECT FORUM 2024 OPENS IN AN GIANG

December 16, 2024 at 20:35:37

The Mekong Connect Forum 2024 kicked off in the Mekong Delta province of An
Giang on December 17, focusing on seeking measures to enhance economic, trade,
and technological cooperation in the region, Ho Chi Minh City, and the rest of
the country towards sustainable development in a new competition landscape.


VIETNAM EMERGES AS MEXICO’S POTENTIAL TRADE PARTNER

December 16, 2024 at 19:28:38

Amid Mexico’s increasing import taxes on countries without a Free Trade
Agreement (FTA), Vietnam is gaining recognition as a promising trade partner for
this Latin American nation.


PM URGES STRONGER MEASURES TO MANAGE INTEREST RATES

December 16, 2024 at 19:14:45

Prime Minister Pham Minh Chinh has asked the State Bank of Vietnam (SBV) to
proactively, flexibly, promptly, and effectively manage the monetary policy in
combination with the expansionary fiscal policy and others.


EMBASSY PROMOTES VIETNAM-BANGLADESH ECONOMIC TRADE TIES

December 16, 2024 at 18:24:40

A delegation from the Vietnamese Embassy in Bangladesh and a group of Vietnamese
businesses led by Ambassador Nguyen Manh Cuong visited and worked with
government agencies and business partners in Sylhet city of Moulvibazar
province, and Habiganj province.


REFERENCE EXCHANGE RATE DOWN 2 VND ON DEC. 17

December 16, 2024 at 18:05:50

The State Bank of Vietnam set the daily reference exchange rate for the US
dollar at 24,27 VND/USD on December 17, down 2 VND from the previous day.


FDI ATTRACTION – BRIGHT SPOT OF VIETNAMESE ECONOMY IN 2024

December 16, 2024 at 17:48:33

Foreign direct investment (FDI) attraction has been a bright spot in the
Vietnamese economic panorama in 2024, as the country has recorded 41,720 valid
FDI projects worth 496.7 billion USD funded by investors from 147 countries and
territories.


VIETNAM’S GAMING INDUSTRY REACHES HIGH SCORE IN ENTERTAINMENT SECTOR

December 16, 2024 at 17:28:08

Vietnam’s gaming industry has taken a significant stride in 2024, with many
important activities conducted by the Ministry of Information and Communications
(MIC) in collaboration with game producers and distributors to guide the growth
of the sector.


VIETNAM’S E-COMMERCE BOOM: A 5.8 BLN USD OPPORTUNITY BY 2028

December 16, 2024 at 05:40:12

Vietnam’s business-to-consumer (B2C) e-commerce export value is estimated at
145.2 trillion VND (5.8 billion USD) by 2028, with micro, small and medium-sized
enterprises (MSMEs) projected to contribute 25%.

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VINFAST SETS NEW RECORD WITH OVER 16,000 EVS DELIVERED IN NOVEMBER


NVIDIA DEAL – CATALYST FOR VIETNAM’S TECH GROWTH: INVESTMENT SITE


VIETNAM’S GDP GROWTH POISED FOR ROBUST GROWTH IN 2024: OFFICIALS


PM ORDERS SWIFT RESOLUTION OF CHALLENGES FOR RENEWABLE ENERGY PROJECTS


VIETNAM’S COFFEE EXPORTS LIKELY TO TOP 5 BILLION USD FOR FIRST TIME




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30 YEARS OF HA LONG BAY’S RECOGNITION AS WORLD NATURAL HERITAGE

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VIDEOS


VIETNAM STRIVES TO COMPLETE 100,000 SOCIAL HOUSES BY 2025

December 18, 2024 at 00:34:27



PODCAST


WEEKLY HIGHLIGHTS: ADB RAISES GROWTH FORECASTS FOR VIETNAM

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WEEKLY HIGHLIGHTS: URGENT TASK TO REFORM POLITICAL SYSTEM’S ORGANISATIONAL
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