Expert: Vietnamese economy to continue growth track

Country Director of the Friedrich Naumann Foundation for Freedom (FNF) in Vietnam Andreas Stoffers has anticipated that the Vietnamese economy will continue its growth track.

Expert: Vietnamese economy to continue growth track hinh anh 1

Seven-month growth is mainly driven by the retail of goods and services (Photo: thanhnien.vn)

Country Director of the Friedrich Naumann Foundation for Freedom (FNF) in Vietnam Andreas Stoffers has anticipated that the Vietnamese economy will continue its growth track.

During an interview recently granted to Lao Dong (Labour) newspaper, Stoffers said the Vietnamese economy grew by 3.72% in the first half. Though lower than last year, it still stood as a positive figure amid the global economic downturn.

The average consumer price index (CPI) increased moderately by 3.12% year-on-year in January-July. The declining trend in the average CPI growth over the months is a positive sign indicating that Vietnam is on track to achieve the inflation control target of below 4.5% set for 2023.

During the first seven months of this year, the growth was mainly driven by the retail of goods and services, which rose by 10.4% annually. The industrial production index in July also saw an increase from earlier this year.

Attributing these positive outcomes to the fiscal and monetary policies of the State Bank of Vietnam (SBV), he said the reduction in interest rates is stimulating credit demand and enhancing liquidity within the banking system and the economy, particularly in the credit sector. Alongside setting credit growth cap at 14% for this year, the SBV will issue necessary warnings.

Expert: Vietnamese economy to continue growth track hinh anh 2

Country Director of the Friedrich Naumann Foundation for Freedom in Vietnam Andreas Stoffers (Photo: laodong.vn)

In his view, Vietnam’s GDP growth will exceed 5% this year. Apart from the contribution of FDI, additional momentum will be needed from increased public investment and personal consumption.

In face of headwinds such as the Russia-Ukraine conflict; difficulties in Vietnam’s partner countries, especially the European Union; slow recovery in various markets and the global inflation specter, he said a comprehensive set of solutions is required to both foster development and manage risks effectively.

There should be an improvement in the entire financial sector, such as the establishment of a financial centre in Ho Chi Minh City in the medium term. the equally important is to promote cooperation between the public and the private sector to generate a collective strength, thus creating the opportunity to access various financial products and international markets, enabling the public to invest in perse asset types, he said.

He also suggested a push for financial education to help people understand financial products and make careful investment decisions as well as institutional improvement, particularly in finance.

To achieve set targets, he said it could be facilitated by the Government support through expediting institutional reform, modernising legal frameworks and coordinating policies. The most crucial aspect is addressing the weakness in decision-making process that currently exists in certain administrative sectors.

At the same time, there is a need to increase sustainability, step up circular economy and strongly digitise administrative processes, and improve environment protection. Boosting public investment while reducing inefficient structures, especially at State-owned enterprises, is also essential.

To stimulate investment and create liquidity, interest rates could be cautiously lowered further, with subsequent adjustments as the economy experiences significant recovery. Lastly, domestic consumption demand should also be further bolstered, he added./.

Source: VNA
en.vietnamplus.vn

Related News

"Good oppotunities" for export to Asia - Africa markets

"Good oppotunities" for export to Asia - Africa markets

VCN - The Asia-Africa region is always an important market for Vietnam. These are two markets considered suitable for Vietnamese goods, including the Red River Delta, to expand their market share in the near future.
Green credit needs to be unblocked

Green credit needs to be unblocked

VCN - The demand for green credit in the economy is very high, but there are still many "gaps" that need to be filled for banks to be more confident in providing green financing to businesses and for businesses to have more opportunities to access this capital.
Interest rate fluctuations in the world will affect Vietnam

Interest rate fluctuations in the world will affect Vietnam's exports

VCN - According to experts, the recent interest rate cuts by the European Central Bank (ECB) and the Bank of Canada (BoC) are important moves that signal a broader trend of monetary easing among major central banks. This is likely to affect Vietnam's exports.
Greening creates competitive and sustainable advantages for enterprises

Greening creates competitive and sustainable advantages for enterprises

VCN - The gradual greening of production, green factories, green technology, clean materials, green energy, etc., has become an inevitable trend and creates competitive and sustainable advantages for enterprises in the face of difficulties and challenges.

Latest News

Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.

More News

Building the Vietnamese brand associated with green and sustainable development

Building the Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes even more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world markets.
Improving the competitiveness of businesses is an important factor

Improving the competitiveness of businesses is an important factor

VCN - Local competitiveness is not only based on economic management capacity, the favorable and friendly business environment and efforts to improve administrative reform efforts of provincial and city governments (PCI) but also relies on the competitiveness of local businesses.
Malaysia to boost exports to Vietnam

Malaysia to boost exports to Vietnam

The Malaysian Ministry of Investment, Trade and Industry (MITI) on July 11 announced that the country has secured potential exports worth 3.3 billion RM (about 717 million USD) to Vietnam.
Exporters advised to update trade policies of Singapore

Exporters advised to update trade policies of Singapore

The Vietnam Trade Office in Singapore has advised Vietnamese exporters to carefully study and keep updated on new regulations in Singapore, a market that is becoming more cautious in trade policy, in order to further exploit this market.
Import and export turnover increases to US$ 51 billion

Import and export turnover increases to US$ 51 billion

VCN – Import-export turnover in June saw a slight decrease but remained at a high level, the General Department of Vietnam Customs announces.
Green logistics – a key for sustainable development

Green logistics – a key for sustainable development

Green logistics development is no longer a trend, it is an inevitable requirement with activities throughout the stage of purchasing raw materials, production, distribution, delivery, waste treatment - throughout the entire business life cycle.
Manufacturing enterprises need to adapt to trends to develop: experts

Manufacturing enterprises need to adapt to trends to develop: experts

Besides the factors of price, product quality and delivery time, green and sustainable development are competitive criteria that more and more markets are requiring from suppliers in Ho Chi Minh City as well as across the country.
Rubber exports grows sharply in June

Rubber exports grows sharply in June

VCN - According to Import – Export Tax Department (Ministry of Industry and Trade), Vietnam's rubber exports in June 2024 reached about 150 thousand tons, worth 238 million USD, up 77.6% in volume and 76.6% in value. Price compared to May 2024.
Prioritize stimulating domestic consumption to promote economic growth in 2024

Prioritize stimulating domestic consumption to promote economic growth in 2024

VCN - According to General Director of the General Statistics Office Nguyen Thi Huong, in the context of many difficulties in the world economy, the export growth rate is slowing down, many businesses are facing a shortage of orders..., priority should be given to stimulating demand. Domestic consumption is considered an important solution to promote economic growth in 2024.
Read More

Your care

Latest Most read
Pepper export turnover up over 30% in H1

Pepper export turnover up over 30% in H1

Vietnam exported 142,586 tonnes of pepper in the first half of this year, down 6.8% in volume but up 30.5% in value, the Vietnam Pepper and Spice Association (VPSA) has reported.
Dong Nai remains FDI magnet in H1

Dong Nai remains FDI magnet in H1

The foreign direct investment (FDI) influx into the southern industrial hub of Dong Nai in the first six months of this year was equivalent to 138% of the locality’s plan for the whole year.
Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnamese agricultural products, food expected for deeper engagement in global supply chain

Vietnam boasts advantages and potential in agricultural production and export, yet domestic firms need to do more to join the global food supply chain more intensively, insiders have said.
Developing export markets along with trade promotion

Developing export markets along with trade promotion

VCN - Import and export of goods in the first 6 months of 2024 continue to record positive results, total turnover is estimated at USD 369.6 billion, up 16% over the same period last year.
Building the Vietnamese brand associated with green and sustainable development

Building the Vietnamese brand associated with green and sustainable development

VCN - According to experts, in the current context, branding becomes even more urgent, helping to increase endogenous resources for businesses, helping businesses move towards strong development, gradually reaching further in the domestic and world market
Mobile Version