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The Vietnamese economy is expected to expand by 3.8% this year in the optimistic scenario that the coronavirus outbreak does not flare up again and domestic economic activity gradually returns to normal, according to a think-tank.
Prime Minister Nguyen Xuan Phuc has asked for more measures to boost investment, exports, and consumption in order to achieve the highest growth possible in 2020 at a national teleconference between the Government and localities on July 2.
Vietnam's GDP in the third and fourth quarters will grow better than it did in the first half of the year as the country still has ample space for growth, a press conference in Hanoi on June 29 heard.
The Asian Development Bank (ADB) recently forecast that Vietnam's economic growth this year would be 4.1 percent, 0.7 percentage points lower than its April estimate but still the highest expected in Southeast Asia.
The Resolution of the 21st Congress of the Provincial Party Organization set out that Ninh Binh's economic structure would increase the ratio of the industry and service sectors in the 2015 - 2020 period. The province's industrial production growth is expected to reach 16 percent a year. To achieve the above target, the province has implemented numerous measures to boost the industry sector's growth, and it also has reaped positive results in the past years.
As Vietnam has been removed from the global list of potential destinations spreading COVID-19, domestic tourism is expected to witness growth after implementation of several stimulus programmes and sales promotions.
Ninh Binh province's export turnover reached 313 million USD in the first two months of 2020, representing a year-on-year rise of 9.3 percent and higher than the country's average growth of 1.5 percent.
Today, March 26, is an important and meaningful milestone marking 89 years of construction, growth, and dedication of the Ho Chi Minh Communist Youth Union. In the exciting atmosphere of the Youth Month, millions of youth union members and young people across the country have been participating in specific and practical patriotic emulation movements of all aspects.
The number of international tourist arrivals to Vietnam during January-February rose 4.8 percent year on year to 3.23 million, the lowest increase in the past four years, the General Statistics Office of Vietnam (GSO) said on February 29.
Investment attraction of the northern province of Ninh Binh has seen remarkable progress, contributing greatly to its socio-economic growth. This was attributed to the province's provision of mechanisms and policies in favor of attracting investment over the past few years.
The province's exports continuously showed its impressive growth in both turnover and market in 2019, when it brought home 2.1 billion USD, up 35.2 percent from 2018 and surpassing the yearly target by 44.8 percent.
The province's index of industrial production (IIP) saw a year-on-year increase of 24.46 percent in 2019, proving its policy of developing the industrial sector as a key driver of the economic growth.
Budget collection of the northern province of Ninh Binh in 2019 continues to see 4th consecutive year of growth, estimated at over 15.2 trillion VND ($656 million), marking the highest level recorded in five year period (2015 - 2020) .
Vietnam's economy has performed well in 2019, with GDP expanding by an estimated 6.8 percent, public debt reduced by nearly 8 percentage point of GDP since 2016, and a trade balance surplus for fourth year in a row, according to the World Bank (WB)'s report released on December 17.
Ninh Binh's economy grew rapidly in all sectors with GRDP achieving a growth rate of 10.02%, the highest since 2016, according to a provincial People's Committee's report presented at the 15th meeting of the 14th tenure Ninh Binh People's Council.
The industrial sector in the northern province of Ninh Binh has maintained strong performance, with the January-September period's index estimated to hit over 54 trillion VND,rising 30.4 percent year-on-year.
Vietnam needs a long-term strategy to increase the quality of its rice exports to create sustainable growth in the future, experts say.
The Vietnamese economy is predicted to maintaina healthy growth in 2019 and 2020 at 6.8% and 6.7% respectively after a robust growth of 7.1% in 2018, according to the latest report released by the Asian Development Bank (ADB).
Attracting investment and taking advantage of all social resources to accelerate tourism growth is the direction being applied by many localities, including Ninh Binh and Ha Nam. Situating in the southwest of the Red River Delta, the two provinces possess a lot of natural resources and cultural heritages and can cooperate with each other to improve tourism competitiveness.
Prime Minster Nguyen Xuan Phuc has ordered ministries and sectors to accelerate institutional reform to promote economic growth on the basis of macro-economic stability.
The consumer price index (CPI) in July saw a month-on-month increase of 0.18% and a year-on-year growth of 2.44%, according to the General Statistics Office (GSO).
Ninh Binh posted a GRDP growth rate of 10.1% in the first six months of 2019, 1.5 times higher than the average growth rate of the whole country, according to a report released at the 11th session of the 14th People's Council of Ninh Binh province on July 10.
The northern province of Ninh Binh recored an industrial production index growth of 21.4 percent in the first quarter of 2019, according a report released by the Department of Industry and Trade.
Breakthroughs in science-technology or innovation and creativity should be added to the initial draft on socio-economic development strategies to be summited to the 13th National Party Congress, laying the foundation for the economic restructuring and renovation of growth model, Prime Minister Nguyen Xuan Phuc has said.
Last year Vietnam achieved a GDP growth of 7.08%, exceeding the target set by the National Assembly. More particularly, export revenue posted an impressive result, bringing Vietnam into the company of the world's leading exporters.
