Business

Economic restructuring might hinder growth rate in 2016

Vietnam is forecast to grow 6.5 percent or less in 2016, depending on economic restructuring progress, said Truong Dinh Tuyen, a former trade minister.
Economic restructuring might hinder growth rate in 2016 ảnh 1Workers make clothes for export (Photo: VNA).

Ho Chi Minh City (VNA) – Vietnam is forecast to grow 6.5 percent or less in 2016, depending on economic restructuring progress, said Truong Dinh Tuyen, a former trade minister and senior adviser to the Government in negotiations on the Trans-Pacific Partnership (TPP) deal.

At a conference held in Ho Chi Minh City on April 8 to analyse challenges and opportunities brought about by the TPP, Tuyen said free trade agreements (FTAs) that Vietnam has participated in will have little impact this year, and difficulties have arisen in the local market with the global economy’s slow recovery. It will take a while for new portfolios to gain momentum after the transition of power, he added.

According to Tuyen, drastic action to restructure the economy will lead to slower growth in the short term. The slowdown is healthy, and will soon be balanced with a significant improvement in the business climate.

Participating experts forecast the TPP agreement will take effect in 2017. The pact and other FTAs will stimulate the global economy. In Vietnam, by then, the management apparatus at levels will be operating more smoothly, with start-up businesses on the rise. These factors are expected to boost growth in 2017 and 2018.

Herb Cochran, executive director of the American Chamber of Commerce in Vietnam (AmCham), stressed that Vietnamese enterprises should invest in production of goods right now.

They need to work on papers to accredit their products’ origins and components for export to a TPP member state, he said.

Le Van Khoa, Vice Chairman of the municipal People’s Committee, said Ho Chi Minh City is committed to helping local firms prepare for TPP through information updates and guidance on trade commitments, intelligent property laws and labourers, among other things.-VNA

VNA
#economic restructuring #TPP #growth rate Ho Chi Minh City
Follow VietnamPlus

Related News

Mekong Delta businesses study impacts of AEC, TPP

Mekong Delta businesses study impacts of AEC, TPP

A conference on the impacts of the ASEAN Economic Community (AEC) and the Trans-Pacific Partnership (TPP) agreement on the enterprises and economy of the Mekong Delta was held in Can Tho on March 30

See more

Electronic components are produced at a factory in Hanoi. (Photo: VNA)

Hanoi's imports surge 41% in first eight months of 2026

Hanoi aims to achieve average annual export growth of at least 12% during 2026-30, with the city seeking to diversify export markets, boost high-tech and value-added products and reduce reliance on traditional markets.

Ben Thanh Market in Ho Chi Minh City attracts a large numbers of domestic and international visitor.( Photo: VNA)

Vietnam targets 50 million international visitors by 2030

The Ministry of Culture, Sports and Tourism has outlined three scenarios for 2027–2030. Under the high-growth scenario, international arrivals would rise 15–18 percent annually to reach 45–50 million, while domestic tourism would reach around 160 million trips. Total tourism revenue is projected at 80–90 billion USD.

Factories and production facilities in the Chu Lai Open Economic Zone, Da Nang city, are equipped with modern production lines. (Photo: VNA)

Ready-built factories gain from new manufacturing FDI wave

Ready-built factories attracted 73% of new manufacturing FDI in northern Vietnam over the past two quarters, as foreign investment continued to surge at the region's industrial hubs during the first eight months of 2026. The trend points to growing demand for premises that can be put into operation quickly.

Vietnamese durian industry pivots from volume to value

Vietnamese durian industry pivots from volume to value

Durian has morphed from a high-value crop into a strategic Vietnamese export. But as output climbs and importing markets tighten rules on quality, food safety and traceability, the industry must pivot from volume growth to sustainable value chains, better quality and diversified markets.

A display area for Mid-Autumn Festival cakes at a supermarket (Photo: VNA)

Mid-Autumn Festival cake market heats up at affordable end

Industry insiders say competition is no longer just about the cake itself. Product quality, packaging, brand reputation, delivery services and personalisation are increasingly shaping consumer choices in a market crowded with both domestic and foreign players.

Minister of Foreign Affairs Le Hoai Trung (Photo published by VNA)

Vietnam, India set 25 billion USD trade goal

Vietnam and India agreed to make better use of complementary strengths, ease market access difficulties and facilitate business activities toward achieving the 25 billion USD bilateral trade target.

Delegates at the meeting between Vietnamese businesses operating in Cambodia and the Council for the Development of Cambodia (CDC) on September 14. (Photo: VNA)

Vietnamese businesses seek to expand investment in Cambodia

Vietnam currently has 223 investment projects in Cambodia with total registered capital of nearly 3.4 billion USD. Vietnamese companies operate in agriculture, particularly large-scale farming, finance and banking, telecommunications, aviation, processing, trade and services.

Children visit President Ho Chi Minh's hometown and learn about his childhood. (Photo: VNA)

Vietnam's tourism sector faces labour shortage

A 2026 survey by Hoteljob.vn found that nearly 90% of tourism businesses planned to recruit. In Ho Chi Minh City alone, 89.7% of businesses were hiring, while 71.8% said recruitment was difficult or very difficult. The biggest shortages were among frontline workers, particularly in housekeeping, engineering, food service, front-office operations, and kitchens.