WB: Vietnam’s economy to grow 5.5 percent in 2014

The Vietnamese economy is expected to grow at a moderate rate of around 5.5 percent this year, according to the East Asia Pacific Economic Update report released by the World Bank (WB) at a press conference in Hanoi on April 7.

The Vietnamese economy isexpected to grow at a moderate rate of around 5.5 percent this year,according to the East Asia Pacific Economic Update report released bythe World Bank (WB) at a press conference in Hanoi on April 7.

Addressingthe event, Axel van Trotsenburg, WB East Asia and Pacific RegionalVice President, said East Asia and the Pacific has served as theworld’s main growth engine since the global financial crisis.
He added that stronger global growth this year will help the regionexpand at a relatively steady pace while adjusting to tighter globalfinancial conditions.

In its report, the WB forecasts that developing countries in the East Asia and Pacific region will see stableeconomic growth this year, thanks to a recovery in high-income economiesand the market’s modest response to the Federal Reserve’s tapering ofits quantitative easing.

The report said developing East Asiawill grow by 7.1 percent this year, largely unchanged from 2013, addingthat with this growth, it will remain the fastest growing region in theworld, despite a slowdown from the average growth rate of 8.0 percentfrom 2009 to 2013.

Bert Hofman, Chief Economist of the WB’s EastAsia and Pacific Region, said that over the longer term, to keepgrowth high, developing East Asia should redouble efforts to pursuestructural reforms to increase their underlying growth potential andenhance market confidence.

According to the report,the regional countries could also benefit from structural reforms,such as facilitating international trade and promoting foreign directinvestment, especially in the services sector. In this context, theestablishment of the ASEAN Economic Community in 2015 could boostintra-regional investment and exports and provide an important source ofgrowth.-VNA

See more

At the opening ceremony of HortEx Vietnam 2025 (Photo: VNA)

HCM City HortEx showcases agricultural technologies, smart farming

HortEx Vietnam 2025 also serves as a gathering place for businesses, cooperatives, and agricultural producers from more than 16 provinces and cities across Vietnam, providing an excellent opportunity for local enterprises to exchange knowledge, learn from international experience, access new technologies, and expand their markets.

Hyundai Accent remains the best-selling model, with 455 units delivered to customers in February. (Photo: VNA)

Hyundai auto sales remain stable in February

In February, Hyundai Accent remained the best-selling model, with 455 units delivered to customers. It was followed by Hyundai Tucson with 403 units, Hyundai Stargazer with 304 cars, and Hyundai Creta with 303 vehicles.

Prime Minister Pham Minh Chinh speaks at the second meeting of the National Steering Committee for Financial Inclusion in Hanoi on March 12. (Photo: VNA)

PM requests stronger efforts to ensure comprehensive, equitable financial access

PM Pham Minh Chinh, who is also head of the steering committee, highlighted the significance of the strategy for the country's socio-economic development, saying that it enables individuals and businesses to access essential financial resources and services for development, improving living standards of the people, and promoting savings and investment.

Manufacturing toys for export at Bilion Max Vietnam Export Processing Co. Ltd. in Hue city. (Photo: VNA)

Vietnam’s economy poised to grow 6.8% this year: WB

“Vietnam is projected to maintain robust economic growth over the next two years, but it can use its fiscal space to better prepare for heightened uncertainties”, said Mariam J. Sherman, World Bank Director for Vietnam, Cambodia and Laos at a press conference.

A shopping mall in HCM City. The retail property market in HCM City is expected to see further growth this year. (Photo: gkg.com.vn)

HCM City retail property market expected to heat up

In 2025, the commercial real estate market, especially in HCM City, is forecast to undergo significant positive changes, with an improved supply. It can be said that this segment will "transform" to recover for a new growth cycle.

Illustrative image (Photo: VNA)

Measures needed to boost business optimism: VCCI

According to the Ministry of Planning and Investment, there are currently 940,000 active enterprises, falling short of the target of one million by 2020 and 1.5 million by the end of the year.

Site clearance has been completed for the Metro Line No.2 project. (Photo: sggp.org.vn)

HCM City to use municipal budget for Metro Line No. 2 project

The Metro Line No. 2 project has an estimated investment of nearly 47.9 trillion VND (2 billion USD) and has nearly completed land clearance, at 99.8%. The NA’s Resolution 188 authorises HCM City to develop seven metro lines spanning 355 kilometres over the next decade, with preliminary total investment for the 2025-2035 phase estimated at 40.2 billion USD.