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The growth rate of Vietnam’s economy may still reach 6.4% by the end of the year, despite certain impacts from the recent yuan devaluation and fluctuations in oil prices, according to the Ministry of Planning and Investment (MPI).
If the Prime Minister approves a proposal to increase the minimum salary by 12.4 per cent, enterprises say, then the commensurate increase in social insurance should be delayed to give them some breathing space.
Vietnam is considered a bright spot among emerging markets together with Hungary, Romania, Poland and the Czech Republic with its high and stable growth rate, according a recent article posted in the UK’s Financial Times.
Viet Nam’s economy is benefiting from cheap oil price as disappearing inflation boosts domestic demand, Bloomberg said.
Vietnam received an estimated record US$9.65 billion in actual foreign direct investment (FDI) so far this year, with strong inflows going to the manufacturing sector, a key driver for the country’s economic growth.
Many foreign investors are now focusing on the property market in Viet Nam, driven by its long-term investment potential and the country’s drastic move in revamping its policies.
The vice chairwoman of the Vietnam Textile and Apparel Association (VITAS) said that with heavy reliance on material imports, it would be a success for local apparel firms if they take advantage of just 30% of tax incentives offered in the Trans-Pacific Partnership (TPP).
Six provinces and cities in the Mekong Delta region have attracted 100 foreign direct investment (FDI) projects with total registered capital topping US$738 million this year, reported the Foreign Investment Agency under the Ministry of Planning and Investment.
Vietnam is about to sign some important trade deals including the Trans Pacific Partnership, the EU-Vietnam Trade Agreement, the Vietnam-Korea Free Trade Agreement, and has already signed an economic agreement with the Eurasian Economic Union.
The central city of Da Nang and the Ministry of Transport took the lead in the Public Administrative Reform Index (PAR INDEX) 2014 for the second consecutive year, as announced by the Ministry of Home Affairs at a conference in Hanoi on September 4.
On the sidelines of the 2015 Eastern Economic Forum in Vladivostok, Russia from September 3-5, Minister of Industry and Trade Vu Huy Hoang met with several Russian officials on ways to promote trade and investment connections between the two countries.
