The country’s State budget deficit could increase to to 5.59 percent of the GDP this year, beating the 3.44 percent target since revenues fall over Covid-19 impacts.
Industrial production posted a year-on-year expansion of 2.7 percent in the first ten months this year despite the impacts of Covid-19 pandemic, the General Statistics Office reported Thursday.
Trade surplus in the first ten months of the year has widened to $18.72 billion, with October surplus estimated at $2.2 billion, according to latest data from the General Statistics Office.
Vietnam estimated its consumer price index for October jumped 2.47 percent from a year earlier.
- Industrial production expands 2.7 pct. in Jan-Oct period amid virus fears 1
- Vietnam’s trade surplus widens to $18.72bln in ten months 2
- Vietnam’s 10-month foreign investment drops nearly 20% to $23.4bln 3
- Vietnam does not manipulate currency for stronger trade competitiveness, PM says 4
- Apple’s shifting supply chain creates boomtowns in rural Vietnam: Bloomberg 5
- Vietnam’s 2020 budget deficit seen at 5.59% of GDP, exceeding target 6
Vietnam attracted $23.4 billion FDI during the first ten months of the year, down 19.4 percent from a year ago on pandemic, according to data from Ministry of Planning and Investment.
Vietnam does not aim using exchange rates and monetary policy to facilitate export, Prime Minister Nguyen Xuan Phuc told US high-ranking officials during Monday meeting in Hanoi.
The boom in Bac Giang highlights how the shift in the world’s supply chains is touching regions previously left behind.
The size of the Vietnamese economy increased by 1.4 times from that in 2015, Prime Minister Nguyen Xuan Phuc told legislators on Tuesday.
The Government expects 2021 GDP growth at 6 percent, according to the Socio-Economic Development Plan sent to the National Assembly.
Vietnam’s economic growth in 2021 is scheduled to grow between 5 and 7.5 percent depend on the global pandemic situation, said the State Bank of Vietnam.
Vietnam is expected to surpass Singapore and Malaysia to become the fourth biggest economy in Southeast Asia in 2020, the International Monetary Fund said in its October report.
The country is making autocratic capitalism work unusually well.
Several state-owned companies have lost money and piled up over VND63.3 trillion ($2.73 billion) worth of debts as a result of poor execution of 12 factory construction and expansion works.
Vietnam’s agricultural exports grew 1.6% to $30.05 billion in the first nine months of 2020, bringing the full-year target of $40 billion within sight, said the Ministry of Agriculture and Rural Development.
Despite the Covid-19 pandemic, Vietnam expects $300 billion in export turnover this year, according to the Ministry of Industry and Trade.
The economy has surpassed the lowest point of the V shape and been in recovery track, Minister and Chairman of the Government Office Mai Tien Dung told the press on Friday.