HSBC forecasts State’s growth target of 6.7 pct will be achieved
HSBC maintains its 2016 GDP forecast of 6.7 percent year-on-year for Vietnam as the dual engine of domestic demand and exports are expected to stay strong.
HSBC forecasts Vietnam’s growth target of 6.7 pct will be achieved. (Source: nld.com.vn)
Hanoi (VNA) – HSBC maintains its 2016 GDP forecast of 6ꦐ.7 percent year-on-year for Vietnam as the dual engine of domestic demand and exports are expected to stay strong.
The bank’s report “Vietnam at a glance, Great expectations” released on January 5 said Vietnam’s economy “hit a sweet spot” in 2015 with GDP growing 6.7 percent, the fastest pace in eight years while inflation weakening to 0.6 percent.
GDP of last year’s fourth quarter rose by 7.1 percent, putting full-year growth at 6.7 percent, above the government’s target of 6.2 percent.
Domestic demand was the key driver behind the rise, giving a push to service sector. Full-year consumption expanded 9.1 percent year-on-year, surpassing growth of 6.5 percent in 2014.
In contrast to the significant GDP growth, inflation slowed further to 0.6 percent in 2015 due to falling prices of energy, foods and core commodities.
“The Government has set the 2016 growth target at 6.7 percent, which we think will be achieved”, the report stated.
The inflation is projected to rebound in the second half of 2016, urging the State Bank of Vietnam to shift into a tightening mode. The uncertainty around this forecast is quite high as the path of oil prices is difficult to predict.
“Together with base effects from stabilizing oil prices and a likely pick-up in food inflation”, it warned that headline inflation may move up to 3 percent year-on-year in the first half of this year and hit 5.1 percent year-on-year by the end of the second half.-VNA
Vietnam has set goals for GDP to grow by 6.5-7 percent and inflation to be kept at around 5-7 percent in the next five years, the Ministry of Planning and Investment said.
The Philippines’ inflation rate was reported at 1.4 percent in 2015, lower than the forecast 2 to 4 percent for the whole year, said the country’s central bank BSP.
The event has gathered over 400 exhibitors from 16 countries and territories, with more than 980 booths showcasing a wide range of products and technologies in automotive components, electronics, repair and maintenance, bodywork, accessories, and customisation.
The latest order follows Vietjet’s commitment for 20 additional A330neo aircraft last month, bringing the airline’s total widebody aircraft on order to 40.
Minister of Finance Nguyen Van Thang acknowledged the target represents an important milestone for socio-economic development as well as a demonstration of the country’s aspiration for robust economic growth.
The price of E5 RON92 petrol is now capped at 20,631 VND (0.79 USD) per litre, up 1,169 VND from the previous adjustment, while RON95-III costs no more than 21,244 VND per litre, up 1,277 VND.
While German consumers are familiar with Vietnamese products such as coffee, seafood, tea, and spices, many other quality items remain relatively unknown in the market. The Selgros event not only helped introduce Bac Giang lychee to German consumers but also provided them with the opportunity to experience other Vietnamese agricultural products.
The article by Cuba’s Inter Press Service detailed how Vietnamese private enterprise Agri VMA leased 1,000 ha of land in Los Palacios district, Cuba’s westernmost province of Pinar del Río, for rice cultivation over a three-year period. The project’s first harvest in 2025 recorded an impressive yield of 7.2 tonnes per hectare, far exceeding the local average of 1.6 tonnes.
During the visit, office representatives held a working session with the Tipaza Chamber of Commerce and Industry and met with several prominent local businesses operating in key sectors including industry, agriculture, fisheries, food processing, chemicals, pharmaceuticals and plastics.
A Nordic delegation to Vietnam International Sourcing 2025 in September will feature leading names in retail, consumer goods, logistics, and sustainable manufacturing, including global fashion giant H&M, offering fresh prospects for partnerships in fashion, textiles, and green supply chains.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
Effective from the date of signing on June 18, the decision halts procedures outlined in the 2005 Memorandum of Understanding (MoU) between the governments of Vietnam and Laos on the initial implementation of the Greater Mekong Subregion (GMS) Cross-Border Transport Facilitation Agreement at the Lao Bao–Densavan border gate.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
HSBC forecasts Vietnam’s growth target of 6.7 pct will be achieved. (Source: nld.com.vn)
