Vietnam Today

According to the World Bank (WB), in the medium term, when the service sector is set to recover and if there are no new fluctuations, Vietnam’s economy will return to its pre-Covid-19 growth level by 2023. It also forecast that GDP growth will rise to 5.5 per cent this year from 2.6 per cent in 2021. The budget deficit and public debt will be at 58.8 per cent of GDP, much lower than the limit, while inflation will be less than 4 per cent. The WB also pointed out some risks for the country’s economy, in particular the unpredictable developments of the pandemic, fiscal and monetary space being narrowed, and challenges in sustainable development.

According to a forecast from Standard Chartered Bank, Vietnam’s economy will recover strongly this year, with GDP growth at 6.7 per cent. It also forecast 2023 growth of 7 per cent and believes the outlook for the economy in the medium term remains positive.

The National Assembly (NA) has approved the Law amending and supplementing a number of articles in nine laws: the Law on Public Investment, the Law on Investment in the Form of Public-Private Partnership, the Law on Investment, the Law on Housing, the Law on Competition Contractors, the Law on Electricity, the Law on Enterprises, the Law on Special Consumption Tax, and the Law on Enforcement of Civil Judgments. The amendments will come into effect on March 1.

The National Assembly (NA) has approved fiscal and monetary policies to support Vietnam’s socio-economic recovery and development. The policy package totals nearly VND350 trillion ($15.5 billion) and will be implemented this year and next.

The National Assembly (NA) has approved a Resolution on piloting a number of specific mechanisms and policies for the development of the Mekong Delta’s Can Tho city. The city is permitted to borrow up to 60 per cent of its budget revenue and can decide on changing the land use purpose of rice land of less than 500 ha. The pilot will begin on March 1.

The National Assembly (NA) has approved a Resolution on investment in the Eastern North-South Expressway project in the 2021-2025 period. The project is 729 km in length and divided into 12 component projects operating independently in the public investment form, with total capital of nearly VND147 trillion ($6.5 billion).