Economic growth in Việt Nam had proven resilient despite weakening external conditions, driven mainly by strong domestic demand and a dynamic export-oriented manufacturing sector, according to the World Bank (WB)’s update on recent economic developments in Việt Nam.
The World Bank (WB) expects Vietnam’s economic growth this year at nearly 6.8 percent, compared to the 6.3 percent projected for East Asia and the Pacific, in a report released on December 11.
While growth is set to ease in 2019, Vietnam will still be among the top 10 fastest-growing economies globally, according to the “Economic Insight: South-East Asia” report recently released by the Institute of Chartered Accountants in England and Wales (ICAEW).
Electricity prices will likely rise next year due to increasing power generation costs triggered by price hikes in coal, fuel, and water environment taxes, officials from the Electricity Regulatory Authority of Vietnam (ERAV), under the Ministry of Industry and Trade, said at a meeting held on November 30 in Hanoi, Nguoi Lao Dong newspaper reported.
Total State budget collection from the beginning of the year till November 15 was estimated at VNĐ1.16 quadrillion (US$49.57 billion), up 16.1 per cent year-on-year.
Despite Vietnam’s large trade deficit with the Republic of Korea, concerns are being allayed with the latter boosting investment and exports for production and re-export in the former, to take advantage of tax cuts under a regional trade pact.
