Post by SA Hunter on Jan 14, 2016 19:05:42 GMT 8
hanoitimes.com.vn/economy/2016/01/81E09D59/vietnam-to-be-in-top-10-fastest-gdp-growth-in-2016/
The Hanoitimes - Vietnam`s GDP could grow by approximately 7%, reached the top 10 economies in the world, that is a bright spot this year, according to The Economist.
Global GDP is forecast to grow 2.7% this year, according to research group of Economist Intelligence Unit (EIU) of the Economist Group. The improvement can be count for a string of Free Trade Agreements (FTAs) made ‘bumper’ debut in 2015, creating a solid foundation for 2016 which is so-called the year of economic integration.
In 2015, Viet Nam set a global record in the number of FTAs signed with other partners. This was a deserving outcome for Viet Nam in 2015, the year of ‘trade liberalization’, said Media and Government Relations Manager at the Russian International Affairs Council (RIAC) Anton Tsvetov. The signing of FTAs was expected to open up vast opportunities for Vietnamese enterprises to enlarge market, raise revenue, and improve production capacity.
Viet Nam is the country with the lowest level of development among TPP member countries and is expected to benefit most from the TPP. Economists forecast that TPP would boost US$23.5 billion of Viet Nam’s GDP by 2020 and US$35.5 billion by 2025. Under the EV-FTA, Viet Nam and the EU would cut over 99% of tariff lines, the highest commitments ever made by Viet Nam. Thus, the benefits of the EV-FTA for Viet Nam is equal to TPP’s ones.
Especially, the ASEAN Economic Community (AEC) came into effect on January 1, 2016, and created the world’s seventh-largest single market of 600 million people, larger than the European Union or the North American Free Trade Agreement.
The formation of the ASEAN Economic Community (AEC) represents a springboard for further development of Vietnam's economy. Vietnam is now at the dawn of the AEC, it is a good time to assess how well they have performed so far and what initiatives should be jointly undertaken to realize their fullest potential.
Vietnam has been on track in implementing their AEC commitments, notably in cutting tariffs, eliminating non-tariff trade barriers and creating a business climate conducive to expanding economic cooperation and trade with global partners. Speaking at a recent seminar, Prof Nguyen Mai, Chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE) talked about the potential for Vietnam given the backdrop of the AEC and the potential Trans Pacific Partnership (TPP).
Mai questioned the benefits of the TPP in an interview with Vietnamnet Bridge. "How foolish is it to let foreigners be the main beneficiaries in the Vietnamese market? Who instructs Vietnamese private businesses to benefit from the TPP?”
Dr Nguyen Tri Hieu, a financial expert, also was hesitant to fully back the TPP and was only moderately optimistic about it representing the best way forward for the Vietnam economy. “Will Vietnam really benefit from the TPP, with growth in the gross national product (GNP) and exports?” Hieu was quoted as saying by Vietnamnet Bridge. “The challenge is huge.”
The uncertainties surrounding the TPP and the current global environment leave little doubt that the peoples of Vietnam will have to work smarter to achieve high levels of growth in their domestic economies over future decades. The future economic growth of Vietnam will depend largely upon how effectively the two countries can facilitate economic cooperation and trade in each other’s country, which is greatly dependent upon improving connectivity.
The effective integration into the AEC will spill over and result in sustained long-term growth and development that will result in increased earnings and standard of living lifting the nations to hitherto untold prosperity, experts say.
It is the right time for Viet Nam to “play” with big partners across the globe, said Dr. Vo Tri Thanh, Vice President of Central Institute for Economic Management (CIEM). The economist also regarded this as a unique opportunity for local enterprises to play with the best.
In 2016, Viet Nam will integrate comprehensively and intensively into the global economy. The integration process will bring back both opportunities and challenges. According to Minister of Planning and Investment Bui Quang Vinh, Viet Nam joined the AEC on December 31, 2015 and faced three challenges including the free movement of products, investment and high-skilled laborers.
The Hanoitimes - Vietnam`s GDP could grow by approximately 7%, reached the top 10 economies in the world, that is a bright spot this year, according to The Economist.
Global GDP is forecast to grow 2.7% this year, according to research group of Economist Intelligence Unit (EIU) of the Economist Group. The improvement can be count for a string of Free Trade Agreements (FTAs) made ‘bumper’ debut in 2015, creating a solid foundation for 2016 which is so-called the year of economic integration.
In 2015, Viet Nam set a global record in the number of FTAs signed with other partners. This was a deserving outcome for Viet Nam in 2015, the year of ‘trade liberalization’, said Media and Government Relations Manager at the Russian International Affairs Council (RIAC) Anton Tsvetov. The signing of FTAs was expected to open up vast opportunities for Vietnamese enterprises to enlarge market, raise revenue, and improve production capacity.
Viet Nam is the country with the lowest level of development among TPP member countries and is expected to benefit most from the TPP. Economists forecast that TPP would boost US$23.5 billion of Viet Nam’s GDP by 2020 and US$35.5 billion by 2025. Under the EV-FTA, Viet Nam and the EU would cut over 99% of tariff lines, the highest commitments ever made by Viet Nam. Thus, the benefits of the EV-FTA for Viet Nam is equal to TPP’s ones.
Especially, the ASEAN Economic Community (AEC) came into effect on January 1, 2016, and created the world’s seventh-largest single market of 600 million people, larger than the European Union or the North American Free Trade Agreement.
The formation of the ASEAN Economic Community (AEC) represents a springboard for further development of Vietnam's economy. Vietnam is now at the dawn of the AEC, it is a good time to assess how well they have performed so far and what initiatives should be jointly undertaken to realize their fullest potential.
Vietnam has been on track in implementing their AEC commitments, notably in cutting tariffs, eliminating non-tariff trade barriers and creating a business climate conducive to expanding economic cooperation and trade with global partners. Speaking at a recent seminar, Prof Nguyen Mai, Chairman of the Vietnam Association of Foreign Invested Enterprises (VAFIE) talked about the potential for Vietnam given the backdrop of the AEC and the potential Trans Pacific Partnership (TPP).
Mai questioned the benefits of the TPP in an interview with Vietnamnet Bridge. "How foolish is it to let foreigners be the main beneficiaries in the Vietnamese market? Who instructs Vietnamese private businesses to benefit from the TPP?”
Dr Nguyen Tri Hieu, a financial expert, also was hesitant to fully back the TPP and was only moderately optimistic about it representing the best way forward for the Vietnam economy. “Will Vietnam really benefit from the TPP, with growth in the gross national product (GNP) and exports?” Hieu was quoted as saying by Vietnamnet Bridge. “The challenge is huge.”
The uncertainties surrounding the TPP and the current global environment leave little doubt that the peoples of Vietnam will have to work smarter to achieve high levels of growth in their domestic economies over future decades. The future economic growth of Vietnam will depend largely upon how effectively the two countries can facilitate economic cooperation and trade in each other’s country, which is greatly dependent upon improving connectivity.
The effective integration into the AEC will spill over and result in sustained long-term growth and development that will result in increased earnings and standard of living lifting the nations to hitherto untold prosperity, experts say.
It is the right time for Viet Nam to “play” with big partners across the globe, said Dr. Vo Tri Thanh, Vice President of Central Institute for Economic Management (CIEM). The economist also regarded this as a unique opportunity for local enterprises to play with the best.
In 2016, Viet Nam will integrate comprehensively and intensively into the global economy. The integration process will bring back both opportunities and challenges. According to Minister of Planning and Investment Bui Quang Vinh, Viet Nam joined the AEC on December 31, 2015 and faced three challenges including the free movement of products, investment and high-skilled laborers.