The world bank annual report 2017 was produced by the world bank groups external and corporate relations unit, led by jeremy hillman in the corporate communications department, with editorial coordination by daniel nikolits, and key contributions from marjorie bennington, denise bergeron. Available data so far in 2020 has been mixed, after strong expansions in manufacturing and services drove stellar growth in the final quarter of last year. Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially. The forecasts are in and vietnam can gloat again after a scare in early 2017. It has developed a national digital economy masterplan with a 20year time horizon, divided into four phases. Vietnams key regions and economic zones iberglobal. Vietnam joined the human capital project in 2019 with a twopronged objective.
The estimates of gdp suggest that trinidad and tobagos overall petroleum sector would decline by 3. Spatial variation of economic densities and outcomes in vietnam. Other energy sources are petrovietnam 4,435 mw, vinacomin 1,785 mw and 10,031 mw from buildoperatetransfer bot investors. Vietnam rejoins club of 6%gdpgrowth nations as exports surge. Vietnam economy, politics and gdp growth summary the. Vietnams famously robust, exportled economy grew just 5. However, only very limited laws are in place for cybercrime and vietnam has not developed a national cybersecurity strategy yet. Vietnams energy sector is dominated largely by the nationwide vietnam electricity group evn. If maintained into 2017, high levels of lending could see the sbv move on rates to take some of the heat out of demand in the. Learn more about the vietnam economy, including the population of vietnam, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. The communist party of vietnam cpv in 2016 maintained its control over all public affairs and punished those who challenged its monopoly on power. The political economy of development in china and vietnam.
Domestic demand and especially private consumption remained buoyant, fueled. Vietnam will remain one of the fastestgrowing economies in the asiapacific region in the medium term, driven by its external sector. Vietnams economy also gathered momentum in 2017, reflecting strong domestic demand, robust exportoriented manufacturing, and a gradual rebound of agriculture. The story behind viet nams miracle growth world economic forum. Economies are ranked on their ease of doing business. These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. Needless to say, vietnam has been through its ups and downs over the past year, and there remains a lot of room for improvement, but in terms of the economy, the country has done a great job and records have continued to tumble throughout the year. Vietnam is a small, developing, transition, and integrated economy in a fast changing world vietnams growth in the last 2 decade is impressive but relies mostly on quantitative expansion the competitiveness of the nation and the firm is relatively weak compared to major competitors biggest opportunities emerge from integration. The government of thailand recognizes the significance of the digital economy and created a ministry for digital economy and society in 2016. The economic impact of the eu vietnam free trade agreement. Vietnams economy would take 14rather than 10years to double in size. These include laying the digital foundations, achieving digital. Vietnams economy also gathered momentum in 2017, reflecting strong domestic demand, robust export oriented manufacturing, and a.
Although the debate remains unsettled, analysis suggests that growth in the two countries was most robust during. Reviewing vietnams economic reforms since the cpvs. Pdf the effect of government relative size on economic growth is a contentious issue. Pdf government size and economic growth in vietnam. High a communist state, vietnams oneparty political system.
Currently, it is a mix between this stateplanned economy and a market economy, which is controlled by supply and demand. Indonesia, malaysia, philippines, singapore, thailand, and vietnam. Dec 29, 2017 2017 a recordbreaking year for vietnams economy by minh nga december 29, 2017 08. Vietnam is a booming country that has seen sweeping market reforms since the 1980s, as the communist government has moved from a commandstyle economic system to a more open capitalist system without relinquishing political control as in china, the success of this strategy has been remarkable. Vietnam is a member of asiapacific economic cooperation, association of southeast asian nations and the world trade organization. Vietnams economy recovered this quarter with a surge in exports allowing it to rejoin a small group of nations posting growth rates of more than 6 percent. Apr 05, 2017 vietnams famously robust, exportled economy grew just 5. The economic and social transformation of vietnam in the past 30 years has been remarkable, and has lead the country to acquiring lower middle income status in 2010 and to the elimination of extreme poverty and the reduction of income inequalities. Asias leading airline economy class and asias leading cultural airline 2016. Ado 2020 viet nams inflation rates forecasted at 3. Endorsed on may 30, 2017, and reflecting and building on the priorities identified and expressed in the world bank groups 2016 systematic country diagnostic, the vietnam 2035 report, and the government of vietnam s 20162020 socio economic development plan sedp, the cpf has four priority areas. Vietnams economic growth will accelerate in 2018 as. The second author acknowledges the 2017 university of otago research grant.
According to the world banks doing business 2017 report, viet nam has improved nine ranks in terms of ease of doing business compared to 2016 from 91st to 82nd. After years of strong economic growth and surging foreign direct investment, vietnam today is emerging as a key middleincome country in the southeast asian political and economic sphere. Retail in vietnam navigating the digital retail landscape. The economic context of vietnam economic and political. In the world economic forums global competitiveness report, viet nam rose from 77th place in 2006 to 55th in 2017. A large number of experts believe that vietnam will be able to achieve. Viet nams efforts did not go unnoticed in international rankings. The public sector drives approximately a third of the countrys economy. Since then, the guide has been an annual flagship publication which represents the partnership between vcci and pwc vietnam. The research covers the six largest markets in southeast asia. As vietnams new government has been in power for only more than six months, it is still too early to fathom the scope and substance of its reforms.
Vietnam will need to make further progress in reforming ownership of stateowned enterprises. Pdf and epublication with additional clickable resource icons. Taking vietnams economy to the next level mckinsey. Government spending and debt remained in check and bank capital rules were strengthened. Vietnam airlines has emerged as the leader of aviation industry in vietnam after 20 years of development at an average annual growth rate in the doubledigits, vietnam airlines has established our name as a symbol of vietnamese national pride, with a global network and welldeserved position in region. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus. Jun 29, 2017 vietnams economy recovered this quarter with a surge in exports allowing it to rejoin a small group of nations posting growth rates of more than 6 percent. Amidst rising global headwinds, vietnam s economic growth momentum has been slowing since the beginning of the year. This page has economic forecasts for vietnam including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the vietnam economy. Economy profile of vietnam doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company dealing with construction permits procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety. Vcci and pwc vietnam have collaborated to publish this guide since the hosting of apec in viet nam in 2017.
Despite some fundamental challenges, international experts and the vietnamese government are positive about the vietnamese economy in 2017. Doing business 2017 is the 14th in a series of annual reports investigating the regulations that enhance business activity and those that constrain it. Vietnam, a oneparty communist state, has one of southeast asias fastestgrowing economies and has set its sights on becoming a developed nation by 2020. In the world banks ease of doing business rankings, meanwhile, viet nam rose from 104th place in 2007 to 68th place in 2017. Dec 27, 2017 the forecasts are in and vietnam can gloat again after a scare in early 2017. The national english language daily, outlook magazine. Vietnams economy is strong, as a result of strong momentum of vietnams fundamental growth drivers domestic demand and exportoriented manufacturing. Adbs country partnership strategy for viet nam is based on promoting job creation and competitiveness, increasing the inclusiveness of infrastructure and service delivery, and improving environmental sustainability and climate resilience. Reviewing vietnams economic reforms since the cpvs twelfth. Vietnam airlines was also named asia pacific airline of the year by capa in 2017 and several awards from world travel awards including worlds leading airline premium economy class and worlds leading cultural airline 2017, 2018.
Vietnam has laws and regulations in place for electronic commerce and electronic signatures. The economy of vietnam is a socialistoriented market economy, which is the 44thlargest in the world as measured by nominal gross domestic product gdp and 32ndlargest in the world as measured by purchasing power parity ppp. A large number of experts believe that vietnam will be able to achieve its target economic growth of 6. Vietnams real gdp growth has decelerated to a still robust 6. The vietnam war was a long, costly and divisive conflict that pitted the communist government of north vietnam against south vietnam and its principal ally, the united states. Vietnam s real gdp growth has decelerated to a still robust 6. How it pursues its reforms and navigates the country through 2017 will provide a better understanding of the vietnamese economys future performance, as well as the political prospects of. Vietnam news politics, business, economy, society, life. Vietnam economy gdp, inflation, cpi and interest rate.
Speaking at a government meeting on friday, prime minister nguyen xuan phuc said 2017 had been a recordbreaking year for the economy. A political economy of economic restructuring in vietnam. According to dbs bank, vietnam s economy has the potential to grow at a pace of about 6%6. Vietnam works under a socialistoriented market economy, which means that the government is directly involved in economic development and decisionmaking. Economic forums 2017 global competitiveness report. When the 20year viet nam war ended in 1975, viet nams economy was one of the poorest in the world, and growth under the governments subsequent fiveyear central plans was anaemic. Vietnams economy shows fundamental strength, with stable and. The world bank has supported vietnam in reforming the educational system at all. In januaryafebruary, growth in industrial production, retail sales, tourist arrivals and exports moderated from q4. Despite rising trade tensions and volatility in emerging economies throughout 2018, vietnam s economy saw broadbased growth and low inflation. Vietnams economy shows fundamental strength, with stable. The following table shows the main economic indicators in 1980 2017.
Through the years, the eu and vietnam have built a modern and mature partnership. Given the above, the trinidad and tobago economy is projected to contract by 2. The economy has lost momentum so far this year according to the most recent data, due to the fallout from covid19. Supplychain disruption caused by the coronavirus pandemic in the first half of 2020 will not do lasting harm to exportoriented industries. The eu has also been a committed supporter of vietnams economy, notably through development aid packages. Economic indicators for viet nam the spread of covid19 and the resulting abrupt global slowdown will slash growth to 4. In january, retail sales were up 10% yearonyear, boding well for domestic demand, while tourist arrivals and fdi surged. Vietnam can overpower singapores economy by the next decade because of its strong foreign investment inflow and productivity growth. In midnovember 2017, the attention of the worlds economic policymakers and analysts fell on the unlikely location of danang, a coastal city in central vietnam which hosted the asiapacific economic cooperation apec summit. Hanoi, july, 2017 amidst strengthening recovery in the global economy since late 2016, vietnam s gross domestic product gdp expanded by 5. Vietnam, asias economic icon, is suddenly facing slower. In 2017, the merchandise trade between the eu and vietnam was worth 48 billion, making vietnam the 19th. The economic context of vietnam economic indicators for the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus.