Source: Pano feed
Đăng ký: VietNam News
(VEN) – The Vietnamese economy in 2013 opened new prospects for the years to come. Vietnam Economic News chose the top ten socioeconomic events in 2013.
1. The Constitution, which was adopted in 1992, was amended and approved at the Sixth Session of the 13th National Assembly Legislature, affirming the nation’s ideology and goals to build a law-based state, improve the living standards of the population, strengthen the economy and develop an equal, democratic and civilized society.
2. Vietnam’s position in the international arena continued to increase. The party, National Assembly and government of Vietnam made great efforts to build “strategic trust” in regional and global cooperation. As a result of these specific achievements, Vietnam was elected to the United Nations Human Rights Council.
3. The macro economy was stable as a result of the government’s efforts to curb inflation. The consumer price index (CPI) was much less than targeted. The CPI growth rate dropped from 18.13 percent in 2011 to more than 6 percent in 2013, the lowest annual growth in the last 10 years, proving that the domestic market developed in a stable manner and that the purchasing power increased. After five years of the Buy Vietnamese Products campaign, the domestic market developed in a fair manner in 2013, while foreign currency reserves increased rapidly, equivalent to the import value for 12.5 weeks.
4. Vietnam registered many gains in international integration, with economic cooperation, particularly in industry, trade and investment, playing an important role, which deepened relations with strategic and key partners. Vietnam continued to pursue international economic integration and participated in six negotiation rounds on free trade agreements (FTAs), including Trans Pacific Partnership (TPP), Regional Comprehensive Economic Partnership (RCEP), FTA with the Customs Union of Russia, Belarus and Kazakhstan, FTA with the EU, ASEAN Free Trade Area (AFTA) and FTA with the Republic of Korea. With these six FTAs, it is expected that Vietnam will have 56 FTA partners in the next 2-3 years to provide a basis for all leading economic centers globally. Five more countries recognized Vietnam as a market-led economy thus increasing the total number to 43, including 8 G20 countries. Vietnam had 13 strategic partners by the end of 2013.
5. Exports became a highlight in the Vietnamese economy in 2013 reaching an estimated US$132.2 billion, an about 16 percent increase on 2012. Mobile phones soared to become one of leading exports and the top industrial export, which exceeded total agriculture-forestry-fishery export revenues. Bac Ninh Province took second place after Ho Chi Minh City in terms of export revenue.
6. Vietnam attracted and disbursed a large amount of Foreign Direct Investment (FDI) capital. Registered FDI capital increased by more than 69 percent from 2012-2013 including several large-scale high-tech projects. Pledged and disbursed Official Development Assistance (ODA) capital increased by about nine percent. Invested FDI capital accounted for about 25 percent of all investment capital focusing on processing and high-tech manufacturing.
7. Annual interest rates fell sharply from an average of 20 percent in 2012 to 10 percent in 2013, helping producers and traders and contributing to stabilizing the exchange rate and strengthening people’s trust in the local currency.
8. The economy began restructuring across the board. Following the government’s economic restructuring project, all sectors ranging from public investment and finance and banking to state-owned enterprises were streamlined. The project helped mitigate unfocused investment, bad debts and inventories and warm-up the securities and real estate market.
9. The service sector was an economic pillar, with the Gross Domestic Product (GDP) from the sector increasing by more than 6.5 percent and accounting for more than 37 percent of total GDP. As a result, the GDP increased by 5.6 percent in 2013 compared with 5.25 percent in 2012, opening further prospects for growth in 2014.
10. Agriculture continued to thrive. Rice and seafood production increased rapidly despite natural calamities, which hurt several localities. The rural economy and agriculture still played a major role in stabilizing and developing the economy and society./.
VEN
Đăng ký: VietNam News