News

Vietnam’s GDP growth in the third quarter is forecast to reach 10.8%

Trường Lăng

August 9, 2022

News

Vietnam’s GDP growth in the third quarter is forecast to reach 10.8%

Trường Lăng

August 9, 2022

Standard Chartered Bank has forecast Vietnam’s GDP growth to reach 10.8% in the third quarter and 3.9% in the fourth quarter, contributing to GDP growth in 2022 to reach 6.7%.

Retail sales growth will continue to improve strongly at 30.2% in July, compared to 27.3% in June. Exports, imports, and industrial production are forecast to increase by 22.2%, 20%, and 15% respectively in July compared to 20%, 16.3%, and 11.5% in June.

“We think inflation will increase to 3.6% in July, compared to 3.4% in June, which is the fastest increase in 2 years, mainly due to pressure from the supply, while pressure from demand also gradually increased.

At the moment, inflation is still under control,” said Tim Leelahaphan, Standard Chartered’s economist for Thailand and Viet Nam.

NEARLY 2.7 MILLION EMPLOYEES ARE ELIGIBLE FOR HOUSING RENTAL SUPPORT

  • Regarding the housing rental support policy, Vietnam Social Security has certified nearly 2.7 million employees as of July 25.
  • Specifically, with the support amount of 500,000 VND/person/month for employees working in companies, the maximum support period is 3 months, in 63 provinces and cities, 32,980 units with 2,543,345 employees participating in compulsory social insurance applying for rental support have received confirmation. 
  • With the support amount of 1,000,000 VND/person/month, the maximum support period is 3 months, in 50 provinces and cities, Vietnam Social Security has certified 9,634 units with 151,848 employees participating in compulsory social insurance that apply for rental support.
  •  As required, the deadline to complete this support is August 15, 2022.

MORE THAN 1.3 MILLION PEOPLE USE VSSID FOR MEDICAL EXAMINATION AND TREATMENT

  • According to the Vietnam Social Security, there are currently more than 26.3 million registered and certified electronic personal accounts nationwide (to log in and use the VssID application). In which, there are more than 713,000 people with nearly 1.3 million times using health insurance cards on VssID application for medical examination and treatment covered by health insurance.
  • Vietnam Social Security reported that after nearly 5 months of piloting the use of chip-based ID cards when going for medical examination and treatment covered by health insurance, there have been 6,856 medical facilities nationwide looking up health insurance card information using ID cards.
  • There have been 335,647 successful searches using chip-based ID cards for medical examination and treatment covered by health insurance.

DISBURSEMENT OF PUBLIC INVESTMENT IN THE FIRST 7 MONTHS OF THE YEAR REACHED 34.47%, A SLIGHT DECREASE COMPARED TO THE SAME PERIOD IN 2021

  • The Ministry of Finance has issued Official Letter No. 7182/BTC-DT reporting the payment of accumulated state budget investment capital for 6 months, estimated to implement 7 months of the 2022 plan.
  • Specifically, for the capital disbursement plan in 2022, the accumulated payment from the beginning of the year to June 30 is 148,836.03 billion VND, achieving 25.18% of the plan and achieving 27.46% of the plan assigned by the Government.
  • In which, domestic capital is 145,663.20 billion VND, achieving 26.19% of the plan to allocate 556,253,966 billion VND. Foreign capital is 3,172.83 billion VND, achieving 9.12% of the plan to allocate 34,800 billion VND.
  • Estimated payment from the beginning of the year to July 31 is 186,848.16 billion VND, achieving 31.61% of the plan (achieving 34.47% of the plan assigned by the Government).
  • In which, domestic capital is 182,706.70 billion VND, achieving 32.85% of the plan and achieving 36.02% of the assigned plan. Foreign capital 4,141.46 billion VND (achieving 11.90% of the plan).
  • According to the Ministry of Finance, compared with the plan assigned by the Prime Minister, the estimated disbursement rate in 7 months in 2022 reached 34.47%, showing a slight decrease compared to the same period in 2021 (36.71%); in which, domestic capital reached 36.02% (reaching 40.38% in the same period in 2020), foreign capital reached 11.90% (reaching 7.52% in the same period in 2020).
  • There are 3 ministries and 14 localities with disbursement rate reaching over 40%; 36 out of 51 ministries and 15 out of 63 localities have disbursement rates below 30%, of which 26 ministries and 2 localities have disbursement rates below 15% (there is 1 ministry that has not yet disbursed capital plan).

ITALY PLANS TO SPEND AN ADDITIONAL 14.3 BILLION EUROS IN RESPONSE TO INFLATION

  • Italy’s government plans to spend an additional 14.3 billion euros (US$14.5 billion) to shield businesses and families from surging energy costs and consumer prices.
  • The additional support comes from tax revenues and will not affect targets announced in April of a full-year budget deficit of 5.6% of GDP.
  • The new support package comes after 33 billion euros of budget has been spent since January to soften the impact of sky-high electricity, gas and petrol costs due to the conflict in Ukraine.
  • Consumer prices in Italy rose 8.5% in June, up from the 7.3% increase in May. Even without energy and food prices, inflation increased from 3.2% in May to 3.8%.

THE IMF LOWERED ITS 2022 ECONOMIC GROWTH OUTLOOK FOR SOUTH KOREA TO 2.3%

  • The Bank of Korea (BOK) said the IMF had lowered its economic growth outlook for South Korea by 0.2 percentage points from the 2.5% it forecast in April.
  • The IMF also cut South Korea’s economic growth forecast for 2023 from 2.9% to 2.1%.
  • Thus, the IMF’s 2022 growth forecast is lower than the South Korean government’s forecast of 2.6% and the BOK’s forecast of 2.7%.
  • South Korea’s Finance Ministry commented that although the IMF lowered its economic growth outlook for South Korea, the IMF’s 0.2 percentage-point cut was smaller than the average of 0.8 percentage-point decline for other advanced nations.

MORE THAN 30 SPECIES NEVER BEFORE SEEN APPEAR IN THE PACIFIC OCEAN

  • Scientists from the UK’s Natural History Museum analyzed samples collected by an underwater rover from the deep sea in the Clarion-Clipperton Zone in the central Pacific.
  • 55 specimens were recovered at the laboratory, 48 of them belonged to different species. 36 specimens were found at depths of more than 4,800 m, 2 specimens were collected at a depth of 4,125 m, 17 specimens were collected from a depth of 3,095 to 3,592 m.
  • There are more than 30 species of extremely peculiar and possibly completely new species that have not been recorded in the world.
  • British scientists are comparing the genomes of the sampled strange creatures with known species to determine whether they are separate new species, or belonging to certain family trees, so that these creatures can be identified.

DROUGHT AFFECTS NEARLY 50% OF THE EU’S TERRITORY

  • According to a report released by the EC’s Joint Research Center on July 26, up to 46% of the EU’s area is at the warning level, which means the soil has a significant moisture deficiency, and about 10% of the area is exposed to the higher alert level.
  • The situation is not only particularly worrying in France, Romania and western Germany, but also in Italy, Greece and the Iberian Peninsula.
  • This drought started at the beginning of the year and was related to a sharp drop in rainfall. Specifically, from September 2021 to April 2022, the rainfall in the warning areas and in the alarmed areas was 19% and 22% lower than the average, respectively.
  • The drought is exacerbated by strong heat waves that have hit the continent especially early this summer.
  • According to experts, the situation has not shown any better signs and is even getting worse.

Source : Thitruongtaichinhtiente

Related posts

News

Tim Cook’s visit brings positive impact to Vietnam

(DTiNews) – Following a notable 2-day visit to Vietnam, Apple CEO Tim Cook has expressed eagerness to bolster investment activities within the country, particularly focusing ...
Read more
News

Foreign Capital Dominates Real Estate M&A

During the first 7 months of the year, investor groups from Singapore, South Korea, Taiwan, Japan, and Malaysia have actively explored real estate projects for ...
Read more
IT Advisory / Digital Transformation

Chinese technology group wants to build a digital talent ecosystem in Vietnam

Meeting with the Prime Minister, leaders of Huawei Group expressed their interest in building digital infrastructure in Vietnam, accelerating industry digitalization, smart digital transformation, and ...
Read more
Doing Business

VinFast: A Vietnamese Dream on the Global Stage

In the heart of Vietnam’s burgeoning economic landscape, unfolds a remarkable tale of innovation, determination, and international triumph. VinFast, a subsidiary of Vingroup and Vietnam’s ...
Read more

Download our Latest Ebook about Real Estate and Property!

Real estate holds a pivotal position in the development of a country, not only via the spillover impacts on other economic sectors such as construction, manufacturing, tourism, finance and banking etc. but also affecting the social dynamic by mobilizing the residency and infrastructure system. Foreign direct investment in real estate (RFDI) in Vietnam has a long running history and is unique in that it is largely dominated by the private sector compared to other industries which usually still have a rather large Government involvement. International capital has consistently been selecting real estate as the destination of choice, given that RDI has always been in the top 2 and 3 for volume inflow over the last 10 years, even throughout extremely turbulent periods such as COVID-19, per the General Statistics Office of Vietnam’s (GSO) data. Find out more in this ebook edition.

Tải cuốn ebook mới nhất về nền kinh tế số Việt Nam!

The digital economy of Vietnam has been fueled and accelerated by the global digital trends and the pandemic Covid-19. The movement of digital transformation is underway in every corner of Vietnamese life, strongly influencing the way people do things. Digital economy is the future of the Vietnam economy. Realizing the potential of the digital economy, the Vietnam government has issued policies, guidelines and created legal frameworks to support and further enhance this economy. In this ebook edition, the digital economy is looked at from different angles. Perspectives from the key elements comprising Vietnam digital economy are examined and discovered.

Our Happy Clients