Prime Minister Pham Minh Chinh received World Bank (WB) Regional Vice President for East Asia and Pacific Manuela V. Ferro in Hanoi on March 21, affirming that the Vietnamese Government always views the WB as a good friend and a highly important development partner.
The World Bank (WB) has forecast that Vietnam’s economic recovery is likely to accelerate in 2022 as GDP growth is expected to rise to 5.5 percent from 2.6 percent in the year just ended.
Digital technology, if exploited to the maximum, can bring over VND1.733 quadrillion (US$74 billion) to Vietnam by 2030, with the most beneficial sectors including manufacturing, agriculture and food, and education-training.
Rising commodity prices due to hike in imports and an easing of monetary policy has put pressure on the domestic market, as well as government efforts to control prices this year.
Remittances played a significant role in keeping Vietnam’s pandemic-hit economy afloat, and the Government should best capitalize on this annual inflow for national gain, according to Peter Hong, Vice Standing President and Secretary General of the Business Association of Overseas Vietnamese (BAOOV).
The State Bank of Vietnam – Ho Chi Minh City Branch said that by the beginning of June this year, overseas remittances transferred to the city reached US$2.3 billion, a decrease of 1.9 percent over the same period last year.
Last year, Vietnam recorded many positive results in business environment improvement. However, in the context of the global and regional reforms, these results were quite modest, especially, competitiveness 4.0 of Vietnam still ranked sixth among countries in the ASEAN.
According to statistics by the World Bank (WB), overseas remittances transferred to Vietnam are estimated at US$16.7 billion in 2019, an increase of 4.4 percent compared to that in 2018.
