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| ADB projects Vietnam’s 2024 GDP growth at 6% (Photo: VNA) |
The bank also lowered its growth forecast for Vietnam this year to 5.2% from the previous 5.8% forecast.
ADB experts pointed out that the weaker-than-expected recovery of external demand continued to impede industry and services output, thereby dragging the recovery of jobs and domestic consumption.
The prudent and proactive monetary policy, supported by effective price controls of gasoline, electricity, food, health care, and education, all contributed to containing inflation.
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| Processing pangasius and basa fish at Navico Nam Viet Company (NAVICO) in Long Xuyen City, An Giang. (Photo: VNA) |
In line with this, the country’s inflation is projected to remain at 3.8% for this year before rising to 4% in 2024.
Think-tanks analysed that risks to the outlook include persistently elevated interest rates in the US and other advanced economies, a factor which could contribute to financial instability occurring in vulnerable economies around the region, especially those with high debt.
Furthermore, potential supply disruptions caused by the El Nino weather pattern or the Russia-Ukraine conflict could also rekindle inflation, particularly with regard to food and energy.
Meanwhile, the ADB raised its economic forecast for developing economies in Asia and the Pacific, following robust domestic demand which has been driven by higher-than-expected growth in China and India.
The regional economy is therefore expected to grow by 4.9% this year, compared with a previous forecast of 4.7% in September.
Albert Park, ADB chief economist, said that developing Asia continues to grow at a robust pace, despite facing a challenging global environment, adding that inflation in the region is also gradually coming under control.
However, he pointed out several risks, including elevated global interest rates and climate events such as El Nino, and advised governments in Asia and the Pacific to stay vigilant in order to ensure that their economies are resilient and that growth is sustainable.
According to figures given by economists, the growth outlook for Southeast Asia this year was lowered to 4.3% from 4.6% amid weak demand for manufacturing exports.
Direct flight between Japanese, Vietnamese localities proposed
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| Vice Chairman of the Da Nang People’ Committee Tran Tri Cuong (fourth right) and Takashi Kawamura, Mayor of Japan’s Nagoya city (fourth left). (Photo: VNA) |
Takashi Kawamura, mayor of Japan’s Nagoya city proposed opening a direct air route between Nagoya and Da Nang city to boost cooperation between the two localities at a working session with municipal leaders on December 13, according to Vietnam News Agency.
At the event, Vice Chairman of the municipal People’ Committee Tran Tri Cuong highlighted Da Nang’s socio-economic development with key products being seafood, garments and textiles, leather shoes and building materials.
As the growth nucleus of Vietnam’s central key economic region, Da Nang is shifting its economic structure to service - industry - agriculture and promoting external relations and international cooperation.
Cuong said in the future, the city will organise an event to promote its potential and strengths, provide information to attract investment and promote international cooperation, especially in tourism.
He suggested the Chubu Centrair International Airport in Nagoya and the Da Nang International Airport accelerate the opening of direct flights to facilitate the travelling between the two cities, pledging favourable conditions in this regard.
Over the past years, Da Nang has set up official friendship and cooperation with four cities of Japan, including Yokohama, Kawasaki, Sakai, and Kisarazu. It also has cooperative ties with 15 other Japanese provinces and cities.
Japan is taking the lead in registered investment capital in Da Nang, with more than 1 billion USD injected into 222 projects, accounting for 23.5% of the total FDI projects and 26% of foreign investment capital in the city.
Vietnam spends over US$3 billion on unprocessed cashew nut imports
Vietnam spent more than US$3 billion purchasing nearly 2.7 million tonnes of unprocessed cashew nuts between January and November 2023, up 19.2% and 46.5% respectively, VOV News quoted figures of the General Department of Customs.
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| Processing cashew nuts for export in Vietnam |
The largest suppliers of cashew nuts to Vietnam included Ivory Coast, Cambodia, Nigeria, Ghana and Tanzania, of which the imports from Ivory Coast and Cambodia made up 57.5% of the country’s total value.
This year, local businesses reduced the imports from Cambodia and Tanzania, but increased the imports from Ivory Coast, Nigeria and Ghana.
Notably, Ivory Coast shipped 850,000 tonnes valued at US$919.3 million to Vietnam, up 87% in volume and 56% in value compared to the same period last year.
Meanwhile, Cambodia exported 613,000 tonnes for US$835 million, down 14% in volume and 23% in value. Despite the fall, Cambodia was the second largest supplier of the product to Vietnam.
Vietnam has increased the import of unprocessed cashew nuts this year due to a limited supply locally that only meets 30% of the processing capacity.
Statistics also show Vietnamese businesses exported 582,000 tonnes of processed cashew nuts for US$3.31 billion, up 23.1% in volume and 17.4% in value.
Vietnamese watermelon to be officially exported to China
A protocol regarding quarantine requirements placed on watermelon exported from Vietnam to China has been signed, paving the way for Vietnamese fresh watermelon to officially enter the lucrative market, according to VOV News.
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| Photo for illustration. (Source: VOV) |
The protocol was signed by representatives of the Plant Protection Department under the Ministry of Agriculture and Rural Development and General Administration of Customs of China within the framework of Chinese Party General Secretary and President Xi Jinping’s State visit to Vietnam.
The protocol stipulates that fresh Vietnamese watermelon must comply with Chinese laws, regulations, and standards related to food hygiene and safety, as well as requirements placed on plant quarantine. The juicy fruit must not be contaminated with five Chinese plant quarantine subjects.
Moreover, all growing areas registered for export to China must build a quality management and traceability system, apply Good Agricultural Practices (GAP), and ensure conditions such as supervision of the cultivating gardens and packaging process.
Vietnam has 13 agricultural products officially licensed to enter China, comprising of bird's nests, sweet potato, dragon fruit, longan, rambutan, mango, jackfruit, watermelon, banana, mangosteen, lychee, passion fruit, and durian.
According to the General Department of Vietnam Customs, by the end of November Vietnam earned US$3.4 billion from exporting fruit and vegetables to China, marking an increase of 2.6 times over the same period last year./.