AsemconnectVietnam - Vietnam’s GDP growth forecast to rank second in ASEAN. Vietnam, Australia foster economic partnership. Vietnam looks to step up economic cooperation with Italian region. Bac Ninh seeks more investment from Taiwan. Vietnam Airlines to launch a second direct route to India next month.

Vietnam’s GDP growth forecast to rank second in ASEAN
Vietnam’s GDP is projected to grow 5.8% this year, sharing the second position with Cambodia in the region, only after the Philippines, according to the International Monetary Fund (IMF).
Notably, Vietnam’s public debt is expected to stay at the lowest as compared with eight other ASEAN member countries, the fund said.
The fund also forecast that Vietnam’s GDP growth will rebound to 6.9% in 2024, the highest in Southeast Asia, and its public debt will fall to 31.3% of the national GDP in 2028 from the record 47.5% in 2016. The debt-to-GDP ratio in 2028 will be the lowest within two decades.
In terms of inflation, the lender said it will reach 5% and 3% in 2023 and 2024, respectively.
Over the past time, the State Bank of Vietnam (SBV) has constantly cut regulatory interest rates, paving the way for credit institutions to reduce their lending interest rates, thus spurring economic growth, said Dao Minh Tu, deputy governor of the SBV.
Vietnam, Australia foster economic partnership
The third Vietnam-Australia Economic Partnership Meeting was held in Hanoi on April 17 under the co-chair of Minister of Planning and Investment Nguyen Chi Dung and Australian Minister for Trade and Tourism Don Farrell. Addressing the event, Dung said that the Vietnam-Australia economic cooperation has seen strong growth over the years. Since the two sides lifted up their ties to a strategic partnership in 2018, they have become partners in many areas from trade, investment, development investment, agriculture, education and training.
Australia is one of the largest providers of non-refundable official development assistance (ODA) for Vietnam, he said, citing statistics announced by the Australian Embassy that in the 2022-2023 period, Australia has increase ODA to Vietnam by 18% from 78.9 million AUD (52.98 million USD) to 92.8 million AUD (62.32 million USD), focusing on areas of renovation, skilled worker training, women empowerment, COVID-19 response, and encouraging the private sector’s engagement in socio-economic development.
Vietnam looks to step up economic cooperation with Italian region
A series of workshops and seminars on the potential for promoting economic cooperation between Vietnam and the Umbria region, along with trade and investment promotion events, were hosted by the Vietnamese Embassy in Italy on April 14 – 16.
The events were part of activities in the framework of the Vietnam – Italy Year 2023 in celebration of the 50th founding anniversary of the diplomatic ties between the two nations.
In his speech at the workshop “Vietnam-Italy economic support: opportunities for the Umbria region" which was held in coordination with the Confindustria Umbria and Umbria Export, Ambassador Duong Hai Hung stressed that economic cooperation is a bright spot in the bilateral relations, noting that Vietnam is Italy's largest trading partner in ASEAN while Italy is Vietnam's fourth biggest partner in the European Union (EU).
He mentioned similarities and mutual complementarity in the economic structure between the two countries, which can bring significant added value to both sides in cooperation.
Bac Ninh seeks more investment from Taiwan
The management board of industrial zones in the northern province of Bac Ninh on April 17 held an investment promotion conference to introduce to enterprises from Taiwan (China) the local business climate as well as policies to attract investors and develop industrial infrastructure.
In her remarks, Chairwoman of the provincial People’s Committee Nguyen Huong Giang said Bac Ninh – a magnet to investors and an industrial hub in Vietnam – lies within the northern key economic region with favourable transport system as well as safe, friendly, and attractive business climate.
Pledging efforts to step up administrative reform and build a safer and more transparent investment environment, she affirmed that the province always accompanies foreign-invested enterprises, considering them an integral part of the economy.
Vietnam Airlines to launch a second direct route to India next month
National flag carrier Vietnam Airlines will launch direct flights between Hanoi/Ho Chi Minh City and India’s commercial hub, Mumbai, from May 20.
The carrier said it plans to operate four flights per week on the Hanoi-Mumbai route on Tuesdays, Thursdays, Saturdays, and Sundays, and three others on the HCM City-Mumbai route on Mondays, Wednesdays and Fridays, using Airbus A321.
To mark the new services, it will offer preferential fares, with a round-trip ticket, including taxes and fees, costing only 199 USD. The prices are applied for tickets purchased from now until May 26, for flights between May 20 and 26.
The new air route is expected to contribute to enhancing trade, cultural and social links between the two countries.
In June 2022, Vietnam Airlines opened its first direct route between Vietnam and New Delhi.
T.Huong
Source: Vitic/VNA