Vietnam to keep close watch on China economy
15:36, 2015/09/05
The National Financial Supervisory Commission (NFSC) has proposed that a close watch be kept on China`s moves in its socio-economic policies in order to react in an appropriate manner.
The proposal was raised in the recent report of the NFSC on the country's economic situation in the first eight months of this year.
The commission in the report said that Vietnam should not make hefty adjustments to existing policies and socio-economic plans at the moment with no huge yuan depreciation forecast during the rest of the year.
The NFSC predicted that the country's economic growth will fulfill and even exceed the target of 6.2 percent this year.
Adjustments in foreign exchange rates in August will cause a modest increase in inflation, of around 0.2 percentage points, the NFSC said, keeping its forecast for inflation this year at below 3 percent.
The commission also said that a close watch should be placed on daily fluctuations of the global financial, currency and commodities markets.
Given the huge scale of the world's financial markets and the openness of the Vietnamese market, the market sentiment is of great importance and herd-psychology reactions might go beyond the government's controls, the commission warned. As a result, policy-makers should raise different scenarios to avoid passiveness, it stressed.
In addition, proper communication also plays a crucial role in maintaining the market confidence and orienting the market in line with the policy targets, the commission noted, adding that policies must be transparent and consistent.
At the meeting early this week, the Ministry of Planning and Investment forecast economic growth this year at 6.4 percent.
The commission in the report said that Vietnam should not make hefty adjustments to existing policies and socio-economic plans at the moment with no huge yuan depreciation forecast during the rest of the year.
Illustrative image
|
Adjustments in foreign exchange rates in August will cause a modest increase in inflation, of around 0.2 percentage points, the NFSC said, keeping its forecast for inflation this year at below 3 percent.
The commission also said that a close watch should be placed on daily fluctuations of the global financial, currency and commodities markets.
Given the huge scale of the world's financial markets and the openness of the Vietnamese market, the market sentiment is of great importance and herd-psychology reactions might go beyond the government's controls, the commission warned. As a result, policy-makers should raise different scenarios to avoid passiveness, it stressed.
In addition, proper communication also plays a crucial role in maintaining the market confidence and orienting the market in line with the policy targets, the commission noted, adding that policies must be transparent and consistent.
At the meeting early this week, the Ministry of Planning and Investment forecast economic growth this year at 6.4 percent.
17:51, 2025/01/07
Vietnam prioritizes agriculture and renewable energy for access to green loans
The move is part of the government’s effort to accelerate economic restructuring and build resilience to climate change while protecting the environment.
16:49, 2025/01/06
Vietnam GDP expands by 7.09% in 2024
The 2024 growth rate is considered positive amidst global uncertainties and domestic challenges such as natural disasters.
14:39, 2025/01/04
Vietnam stock market set to accelerate in 2025: Experts
Stable macroeconomic fundamentals, ongoing institutional reforms, and favorable monetary policies will be positive for corporate earnings.
16:31, 2025/01/02
Vietnam stock market aims for emerging status by 2025: Finance minister
By the end of 2024, the benchmark VN-Index reached 1,266.78 points, up 12.11% from 2023.
15:33, 2025/01/02
Vietnam set to extend VAT cut for six months
This measure is expected to accelerate the recovery of production and business activities, which will ultimately benefit the state budget and the economy as a whole.
21:29, 2024/12/31
Vietnam’s credit growth projected to expand by 16% in 2025
Growth must put operational safety first, and channel credit to productive business sectors, priority areas, and growth-driving industries.
- Regional, international financial centers mean boosters to Vietnamese economy: Deputy PM
- IFC sets record with US$1.6 in climate financing to support Vietnam’s green transition
- Vietnam's credit growth up 10% in 10 months
- Building Hanoi's smart city with smart banking
- Vietnam stock market clears major legal hurdle to potential upgrade
- Cashless parking in Hanoi: Good model fuels smart transport