VietBiz24.com noted some noticeable macroeconomic events in the week between 9 and 14 such as the National Financial Supervisory Committee (NFSC) announced three economic scenarios for 2012 and the Vietnamese government issued many measures to regulate the petroleum market.
Last week, NFSC released three economic scenarios for 2012.
With good scenario (if Vietnam’s traditional export markets of the US and Japan has signs of recovery and European Union economy will be not overly pessimistic), Vietnam's economy growth would reach 6-6.3%. However, NFSC said that this scenario will be very hard to achieve.
With medium scenario, Vietnam's GDP (gross domestic product) growth would be at 5.6-5.9%. NSFC said that this is the most feasible scenario.
With bad scenario (when the world's economy falls into recession), Vietnam's GDP growth would be only 5.3-5.5%.
Regarding inflation, NSFC forecasted Vietnam's CPI (consumer price index) in 2012 would range around 9-10%. Salary increase and price increase in some basic commodities such as electricity and coal will be factors affecting negatively the country's inflation in 2012.
In week, the Vietnamese Ministry of Industry and Trade sent document requiring petroleum wholesalers to strengthen supervision and inspection of petroleum quality and provide ensured petroleum products to the market only.
The ministry also increased the petroleum import quota in 2012 whereby the minimum petroleum import quota of 13 wholesalers in 2012 would be 10.1 million (m3/tones), up 122,000 (m3/tones) from 2011. Vietnam National Petroleum Group (Petrolimex) was assigned the biggest quota with over 5.8 million (m3/tones).
In addition, in 2012, the ministries of finance and industry and trade will consider to shorten the cycle of adjusting the oil and gas prices against the current cycle of 30 days to have flexible changes according to the fluctuations in the world market.
Three tasks of finance sector in 2012
For price management, the finance sector is determined to ensure the price stability. The petroleum price will be adjusted in accordance with the world price and the electricity price will be raised in a restraint.
Regarding the tax policy, finance sector will continue to support for enterprises, especially medium-sized enterprises and enterprise group employing many laborers and reduce 50% land tax (excluding enterprises in the fields of trade and services).
Considering the restructuring issue, the finance sector will implement measures to restructure public investments, including investments from the state budget and government bond funds together with restructuring the stock market and financial institutions.
The World Bank (WB) financed Vietnam with amount of $973.5 million to build Da Nang-Quang Ngai expressway and develop medium-sized urban zones in Lao Cai, Ha Nam, Nghe An and support poverty reduction.
Lock & Lock Co (Korea) put Vietnam's first heat-resistant glass plant with total investment of $75 million in operation in My Xuan A2 Industrial Zone, Ba Ria-Vung Tau province.
Hitachi gives prioritized investments in three key areas in Vietnam market, including social infrastructure development, urban development and construction of electricity infrastructure and information, according to Hitachi's chief representative in Vietnam.
At the third international conference on external economic relations co-held by the Vietnamese Ministry of Foreign Affairs and The Economist (UK), representatives of the Economist Intelligence Unit (EIU) - economic information agency of The Economist predicted that Vietnam's economic growth would be 5.8% in 2012.
Vietnam's CPI in January 2012 may rise by 1%, the record low rise compared to adjacent months of Lunar New Year in recent 10 years, according to the forecasts of NDHMoney.
In 2012, Vietnamese Ministry of Planning and Investment (MoPI) targets to attract newly-registered and raised FDI (foreign direct investment) capital of about $15 billion and FDI disbursement would be about $11 billion, approximately the figures in 2011.
Prime Minister Nguyen Tan Dung affirmed that Vietnam is determined to build nuclear power plants because, if not, Vietnam will not have enough power for consumption.
Leader of Vietnam National Coal and Mineral Industries Group (Vinacomin) suggested the government to guarantee for the group to call for international loans to invest in development of new coal mines. Vinacomin also proposed to use coal as collateral to call for foreign investment.
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