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Harambe: Vietnam+: (Vietnam) Digital economy predicted to reach 43 billion USD by 2025

(2/14/21)

Vietnam’s digital economy is expected to reach 43 billion USD by 2025, according to the e-Conomy Southeast Asia report from Google, Temasek and new partner Bain & Company.

Nguyen Quang Dong, Director of the Institute for Policy Research and Communication Development, said digital service industry is recording the fastest growth and is suitable with Vietnam’s strengths such as a young population who love technology and social networks.

Digital technology and the digital economy will be key drivers helping Vietnam increase workplace productivity, escape the “middle-income trap”, and realise the objective of becoming a middle-class developed economy by 2040, Dong said.

Vietnam’s internet infrastructure and digital payment services remain limited, however, while the country still lacks a legal framework for digital assets, he said, stressing that the legal model of the 20th century no longer suits the digital economy.

Dong also underlined the need to promote international cooperation, especially in joining the building of new regulations and their enforcement through legal frameworks for the region.

A study by the Institute for Global Leadership under the US-based Tufts University revealed that Vietnam ranks 48th out of 60 countries and territories globally in terms of rapidly switching to a digital economy, and 22nd in digitisation development.

In the last five years, with the boom of smartphones, the internet, and social networks, digital technology and digital transformation have developed rapidly in Vietnam, shaping a fledgling, dynamic digital economy with great potential.

Vietnam’s digital economy is made up of four main groups: e-commerce, online tourism, digital communications, and logistics technology.

The country, together with Indonesia, holds the lead in digital economy growth in Southeast Asia. 

The two pacesetters are both posting growth in excess of 40 percent a year.

Vietnam’s internet economy is also booming, reaching 12 billion USD in 2019 and recording a 38 percent annualised growth rate since 2015.

Another study by Australia’s Data 61 forecasts that Vietnam’s GDP may add an additional 162 billion USD in 20 years if the country’s digital transformation is successful.

Experts said Vietnam possesses strengths in human resources and Government support, so the country could create a dynamic wave to further strengthen the development of its digital economy.

The Party and State have outlined orientations for building policies and programmes to actively join the Fourth Industrial Revolution (Industry 4.0), focusing on applying and developing science and technology, promoting innovation, and improving the quality of human resources.

Prime Minister Nguyen Xuan Phuc on December 30, 2020 issued the National Strategy on the Industry 4.0 by 2030, to fulfil the goals set in Politburo Resolution No 52-NQ/TW, which outlines policies guiding Vietnam’s active involvement in Industry 4.0.

The strategy’s objectives are to take full advantage of opportunities presented by the Industry 4.0 and fundamentally master and broadly apply new advanced technologies in different social and economic fields.

Under the strategy, Vietnam expects to be named among the top 40 performers in the Global Innovation Index (GII), the top 30 in the International Telecommunication Union (ITU)’s Global Cybersecurity Index (GCI), and the top 50 in the United Nations’ e-Government Development Index (EGDI) by 2030.

The country also aims to raise the proportion of the digital economy in national GDP to 30 percent and boost productivity by 7.5 percent annually on average. Other targets is to achieve universal access to fibre-optic internet and 5G services, completion of digital government development, and the establishment of smart cities in key economic zones across the north, central, and southern regions, and connection with regional and global networks of smart cities.

https://en.vietnamplus.vn/digital-economy-predicted-to-reach-43-billion-usd-by-2025/196083.vnp

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Harambe:  Zimbabwe ZBC: Analysts speak on much-awaited monetary policy statement  

(2/14/21)

Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya will soon present the monetary policy statement, with expectations of measures to sustain stability in the country’s markets.

The Monetary Policy Statement will be presented at a time when Government has introduced the National Development Strategy One to facilitate the growth of the economy by at least seven percent annually, boost spending power and consolidate currency reforms.

Economist Lazarus Nyagumbo says the central bank chief should focus on confidence building measures and improve the foreign exchange auction.

“There is a lot that we expect remember there have been some slight movements of prices so we expect such issues to be addressed by the authorities,” he said.

University of Zimbabwe Business School Director Dr Nyasha Kaseke said a clear cut interest rate policy, efficient management of banks, a prudent currency management system will also set the tone for stability.

“Industry and commerce are in business to make profits so this policy should provide a good direction relating to the operation of banks,” said Dr Kaseke.

Tobacco Association of Zimbabwe president George Seremwe said there is the need for the RBZ  Governor to maintain achievements made in 2020, despite the Covid-19 induced shocks, stamping out financial indiscipline and introducing favourable regulations for exports.

“This is what we all need so that we can map and structure the way forward based on such key deliverables,” he said.

The central bank has hinted on measures to increase domestic production of basic goods and exportable commodities to reduce pressures on foreign currency demand while increasing inflows.

https://www.zbcnews.co.zw/analysts-speak-on-much-awaited-monetary-policy-statement/

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Tishwash:  IN NUMBERS .. THE WORLD BANK REVEALS TO THE “NEWS CENTER” THE SIZE OF ITS PORTFOLIO IN IRAQ AND THE DEBTS OWED BY THE LATTER

Today, Sunday, the World Bank revealed the size of its portfolio in Iraq, and the bureau of the latter’s liability.

The representative of the World Bank in Iraq, Ramzi Numan, said in a statement to the “National News Center”, that “the white paper prepared by the Iraqi government to address the real economic crises is an ambitious paper within the framework of a short, medium and long-term plan to confront economic crises and their scheduling and dealt from 15 to 16. A different sector, ”indicating that“ international institutions, including the World Bank and the European Union, are working to provide support, be it political or economic. ”

He added, “The World Bank is awaiting draft reforms, which are a technical translation of the white paper and a set of projects and steps that we are waiting to see soon.”

And Naaman indicated that “Iraq is a middle-income country and therefore all the contributions that it gets from the World Bank are loans, and these loans must be disbursed appropriately,” indicating that “these loans come to finance priorities that the Iraqi government in its previous and current stages had requested funding from the World Bank. Noting that these priorities, submissions and projects disbursed by the World Bank are projects that are based on the experiences of large countries and are based on best experiences that are based on documentation and based on data, but are formulated according to Iraqi data and taking into account the Iraqi environment and the existing Iraqi capabilities.

He continued: “We have a financial portfolio of approximately two billion dollars, which is present and existing in Iraq, where it is interested in reconstruction projects for liberated areas, and its value is 750 million dollars. This was signed more than two years ago and is under implementation, and there is also a project with the Baghdad Municipality for Water and Wastewater. It exists and is being implemented and its value is 200 million dollars. ”

He pointed out that “there is also an electricity project in Basra that is being implemented and its value is 200 million dollars,” stressing that “what was mentioned are samples of existing projects within the portfolio, and these are loans that Iraq requested from the World Bank, and formulated in the form of projects.”

He explained that “the financial portfolio of the bank in Iraq amounts to two billion dollars, and its interest is very simple if compared to other banks. There are banks that give money with interest rates of 8% or 10%, while the World Bank has an interest of about 1%, in addition to its long-term repayment.”

And that “the aim of these procedures is to facilitate the matter of repayment to countries, as well as to build projects and reach the main goal to build their capabilities because each loan has an important technical component to build capacity and support countries to continue improving and developing their services.”  link