Taking Stock, July 2015

Economic activity continued to firm up in 2015, driven by domestic demand. After coming in at 6 percent in 2014, GDP growth accelerated to 6.28 percent during the first half of 2015, the fastest first-half-of-the-year growth rate in the past five years. The recovery was driven by strong activity in manufacturing and construction, which together contributed nearly half of overall GDP growth. Retail sales also performed strongly, posting 8.3 percent (in real terms) in the first six months of 2015, up from 6.3 percent in 2014. However, despite the pickup in retail activity, overall services (which account for nearly 40 percent of GDP) rose modestly at 5.9 percent in the first half of 2015. In part, this reflected a struggling tourism sector, with tourist visits in the first six months down by 11 percent year-on-year. On the demand side, stronger growth was driven by investment (spurred by strong FDI inflows) and stronger private consumption boosted by low inflation. The contribution of net exports turned negative as sluggish external demand weighed on export growth while strengthened domestic activity continued to fuel import growth.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Hanoi 2015-07
Subjects:	UNION MEMBERSHIP, JOBS, AVERAGE UNEMPLOYMENT, EMPLOYMENT, INDUSTRIAL RELATIONS, LABOR POLICIES, EXPORT MARKETS, PASSIVE LABOR, UNION MEMBERSHIP RATE, INDUSTRIAL RELATIONS SYSTEMS, AGGREGATE GROWTH, INFORMAL SECTOR, HIGH UNIONIZATION, MINIMUM WAGE, FOREIGN-OWNED FIRMS, PROTECTING WORKERS, FOREIGN OWNERSHIP, LABOR FORCE, HEALTH INSURANCE, PUBLIC SERVICES, PUBLIC EMPLOYMENT, INDUSTRIAL RELATIONS SYSTEM, JOB, LABOR MARKET REGULATION, PRIVATE SECTOR FIRMS, HOUSEHOLD ENTERPRISES, NATIONAL UNEMPLOYMENT, PRIVATE EMPLOYMENT, LABOUR DEMAND, WAGE DETERMINATION, WAGE LEVEL, RETAIL TRADE, REAL WAGES, PUBLIC EMPLOYMENT SERVICES, LABOR MARKET POLICIES, RETAIL ACTIVITY, WAGE GROWTH, ACTIVE LABOR, ACTIVE” LABOR MARKET PROGRAMS, DRIVERS, ACTIVE” LABOR, FOREIGN- OWNED FIRMS, UNION DENSITIES, HUMAN RESOURCE, EARNINGS INEQUALITY, LABOR MARKET, BARGAINING SYSTEM, PRODUCTIVITY IMPROVEMENTS, PRIVATE FIRM, LABOR COSTS, LABOUR COSTS, FIRM LEVEL, WORKER, ACTIVE LABOR MARKET, ACTIVE” LABOR MARKET, LABOR PRODUCTIVITY, JOB LOSS, HOUSEHOLD INCOME, WAGE POLICIES, INDUSTRIAL RELATIONS PRACTICES, DOWNWARD PRESSURE, LABOR CONTRACTS, UNEMPLOYMENT INSURANCE, LABOR, TOTAL EMPLOYMENT, JOB SEARCH, LABOR MOVEMENT, LABOR REGULATION, LABOR MARKET INTERVENTIONS, EXPORT MARKET, MINIMUM WAGES, WAGE LEVELS, PERMANENT WORKERS, UNEMPLOYMENT, AVERAGE WAGES, PRODUCTIVITY GROWTH, COLLECTIVE DISMISSAL, HUMAN CAPITAL, WORKERS, UNION DENSITY, LABOR MARKET PROGRAMS, YOUNG WORKERS, EMPLOYMENT SITUATION, UNEMPLOYMENT RATE, EMPLOYMENT PROTECTION LEGISLATION, HOUSEHOLD ENTERPRISE, PRIVATE SECTOR ACTIVITY, ACTIVE LABOR MARKET PROGRAMS, WAGE INEQUALITY, AVERAGE WAGE, STATE-OWNED ENTERPRISES, CREATIVE DESTRUCTION, LABOR MARKET EFFICIENCY, SKILLED WORKFORCE, LABOUR MARKET, INCOME DISTRIBUTION, EMPLOYMENT SERVICES, PRIVATE FIRMS, WAGE FLOOR, STATE- OWNED ENTERPRISES, LABOR MARKET OUTCOMES, EMPLOYMENT GROWTH, JOB CREATION, LABOR RELATIONS, PRIVATE SECTOR, COLLECTIVE BARGAINING, LABOR MARKET PERFORMANCE, LABOUR PRODUCTIVITY, MANPOWER, MANAGEMENT, LABOR STANDARDS, JOB SEARCH ASSISTANCE, DISMISSAL, WORKING CONDITIONS, UNION REPRESENTATIVES, HUMAN RESOURCES, LABOR MARKET REGULATIONS, LABOUR MARKET CONDITIONS, EMPLOYEE, WAGE DIFFERENTIALS, EMPLOYMENT OUTLOOK, CONSUMER PRICE INDEX, UNSKILLED WORKERS, UNEMPLOYMENT BENEFITS, JOB SECURITY, PRODUCTIVITY GAINS, FIRM GROWTH, LABOUR, LABOR MARKETS, PRIVATE SECTORS, WAGE EMPLOYMENT, LABOR REGULATIONS, PRIVATE SECTOR WAGE, PRIVATE ENTERPRISE, CORPORATE GOVERNANCE, EMPLOYEES,
Online Access:	http://documents.worldbank.org/curated/en/2015/07/24790418/taking-stock-update-vietnams-recent-economic-developments https://hdl.handle.net/10986/22342
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