Application of Bigdata in Economic Analyses and Forecasts

On 28th November 2018, at Sheraton Hotel, Vietnam Institute for Economic and Policy Research held the workshop on “Application of Bigdata in Economic analyses and forecasts”. The workshop lies within the framework of the project “Online price collection and inflation nowcasting” implemented by VEPR and Swansea - UK.

The workshop attracted leaders from governmental agencies, research institutions as well as participants from businesses and universities. Attending the workshop, there were Ms. Anna Pearson - First Secretary of UK Embassy in Vietnam, Prof. Ho Tu Bao - President of John von Neumann, Vietnam National University, Ho Chi Minh City; Dr. Le Dang Trung - General Director of RTAnalytics, Ms. Do Thi Ngoc - Head of Price Statistics Department, General Statistics Department of Vietnam; Assoc.Prof.Dr. Nguyen Duc Thanh - President of VEPR, VNU University of Economics and Business.

The workshop was divided into two sessions, focusing on application of bigdata in economic analyses and forecasts. The first session chaired by Assoc.Prof.Dr. Nguyen Duc Thanh focused on three discussions of Prof. Ho Tu Bao, Ms. Nguyen Thi Thu Huyen - Price Statistics Department, General Statistics Department of Vietnam and Dr. Le Dang Trung.


The first discussion on “big data in digital economy” presented by Prof. Ho Tu Bao give definition about big data and big data analytics as well as big data and business analytics. He highlighted that, it is now that big data is accessible to regular business analytics users and applicable to the enterprises and give vivid examples of how this works.


In the second presentation, representatives from Price Statistics Department - Ms Nguyen Thi Thu Huyen gives a detailed look on developing property price indices in Vietnam, which clarified the calculation method, the requirements and application of big data in measurement. Finally, Dr. Le Dang Trung discussed the utilizing real time technologies for analysis forecasting.


The second session on “Online price collection and inflation nowcasting” was chaired by Assoc.Prof.Dr. Pham The Anh. In this session, Ms. Do Thi Ngoc discussed the methodology of compiling consumer price index in the period 2014-2019, in which, she gave the objectives, surveyed subject, enumeration areas and scope as well as time for conducting survey and calculation method.

The workshop was highlighted with discussion of Assoc.Prof.Dr. Nguyen Duc Thanh, who presented the online price collection and inflation nowcasting. This was the project implemented by VEPR in collaboration with Swansea University. The project aimed at generating a data source that households and firms can use to form their inflation expectations in making investment and consumption decision, helping the State Bank build credibility and anchor inflation as well as linking researcher’s expertise with that of policy-makers in monetary policy-making.

The discussions at the workshop attracted interest from participants and were highly appreciated by the experts and businesses. Various questions on calculation methods and technologies were made for the presenters.
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