Viet Nam News HÀ NỘI – Prime Minister Nguyễn Xuân Phúc chaired the Government’s regular meeting on Thursday, during which he shared that Việt Nam’s GDP growth rate rose 7.08 per cent in 2018 – the highest rate for the past 11 years. The country enjoyed a trade surplus of over US$7 billion, he said, adding this is also the first time its economic growth rate has doubled that of inflation. Moreover, all socio-economic criteria for 2018 surpass the set targets, which is “good news for the nation,” he affirmed. At the meeting, Government members responded to the implementation of the Government’s Action Programme to carry out the Party Central Committee’s three resolutions on reforming the growth model and increasing the growth quality, labour productivity and the economy’s competitiveness; completing the socialist-oriented market economic institution; and turning the private economy into a driving … [Read more...] about GDP growth rate highest in 11 years
Gdp growth rate
Vietnam’s GDP growth rate in 2018 highest in 11 years
Vietnam posts a GDP growth rate of 7.08 percent in 2018, an 11-year high (Photo: VNA) Hanoi (VNA) – Vietnam’s Gross Domestic Product (GDP) grew by 7.08 percent in 2018, the highest in the past 11 years, the General Statistics Office (GSO) announced on December 27. GSO Director General Nguyen Bich Lam said at a press conference that the growth rate well surpassed the target of 6.7 percent, and was the result of the strong leadership of the Government, the Prime Minister and the efforts of agencies, administrations at all levels, the business community and people nationwide. According to Lam, the agri-forestry-fishery sector posted an expansion of 3.76 percent and contributed 8.7 percent to the overall growth. The industry-construction sector recorded an 8.85 percent increase and contributed 48.6 percent to the GDP growth, while the figures for the services sector were 7.03 percent and 42.7 percent, respectively. The export of commodities and services picked up by … [Read more...] about Vietnam’s GDP growth rate in 2018 highest in 11 years
GDP growth rate in 2018 highest in 11 years
Vietnam posts a GDP growth rate of 7.08 percent in 2018, an 11-year high (Photo: VNA) Hanoi (VNA) – Vietnam’s Gross Domestic Product (GDP) grew by 7.08 percent in 2018, the highest in the past 11 years, the General Statistics Office (GSO) announced on December 27. GSO Director General Nguyen Bich Lam said at a press conference that the growth rate well surpassed the target of 6.7 percent, and was the result of the strong leadership of the Government, the Prime Minister and the efforts of agencies, administrations at all levels, the business community and people nationwide. According to Lam, the agri-forestry-fishery sector posted an expansion of 3.76 percent and contributed 8.7 percent to the overall growth. The industry-construction sector recorded an 8.85 percent increase and contributed 48.6 percent to the GDP growth, while the figures for the services sector were 7.03 percent and 42.7 percent, respectively. The export of commodities and services picked up by … [Read more...] about GDP growth rate in 2018 highest in 11 years
Vietnam wants high GDP growth rate, low inflation rate in 2019
VietNamNet Bridge - The National Assembly has approved a resolution on socio-economic development in 2019, calling for 6.6-6.8 percent GDP growth rate and a maximum 4 percent CPI increase. Chair of the Economics Committee Vu Hong Thanh said the targeted GDP growth rate of 6.6-6.8 percent has been set on the basis of the GDP in 2018, which is estimated to exceed to 6.7 percent. Economists all say the pressure on CPI is increasing with the possible crude oil price increase, the exchange rate, interest rate and risk increase in the international financial market, and trade conflicts among some countries. Le Dang Doanh, a respected economist, said the environmental protection tax will be raised to the ceiling level, which will lead to petroleum price increases. Meanwhile, petrol and oil are input materials for industrial production. RELATED NEWS UOB raises 2018 GDP growth forecast for Vietnam to 6.9% Vietnam’s economy in 2018-2020 as seen by PM’s advisory … [Read more...] about Vietnam wants high GDP growth rate, low inflation rate in 2019
NA sets 6.6-6.8% GDP growth rate for 2019
The resolution targets to stabilize the macro-economy; control inflation; raise productivity, quality, efficiency, self-reliance, and competitiveness of the economy; improve the investment and business environment; make practical changes in strategic breakthroughs; restructure the economy and the growth model; promote innovation; develop health care, education, training, culture, society; tighten the management of natural resources; protect the environment; prevent natural disasters; respond to climate change; boost administrative and judicial reforms; streamline the apparatus; prevent corruption; exercise thrift practice; consolidate national defense and security; ensure social order and safety; improve foreign diplomacy work and international integration. The resolution targets a gross domestic product (GDP) growth of 6.6-6.8%; a total export turnover rise of 7-8%; a trade deficit of below 3% of the total export turnover; and total investments for social … [Read more...] about NA sets 6.6-6.8% GDP growth rate for 2019
Gov’t eyes 6.6-6.8% GDP growth rate for 2019
PM Phuc stressed that in 2019 the Government would continue to consolidate the macro-economy; control inflation; raise self-control competence for the economy; improve the investment and business environment; make practical changes in strategic breakthroughs; restructure the economy and transform the growth modal; raise productivity, quality, efficiency and competitiveness; develop innovations, scientific and technological applications; and make full use of the fourth industrial revolution. The Government will develop culture, society, ensure social security; raise people’s material and spiritual life; tighten management of natural resources; protect the environment; prevent natural disasters; respond to climate change; accelerate administrative and judicial reforms; streamline personnel apparatus; prevent corruption and wastefulness; consolidate national defense; ensure social security; better diplomatic work and international integration. In … [Read more...] about Gov’t eyes 6.6-6.8% GDP growth rate for 2019
Aim for GDP growth of 6.7%: Government
People shop at a night market in Hang Dao Street, Hoan Kiem District in Ha Noi. Viet Nam gained decade-high GDP growth of 7.38 per cent in the first quarter of this year. — VNA/VNS Photo Vu Sinh The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyen Xuan Phuc said this during the monthly government meeting on Monday in Ha Noi. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual law issues. In his opening speech, Phuc also lauded the growth of several sectors in the … [Read more...] about Aim for GDP growth of 6.7%: Government
Vietnam facing challenges ahead as GDP growth uncertain in 2018
VietNamNet Bridge - Vietnam finally gained a high GDP growth rate of 6.81 percent in 2017, which was higher than the targeted 6.7 percent which many analysts thought would be unattainable. Will it occur again this year? Vietnam gained the high GDP growth rate of 6.81 percent in 2017Luu Bich Ho, former head of MPI’s (Ministry of Planning and Investment) Institute for Development Strategy, said he can see improvement in growth quality. The structural changes in agriculture and the policy on agriculture development have helped created high-quality sustainable growth. The biggest change in industry is the reduced reliance on mining.“The diversification of products and markets provides a tailwind to exports. We are very bullish on growth, though we remain cautious about structural issues of legacy bad debts,” the economist said.Experts believe that Vietnam will continue to gain a high GDP growth rate this year. Standard Chartered has predicted 6.8 percent … [Read more...] about Vietnam facing challenges ahead as GDP growth uncertain in 2018
GDP growth rate for 2017 questioned by experts
VietNamNet Bridge - The 6.81 percent GDP growth rate in 2017 has been announced by GSO (General Statistics Office), the only agency in Vietnam in charge of providing official statistics. However, leading experts question the figure. Mr Truong Dinh Tuyen and Mrs Pham Chi Lan, the renowned economistsNguyen Duc Thanh, director of VEPR (Vietnam Institute for Economic and Policy Research), at the launch ceremony for the report on macroeconomy in Q4 and 2017 held on January 16 in Hanoi, said his institute has calculated VEPI (Vietnam Economic Performance Index) and found a result which ‘is not as impressive as GDP growth rate’.“The fact that VEPI is lower may mean that the GDP growth rate is not really as high as reported,” Thanh said, adding that there might be unusual growth of Vietnam economy, or there might be some figures reported at higher levels than reality. … [Read more...] about GDP growth rate for 2017 questioned by experts
Standard Chartered predicts 6.8% GDP growth in 2018
Standard Chartered expects Việt Nam’s economy to grow at 6.8 per cent in 2018, buoyed by strong manufacturing activity. — Photo courtesy of Standard Charter Standard Chartered expects Viet Nam’s economy to grow at 6.8 per cent in 2018, buoyed by strong manufacturing activity. The bank made this forecast at its Global Research Briefing held on Wednesday in HCM City, drawing senior representatives from over 100 local and foreign corporate clients. The annual event discussed Standard Chartered’s recently published Global Focus - Economic Outlook 2018 report titled “Beware of the Dog,” and its latest Global Research report on Viet Nam titled “Viet Nam in 2018 --- Fast or Furious?” “Most macro-economic indicators in Viet Nam improved in 2017, which helped to minimise market volatility, increase Viet Nam’s export competitiveness relative to other ASEAN economies, attract Foreign Direct Investment (FDI) and create public … [Read more...] about Standard Chartered predicts 6.8% GDP growth in 2018