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
Gdp growth rate
Jan-Sept GDP growth highest since 2011
Jan-Sept GDP growth highest since 2011By Thuy Dung A laborer is seen working at a company. According to the General Statistics Office, GDP growth rate for the January-September period was 6.98%, the highest rate for the nine-month period since 2011 – PHOTO: THUY DUNG HANOI – Vietnam’s gross domestic product (GDP) growth rate for the January-September period was 6.98%, the highest rate for the nine-month period since 2011, the General Statistics Office said in a September 28 report to update the socio-economic situation for this year. However, the growth rate was lower than the first quarter’s growth of 7.45%, but higher than the second quarter’s 6.73% growth, indicating a continuing momentum of growth throughout the economy. The construction industry recorded the highest growth rate, at 8.61%, followed by the service sector with a 6.87% increase. Meanwhile, agriculture, forestry and fisheries as usual saw the lowest growth, at only 3.46%. The GDP … [Read more...] about Jan-Sept GDP growth highest since 2011
Nine-month GDP growth highest in eight years
At the press conference (Photo: VNA) Hanoi (VNA) – The GDP growth rate for the January-September period was 6.98 percent, the highest for the same period over the past eight years, the General Statistics Office announced on September 28. GSO Director Nguyen Bich Lam said at a press conference in Hanoi that agriculture, fisheries, processing-manufacturing and export continued to be the driving force of the economy. Macro economy remains stable, inflation is under control and unemployment is showing a decreasing trend, according to Lam. The average CPI growth for the nine-month period was 3.57 percent year on year, while export value increased by 15.4 percent and import up 11.8 percent. Final consumption surged by 15.4 percent and asset accumulation picked up 7.71 percent. As of September 20, credit growth rate stood at 9.52 percent while M2 money supply went up by 8.74 percent compared to the end of 2017. The agri-forestry-fisheries sector registered a 3.65 … [Read more...] about Nine-month GDP growth highest in eight years
Will Vietnam exploit more oil for higher GDP growth?
VietNamNet Bridge - The report on the GDP growth scenario of Vietnam in 2018 does not include the strengthening of oil exploitation, which had been expected. The world oil price saw strong recovery in the first months of the year The world oil price saw strong recovery in the first months of the year. In May, the Brent oil price, for the first time in the last four years, climbed to $80 per barrel. The price decreased later, but only slightly, now hovering around $76.44 per barrel. Will Vietnam consider strengthening oil exploitation to take full advantage of the oil price hike to boost growth? In mid-2015, the exploitation of more oil to ensure GDP growth was put forward at the National Assembly’s session. Vietnam’s GDP growth rate then was at a half-decade high. At the same time last year, at the National Assembly’s third session, the government proposed to exploit one million more ton of oil to gain the targeted growth rate of 6.7 percent in 2018. The … [Read more...] about Will Vietnam exploit more oil for higher GDP growth?
Country strives to achieve 6.8% GDP growth in 2019
Photo for illustration. (Source: baodautu.vn)Under the Directive, Gross Domestic Product (GDP) growth rate is expected to reach 6.8%. Localities should use Gross Regional Domestic Product (GRDP) data in the first half of 2018 of provinces and centrally-governed cities, announced by the Ministry of Planning and Investment’s General Statistics Office, to estimate and forecast development prospects and specify GRDP targets appropriately. Proportion of tax and fees contributed to State budget is estimated to reach about 21% of GDP. Domestic collection (excluding collection from crude oil, land using fee, lottery, State capital withdrawal from enterprises, dividends and after-tax profits) will increase at least 12-14% compared with the estimated in 2018. The specific increase depends on the conditions and characteristics, and is suitable with the economic growth rate in each locality. Collection from export and import activities is forecast to rise at least 4-6% compared with the … [Read more...] about Country strives to achieve 6.8% GDP growth in 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
VN’s 2017 GDP growth: From worry to breakthrough
Taking a look back at 2017, one of the most prominent results is the annual GDP growth of 6.7%. This is the first time in many years that Viet Nam has achieved the GDP growth target as planned, and this is also the highest growth rate the country has recorded over the past decade. At the regular government meeting for March, cabinet members said that alongside the positive results obtained across a number of fields, the first-quarter GDP growth rate only stood at a low level of 5.1%. This was mainly attributed to the modest 4.1% increase of the manufacturing index of the whole industry over the same period last year, which was much lower than the year-on-year increase levels from 2012 to 2016. The export growth, excluding the price factor, only achieved 6.7%, while the disbursement of public investment capital remained … [Read more...] about VN’s 2017 GDP growth: From worry to breakthrough