Deputy PM: Vietnam sees stable, rapid economic growth
Updated : Tuesday, October 02, 2018 4:43 PM (GMT+0700)

Vietnam’ssocio-economic situation has improved, with good results in all fields, DeputyPrime Minister Vuong Dinh Hue said.

 
Deputy Prime Minister Vuong Dinh Hue - Photo: VNA

In an article on thecountry’s socio-economic development and over the past three years andchallenges for the government in 2019, the Deputy Prime Minister commented thatVietnam’s macro-economy has remained stable, creating an important foundationfor economic restructuring and growth of all sectors.

One of the most outstandingresults is keeping the consumer price index (CPI) below 4 percent for a thirdyear in the 2016-2020 period, lower than the target set by the NationalAssembly, he noted.

Meanwhile, fiscal, monetaryand other macro-economic policies have been flexible, maintaining the stabilityof the exchange rate, interest rate as well as domestic credit. Liquidity andthe safety of the whole system have been ensured, while credit growth has beenkept at a rational level at about 17 percent, meeting the capital demand of theeconomy, wrote the Deputy PM.  

He clarified that publicdebt fell from 64.8 percent in late 2015 to about 61.4 percent in 2018, while thedue date of the debts has been extended.

The stock market hascontinued to develop and has been added into watch list for reclassification asa newly-emerging market.

Total import-export revenuesurpassed the record height in 2017 to 475 billion USD, up 11.7 percent,including 238 billion USD of exports, a rise of 11.2 percent and exceeding thetarget of 7-8 percent.

The structure of exportedgoods has improved, with a smaller ratio of raw goods and increased ratio ofprocessed, high quality and value ones, he noted, adding there are three groupsof goods with export revenue of more than 20 billion USD, and trade surplusreached about 1 billion USD.

It is estimated that for thewhole year, Vietnam will enjoy 9 billion USD in trade surplus, while foreigncurrency reserves are likely to hit 60 billion USD.

GDP growth in the first ninemonths of 2018 is estimated at 6.98 percent, higher than the expected figure of6.7 percent.

The scale of the economyexpanded to 5.5 quadrillion VND (about 240.5 billion USD), equivalent to 1.33times of that of 2015. Average per capita GDP is estimated at 2,540 USD, 440USD higher than that of 2015.

The Deputy PM said that forthe whole year, the country will complete all 12 set targets, with eightsurpassing the goals. 

So far, 11 targets for the2016-2020 period stated in the 12th Party Congress’ resolution havebeen achieved, he noted.

Hue asserted that theGovernment should continue taking drastic steps and comprehensive measures tofulfil and exceed all targets for 2018 and the whole five years.

Source:VNA

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