(VEN) - In 2018, Vietnam achieved significant results in economic development, paving the way for further successes in 2019. However, the way ahead is not easy. Growth drivers At the Vietnam Economic Conference 2019 that took place recently in Ho Chi Minh City, economists and managers shared the opinion that 2018 was a successful year for the Vietnamese economy with various record results. Economic growth was maintained; the macroeconomic situation was stable; inflation was well controlled; and major balances were ensured, creating new impetus for development in 2019. Regarding the driving force of economic growth in 2019, Associate Professor, Dr. Hoang Van Cuong, member of the National Assembly Committee for Financial and Budgetary Affairs, said the potential of supply and demand in the Vietnamese economy is great. This, he explained, is because Vietnam has a large domestic goods market that has grown on a stable basis over years, while the demand in the global market tends to … [Read more...] about Vietnam”s economic growth targets deemed feasible
Costs of economic growth
High economic growth forecast for 2019
Exports were a bright spot on Vietnam’s 2018 economic picture Highest growth rate in a decade According to the Vietnamese government, Vietnam’s gross domestic product (GDP) grew 7.08 percent in 2018 - the highest rate in the past decade - with major contributions from the processing and manufacturing industries and the service sector. Inflation was kept below 3.6 percent. According to Dang Ngoc Tu, Head of the NFSC's Research and Policy Coordination Unit, major economic balances were maintained in 2018. The international payment balance posted a high surplus; public debt and state budget balance were effectively controlled, meeting the targets set by the National Assembly. The financial foundation was strengthened, fostering economic growth; capital supply by the banking sector decreased but improved in efficiency and quality; the liquidity of the banking system was ensured; interest and exchange rates were stable. The securities market grew impressively with its … [Read more...] about High economic growth forecast for 2019
Forum seeks new drivers for national economic growth
At the forum (Photo: VNA) Hanoi (VNA) – Vietnam should push reform and development at the same time so as not to lag behind in the new era, Minister of Planning and Investment Nguyen Chi Dung said at the first Vietnam Reform and Development Forum (VRDF) in Hanoi. Addressing the forum which opened in Hanoi on December 5 under the theme “New vision, new drivers of economic growth in the new era”, the minister explained that the fourth Industrial Revolution is making wide and deep impacts on all socio-economic aspects of all countries worldwide. The revolution has also created marked changes in production organisation, service supply, business methods as well as consumption habits and human behaviours, Dung added. In such context, Vietnam is required to make strong and fundamental reforms in order to continue advancing forward. The minister pointed out that Vietnam is enjoying a “golden” period with a high rate of working-age population and an … [Read more...] about Forum seeks new drivers for national economic growth
NA talks key tasks for next stage of economic growth
There are nine key tasks that must be accomplished in 2019-20 to restructure Viet Nam’s economy, according to the Minister of Planning and Industry Nguyen Chi Dung.– VNA/VNS Photo There are nine key tasks that must be accomplished in 2019-20 to restructure Viet Nam’s economy, according to the Minister of Planning and Industry Nguyen Chi Dung. Minister Dung told the National Assembly on Monday afternoon that the Government needed to improve the mechanisms of the market-oriented economy to restructure the economy. Private companies and people must be empowered and given more incentives and reductions in taxes and administrative procedures to nurture their business development, he said. Secondly, a competitive market must be built on two main pillars: better allocation of resources for the private sector and better practice of property rights, Dung said. In addition, the Government has to improve the quality of land right regulations and try to figure out how to improve … [Read more...] about NA talks key tasks for next stage of economic growth
Economic growth will likely hold up fairly well in the near term
With growth moderation likely in the second half of the year for exports, agriculture, and construction—and with continued contraction in mining—GDP growth for the whole year is now seen slightly lower than earlier forecast. As inflation is on an upward trend and unlikely to change course in the near term, inflation forecasts for this year and next are revised up. The current account surplus is forecast to narrow more than foreseen in April.Photo: tapchitaichinh.vnUpdated assessmentVietnam posted 7.1% GDP growth in the first half of 2018, up from 5.8% in the same period in 2017 (Figure 3.4.44). On the demand side, rising income lifted private consumption growth to 7.2% from 7.0% a year earlier. Private investment remained robust, supported by high credit growth and strong foreign direct investment (FDI).Exports of goods and services rose by 15.7% by volume in the first half of the year from 14.4% a year earlier. Strength in exports, domestic private consumption, and … [Read more...] about Economic growth will likely hold up fairly well in the near term