Viet Nam News HÀ NỘI — Well-crafted policies have increased the national economy’s ability to adapt to global economic shifts, especially against the looming prospects of a trade war and international financial and monetary risks, Prime Minister Nguyễn Xuân Phúc said. The Vietnamese Government leader made the remarks as he was delivering a report on socio-economic progress in 2018, the Government’s plans for 2019, as well as the mid-term assessment of the five-year programme (2016-20 period) in front of the 6th sitting of the 14th National Assembly (NA) that commenced on Monday. According to the report, GDP growth reached 6.98 per cent in the first nine months of 2018 with the year-end figure reaching an estimated 6.7 per cent, higher than the target assigned by the parliament. Import-export turnover reached US$352 billion, well on the way towards $475 billion by year’s end, translating to a growth rate of 11.7 per cent. National … [Read more...] about Việt Nam holds its own against external trade threats, achieves 6.7% GDP growth
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Vietnam’s per capita GDP up 17.3 pct in 3 years: PM
In term of purchasing power parity (PPP), the per capita income in 2018 is estimated at $7,640, and expected to rise annually by six percent to reach $8,580 in 2020, the prime minister said. "Many international organizations said that Vietnam has good prospects, and is one of the fastest growing economies in the region and in the world," Phuc noted. Vietnam is likely to achieve GDP growth of 6.7 percent in 2018, he said, adding that despite complex fluctuations in the domestic and global economies, caused in particular by the US-China trade war, as well as financial and currency market risks, Vietnam has managed to pull through 2018 with several positive economic signs. GDP growth reached 6.98 percent between January and September, and foreign direct investment inflows into Vietnam this year will likely reach a record $18 billion, Phuc said. It is expected that inflation will be kept at below 4 percent for the year, the third year in a row that the government has maintained this level, … [Read more...] about Vietnam’s per capita GDP up 17.3 pct in 3 years: PM
Vietnam targets fiscal deficit at 3.6% of GDP in 2019
The Hanoitimes - The structure of state budget expenditures is set to improved, of which, regular spending continues to decline and expenditure for development investment is going to increase. Vietnam's state budget overspending in 2019 will be kept at VND222 trillion (US$9.49 billion) or the ratio of 3.6% of its GDP, according to Minister of Finance Dinh Tien Dung. Illustrative photo. Vietnam's state budget collection in 2019 is expected to reach VND1,411 trillion (US$60.36 billion) and budget spending is projected at VND1,633 trillion (US$69.86 billion), Dung said in a hearing held by the National Assembly's Standing Committee on October 16. According to Dung, around VND16.2 trillion (US$693 million) would be used to increase the basic wage from VND1.39 million (US$59.45) per month to VND1.49 million (US$63.73), starting July 1, 2019. The basic wage is used to determine salary of an employee based on his/her corresponding coeficient. At the hearing, the … [Read more...] about Vietnam targets fiscal deficit at 3.6% of GDP in 2019
Vietnam’s per capita GDP long way away from 2020 target
Minister of Planning and Investment Nguyen Chi Dung said at a National Assembly meeting Monday that if Vietnam’s GDP increases by 6.7 percent this year, per capita GDP will reach $2,540, up $155, or 6.1 percent year-on-year, and 1.21 times that of 2015. However, this figure is still far away from the country’s target of $3,200-3,500 by 2020, he conceded. According to World Bank Group statistics, Vietnam's GDP per capita in 2017 is $2,343. The figure for Singapore is $57,714, Malaysia ($9,945), Thailand ($6,594), the Philippines ($2,989) and Myanmar ($1,298). Minister Dung estimated that Vietnam’s GDP would grow by 6.57 percent on average in the 2016-2018 period, meeting the National’s Assembly target of 6.5-6.7 percent growth. However, he expressed concerns about the increasing number of businesses that stopped operations in the first nine months of this year. While 96,610 new businesses opened, 73,100 closed, up 48 percent year-on-year. These figures worried … [Read more...] about Vietnam’s per capita GDP long way away from 2020 target
Vietnam GDP per capita rises
Vietnam has seen a considerable increase in GDP per capita, but more efforts were needed to achieve the goal of USD3,200 by 2020. At a meeting held by the National Assembly Standing Committee on Monday, Minister of Planning and Investment Nguyen Chi Dung said that this year, Vietnam’s GDP would surpass the target of 6.7%. The country’s GDP per capita in 2018 would reach USD2,540; up USD155 compared to the figure of 2017 and USD325 against 2016. It represented a 1.21 fold increase against 2015. The country’s GDP per capita in 2018 would reach USD2,540 However, Dung added that Vietnam needed more drastic efforts to achieve the target of USD3,200-3,500 in 2020. According to the minister, in the first nine months of this year, 96,610 new enterprises were set up, but around 73,100 firms suspended their operations, up 48% on-year. Head of the National Assembly Economic Committee Vu Hong Thanh worried that the high number of companies that are no longer … [Read more...] about Vietnam GDP per capita rises