Deputy PM: Vietnam sees stable, rapid economic growth

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

One of the most outstanding results is keeping the consumer price index (CPI) below 4% for a third year in the 2016-2020 period, lower than the target set by the National Assembly, he noted.

Meanwhile, fiscal, monetary and other macro-economic policies have been flexible, maintaining the stability of the exchange rate, interest rate as well as domestic credit. Liquidity and the safety of the whole system have been ensured, while credit growth has been kept at a rational level at about 17%, meeting the capital demand of the economy, wrote the Deputy PM.

He clarified that public debt fell from 64.8% in late 2015 to about 61.4% in 2018, while the due date of the debts has been extended.

The stock market has continued to develop and has been added into watch list for reclassification as a newly-emerging market.

Total import-export revenue surpassed the record height in 2017 to US$475 billion, up 11.7%, including US$238 billion of exports, a rise of 11.2% and exceeding the target of 7-8%.

The structure of exported goods has improved, with a smaller ratio of raw goods and increased ratio of processed, high quality and value ones, he noted, adding there are three groups of goods with export revenue of more than US$20 billion, and trade surplus reached about US$1 billion.

It is estimated that for the whole year, Vietnam will enjoy US$9 billion in trade surplus, while foreign currency reserves are likely to hit US$60 billion.

GDP growth in the first nine months of 2018 is estimated at 6.98%, higher than the expected figure of 6.7%.

The scale of the economy expanded to VND5.5 quadrillion (about US$240.5 billion), equivalent to 1.33 times of that of 2015. Average per capita GDP is estimated at US$2,540, US$440 higher than that of 2015.

The Deputy PM said that for the whole year, the country will complete all 12 set targets, with eight surpassing the goals.

So far, 11 targets for the 2016-2020 period stated in the 12th Party Congress’ resolution have been achieved, he noted.

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