GDP growth in 2018 will exceed 6.7%

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Government’s monthly press conference in September 2018.

Inflation will be controlled to less than 4%

According to the contents of the Government’s meeting taking place on the same day, Minister Mai Tien Dung said that the Government assessed the achievements and limitations in September, in the first nine months of the year, the whole year and the term.

Accordingly, the socio-economic situation to September in the first 9 months of the year has achieved comprehensive results in all aspects. GDP in the first nine months of 2018 increased by 6.98%, the highest increase compared to the same period since 2011.

Growth in all three sectors was high: agriculture, forestry and fishery sector increased by 3.65%; the industry and construction sector increased by 8.89%; Service sector increased by 6.89%. Especially, the manufacturing and processing industry is the most important engine of economic growth with a high increase of 12.65%.

In addition, the macro-economy was stable, inflation was controlled, consumer price index (CPI) in September 2018 increased by 0.59% over the previous month, the average CPI in 9 months in 2018 increased by 3.57% and it is expected that we will control the CPI in line with the target assigned by the National Assembly of less than 4%.

In the first nine months, export turnover was estimated at US$ 179 billion, an increase of 15.4%. “The domestic sector's export growth is higher than that of the FDI sector, specifically, the domestic sector increased 17.5% and FDI sector (including crude oil) increased by 14.6%. In the 9 consecutive months, export surplus was US$ 5.39 billion. This is the record level,” Mr. Dung said.

Regarding enterprise, the country has over 96,000 enterprises that are newly established with total registered capital of VND 963.4 trillion, increasing by 6.7% in the number of enterprises and increasing by 6.7% in capital. Nearly 23,000 enterprises resumed their operation, a year-on-year increase of 8.5%. However, the Minister also commented that the number of enterprises that temporarily stopped operation was high.

“So far, we can affirm that we will accomplish all 12 targets assigned by the National Assembly in 2018, with 8 exceeded targets and 4 reached targets. The State revenue in 2018 is expected to increase by 3% compared to the estimate and 5% compared to 2017. The impressive figure is that expenditure deficit in 2018 is expected to reach 3.67% was lower than the target assigned by the National Assembly of 3.7%”. Import and Export turnover is expected to reach US$ 475 billion with export turnover of US$ 238 billion and export surplus of US$ 1 billion,” Mr. Dung informed.

The Minister affirmed that, “if we keep this growth rate and the GDP growth in the fourth quarter reaches 6.8-6.9%, the GDP of the whole year will exceed 6.7%.”

Closely following reality to have appropriate measures

Besides the achievements, Minister Mai Tien Dung said that at the Government’s meeting, the Prime Minister also requested to recognize shortcomings and difficulties, challenges and weaknesses, especially the complexity from the US-China trade war.

“The direction of the Prime Minister is to promote institutional reform, streamline apparatus and staff. The issues of business conditions and specialized inspections have been done well but need to be implemented better,” Mr. Dung said.

Accordingly, the Minister said that there were a total of 9,926 commodities subject to specialized inspection and 120 specialized inspection procedures, and only 1,700 commodities and 30 procedures were officially reduced and simplified. In addition, there were 6,191 business conditions, and only 1,133 conditions were reduced, reaching over 30% compared to the requirement. Thereby, we must try our best.

“Decrees on reducing business conditions as well as procedures and commodities subject to specialized inspection have been completed by agencies for promulgation by the Government in October,” Mr. Dung added.

For the tasks in the coming time, the Government requested ministries, sectors and localities not to ignore and be subjective with results achieved; need to focus on drastically and synchronously accomplishing set tasks and solutions; closely follow domestic and international situations to have appropriate and timely measures, especially, fulfill targets on inflation control, macro stability and inflation control for less than 4%.

Vietnam’s GDP projected to grow 7% in 2018 Vietnam’s economy could grow by 7.02 percent in 2018 under a high growth rate scenario, according to ...

In the context of stable macroeconomics and good growth, it needs continuous promotion for the improvement of a socialist-oriented market economy mechanism, restructuring the economy and the public debt; implementing institutional reform; promoting productivity; improving the competitiveness of enterprises and products; accelerating equitization, divestment of SOEs and development of private enterprises, and promoting start-ups.

According to Minister Mai Tien Dung, in the first nine months of 2018, the Government and the Prime Minister assigned 16,441 tasks. Of these, 7,951 tasks have been completed, 8,245 tasks have been accomplished in the time limit, 245 tasks have not been completed (accounting for 3%, up 0.26% compared to the previous month).