Size of Vietnam’s economy expands by 1.3 folds in three years: PM

Addressing the opening of the session in Hanoi, the Government leader said the country’s gross domestic product (GDP) grew by 6.98% in the first nine months of 2018, and the whole year’s figure is expected to be higher than the NA’s target of 6.7%. The average GDP growth rate between 2016 and 2018 is estimated at 6.57%, compared to the target of 6.5 – 7% for 2016 – 2021.

The expansion of consumer price index (CPI) can be kept below 4%, making 2018 the third straight year the CPI is under 4%.

He expressed his belief that basing on those attainments, all the 12 targets set for this year by the parliament will be fulfilled, and eight of them will be surpassed.

The Government leader said from 2016 to 2018, clear improvements have been recorded in economy, culture, society, environment, defence, security and external relations.

During the period, the size of Vietnam’s economy has increased by 1.3 folds while the per capita GDP has risen by US$440, and people’s living standards continually improved, he noted.

He stressed the achievements in all fields have reflected the right and drastic leadership and directions of the Party, the State and authorities at all levels. Efforts by the entire Party, people and army have greatly helped with enhancing the trust in society.

However, PM Phuc also admitted certain shortcomings, with subjective factors being the main cause.

Emphasising that there is no room for complacency in the remaining time of 2018, he affirmed the resolve to push on with the set tasks and solutions, keep a close watch on the international and domestic situation to make timely response, and strongly reform administrative procedures to further facilitate production and business activities.

The PM also pledged continued efforts to cope with natural disasters as well as climate change, fight corruption and wastefulness, ensure political security and social order and safety, enhance public consensus, and successfully realise the development plan for 2018 so as to create better momentum for the next years.