Monday, 17 Jun 2019

PM highlights Vietnam's economic performance in 9 months

Updated at Monday, 01 Oct 2018, 19:04
The Hanoitimes - Macro-economic conditions remained stable, while inflation was kept under control in the first nine months of 2018, the government portal reported.
Prime Minister Nguyen Xuan Phuc considered Vietnam's economic performance in the first nine months of 2018 comprehensive, adding that all 12 economic targets set by the National Assembly for 2018 could be achieved, eight of which may exceed expectations.
Illustrative photo.
Overview of the government meeting. Source: VGP.
GDP's growth in the first three quarters of 2018 was 6.98%, the best first-nine-month performance since 2011, of which high growth rate was seen all three sectors, including agriculture, industry and construction, and service, Phuc said at a government meeting on October 1. 

Particularly, the highlight of this sector and driving force of the economy is the manufacturing with an increase of 12.65%, stated Phuc. 

According to Phuc, macro-economic fundamentals remained stable, while inflation was kept under control. 

The consumer price index (CPI) expanded 3.57% year-on-year in the first nine months, against the government target of 4%. Meanwhile, export turnover reached US$179 billion, up 15.4% year-on-year, in which the domestic sector expanded 17.5% and the FDI sector up 14.6%. This resulted in a record high trade surplus of US$5.39 billion. 

Total social investment increased by 10.9% year-on-year, while revenue from retail sales and services also up 11.3%. In the January - September period, Vietnam has over 96,000 newly established enterprises. 

Vietnam was ranked top in terms of entrepreneurship in the Amway Global Entrepreneurship Report 2018 (AGER 2018), in which 92% of respondents said that they would consider startup. Moreover, 88% of others would accept failure, significantly higher than the world's average rate of 47%. 

However, Phuc requested ministers and government agencies to address remaining shortcomings and propose solutions to specific issues, especially in the context of the US-China trade friction. 

CPI in September saw a sharp increase by 0.59% against the previous month, and up 3.98% year-on-year, mainly due to price increases in education and fuel. As Vietnam's inflationary pressure remains high, the PM called for a better preparation to keep inflation rate in line with the government's objective. 
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