Wednesday, 23 Oct 2019

Vietnam’s PM frets about US-Sino trade war

Updated at Thursday, 31 Jan 2019, 22:54
The Hanoitimes - Vietnam’s PM acknowledged that in the first month of 2019, Vietnam`s economy has continued the positive trend.
Prime Minister Nguyen Xuan Phuc has expressed concern about the impact of the trade friction between the US and China on Vietnam’s development in the complicated international context.
Overview of the meeting. Photo: Quang Hieu
Overview of the meeting. Photo: Quang Hieu
At a monthly government meeting on January 31, the Vietnamese government’s leader required agencies to pay special attention to the implementation of targets and tasks, because the high openness of the Vietnamese economy.

In 2018, Vietnam’s trade turnover reached US$480.17 billion, up 12.2% year-on-year or US$52.05 billion, taking the combined value of Vietnam’s exports and imports to 196% of GDP. 

The PM requested the Ministry of Industry and Trade to prepare scenarios for impacts of trade disputes in general and the US-China trade spat, especially foreign investment flows into Vietnam.

Acknowledging that in January, Vietnam's economy has continued the positive trend, the PM stressed consolidating the macro-foundation and promoting the country’s growth are the most crucial tasks in 2019.

In January, the country's industrial production index increased by 7.9% year-on-year (compared to an expansion of 22.1% in same period in 2018, according to the Ministry of Planning and Investment. 

Total retail sales and services revenue increased by 12.2% over the same period in 2018. More than 10,000 enterprises were established, down 7% in number of enterprises, but increasing 53.8% in registered capital over the same period. More than 8,000 businesses resumed operation.

Actual FDI increased by 9.2% while exports of FDI enterprises increased by 3.2% (including crude oil).

Export turnover increased 1.9%, of which that of the domestic economic sector increased by 7.8%. Consumer price index (CPI) in January 2019 increased by 0.1% compared to December 2018.

A number of international organizations are upbeat about Vietnam's economic prospects. The World Bank forecast Vietnam's economy to grow 6.6% in 2019 and 6.5% in 2020, higher than the average of the East Asia - Pacific region.

Meanwhile, Standard Chartered has forecast Vietnam will keep remain one of the fastest growing economies in Asia and the Southeast Asian region. For the first time, Vietnam is on the list of the 60 most innovative economies in the world, ranked by Bloomberg.
Trung Kien
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