Vietnam’s GDP growth in 2019 estimated at top 7%: Gov’t
The Hanoitimes - This would be a second consecutive year that Vietnam’s economy expands over 7%, while low inflation makes such economic growth more significant.
Vietnam’s GDP in 2019 is on track to grow more than 7%, while inflation is estimated at 2.7 – 2.8%, according to Deputy Prime Minister Vuong Dinh Hue.
|Overview of the meeting. Source: VGP.|
“This would be a second consecutive year that Vietnam’s economy expands more than 7%, while the low inflation rate makes such economic growth more significant,” said Hue at a government meeting on December 25.
Under the calculation of the Ministry of Finance (MoF), the consumer price index (CPI), a gauge of inflation, is set to grow 2.73% this year, marking the lowest inflation rate over the last three years, posting 3.53% and 3.54% in 2017 and 2018, respectively.
The MoF attributed hikes in prices of consumer goods (food, beverage, tourism, public transportation fees, etc.), petroleum products, health services and construction materials to the increasing CPI.
In the first half of 2019, pork prices in Vietnam have been under pressure to grow due to the impacts of African swine fever that leads to a decline in supply.
Meanwhile, lower prices of other products and goods, as well as efficient state management in balancing the demand-supply of goods and services, are key to keeping inflation rate at low level, stated the MoF.
Previously, the Asian Development Bank (ADB) has revised up its forecast for Vietnam's economic growth from 6.8% to 6.9% for 2019, and from 6.7% to 6.8% for 2020 amid dim outlook for Asia.
The World Bank has also forecast Vietnam’s GDP growth at around 6.8% in 2019, while the government expected the economy to expand over 6.8%, reaching the upper limit of the 6.6 – 6.8% target range.
- Vietnam c.bank cuts policy rates for third time this year
- Vietnam gov't strives to ensure positive economic growth this year
- Vietnam fiscal deficit widens to US$4.3 billion in 7 months on Covid-19
- Vietnam's cost of living rises 0.4% in July
- Vietnam credit system overcomes biggest test yet in Covid-19: PM
- Vietnam gold prices hit all-time high amid Covid-19 resurgence
- Vietnam finance ministry extends program to support stock market
- Vietnam shares plunge 5.3% on Covid-19 resurgence; market cap falls US$10 billion
- Moody's confirms ratings of five Vietnamese financial institutions
- Vietnam’s 2020 growth seen at 3%: StanChart
Aggressive actions needed to defeat Covid-19 next 10 days: Vietnam PM
Vietnam identifies testing as key solution to prevent Covid-19 spread
Cuba donates antiviral drug to help Vietnam cure Covid-19 patients
Hanoi starts fining people for not wearing face masks in public
Vietnam stock market needs upgrading to emerging status soon: PM
ASEAN Summit in Hanoi expected to boost intra-regional economic links
Hanoi works closely with ADB to ensure progress of urban infrastructure projects
Vietnam Airlines retakes Jetstar Pacific from Qantas
Hanoi strives to ensure safe and stable investment environment for investors