Vietnam’s economic growth continues to be driven by the resilient foreign sector and robust domestic consumption.
Total outstanding loans in the Vietnamese banking system year to December 20 expanded an estimated 12.1% in 2019, slower than a 13.3% expansion in the same period last year, according to official data.
Total money supply (M2) increased 12.1% year-on-year in the 12-month period, compared to an 11.3% increase in the comparable period last year, the General Statistics Office has said in a monthly report.
During the year, the Vietnamese central bank eased its monetary policy by cutting its policy rates and lowering the cap on deposit rates at banks, thus bringing down lending rates, especially on loans provided for priority sectors.
Meanwhile, the country’s GDP grew 7.02%, topping 7% for a second consecutive year, indicating that the economic growth has become less reliant on credit.
Vietnam’s economic growth continues to be driven by the resilient foreign sector and robust domestic consumption, a World Bank economist said at a recent press meeting in response to Hanoitimes’ question.
The Southeast Asian country’s exports soared 8.1% year-on-year in 2019 to reach US$263.45 billion, four times the pace of global trade growth. Foreign-invested enterprises shipped US$181.35 billion worth of goods abroad, accounting for 68.8% of Vietnam’s export turnover.
Revenues of retail sales and services rose 11.8% to VND4,940.4 trillion (US$212 billion), of which retail sales totaled US$161 billion, up 12.7% from a year earlier, according to official data.
Other News
- 3,400 taels of gold purchased at the first-in-11-year auction
- HoSE to launch KRX-developed transaction system in early May
- Central bank moves gold auction to tomorrow
- Vietnam’s c.bank sells USD to stabilize exchange rate
- Central bank to auction gold to calm domestic market
- Vietnam's Central Bank ready to steady foreign exchange market
- Finance ministry clears bottlenecks to pave way for stock market upgrade
- Over 60% of Vietnamese use QR codes to pay
- Casinos contribute US$370 million to state budget over 5 years
- Standard Chartered and IATA partner to launch IATA Pay in Vietnam
Trending
-
Hanoi flowers on postage stamps
-
Hanoi Times Podcast - Apr. 27
-
Cooperation and investment: key to effective tourism promotion in Vietnam
-
Affordable, quality tours offered at Hanoi Tourism Festival 2024
-
Introduction of community tourism area in Hanoi herb kingdom
-
Capital Law revision helps Hanoi promote role as nation’s socio-economic hub
-
IT training urged to focus on semiconductors
-
Voluntary social security should cover larger part of informal sector: Experts
-
ASEAN Future Forum 2024: Promoting regional centrality