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Vietnam’s economy stays positive amid global growth slowdown
Vietnam’s economy stays positive amid global growth slowdown
2/12/19
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He noted that at the recent 8th session of the National Assembly, legislators applauded the Cabinet’s governance achievements as seen in the fulfillment of all the 12 targets, especially the growth target, set by the parliament.
The people put trust in and have high expectations on the Government, the PM stressed.
However, he also analysed certain problems that must be addressed immediately.
He asked the agriculture and rural development sector to overhaul disease prevention and control and work harder to sustain Vietnam’s position as one of the leading agricultural product exporters in ASEAN.
Meanwhile, industrial production has decelerated in some sectors like motorcycle, automobile and fertiliser production, and there hasn’t been much progress in the disbursement of public investment capital, PM Phuc pointed out.
The Government leader requested all-level authorities and sectors to step up FDI attraction and further deal with pressing cultural, social, environmental and security issues.
The PM asked Government members to work out new solutions and initiatives to accomplish all targets for 2020, particularly the ASEAN chairmanship in 2020 and the non-permanent membership of the UN Security Council for 2020-2021, which he described as international positions with critically important roles amidst the changing world.
During the meeting, participants reviewed attainments over the last 11 months and discussed measures to perform tasks for next year.
Macro economic stability has been maintained, Vietnam attracted 31.8 billion USD in foreign direct investment (FDI) in the period, up 3 percent year-on-year, and FDI disbursement reached 17.6 billion USD.
Exports saw good growth, with a 9.2 billion USD trade surplus. Revenues from retail of goods and services also picked up 11.8 percent.
The index of industrial production expanded by 9.3 percent, and newly-established enterprises in the period numbered 126,700.
The November Consumer Price Index (CPI) was up 0.96 percent from the previous month, and the average CPI for the January-November period increased by a three-low of 2.57 percent on a yearly basis.
In particular, the number of foreign arrivals almost reached 16.2 million, up 15.4 percent from the same period last year./.
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All comments [ 21 ]
Vietnam is one of the most open economies with the fastest economic growing pace in Asia
FDI inflows in Vietnam reached 3.18 billion USD in the first 11 months of this year, up 3.18 percent over the same period last year
The country has so far signed 12 free trade agreements with partners across the world, including the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Vietnam and the European Union (EU) signed two important cooperation agreements in late June 2019, namely the EU-Vietnam Free Trade Agreement and the EU-Vietnam Investment Protection Agreement
The people put trust in and have high expectations on the Government
Vietnam is one of the leading agricultural product exporters in ASEAN and over the world
Macro economic stability has been maintained
In 2020, Vietnam is going to take the ASEAN chairmanship and the non-permanent membership of the UN Security Council for 2020-2021
Vietnamese businesses invested 458.8 million USD in 31 foreign markets in the first 11 months of 2019
Vietnam now is one of the most dynamic emerging countries in East Asia region.
Vietnam’s economic outlook is positive
Vietnam ranks 48 out of 157 countries on the human capital index (HCI), second in ASEAN behind Singapore.
Vietnam’s HCI is highest among middle-income countries
The economy of Vietnam is a socialist-oriented market economy, which is the 45th-largest in the world as measured by nominal gross domestic product and 33rd-largest in the world as measured by purchasing power parity
The Vietnamese economy is forecast to continue its healthy growth thanks to increasing domestic demand and inflows of foreign direct investment
According to the latest report on the economic update of the Southeast Asia region, Vietnam’s economy is forecast to grow by 6.7% in 2019, outperforming the rest of the region.
Vietnam will continue to benefit from positive trade diversion effects, strength in domestic demand and sustained FDI inflows.
The positive growth of the economy is also seen through impressive export figures
The country’s export revenue reached US$194.3 billion in January-September period, an increase of 8.2% compared to the same period in 2018.
Vietnam’s disbursement of FDI capital was estimated to reach US$9.1 billion in the first half of 2019, up 8.1% compared to the same period last year and equivalent to 8.4% of the GDP.
despite the many difficulties due to the impacts of the world politic situation and the harshness of climate change, Vietnam's economy can achieve the growth rate of 6.8% in 2019 and up to 7% in the near future.
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