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Vietnam PM hails year of growth

Jan 04. 2019
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By Viet Nam News
Asia News Network

7,142 Viewed

This will be a year of “breakthroughs” in all sectors and see Vietnam striving towards “the highest achievements”, Prime Minister Nguyen Xuan Phuc wrote in an article on the socio-economic developments in 2018 and ambitions for 2019.

Despite an array of challenges from the global economy and internal weakness, 2018 was a year with many resounding successes for the Vietnamese economy, wrote Phuc.

GDP growth reached US$238 billion, translating to year-on-year growth of 7 per cent, the highest since 2008 – putting the country amongst those with the strongest growth in the world.

He said impressive growth was achieved while macroeconomic indices remained stable and on an upward trend, with inflation and the consumer price index (CPI) kept under control.

The “strongest driver of growth” came from manufacturing industries with a growth figure of 13 per cent, he wrote, pointing to the country’s reduced reliance on extractive industries and credit.

Phuc said several records had been achieved for the Vietnamese economy, with export value – especially agricultural products – reaching an all-time high of US$245 billion and Us$40 billion, respectively.

Vietnam has become a leader in several areas, from agriculture products like rice, shrimp and fish to high-tech industries like smartphones, electronics and automobiles.

The ratio of non-state investment reached 43.3 per cent of the total investment in the country, which includes US$19 billion from foreign direct investment, showed that the Party Central Committee’s resolution on the development of the private economic sector has proved a success, the prime minister said. He added that experts and observers consider Vietnam amongst the most attractive destinations for investment in the Asia-Pacific region.

Vietnam drew 15.5 million foreign tourists in 2018, up 19.9 per cent compared to last year, forming a solid basis to achieving the target of 20 million arrivals during 2020, he said.

Phuc predicted that the country would fulfil all goals set out in the five-year plan by 2020.

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