GDP likely exceeds 6.7% in 2018

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Minister Dung presented a mid-term report on socio-economic development plan in the 2016-2020 period on October 15 at the 28th session of the National Assembly Standing Committee. 

According to the report, major balances of the economy were ensured, contributing to safeguarding the macro-economy and generating resources for its growth. 

State budget collection valued at VND1.35 quadrillion, surpassing  the forecast by 3% and seeing a year-on-year growth of 5.5%. State budget overspending reached 3.67%. Total social investment was estimated at VND1.89 quadrillion, accounting for 34% of GDP. 

The MoPI forecast that GDP would exceed 6.7% in 2018 while the growth modal is transforming towards “deep” development. 

The fight against corruption, wastefulness, and settlement of accusations and complaints were promoted. 

In 2019, GDP would increase around 6.6-6.8%. Total export turnover would grow by 7-8%. Poverty rate (as calculated according to multidimensional index) would drop 1-1.5%.  

Generally, the Vietnamese economy in 2019 and 2020 would be positive. The report also noted external impacts as the domestic economy is modest and broadly open./.

By Kim Loan