Growth quality improved
08:07 | 07/10/2019

VGP – Viet Nam’s GDP growth rates were higher than its regional peers with  growth quality improved, according to the National Assembly's Economic Committee. 

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The Ministry of Planning and Investment reported that 2019 would be the second consecutive year in which all 12 preset goals of the National Assembly would be fulfilled. Five norms would be surpassed and seven others would be fulfilled.

In 2019, economic scale is projected to touch US$ 266.5 billion. Average income per capita is supposed to reach US$ 2,786 in 2019 (US$ 2,590 in 2018). Growth quality would be improved. Labor productivity growth rate will reach nearly 5.9%. 

Economic growth saw declining reliance on mineral exploitation and credit growth. Instead, it witnessed a greater role of science, technology, and innovation. Total factor productivity was maintained at over 40%. 

Credit and GDP growth were kept at 18.25% and 6.21% in 2016; 18.28% and 6.81% in 2017; 13.89% and 7.08% in 2018; and expectedly 14% and 6.8% in 2019. 

Deputy Minister of Planning and Investment Nguyen Duc Trung said that consumer price index (CPI) was forecast at 2.7-3%, lower than the National Assembly’s preset goal of 4%. Trade surplus was projected 0.4%, smaller than the preset goal of 3%. 

Mr. Trung was convinced that the soci-economic norms would forge a solid foundation for the fulfillment of the five-year targets (2016-2020). 

In 2019, GDP growth rate was estimated at 6.8%, lower than the rate of 7.08% in 2018 but higher than the preset goal of 6.6-6.8%, expecting to convert Viet Nam into the group of high economic growths in the region and the world. 

Chairman of the NA Economic Committee Vu Hong Thanh was convinced that GDP would not increase by 6.8% in 2019 but 7% or ever over 7% and inflation rate would be kept less than 3%. 

Besides the aforesaid achievements, the report also pointed out eight shortcomings including unstable macro-economic growth, difficult public investment, slow disbursement progress, low development of science, productivity, quality, and efficiency, weak resilience against external impacts./.

By Kim Anh  

 

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