• An Giang
  • Binh Duong
  • Binh Phuoc
  • Binh Thuan
  • Binh Dinh
  • Bac Lieu
  • Bac Giang
  • Bac Kan
  • Bac Ninh
  • Ben Tre
  • Cao Bang
  • Ca Mau
  • Can Tho
  • Dien Bien
  • Da Nang
  • Da Lat
  • Dak Lak
  • Dak Nong
  • Dong Nai
  • Dong Thap
  • Gia Lai
  • Ha Noi
  • Ho Chi Minh
  • Ha Giang
  • Ha Nam
  • Ha Tinh
  • Hoa Binh
  • Hung Yen
  • Hai Duong
  • Hai Phong
  • Hau Giang
  • Khanh Hoa
  • Kien Giang
  • Kon Tum
  • Lai Chau
  • Long An
  • Lao Cai
  • Lam Dong
  • Lang Son
  • Nam Dinh
  • Nghe An
  • Ninh Binh
  • Ninh Thuan
  • Phu Tho
  • Phu Yen
  • Quang Binh
  • Quang Nam
  • Quang Ngai
  • Quang Ninh
  • Quang Tri
  • Soc Trang
  • Son La
  • Thanh Hoa
  • Thai Binh
  • Thai Nguyen
  • Thua Thien Hue
  • Tien Giang
  • Tra Vinh
  • Tuyen Quang
  • Tay Ninh
  • Vinh Long
  • Vinh Phuc
  • Vung Tau
  • Yen Bai

PM reports on socio-economic performance

VGP – The socio-economic performance in 2018 has progressed positively, said PM Nguyen Xuan Phuc.

October 22, 2018 10:35 AM GMT+7

PM Nguyen Xuan Phuc presents a report on ocio-economic performance in 2018, Ha Noi, October 22, 2018 - Photo: VGP/Nhat Bac

The Government leader made the remark while delivering a speech on socio-economic performance in 2018 at the  sixth session of the National Assembly which was opened on October 22 in Ha Noi.

Noticeably, in the January-September period, GDP growth rate touched 6.98%, outstripping the NA’s preset goal of 6.7%. Consumption price index (CPI) was estimated to be kept below 4% in 2018, marking the event of inflation rate running at less than 4 % in three consecutive years. The State foreign reserve made a record of over US$ 60 billion. The stock market was on the rise, becoming an important channel of capital source for the economy. Viet Nam has entered the list poised to be upgraded from a frontier to an emerging market. 

In the reviewed period, total trade turnover valued at US$ 352 billion and was projected to touch US$ 475 billion in 2018, posting a year-on-year growth of 11.7%. Export turnover was US$ 238 billion (up 11.2%). Viet Nam continued to run a trade surplus of nearly US$ 5.4 billion. 

Structure has been transformed in a positive way in which crude oil was on the decline, the proportions of processed goods, agro-products, and raw materials for production were on the rise. 

Total State budget collection exceeded 3% of forecast. Meanwhile, State budget spending was strictly and effectively controlled. State budget overspending accounted for 3.67% of GDP, lower than the preset norm of 3.7%. By 2020, the rate would be only 3.4%. Public debt dropped dramatically to 61.4% of GDP, much lower than the rate of 63.7% in 2016. 

Total social development capital made up 34% of GDP.  

The total amount of FDI disbursement hit US$ 18billion, the unprecedented rate. 

The business environment has been improved. Nearly 61% of business conditions and 60% of import and export procedures have been streamlined. 

The economy expanded robustly and was estimated at US$ 240.5 billion, 1.3 times higher than in 2015. GDP per capita was US$ 2,540, up US$ 440 against 2015. 

PM Phuc believed that GDP growth rate would be 6.5-7% in the 2016-2020 period, higher than the rate of 5.91% in the 2011-2015 period. 

He also revealed that Viet Nam is one of the fastest growing economies in the region and the world. 

Challenges still lying ahead

Besides the achievements, PM Phuc also frankly acknowledged a large number of shortcomings and challenges in the domestic economy.

The Government leader attributed  exchange rate, high oil prices in the world economy, power market development roadmap, and high healthcare and education costs to the high inflation pressure. The domestic economy has improved its autonomy competence. 

The progress of public investment disbursement and SOEs equitization remained slow. Some business and production fields encountered with difficulties. The connection between domestic and FDI sectors were limited. 

There were obstacles in mechanisms, policies, business conditions, and administrative procedures which have caused troubles for both citizens and businesses./.

By Kim Loan