Record-breaking year of Vietnamese economy
20:43 | 25/12/2019

VGP – Vietnamese economy continue positive trajectory in 2019 with a range of key indicators breaking new records amid globally sluggish economic growth.

GDP growth rates from 2011 to 2019

     >>> Viet Nam is moving forward on global scale

This year is the second consecutive year the Government outperformed many of the goals set out by the National Assembly, which helps consolidate foundation for the country to realize all goals for the five-year period of 2016-2020.

First of all, the economy is estimated to expand around 7%, becoming one of the world’s fastest-growing economies despite several international organizations sharply downgraded global economic outlook due to rising risks.

The Government has repeatedly said macro-economic stabilization has been maintained and consumer price index is projected to be kept under control though price of pork has been skyrocketing in recent months.

Noticeably, trade value set a new record high of more than US$ 500 after it reached US$ 400 billion just two years ago, according to statistics from various agencies, helping Viet Nam to gain trade surplus for the fourth straight year.

In the first 11 months of 2019, trade surplus reached nearly US$ 11 billion, equaling to the total trade surplus volume so far, making Viet Nam one of the top 30 countries with best export growth.

Meanwhile, total foreign investment inflows climbed up by 3.1% from the previous year to nearly US$ 31.8 billion in the reviewed period and the disbursed volume was estimated to increase by 6.8% to US$ 17.62 billion.

Impressive economic growth was given a strong boost by strong increase of newly-established enterprises. Statistics show that there were 127,000 new businesses in the first 11 months and the figure is expected to rise to 138,000 this year.

In terms of tourism, the number of foreign arrivals to Viet Nam broke new record, reaching over 1.8 million in the first 11 months this year.

Other positive signals include sharp reduction of public debt (down to 55% GDP) and foreign reserve reached all time high of over US$ 70 billion.

In addition, international organizations spoke highly of Viet Nam‘s economic prospect. U.S. News & World Report released the ranking of the best economies to invest in 2019, in which Viet Nam surpassed its Southeast Asian peers including Malaysia, Indonesia, and Singapore to rank eighth compared to 23rd last year.

The World Economic Forum reported Viet Nam jumped 10 notches to 67th out of 141 economies on the global competitiveness ranking in  2019.

With the latest ranking, Viet Nam is the country whose score improves the most globally, according to the forum’s 2019 Global Competitiveness Report.

The Southeast Asian country scored 61.5 points, up 3.5 points compared to 2018. This is Viet Nam's highest ranking so far.

Viet Nam also jumped three ranks on the World Intellectual Property Organization’s 2019 Global Innovation Index (GII) to place 42nd out of 129 economies around the world.

With this jump, Viet Nam has leapt 17 spots since 2016. This year’s result is also the highest ranking Viet Nam has ever achieved.

By Quang Minh

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