The Hanoitimes – Vietnam`s nominal GDP in 2018 is forecast to grow over 6.7% to reach VND5,555 trillion (US$240.5 billion), leading to GDP per capita of US$2,540, up 6.3% year-on-year or US$155. Vietnam targets the GDP growth rate of 6.6 – 6.8% in 2019, Vice Minister of Planning and Investment Nguyen Van Trung was quoted by VnEconomy as saying. Illustrative photo. Additionally, the country expects export turnover to increase by 7 – 8% and keep trade deficit below 3%, Trung said at a meeting on October 9. In 2019, total social investment would account for 33 – 34% of GDP, while the average CPI is projected to reach around 4%, Trung informed. Vietnam’s labor force (from the age of 15 upwards) would be around 55.9 million, up 1.97% year-on-year, state budget revenue of VND1,411 trillion (US$60.57 billion), up 7% year-on-year. Meanwhile, Vietnam’s budget expenditure is expected at VND1,633 trillion (US$70.10 billion), up 7.2% year-on-year, resulting in a budget deficit of VND222 trillion (US$9.53 billion), or 3.6% of GDP. Vu Hong Thanh, chairman of the National Assembly’s Economic Committee, said the country should pay attention to priorities that would help Vietnam reach the said GDP target in 2019. According to the Ministry of Planning and Investment (MPI), driving forces for economic growth in 2018 come from both supply and demand sides, as well as added capabilities of sectors and industries. Some experts at the meeting attributed a major part of Vietnam’s positive economic growth in 2018 to Samsung and Formosa. … [Read full story]
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