• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Talk Vietnam

All About The Vietnam

  • Submit
  • Disclaimers
  • About
  • DMCA
  • Privacy Policy
  • Contact

You are here: Home / Vietnam targets GDP growth rate of 6.6 – 6.8% in 2019

Vietnam targets GDP growth rate of 6.6 – 6.8% in 2019

October 9, 2018 by

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. 

Thanh expressed concern that contribution of Samsung and Formosa to Vietnam’s economy would be the same in 2018, while the agriculture sector growth is set to reach its peak at 3.31% this year. As the same is applied to the service sector, Thanh raised the question of what would be the driving force for growth in 2019. 

The MPI stated that Vietnam’s economic outlook in 2019 would maintain its growth momentum, thanks to positive global economic prospect and internal strengths, including stable macro-economic conditions, improved business and investment environments, and the status of a middle-income country. 

Moreover, the MPI pointed out challenges from within the economy, such as low technologies, advantages of natural and land resources being gradually diminished, no breakthrough in productivity and competitiveness, especially when Vietnam’s comparative advantages are fading. 

Next year, Vietnam is expected to open local market wider to foreign investors, reduce import tariffs and tighten intellectual property management as part of its global commitments. The move would bring more opportunities to attract foreign capital, but at the same time put more pressure on domestic enterprises, the MPI noted. 

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, the MPI predicted. 

Ngoc Thuy


  • BUSINESS IN BRIEF 26/4
  • Vietnam rural development centres on people
  • Vietnam trying to rein in rising public debt: Finance minister
  • Vietnam’s ministry back on track with proposal to raise VAT
  • Finance ministry again pushing for VAT rate hike
  • BUSINESS IN BRIEF 19/1
  • BUSINESS IN BRIEF 22/1
  • Health Ministry proposes tax hike on tobacco products
  • Government reports: economy sees quality improvements
  • ​Whopping interest, no problem: Saigon consumers willing to borrow for personal spending

Filed Under: Economy Economy, Hanoi Times, mCMS, www.onip.vn, potential gdp growth, asia pacific gdp growth, 401k growth rate, quarterly gdp growth rate, gdp growth france, eurozone gdp growth rate, pension fund growth rates, annuity growth rate, dividend growth rate calculator, quarterly gdp growth rate of india, gdp growth rate of india 2016, gdp growth usa, russian gdp growth, india q4 gdp growth, chinas gdp growth, historical gdp growth, thailand gdp growth, united states gdp growth rate by year, what is gdp growth rate, india quarterly gdp growth rate, top rated target date funds, forecast sales growth rate, 529 growth rate, best gdp growth rate, expected growth rate, formula expected growth rate

Primary Sidebar

RSS Recent Stories

  • Over 300 firms to participate in HCM City machinery, supporting industry fairs
  • Vietnam captures 18 more golds, remains third
  • 650 children learn about recycling at BASF Kids’ Lab
  • “It’s all Greek to me” returning at Hotel Equatorial Ho Chi Minh City
  • Clash of the archrivals: Vietnam play Thailand to see who reign women’s football
Copyright © 2019 Talk Vietnam. Power by Wordpress.