Vietnam has seen a considerable increase in GDP per capita, but more efforts were needed to achieve the goal of USD3,200 by 2020. At a meeting held by the National Assembly Standing Committee on Monday, Minister of Planning and Investment Nguyen Chi Dung said that this year, Vietnam’s GDP would surpass the target of 6.7%. The country’s GDP per capita in 2018 would reach USD2,540; up USD155 compared to the figure of 2017 and USD325 against 2016. It represented a 1.21 fold increase against 2015. The country’s GDP per capita in 2018 would reach USD2,540 However, Dung added that Vietnam needed more drastic efforts to achieve the target of USD3,200-3,500 in 2020. According to the minister, in the first nine months of this year, 96,610 new enterprises were set up, but around 73,100 firms suspended their operations, up 48% on-year. Head of the National Assembly Economic Committee Vu Hong Thanh worried that the high number of companies that are no longer … [Read more...] about Vietnam GDP per capita rises
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Government forecasts this year’s GDP growth of over 6.7%
Minister of Planning and Investment Nguyen Chi Dung The forecast was issued by Minister of Planning and Investment Nguyen Chi Dung at the 28th session of the National Assembly Standing Committee in Hanoi on October 15th whilst he presented a mid-term evaluation report on the implementation of the five-year socio-economic development plan (2016 and 2020) the socio-economic performance in 2018 and the socio-economic development plan for next year. Despite facing some difficulties and challenges, this year’s socio-economic targets are essentially achieved, yielding overall results across a range of fields and ensuring the proper and effective implementation targets for the remaining three years between 2016 and 2020, Dung said. The report indicates that ensured economic balances have afforded consolidation of macro foundations and resources for future development. The state revenue budget in 2018 is estimated to be at more than VND1.35 quadrillion, up 3% compared to the … [Read more...] about Government forecasts this year’s GDP growth of over 6.7%
Vietnam GDP per capita to reach US$2,540 in 2018: Investment minister
The Hanoitimes - The result remains a long way off achieving the target of US$3,200 - 3,500 by 2020, local media reported. Vietnam's nominal GDP in 2018 is forecast to stand at nearly VND5,555 trillion (US$240.5 billion) equivalent to a growth rate of 6.7%, leading to GDP per capita of US$2,540, up 6.3% year-on-year, according to the Minister of Planning and Investment Nguyen Chi Dung. Illustrative photo. This would result in an increase of US$155 compared to 2017 and US$325 in 2016, which is, however, remains a long way off achieving the target of US$3,200 - 3,500 by 2020, Dung said in a hearing held by the National Assembly's Standing Committee on October 15. Overall, Vietnam averages a growth rate of 6.57% in the 2016 - 2018 period, meeting the five-year target set by the National Assembly (6.5 - 6.7%), Dung added. Dung also stated that in the first nine months of 2018, Vietnam has over 96,610 newly established enterprises, while 73,100 ones … [Read more...] about Vietnam GDP per capita to reach US$2,540 in 2018: Investment minister
GDP likely exceeds 6.7% in 2018
Illustration photo Minister Dung presented a mid-term report on socio-economic development plan in the 2016-2020 period on October 15 at the 28th session of the National Assembly Standing Committee. According to the report, major balances of the economy were ensured, contributing to safeguarding the macro-economy and generating resources for its growth. State budget collection valued at VND1.35 quadrillion, surpassing the forecast by 3% and seeing a year-on-year growth of 5.5%. State budget overspending reached 3.67%. Total social investment was estimated at VND1.89 quadrillion, accounting for 34% of GDP. The MoPI forecast that GDP would exceed 6.7% in 2018 while the growth modal is transforming towards “deep” development. The fight against corruption, wastefulness, and settlement of accusations and complaints were promoted. In 2019, GDP would increase around 6.6-6.8%. Total export turnover would grow by 7-8%. Poverty … [Read more...] about GDP likely exceeds 6.7% in 2018
Vietnam’s nine-month GDP growth hits eight-year record
GSO General Director Nguyen Bich Lam said that in the third quarter of the year, GDP grew by 6.88 percent compared to a year ago, lower than the 7.45 percent of the first quarter but higher than the 6.73 percent growth in the second quarter, reflecting the economy’s continued growth momentum. Of which, the agro-forestry-fishery sector registered a 3.46-percent expansion, while the industry-construction sector posted an 8.61-percent increase, and the service sector increased by 6.87 percent. In terms of GDP use in the third quarter of the year, final consumption rose by 7.02 percent compared to a year ago, while accumulated assets grew by 8.61 percent, exports of goods and services increased by 15.13 percent, and imports of goods and services grew by 14.76 percent. Nguyen Bich Lam said the Vietnamese economy was on track to fulfill the government’s growth target for the full year. The macroeconomic indexes demonstrated the effectiveness of the leadership of the government … [Read more...] about Vietnam’s nine-month GDP growth hits eight-year record