Vietnam on track to meet 2019 growth target: PM

Prime Minister Nguyen Xuan Phuc has affirmed that Vietnam will be able to meet this year’s growth target of 6.6-6.8%, citing positive economic data in the past eight months.

PM Nguyen Xuan Phuc chairs the government's September meeting. (Photo: VGP)
PM Nguyen Xuan Phuc chairs the government's September meeting. (Photo: VGP)

The PM was speaking at a regular government meeting on September 4.

He said that despite global uncertainties, Vietnam’s economy has maintained its growth momentum with a stable macroeconomic condition.

Average inflation in the first eight months of 2019 was 2.57%, the lowest figure in the past three year. The exchange rates were also stable against a background of many currencies weakening against the US dollar.

Vietnam also posted a record trade deficit of US$3.4 billion in the January-August period.

At the meeting, the PM mentioned international organisations’ optimistic growth forecasts for Vietnam in 2019 such as the ADB projecting a growth rate of 6.8% and HSBC 6.7%.

Domestic think-thanks also put the growth forecasts at 6.86-6.96%.

Government revenue figures are also quite decent, indicating the strength of the economy, PM Phuc added.

However, the government leader also pointed out a number of problems such as a slow disbursement of public investment, river and coastal erosion in the Mekong Delta hurting local lives, struggling agriculture and poor transport infrastructure.

The Prime Minister called for continued efforts in the remainder of the year in order to realise and even exceed the socio-economic targets set for 2019.