Vietnamese PM sees growth for 2018 at 6.7%

Vietnam’s economic growth for 2018 is expected to meet the target of 6.7%, with growth in the first three quarters of 2018 reaching 6.98%, said Prime Minister Nguyen Xuan Phuc at the opening of the National Assembly on October 22.

PM Nguyen Xuan Phuc delivering a report to the National Assembly (Photo: Duy Linh)
PM Nguyen Xuan Phuc delivering a report to the National Assembly (Photo: Duy Linh)

He also reported the output of the Vietnamese economy in 2018 at an estimated US$240.5 billion, up more than 1.3 times compared to 2015, and GDP per capita at US$2,540, an increase of US$440 from three years ago.

According to the government leader, Vietnam is on track to meet all of the 12 targets set by the National Assembly.

Inflation is expected to be contained at below 4% for the third year in a row, while exports for the whole of 2018 are projected to hit US$238 billion, up 11.2% from the previous year.

For 2019, the government is aiming for an economic expansion rate of 6.6-6.8%, inflation of 4% and export growth of 7-8%, PM Phuc said.

In order the meet these targets, the government has outlined eight group measures, notably continuing to improve the business and investment climate, renewing the growth model towards enhanced productivity and pushing through administrative reforms.

Examining the government report, the parliament’s economic committee recognised the government’s efforts in fulfilling the double targets of maintaining macroeconomic stability and boosting growth.

Vu Hong Thanh, the committee chairman, stated that Vietnam’s economic performance in 2018 will create more room for better realising the tasks of ensuring social security and improving the standard of living in subsequent years.

However, he noted that if no bolder actions are taken, Vietnam may miss a number of targets for the 2016-2020 period.