Economic growth pace and quality must match: PM

03-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

The government is determined to develop the economy in a fast but sustainable manner, prime minister Nguyen Xuan Phuc said at a teleconference between the government and the centrally governed provinces and cities today, December 28.

Phuc hailed the country’s impressive economic achievements this year, stating that the country has achieved all 12 targets set by the National Assembly. Specifically, gross domestic product has expanded by 7.08 percent, the highest growth rate since 2008.

The macroeconomy has been stabilised and inflation has edged up 3.54 percent versus last year, below the target of 4 percent.

In addition, the trade surplus has reached an all-time high of $7.2 billion, way above $2.1 billion in 2017.

Another remarkable achievement is that domestic enterprises have outpaced foreign direct investment firms in export revenue growth, at 15.9 percent and 12.9 percent, respectively.

Further, export revenue from agricultural products amounted to more than $40 billion, the highest ever seen.

The PM also spoke highly of the role of enterprises in achieving the country’s socioeconomic performance. This year, more than 130,000 enterprises have been established and 34,000 others have resumed operations.

The State budget revenue this year was $3.5 billion higher than the earlier estimate, Phuc said.

The government leader also pointed out the shortcomings of the local economy. In particular, credit growth has reached 14 percent, below 17 percent-18 percent seen in previous years, while the mining industry has posted a decline of 4 percent in its growth rate.

He called for solutions for loss-making projects and urged the building of e-Government.

He urged the removal of obstacles to the development of the private sector and the conversion of household businesses into firms.

The shortcomings of the economy cannot be blamed on systems and policies but on the way in which these policies are made and executed, Phuc added.


Category: Economy, Vietnam

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