The Vietnamese government has given a positive economic forecast with this year's possible GDP growth of more than 6.7% along with gradually improved growth model.

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- 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 estimate and 5.5% over the same period last year. The total social investment capital went up by 13.3% to approximately VND1.89 quadrillion, making up 34% of GDP as the target set by the National Assembly. Notably, there has been an increase in private economic sector structure.

In addition to this, wastefulness, denouncements, complaints and the fight against corruption have achieved positive results during the past year as a result of swift and strict handling of violations of law.

Regarding the key targets for 2019, Minister Dung said GDP is set to grow at between 6.6 - 6.8%, total export turnover at between 7 - 8%. The rate of poor households will drop by between 1 - 1.5% (poor districts will reduce by 4% based on 2016-2020 new standards for poverty), and the rate of trained labourers will achieve between 60 - 62%.

The report also forecasts optimistic  economic prospects for the 2019- 2020 period while noting the prospect from outside challenges due to limited economic scale, the high level of openness of the economy, extensive international integration and adverse impacts on the economy.

VOV