Macroeconomic indexes have experienced positive changes over the last nine months, showing the effectiveness of Vietnam’s financial and monetary policies, according to the National Financial and Monetary Policy Consultation Council.

Macroeconomic indexes have experienced positive changes over the last nine months

The council revealed at a meeting in Hanoi on September 28 that on average, inflation rate grew by 1.45 percent on average during January-September. The figure is expected to stand at about 1.5-1.8 percent for the whole year, lower than the target set by the National Assembly. 

GDP rose by 7.46 percent in the third quarter, and 6.41 percent in the first nine months of the year. 

The council attributed the high GDP rise in July-September to industrial growth, which was up 13.2 percent year-on-year, led by the processing and manufacturing sector and export growth. 

Up to 147 trillion VND (6.47 billion USD) worth of Government bonds were mobilised from January to September, completing 80 percent of the set plan.

Stock market capitalisation increased by 38.7 percent, equivalent to 60 percent of GDP, the council said. 

As of September 20, foreign direct investment edged up by 21.7 percent year-on-year with a record high of newly-registered capital at 14.6 billion USD and additional capital at 6.8 billion USD. 

The council underlined the need to keep a close watch on credit growth and quality although the Government has allowed the State Bank of Vietnam to increase the credit growth rate from 18 percent to 21 percent. 

They proposed the Government continue streamlining administrative procedures, amending and issuing policies to attract businesses in agriculture and rural areas, and instructing agencies to cut production and businesses costs.

VNA