Vietnam maintains economic growth despite global market volatility: PM

Vietnam maintained positive growth in most economic sectors in the January-August period despite global market volatility, including escalating trade tensions among major economies, said PM Nguyen Xuan Phuc.

Vietnam maintains economic growth despite global market volatility: PM
Prime Minister Nguyen Xuan Phuc (standing) speaks at the regular Cabinet meeting today, September 4 - PHOTO: VNA

At a regular Cabinet meeting today, September 4, to review the country’s socioeconomic performance in August and in the eight-month period, Phuc noted that manufacturing and agriculture also recorded growth despite unfavorable conditions. The macroeconomy remained stable and inflation was curbed at 2.5%, the lowest level recorded in the last three years, the Government leader was cited by news site Vietnamplus as saying.

In addition, the exchange rate was stable, while many countries' currencies depreciated against the U.S. dollar.

The country also reported a significant increase in exports, at 7.3%, reaching a value of US$170 billion. Exports to China plunged but Vietnam gained high export revenues from European markets.

Of the total, exports by domestic enterprises increased 13.9%, accounting for 30% of the country’s total export revenue for the first time.

The trade surplus reached a new record of more than US$3.4 billion in the eight months, PM Phuc added.

According to a report by the Ministry of Planning and Investment, between January and August, some US$12 billion of foreign direct investment was disbursed, up 6.3% year-on-year.

 

The eight-month period saw nearly 90,500 new businesses established, with total registered capital of over VND1.15 quadrillion (US$49.6 billion), a rise of 3.5% in the number of enterprises and 32% in capital. Meanwhile, the number of firms that suspended operations dropped 7% and those resuming operations increased 21.8%.

The index of industrial production expanded 9.5%, lower than that in the same period last year but still higher than the index in the January-August period in 2016 and 2017.

Total retail sales of goods and services increased 11.5% to reach VND3.2 quadrillion.

In the eight-month period, the country welcomed 11.3 million international tourists, up 8.7% against the same period last year.

The prime minister also referenced local and international financial organizations’ forecasts of Vietnam’s economic growth this year, which range from 6.7% to 6.96%.

He called for stronger efforts from ministries, agencies and localities to reach an economic growth rate of 6.7%-6.8%.

PM Phuc also highlighted the shortcomings in the management and operations of the Government and the relevant agencies, particularly the slow disbursement of public investment funds, landslides in the Mekong Delta region and challenges affecting the agriculture sector and traffic infrastructure projects. SGT

 
 

Other News

.
Party Central Committee convenes 13th session
Party Central Committee convenes 13th session
POLITICSicon  05/10/2020 

The 13th session of the 12th Party Central Committee opened in Hanoi on October 5 under the chair of Party General Secretary and President Nguyen Phu Trong.

Third wave of reform: 20% more regulations on businesses to be cut
Third wave of reform: 20% more regulations on businesses to be cut
POLITICSicon  05/10/2020 

The Vietnamese government’s Resolution 68 that aims to reduce business regulations by 20% and at least 20% of costs is seen as the Government’s third wave of reform.

Vietnam supports all efforts towards nuclear disarmament, non-proliferation
Vietnam supports all efforts towards nuclear disarmament, non-proliferation
POLITICSicon  05/10/2020 

Deputy Prime Minister and Foreign Minister Pham Binh Minh has affirmed Vietnam’s consistent stance on supporting all efforts towards nuclear disarmament and non-proliferation.

Website of 13th National Party Congress launched
Website of 13th National Party Congress launched
POLITICSicon  04/10/2020 

The official website of the 13th National Congress of the Communist Party of Vietnam (CPV) was launched on October 3, at daihoi13.dangcongsan.vn.

Minister: Government determined to achieve 3 pct. growth this year
Minister: Government determined to achieve 3 pct. growth this year
POLITICSicon  03/10/2020 

The Vietnamese Government resolved to record GDP growth of 2.5-3 percent this year at its recent monthly meeting, Minister and Chairman of the Government Office Mai Tien Dung told a press conference on October 2.

Recovering and Building Back Better as a Region: ASEAN Chief
Recovering and Building Back Better as a Region: ASEAN Chief
POLITICSicon  03/10/2020 

Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dato Lim Jock Hoi has written an article about the region’s COVID-19 and economic situation. The following is the full text of the article.

Vietnam wants resumption of talks on East Sea code
Vietnam wants resumption of talks on East Sea code
MARITIME SOVEREIGNTYicon  02/10/2020 

Vietnam wants code of conduct (COC) negotiations for parties in the East Sea between Southeast Asian nations and China to resume soon, after months of disruption caused by the COVID-19 pandemic, a spokesperson has said.

Vietnam, Singapore cooperate to facilitate entry of each other’s citizens: spokesperson
Vietnam, Singapore cooperate to facilitate entry of each other’s citizens: spokesperson
POLITICSicon  02/10/2020 

The Singaporean Embassy in Hanoi has informed the Vietnamese Foreign Ministry about Singapore’s decision to open its borders to Vietnamese visitors as from October 8, according to Foreign Ministry spokesperson Le Thi Thu Hang.

Vietnam welcomes countries’ standpoints on East Sea issue: Spokesperson
Vietnam welcomes countries’ standpoints on East Sea issue: Spokesperson
POLITICSicon  02/10/2020 

Vietnam welcomes the stance held by other countries on the East Sea issue that conforms with international law, Foreign Ministry spokesperson Le Thi Thu Hang said

Vietnam backs UN, AU efforts to ensure peace in Africa
Vietnam backs UN, AU efforts to ensure peace in Africa
POLITICSicon  01/10/2020 

Vietnam supports joint efforts by the United Nations (UN) and the African Union (AU) to promote peace in Africa, Ambassador Pham Hai Anh, deputy head of the Vietnamese mission to the UN, has said.

Setting the scene for Vietnam’s future human development
Setting the scene for Vietnam’s future human development
POLITICSicon  01/10/2020 

With Vietnam celebrating the 44th anniversary of joining the UN this month, Caitlin Wiesen, UNDP resident representative in Vietnam, pores over the country's progress in human development and the challenges ahead to tackle various inequalities.

Vietnam-Germany relations develop constantly: Ambassador
Vietnam-Germany relations develop constantly: Ambassador
POLITICSicon  01/10/2020 

Cooperative relations between Vietnam and Germany have been developing constantly in multiple fields, German Ambassador to Vietnam Guido Hildner told the media on September 30.

New Japanese PM mulls first overseas trip to Vietnam
New Japanese PM mulls first overseas trip to Vietnam
POLITICSicon  01/10/2020 

Japanese Prime Minister Yoshihide Suga is planning to visit Vietnam and Indonesia around mid-October in his first official overseas trip since taking office earlier this month, Kyodo News cited government sources as reporting on September 30.

Vietnam, UK to develop strategic partnership to higher level: officials
Vietnam, UK to develop strategic partnership to higher level: officials
POLITICSicon  01/10/2020 

Deputy PM and Foreign Minister Pham Binh Minh held talks with UK Secretary of State for Foreign, Commonwealth and Development Affairs and First Secretary of State Dominic Raab in Hanoi on September 30.

PM Nguyen Xuan Phuc hosts UK Ministers
PM Nguyen Xuan Phuc hosts UK Ministers
POLITICSicon  01/10/2020 

PM Nguyen Xuan Phuc on September 30 received Greg Hands, Minister of State for Trade Policy in the Department for International Trade of the UK and President of Enterprize Energy Group Ian Raymond Hatton, 

Vietnam calls on Israel to cease expansion of settlement areas
Vietnam calls on Israel to cease expansion of settlement areas
POLITICSicon  30/09/2020 

Vietnam has called on Israel to cease the expansion of settlement areas and fulfill its duties in line with international law.

Top leaders of Vietnam, China agree to step up result-oriented cooperation
Top leaders of Vietnam, China agree to step up result-oriented cooperation
POLITICSicon  30/09/2020 

Vietnamese Party General Secretary and State President Nguyen Phu Trong and his Chinese counterpart Xi Jinping consented to step up result-oriented cooperation between the two countries during their phone talk on September 29.

Many provinces have newly-elected and re-elected Party chiefs
Many provinces have newly-elected and re-elected Party chiefs
POLITICSicon  30/09/2020 

Many provinces and cities have elected or re-elected their top leaders.

13 provincial Party secretaries and chairmen join the central Government in 2020
13 provincial Party secretaries and chairmen join the central Government in 2020
POLITICSicon  29/09/2020 

So far this year, many provincial leaders have become cabinet members.

Japan to open consulate general in Da Nang
Japan to open consulate general in Da Nang
POLITICSicon  29/09/2020 

The Japanese Ministry of Foreign Affairs is planning to open four new diplomatic representative offices abroad in the fiscal year 2021, including a consulate general in Vietnam’s Da Nang, according to the daily newspaper Yomiuri.

 
 
 
Leave your comment on an article

OR QUICK LOGIN