Vietnam posts growth amid global slowdown

Despite the global economic slowdown, Vietnam still recorded positive growth in January-October this year, said Prime Minister Nguyen Xuan Phuc at a regular Cabinet meeting on November 5.

Vietnam posts growth amid global slowdown

Prime Minister Nguyen Xuan Phuc speaks at the regular Cabinet meeting on November 5 - PHOTO: VGP

The prime minister praised the country’s socioeconomic performance in October and in the January-October period of this year, the Government news website reported.

Specifically, macroeconomic stability was ensured, while inflation was controlled at a low level. The average consumer price index during the 10-month period increased 2.48% over the same period last year, the lowest figure recorded in the last three years.

Despite fluctuations in the global market and the impact of the U.S.-China trade war, interest rates, exchange rates, the foreign currency market and gold prices remained stable.

In addition, the State budget revenue for the 10-month period rose 9.9% year-on-year. The disbursement of foreign direct investment was also up 7.4%. Vietnam posted a trade surplus of approximately US$7 billion between January and October.

The number of newly established enterprises in the 10-month period continued to grow, reaching 114,400. In addition, 34,900 firms resumed operations.

The industrial and service sector maintained its strong growth momentum, with total retail sales of goods and services increasing 11.8%.

The country welcomed more than 1.6 million international tourists last month. In the January-October period, the number of foreign visitors to Vietnam grew 13% over the year-ago period.

According to a report by the Ministry of Planning and Investment, domestic production, business, import and export and retail sales are expected to increase sharply during the rest of the year. In case of favorable conditions, Vietnam’s economic growth may exceed 6.8%.


These positive results will create an important foundation for improving production capacity, ensuring the nation’s sustainable growth, the prime minister added.

Besides these achievements, PM Phuc pointed to shortcomings of the economy, such as a decline in the prices of key agricultural products and the slow progress of major projects. He asked for greater efforts to prevent and control fraud, drug trafficking, online gambling and traffic accidents.

Regarding the tragic incident in the United Kingdom where 39 people were found dead in the back of a truck, the Government chief stressed that Vietnam would do its best to protect its citizens

He expressed his deepest condolences to the families of the victims and directed ministries, agencies and localities to cooperate with the United Kingdom’s agencies on the case.

He praised the British agencies for coordinating with Vietnam to address the serious incident.

The prime minister also discussed Vietnam’s participation in the 35th ASEAN Summit and Related Summits in Thailand, noting that Vietnam has taken over the ASEAN Chairmanship for 2020 from Thailand.

Thus, the country will take on the role of the ASEAN chairman and become a non-permanent member of the United Nations Security Council next year.

PM Phuc said the ASEAN region had reached a strong consensus on the regional situation, especially in the East Sea in line with the 1982 United Nations Convention on the Law of the Sea, and the maintenance of peace, security, safety and freedom of overflight and navigation in the East Sea. SGT

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