The gross domestic product (GDP) growth rate in the first quarter of this year is lower than the low growth scenario of 6.76%, Sai Gon Gai Phong news site reported, citing the Ministry of Planning and Investment.

Employees are at work at a garment company in Vietnam. The GDP growth rate in quarter one may reach an estimated 6.58%, lower than the low growth scenario of 6.76% 

Given the figures seen in the first two months of 2019, the GDP growth rate in quarter one may reach an estimated 6.58%.

To obtain an economic growth rate of 6.6%-6.8%, as indicated by the first plan established in late November 2018, the Ministry of Planning and Investment has proposed that ministries, departments and authorities of provinces and cities nationwide must intensify their efforts, take advantage of all opportunities for domestic and foreign investments, and focus on measures to shore up production, so that the remaining quarters can fulfill the year's target.

As for the high scenario, with the year’s GDP rising by 6.8% against the rate seen in 2018, the GDP rates of quarters two, three and four should grow by 6.77%, 7.13% and 6.7%, respectively. Meanwhile, quarters two, three and four must see GDP rates of 6.55%, 6.89% and 6.4%, respectively, in the low scenario. 

Since the beginning of 2019, no projects funded by new official development assistance (ODA) and foreign preferential loans have been signed. Additionally, as of February 25, the disbursement of ODA and preferential loans from foreign lenders amounted to US$100 million, the same as the figure seen in the similar period of 2018.

The ministry said that in March, the final month of the first quarter, it is necessary to proactively deploy and execute planned solutions to complete all duties toward the development of the socioeconomic sector.

Further, the ministries, departments and authorities of localities were advised to closely look into the development of prices, domestic and global markets, and the U.S.-Sino trade war, to promptly handle all problems.

Besides this, the price adjustment of goods must be carried out carefully to avoid affecting the country’s consumer price index.

SGT