Deputy Prime Minister Truong Hoa Binh

Deputy Prime Minister Truong Hoa Binh presented the Government’s report on the implementation of socio-economic development targets in the first quarter of this year and ways to achieve this year’s targets. He also highlighted Vietnam’s achievements in surpassing all the 12 targets set by the National Assembly last year.

Vietnam obtained a record high economic growth rate in 2018

With efforts of the whole political system, the business community, and the people, Vietnam’s socio-economic situation in 2018 progressed significantly, creating a momentum in implementing the 5-year socio-economic development until 2020.

With a GDP growth of 7.08% last year, Vietnam has entered the group of economies with the highest growth rate in the region and the world. GDP per capita was 2,590 USD. FDI reached 19 billion USD, an increase of 9%. Export revenue increased 13.2% while the total export and import revenue reached 480 billion USD. Vietnam recorded an export surplus of 6.8 billion USD, the highest figure ever.

Deputy Prime Minister Truong Hoa Binh said: “The culture, society, and environment sectors have obtained important results. Administrative reform and the fight against corruption have been implemented drastically. National defense, security, and external affairs have been strengthened and Vietnam’s prestige and status has grown internationally.”

During the last months, Vietnam’s macro-economy has been stable while inflation was under controlled. CPI in the first 4 months increased 2.7%, the lowest rate in 3 years, and GDP expanded 6.79 percent. Export earned 79 billion USD. Vietnam has attracted increasing investment in agriculture and rural development programs.

Mr. Binh said: “As 2019 is an important year to fulfill the 5-year socio-economic plan until 2020, the Vietnamese government has fine-tuned policies and mechanisms to resolve obstacles on investment, trade, tariff, labor, land, and natural resources. Efforts have been made to strengthen administrative reform, simplify administrative procedures, remove business conditions, and reduce costs for the people and businesses. National conferences were held to discuss ways to accelerate global integration, boost production, develop economic hubs and promote tourism, the private sector, high-tech businesses, and innovation, and set out policies and breakthrough solutions to create momentum for economic development.”

Reinforcing macro-foundation, ensuring major economic balances, promoting growth

Besides positive results, there remain many difficulties and challenges negatively influencing the economy. Deputy Prime Minister Truong Hoa Binh asked sectors at all levels to concentrate resources to overcome difficulties and reconstruct the economy in association with renovating the growth model, improving the productivity, quality, efficiency, and competitiveness of the economy, promoting administrative reform, inspection, and settlement of complaints and denunciations, strengthening the fight against corruption and waste; and improving the effectiveness of foreign affairs and international integration.

He said: “It’s necessary to systematically implement solutions to expand markets, promote production, and resolve difficulties for agricultural export. Communications should be enhanced to take advantage of opportunities and effectively carry out an action plan on implementing free trade agreements and the Comprehensive and Progressive Trans-Pacific Partnership. The domestic retail system should be expanded in association with the campaign “Vietnamese people prioritize Vietnamese products.” 

The Government will continue with efforts to improve people’s material and spiritual life, strengthen the management of natural resources, protect the environment, prevent disasters, and respond to climate change.