(VOVWORLD) - Vietnam’s GDP grew 6.98% in the past 9 months, an impressive figure, said Prime Minister Nguyen Xuan Phuc at the opening of the National Assembly’s 6th session on Monday. Legislators believe the strong economic performance will provide momentum for Vietnam to fulfill its 5-year socio-economic plan until 2020.
National Assembly deputies said economic growth from 2016 to 2018 was higher than in the 2010-2015 period. The size of the national economy increased 1.3 fold and GDP per capita was 440 USD higher than in 2016, when the National Assembly began its new tenure.
Strong economic performance
Deputies said Vietnam’s economy is moving on the right track with agriculture, industry, and services posting high growth. Processing and manufacturing industries grew more than 12.6%, a main driver of the economy. The macro-economy was stable and inflation was under control. The Consumer Price Index (CPI) in the past 9 months rose more than 3.5%. Nguyen Huu Duc, a deputy of Binh Dinh province said: “Vietnam’s big achievement this year – GDP growth of 6.89% – showed that the government’s policies are paying off. The CPI was below 4%, lower than the target set by the National Assembly Resolution, another good performance. If the macro-economy and inflation remain stable, Vietnam’s economic outlook this year and next year will be rosy.”
Economists predict Vietnam will surpass this year’s growth target of 6.7%, if GDP in the fourth quarter grows 6.1%. Dinh Van Nha, Vice Chairman of the National Assembly’s Committee for Finance and Budgetary Affairs, is optimistic. He said: “This year more favorable external and internal factors have added to strong socio-economic results. 2018 has seen the highest growth in all sectors since 2011. Over the past decade Vietnam has never obtained more impressive achievements than it is seeing now.”
Efforts to fulfill 5-year plan until 2020
The government reported to the National Assembly that Vietnam will fulfill all 12 yearly targets set by the Assembly and even surpass 8 of the targets. This will provide momentum to fulfill the 5-year plan’s 6.7% growth. Cao Dinh Thuong, a deputy of Phu Tho province, echoed the positive sentiment: “I hope economic growth will not ignore social advancement and environmental protection and that Vietnam will not seek growth at all costs. Thanks to the government’s policies, Vietnam’s economy will grow 6.7% or 6.8% or even more, promising even stronger achievements in the coming years. For Vietnam to sustain public debt and mid-term investment as planned, more aggressive government measures are needed.”