July Cabinet meeting: Vietnam’s economy sees positive signs

(VOVWORLD) - The regular Cabinet meeting for July was convened Thursday and chaired by Prime Minister Nguyen Xuan Phuc.

July Cabinet meeting: Vietnam’s economy sees positive signs - ảnh 1Prime Minister Nguyen Xuan Phuc chairs the July Cabinet meeting on August 1, 2019. (Photo: VNA) 

The Government reviewed socio-economic development in the first seven months of 2019 and operation of businesses under the Commission for the Management of State Capital at Enterprises. Cabinet members also commented on the socio-economic development master plan for ethnic, mountainous, and underprivileged areas in the 2021-2025 period.

Prime Minister Phuc noted positive signs of Vietnam’s economy so far this year: macro-economic stability, all sectors’ strong growth, and improved business climate. Vietnam’s economy was forecast to grow 6.8% by Asian Development Bank (ADB), 6.5% by the International Monetary Fund (IMF), and 6.7% by HSBC, which the Government described as positive given the slower growth of the regional and world economies. Vietnam was up three ranks on the Sustainable Development Goal (SDG) Index this year to the 54th among 162 countries, 2nd in ASEAN. The country jumped three spots to the 42nd position out of 129 world economies in the Global Innovation Index, ranking 3rd in ASEAN.

Vietnam has continued its agricultural restructuring. Tourist destinations have received international recognitions, such as Hanoi being honored by The Guardian for its street food tours and Hoi An being named as the best city in the world by Travel and Leisure Magazine.

However, Prime Minister Phuc warned of challenges, including prolonged drought in the Central and Central Highlands regions and impacts of global growth slowdown. He urged for more efforts to achieve this year’s GDP growth rate of 6.8% and curb inflation at below 4%.

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