Quarterly gdp growth

The Government’s monthly meeting this morning, chaired by Prime Minister Nguyễn Xuân Phúc (standing), sets GDP growth for 2018 at 6.7 per cent, following the decade-high GDP growth of 7.38 per cent achieved in the first quarter. — VNA/VNS Photo Thống Nhất Viet Nam News HÀ NỘI — The decade-high GDP growth of 7.38 per cent achieved in the first quarter may not be easy to replicate for the rest of the year. The government, however, will strive towards a year-on-year growth rate of 6.7 per cent. Prime Minister Nguyễn Xuân Phúc said this during the monthly government meeting on Monday in Hà Nội. He asked the Cabinet to “contribute constructively” to the 2018 economic growth scenario to achieve this target, which is higher than the 6.5 per cent growth rate set by the National Assembly last year. The morning session was also amongst the rare ones, with socio-economic affairs, especially the development of growth scenarios, were discussed first instead of the usual … [Read more...] about 6.7% GDP growth targeted for 2018: Gov’ meeting

A worker at a production chain of VNK International Polybags Joint Stock Company, northern Ninh Bình Province. — VNA/VNS Photo Danh Lam Viet Nam News HÀ NỘI – Prime Minister Nguyễn Xuân Phúc yesterday urged Government members to focus on increasing the gross domestic product (GDP) growth rate, which he said stood at a low rate of 5.1 per cent in the first quarter of the year. The country has targeted GDP growth of 6.7 per cent this year. The slowdown was blamed on poor performance of oil exploitation and manufacturing, Phúc said while addressing the regular Government meeting. While the agricultural and service sectors grew well, the industry and construction sectors suffered low growth, he added. The Government leader also noted that the disbursement of public investment capital was slow; reaching only 12.4 per cent of forecasts while the figure for the same period last year was 16 per cent. He also mentioned sluggish State-owned enterprises equitisation, traffic … [Read more...] about PM calls for action to increase GDP growth

The Government projects GDP growth of 6.7 per cent in 2017 in a report submitted to the National Assembly Standing Committee on Thursday during the committee’s 15th session in Hà Nội. — VNA/VNS Photo Văn Điệp HÀ NỘI — The Government projects GDP growth of 6.7 per cent in 2017 in a report submitted to the National Assembly Standing Committee on Thursday during the committee’s 15th session in Hà Nội. But many legislators expressed doubt about the feasibility of that figure. According to the Government’s report, the macro-economy has stabilised while inflation remains below 4 per cent. The gross domestic product (GDP) is estimated at VNĐ5 quadrillion or nearly US$225 billion. Based on the socio-economic development plan for 2016-20 adopted by the legislature, the projected performance of the economy in 2017 and the domestic and international situation, the Government expects GDP to expand by 6.5-6.7 per cent in 2018. Many NA Standing Committee members expressed concern that gains … [Read more...] about Gov’t projects 6.7% GDP growth in 2017

VEPR forecasts Vietnam’s 2019 GDP growth at 6.9% The Saigon Times Daily A view of the workshop held by VEPR on January 10 - PHOTO: VNA HCMC – Given the impressive gross domestic product growth rate of 7.08% achieved last year, the Vietnam Institute for Economic and Policy Research (VEPR) has forecast a rate of 6.9% for this year, higher than the target of 6.6%-6.8% set by the National Assembly. However, the country may fail to achieve the inflation target of less than 4% as inflation was projected to hit 4.28% this year, according to VEPR’s report, titled, “Quarter IV Update and 2018 Review: Independent Assessment of Vietnam’s Macroeconomic Performance.” At a workshop to launch the report held today, January 10, VEPR President Nguyen Duc Thanh said the remarkable performance last year was underpinned by the foreign direct investment sector. The sector enjoyed a trade surplus of US$32.81 billion in 2018. Meanwhile, domestic firms’ performance was not as strong as … [Read more...] about VEPR forecasts Vietnam’s 2019 GDP growth at 6.9%

Vietnam’s GDP growth in Jan-Sep at nine-year high The Saigon Times Daily Employees work at an auto and motorcycle parts manufacturing plant in Thang Long 2 Industrial Park, Hung Yen Province. The processing-manufacturing industry is the major driver of Vietnam's economic growth in the Jan-Sep period of 2019 - PHOTO: VNA HCMC – Vietnam’s gross domestic product (GDP) in the year to September had expanded 6.98%, the highest rate for the nine-month period over the past nine years, even though local export activities encountered some obstacles this month, according to the General Statistics Office (GSO). Amid many uncertainties in the global economy, trade, politics and security, the local GDP growth still reached a nine-year high, GSO head Nguyen Bich Lam told a press briefing on the country’s nine-month socio-economic situation today, September 28. Besides the very positive growth rate, the macroeconomy remained stable, with inflation being controlled at the lowest … [Read more...] about Vietnam’s GDP growth in Jan-Sep at nine-year high

GDP growth in Jan-Sep at 10-year low The Saigon Times An employee working at a firm. Vietnam’s gross domestic product (GDP) between January and September expanded 2.12%, the lowest rate for the nine-month period over the past 10 years – PHOTO: VNA HCMC – Vietnam’s gross domestic product (GDP) between January and September expanded 2.12%, the lowest rate for the nine-month period over the past 10 years, according to the General Statistics Office (GSO). The coronavirus pandemic has slowed down the growth of most sectors in Vietnam. Besides, the interruption of international trade activities as a result of the impact of the health crisis has severely affected the country’s production, imports and exports, leading to a high rate of unemployment. Though the GDP growth stood at a 10-year low, the expansion was considered a success amid the efforts to prevent the spread of Covid-19, the disease caused by the coronavirus, and help the economy recover, GSO head Nguyen Thi … [Read more...] about GDP growth in Jan-Sep at 10-year low

Prime Minister Nguyễn Xuân Phúc urged ministries, industries and localities to make all efforts to achieve annual economic growth of 6.3 to 6.5 per cent. — VNA/VNS Photo HÀ NỘI — Prime Minister Nguyễn Xuân Phúc urged ministries, industries and localities to make all efforts to achieve annual economic growth of 6.3 to 6.5 per cent. He was speaking at the Cabinet’s regular monthly meeting which convened yesterday, with an agenda focusing on socio-economic development and institutional building. The PM said the gross domestic product (GDP) growth rate in the first nine months of the year was only 5.92 per cent, lower than the same period last year. To achieve the government’s annual GDP growth target, the economy needed to expand 7.1 to 7.3 per cent in the 4th quarter. Although this target was high, it was achievable because the economy often had better performance in the last quarter, he said. Despite the lower-than-expected growth rate, the economy enjoyed some upbeat news … [Read more...] about PM Phúc asks for 6.5% annual economic growth

Field is exhausted in southern Bạc Liêu Province. Prolonged drought and salinisation are posing a serious threat to Việt Nam achieving this year’s economic growth target. – Photo zing.vn HÀ NỘI – Prolonged drought and salinisation are posing a serious threat to Việt Nam achieving this year’s economic growth target, said an official yesterday. Such extreme weather conditions first appeared in late 2014 and show no signs of letting up since peaking in summer 2015. This has taken a toll on the growth rate of the agricultural sector, which now has a negative rating of -2.69 per cent for the first time in decades. This statistic was made public yesterday by the General Statistics Office (GSO) during a press briefing on the country’s economic growth during the first quarter of this year. The Mekong (Cửu Long) Delta consists of 12 provinces and is the most prominent rice production region in Việt Nam. The region is suffering from the most severe drought in nearly a … [Read more...] about Extreme weather threatens growth

Vietnam’s 2019 growth will slow - WB By Thanh Thom Workers manufacture auto parts at the Keihin Vietnam Company. The industrial and construction sectors expanded 8.5% in 2018, driven by growth of a robust 13% in manufacturing which benefited from healthy external demand – PHOTO: VNA HCMC – The World Bank (WB) has projected Vietnam’s gross domestic product (GDP) growth will slow to 6.6% this year, driven by credit tightening, slower consumption and weaker external demand. The global lender said in its latest East Asia and Pacific Economic Update, called “Managing Headwinds,” that Vietnam’s economy will continue to show solid strength, supported by robust domestic demand and export-oriented manufacturing. Following 6.8% growth in 2017, preliminary data indicates that GDP growth accelerated to 7.1% in 2018, underpinned by a broad-based pickup in economic activity. Growth in the agriculture, forestry and fishery sectors accelerated to 3.5% from 2.8% in 2017. The … [Read more...] about Vietnam’s 2019 growth will slow – WB

Vietnam’s GDP per capita picks up The Saigon Times Daily U.S. banknotes are on display in this file photo. Vietnam’s GDP per capita in 2018 was US$2,590 - PHOTO: THANH HOA HCMC - The nation’s gross domestic product (GDP) per capita last year was US$2,590, up by over US$200 versus 2017 and 1.23 times higher than in 2015, according to data from the Ministry of Planning and Investment. The data was announced at the opening of the 9th plenary session of the National Assembly's (NA) Economic Committee, held on April 25, in Nha Trang City, Khanh Hoa Province. Addressing the meeting, Le Quang Manh, deputy minister of Planning and Investment, said that socioeconomic performance in 2018 had hit all 12 targets assigned by the NA, including the GDP growth rate, which exceeded the NA target of 6.5%-6.7% to hit 7.08%. In addition, the total import-export turnover remained relatively high, at more than US$480 billion, up 12.2% against the 2017 figure. The country posted a … [Read more...] about Vietnam’s GDP per capita picks up