Việt Nam achieves impressive growth this year: Deputy PM

October 23, 2019 - 08:17
Việt Nam has overcome global economic headwinds and achieved impressive growth with stable macroeconomic and the result is appreciated by other countries, said Deputy Prime Minister Vương Đình Huệ.


Deputy Prime Minister Vương Đình Huệ speaks at the National Assembly on Tuesday. Photo

HÀ NỘI — Việt Nam had overcome global economic headwinds and achieved impressive growth with a stable macro-economy, said Deputy Prime Minister Vương Đình Huệ.

He attributed it to the fact inflation had been kept at 2.5 per cent despite the price of electricity and other public services in the health and education sectors rising.

Huệ made the statement as deputies discussed socio-economic plans and the State Budget for next year.

The Government was striving for higher GDP growth by 2020, however, he said it was likely to remain at 6.8 per cent for several reasons.

Firstly, the International Monetary Fund (IMF) had lowered its forecast of global economic growth.

Previously, the IMF forecast global growth for 2019 at 3.2 per cent, while it was 3.8 per cent in 2018. 

“These indicators show the highest decline since the 2008 economic crisis," the Deputy PM said.

In other countries, economic growth was also predicted to be lower than forecast. The US is expecting GDP to increase by 2 per cent this year, much lower than the forecast of 3 per cent.

"Việt Nam's growth of 6.8 per cent in 2019 and possibly higher, is a great effort. Of which, the main momentum was the manufacturing industry and domestic consumption," Huệ said.

Regarding the agricultural sector, he highlighted the huge losses caused by African swine fever (ASF).

ASF has resulted in the loss of 5.5 million pigs, accounting for nearly 20 per cent of the total stock. This is why the agricultural sector has only increased 2.02 per cent in the first nine months while the Government was looking for a 3.5 per cent gain.

However, the rapid growth of the manufacturing and processing industry and an increase of domestic consumption by nearly 12 per cent has helped offset the loss in agriculture as well as exports.

The Deputy PM said the economic situation in 2019 would continue to evolve in 2020 and might be even worse if conflicts between major economies couldn’t be handled.

Master plan

A master plan on socio-economic development in ethnic minority mountainous and disadvantaged areas was also discussed by NA deputies yesterday.

Hoàng Văn Cường, a deputy from Hà Nội, said the master plan would be effective, changing the status of people in these areas because they held great potential.

The project has set a goal of doubling the incomes of ethnic minorities in these areas by 2025.

It has also suggested offering free cows and chickens to poor families to help develop the economy.

The project needed to set forth appropriate ways to support and explore potential in new fields and help people achieve a breakthrough, he said.

Giàng A Chu, a deputy from Yên Bái Province, said: “For ethnic minority people, livelihoods and production development are fundamental elements. There should be a plan which helps local residents boost economic development."

Policies to attract investors and the business community should also be implemented in disadvantaged areas.

Hoà Bình Deputy Trần Đăng Ninh agreed.

He said all possible resources, particular those in locality, should be mobilised to implement the plan with a view to improving the lives of local people and shortening the financial gap between regions. — VNS