Economists optimistic about Vietnam’s economic outlook

Wednesday, 2018-05-16 10:39:10
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Minister of Planning and Investment Nguyen Chi Dung speaks at the event (Photo: VGP)
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NDO/VNA – Positive socio-economic signs in the first months of 2018 have led economists to be optimistic about the Vietnamese economy’s outlook for the whole year and until 2020.

At a conference in Hanoi, on May 15, on the Vietnamese economy’s outlook for 2018 and to 2020, Minister of Planning and Investment Nguyen Chi Dung highlighted the good socio-economic performance in the first months of 2018, especially the GDP growth of 7.38%, the highest rise in a first quarter in 10 years. The macro-economy was kept stable, and inflation was under control.

The average consumer price index (CPI) in the first four months of 2018 rose 2.8%. The monetary market and the banking system remained stable with the system’s liquidity ensured, he said.

The Minister added that disbursement of foreign direct investment was estimated at US$5.1 billion, up 6.3%. The number of newly-established enterprises was over 41,200, with combined capital of approximately VND412 trillion.

Total import-export revenue in the period was estimated to hit US$73.76 billion, a rise of 19% annually, with a trade surplus of roughly US$3.39 billion.

President of the Vietnam Association of Foreign Invested Enterprises (VAFIE) Nguyen Mai held that foreign investment (FDI) has played an important role in the Vietnamese economy. Last year, the FDI disbursement reached a record figure of US$17.5 billion. He predicted that FDI disbursement this year may hit US$19 billion.

Meanwhile, Warrick Cleine, President and General Director of KPMG Vietnam asserted that foreign investors are becoming more confident in the Vietnamese economy. A number of forecasts by international organisations put the country’s average GDP growth in the 2018-2020 at around 6.85% and even 7% in some years.

However, Minister Dung said the Vietnamese Government has been highly aware of the possible impacts by the economy’s internal problems and outside influence.

The country aims for fast and sustainable economic growth on the basis of making full use of humankind’s science-technology advances, especially from the 4.0 industrial revolution, towards the goal of a modern industrialised country with an advanced market economy.

Minister Dung also highlighted the need for the joint efforts of all sectors at every level, as well as all economic players, in maintaining the growth trend not only in 2018 but also in the following years.