Vietnam’s economic growth predicted to be higher than target

Friday, 2019-10-11 13:05:28
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Vietnam’s economic growth would reach 7.26% for the fourth quarter and 7.05% for 2019, as predicted by the Vietnam Institute for Economic and Policy Research. (Photo: VNA)
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NDO/VNA – Experts from the Vietnam Institute for Economic and Policy Research (VEPR) have forecast that economic growth will reach 7.26% for the fourth quarter and 7.05% for 2019, compared to 6.6-6.8% as assigned by the National Assembly.

During a conference on October 10 to announce the macro-economic report, the VEPR reviewed the second-quarter macro-economic performance and quoted statistics from the General Statistics Office as saying that the Vietnamese economy grew by 7.31% in the third quarter.

Economist Can Van Luc highlighted bright spots in exports, improved competitiveness and lesser reliance on banking credit.

According to Luc, credit contributed to 57% of the total social investment during the 2016-2017 period, which was reduced to about 46% in 2018 and in the first nine months of 2019, proving that private capital and foreign direct investment have become stronger and more effective.

Associate Professor Pham The Anh said industry and construction led the country’s economic growth, which was partly attributable to the growth of the mining sector, especially coal mining.

The Purchasing Managers’ Index ended at 50.5 point in late September, the lowest in the recent two years, he said.

He predicted that the Vietnamese economy will become less certain later this year due to the impacts of external shocks in the world.