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 law issues. In his opening speech, Phúc also lauded the growth of several sectors in the first quarter. For example, agriculture and fisheries grew by 4.05 per cent, while construction and industry expanded by 9.77 … [Read more...] about 6.7% GDP growth targeted for 2018: Gov’ meeting
Growth
Prime Minister sets growth target of 6.7 percent for 2018
Prime Minister Nguyen Xuan Phuc asked Cabinet members to give feedback on the 2018 growth scenario, in the aim of reaching growth of at least 6.7 pct this year, higher than the 6.5 pct assigned by the National Assembly. PM Nguyen Xuan Phuc speaks at the meeting - Credit: ND During the Government’s regular meeting in Hanoi on April 2, the PM said the socio-economic situation continued to improve throughout the first quarter of the year, with gross domestic product growth of 7.38 pct, the highest in a decade. The agro-forestry-fisheries sector expanded by 4.05 pct, double that of the same period last year, while agriculture and industry-construction grew 2.08 pct and 9.77 pct, respectively. Manufacturing and processing saw a rise of nearly 14 pct, with services growing by 6.7 pct and wholesale – retail by 4.5 pct. At the same time, Vietnam signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) with 12 states, held a … [Read more...] about Prime Minister sets growth target of 6.7 percent for 2018
Mekong countries can be new driver for global growth: summit
International and local investors are the key to economic growth in Mekong countries, Vietnam's Prime Minister Nguyen Xuan Phuc said at the Greater Mekong Subregion (GMS) Summit on Friday at the National Convention Center at Hanoi. The GMS is a resourceful region which is helping Asia become the new driver for global economic growth in the 21st century, Phuc said. However, amid global changes, GMS countries need new motivation to compete and develop. That motivation is to “develop our own internal force” and “effectively exploit the advances and breakthroughs of science and technology”, Phuc said. Vietnam has achieved various economic and social success in the last year, which is the foundation for its government to improve the business environment, increase integration and invest in traffic infrastructure, he continued. For the GMS to thrive, its countries need to guarantee sustainability and harmony, he said. Speaking at the same event, Chinese Foreign … [Read more...] about Mekong countries can be new driver for global growth: summit
Vietnam’s first quarter credit growth at 2.23 percent: GSO
Commercial bank deposits also went up by 2.20 percent; however it is 2.43 percent lower compared to the same period last year. Vietnam’s credit growth was 2.23 percent in first quarter while it was 2.81 percent in last year’s first quarter. GSO’s report said that deposit interest rates were also stable, at 6.5 - 7.3 per cent for deposits in Vietnamese đong over a 12-month term. Lending interest rates for prioritized sectors stood at 6 - 6.5 per cent over 12-month term while it was 6.7 - 9 percent in short -term loans and 9.3 - 11 percent in long-term loans for other sectors. For businesses with transparency in finance report, lending interest rate was 4 - 5 percent over 12 months as short-term loans. The office of State bank of Vietnam in the HCMC said that credit growth of institutions in the city in the year’s first quarter was estimated 3 percent higher than the growth in the end of 2017 and much higher than the country’s general growth. The … [Read more...] about Vietnam’s first quarter credit growth at 2.23 percent: GSO
Vietnam to sustain decade-high economic growth to 2020: PM
Vietnam will maintain its current economic growth until 2020 by giving private firms more room to grow and driving positive change to rural areas, said Vietnam’s prime minister in an interview with the Financial Times and Nikkei last Monday. Nguyen Xuan Phuc said the Southeast Asian country’s economy grew by 7.41 percent in the first quarter of 2018 compared to 6.81 percent last year, marking the highest growth rate in a decade. To continue this success, Phuc said Vietnam will facilitate an economic environment conducive for private firms to thrive, citing how these companies account for 43 percent of the nation’s Gross Domestic Product (GDP), making them the vanguards of Vietnam’s economic growth. The Vietnamese government will help by developing new policies, distributing resources, encouraging the creation of new enterprises and giving firms more opportunities to utilize modern technologies, said Phuc. "We will try to put in place the most favorable policies … [Read more...] about Vietnam to sustain decade-high economic growth to 2020: PM