Vietnam’s 2019 Economic Growth Rate Target Feasible, VEPR says

Trung Mến

11:15 12/04/2019

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FDI is still the main contributor for economic growth through export. Those group of FDI companies have total export value of $41.46 billion.

Vietnam’s 2019 Economic Growth Rate Target Feasible, VEPR says
According to the marco economic report released by the Vietnam Institute for Economic and Policy Research (VEPR), in the first quarter of 2019, Vietnam economy grew by 6.79%, lower than the record growth rate 7.45% of 2018 but much higher than many other previous years.
The growth rates of agriculture, fishery, industry, construction and services are all lower than the same period last year but still very good. FDI is still the main contributor for economic growth through export. Those group of FDI companies have total export value of $41.46 billion.
In the conference reviewing the macro economic situation in the first quarter of 2019, VEPF representative remarked that with the economic growth rate of 6.79% in 1st quarter 2019, the growth targets of 6.6%-6.8% in 2019 set out by the National Assembly would be feasible.
Accordingly, VEPF predicts that the Vietnam’s 2019 economic growth rate will reach 6.9%. In which, the 1st quarter growth rate 6.61%, inflation rate 3.25%; 2nd quarter growth rate 7.01%, inflation rate 3.10%; 3rd quarter growth rate 7.01%, inflation rate 3.10%; 4th quarter growth rate 7.12%, inflation 4.28%.
Director of VEPR, Nguyen Duc Thanh, said that the momentum for 2019 economic growth rate is not much different from previous years, the economic cycle is recovering thanks to the changes made by the Government.
Apart from that, the US-China trade war are creating many opportunities for Vietnam when many companies abandon China for Vietnam. However, the US bound export may face to some difficulties because of the Chinese economy downturn and the surge of the trade protectionism trend.
VEPR thinks that the Vietnam’s long term economic prospect will still depend on FDI, the process of business environmental improvement and state owned company privatization.

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