Vietnam’s socio-economy 2019 sees impressive growth

VOV.VN - National Assembly deputies agree that Vietnam has recorded positive and comprehensive socio-economic achievements this year. At a three-day discussion on the socio-economic situation during the on-going National Assembly session in Hanoi, deputies appreciated the government’s drastic, effective management to obtain set targets.

vietnam’s socio-economy 2019 sees impressive growth hinh 0
The 8th session of the 14th National Assembly

Lawmakers said Vietnam has recorded positive results in many areas despite regional and global challenges, disputes, lower economic and trade growth than last year, and disasters. Vietnam’s GDP growth this year is projected to be 6.8% with inflation less than 3%. Vietnam’s Competitiveness Index has risen 10 places.

Positive, comprehensive socio-economic development

This is the second time the government has achieved and exceeded 12 key socio-economic targets, ensured a stable macro-economy, and improved major economic balances.

The foreign currency exchange rate has been stable and the foreign currency reserve has doubled since the beginning of the tenure. State revenues have exceeded estimates. Deficit spending and public debt have been less than GDP growth.

Vu Tien Loc, a National Assembly deputy for Thai Binh province, said these positive results will have a domino effect on many sectors and will strengthen public trust.

“This year is the first year Vietnam has had growth momentum from the processing and manufacturing sectors. The proportion of export and investment from the private sector has increased. Vietnam has maintained the highest growth rate in ASEAN and is one of the fastest growing economies in Asia,” said Loc.

Nguyen Thanh Hien, a deputy for Nghe An province, said, “2019 saw comprehensive socio-economic results with practical changes in economic and growth model restructuring. Voters and NA deputies acknowledge the government’s effort and determination to resolve obstacles to meet people’s aspirations.”

Continuing to reform and develop the economy

Achievements have illustrated Vietnam’s economic rebound, which has laid a firm premise for the future.

But in the face of unfavorable global development Tran Hoang Ngan, a deputy for HCMC, recommended continuing reform to boost the competitiveness of the business community.

“It’s necessary to increase resources to improve the legal system and build regulations for the development of the 4th Industrial Revolution, the digital economy, the shared economy, new economic models, and renovation models. The law on intellectual property and the promotion of innovative products by Vietnamese people worldwide should be fine-tuned. Policies on regional connectivity should be revised,” said Ngan.

The deputies proposed continuing to fine-tune market economy mechanisms, build trademarks, enhance business connectivity, and boost national competitiveness worldwide. 

“Breakthrough policies are needed to remove barriers to business development. This is a primary way to encourage people to do business. The state should have effective solutions related to resources, land, credit, and human resource development for all economic sectors, particularly the private sector,” said Nguyen Nhu So, a deputy for Bac Ninh province.