Overview Of Vietnam Economy 2019
National Center for Socio-Economic Information and Forecasting (NCIF) forecasts 2019: Gross domestic product (GDP) increases 6.6 - 6.8%; Average consumer price growth (CPI) is about 4%; Total export turnover increased by 7-8%; The ratio of trade deficit to total export turnover is less than 3%; The total social investment and development capital is about 33-34% of GDP.
According to the Vietnam Macroeconomic Annual Report, the impressive growth of the Vietnamese economy last year was accompanied by three bright spots:
First, economic growth comes from all regions showing a fairly uniform rise in economic activity.
Secondly, the role of a key contributor to the growth of the private sector is evident. Private consumption showed a strong recovery of aggregate demand with an increase of 11.7% over the previous year. Private investment still retained the previous year's growth rate of 18.5% in the context of lower social investment growth compared to the previous year.
Third, the foreign economic front broke impressive. Import and export activities have set a new record with an annual export surplus of 7.2 billion USD, up 147% from the previous year. Especially, for the first time, the private sector has higher export growth rate than the foreign invested sector (15.9% compared to 12.9%).
Besides, there are a series of changes in the legal framework, supporting businesses from the promulgated policies. The data show a positive picture for Vietnam's economy in 2019 to create economic development momentum for the period from 2020.
According to the General Director of General Statistics Office Nguyen Bich Lam, the positive results of Vietnam's economy in 2018 will create growth momentum for 2019 and subsequent years. However, the world economy is forecast to continue the slow growth trend with increasing risk factors and challenges.
As for Vietnam, according to the Global Competitiveness Report of 2018, the World Economic Forum rated Vietnam as 77/140 economies with relatively high scores and rankings on macroeconomic stability tissue; about health and market size. However, the indicators play a decisive role in the competitiveness of the national economy in the context of low 4.0 Industrial Revolution: innovation capacity; labor market; access to technology; labor skills; dynamics of businesses and product markets ... According to Mr. Lam, these are no small challenges, long-term for Vietnam's economic growth.
Vietnam has signed and started implementing new generation FTAs such as the Comprehensive Partnership Agreement and Trans-Pacific Progress (CPTPP), the Vietnam-EU Free Trade Agreement (EVFTA) with commitments. far-reaching, high standards and expansion in many areas. These FTA agreements motivate Vietnam's economic growth with a high degree of openness in the economy, while enhancing opportunities to attract and utilize FDI inflows in 2019 and subsequent years.