Vietnam set GDP growth target of 6.7% in 2018

The Hanoitimes – In addition to the high target growth rate, the government also set the Consumer Price Index (CPI) for 2018 at 4%. That said, CPI target in 2018 is equal to that of in 2017, indicating the cautious approach of the government. In 2018, despite forecast showing a less uncertainty to the economic situation, there remains potential risks to the effort of controlling inflation rate, said Nguyen Tien Thoa, Vice Chairman and General Secretary of Valuation Vietnam Associaiton (VVA).  For example, price of goods in the global market is on the growing trend, which can potentially impact price of local goods, such as oil, natural gas, coal (global oil price is estimated to increase from US$7 – US$10 to US$60 per barrel); expanding credit, exchange rate; impact from the increase price of electricity; increase in minimum wage;  “CPI growth rate should be put under close control since the beginning of the year to lay the foundation for high economic growth by the end of the year. Goods supply must be sufficient; reducing expenditure in production, lending rate and toll road. With this being said, it is feasible to control the inflation rate under 4%” – Mr. Thoa said.  Inflation rate in 2018 is expected to be under pressure from the increase in administrative and food price, informed the economic expert Ngo Tri Long. For the GDP to reach the target growth rate of 6.7%, the application of stimulation measures may lead to a high inflation rate. However, the… [Read full story]

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