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]
PM Nguyen Xuan Phuc announced that the Government targets to attain a 6.5-6.7% GDP growth pace in 2018 based on impressive achievements made in 2017.PM Phuc made the announcement while delivering a report on socio-economic development plan for 2018 at the ongoing 4th session of the 14th National Assembly on October 23 in Ha Noi. The PM said that in 2018, the Government will spare no effort to maintain the growth pace of 2017; accelerate investment in key transport projectss; resolve shortcomings and infringements in BOT and BT projects. Maintaining growth pacePM Phuc noticed that in 2018, the global and…... [read more]
She added that based on this target, the central bank will assign specific targets to each credit institution, which may be adjusted to their actual performance to ensure credit expansion is followed by effectiveness. Last year, loans made by credit institutions in Vietnam rose 18.17%, partly helping the economy expand by 6.81%, the highest growth rate in ten years and exceeding the target of 6.7%. According to Tran Van Tan, an official at the central bank, the structure of credit in 2017 saw a significant shift to more productive and safer sectors of the economy and growth was evenly distributed…... [read more]
A view of the capital city of Hanoi (Photo: VNA)Vietnam expects to grow at 6.5-7 percent for the next five years, according to a Government report tabled recently at the National Assembly on socio-economic development in 2015 and 2011-15 as well as the targets for the next five years. It forecasts GDP growth to be 6.7 percent in 2016.The Government's website, chinhphu.vn, asks Tran Dinh Thien, Director of the Vietnam Institute of Economics, about this.* What is your opinion about the Government's report on the economy for 2011-15 and the economic growth targets for the next five years?The report was…... [read more]
Vietnam’s National Assembly, the country’s top legislative body, approved late last week a resolution on a 6.5% GDP growth target for 2010, the Vietnamese government announced. The assembly approved other targets including a 6% growth of exports, a 7% growth of construction and production, a 7.5% growth of services, and total development investments accounting for 41% of GDP and inflation of 7% at most next year. It also passed the targets of generating 1.6 million jobs and curbing poverty reduction rate to below 10%, the resolution said. The assembly allowed setting up an economic stimulus fund to serve medium and long-term growth…... [read more]
Vietnam is facing tough challenges to fulfil its economic growth target for this year amidst the country is experiencing trade deficit and depending on foreign direct investment sector, held Dr. Vu Thanh Tu Anh, Fulbright University’s Director of Research.To reach the set GDP growth of 6.7 percent in 2017 and curb inflation rate at 4 percent, the Vietnamese economy must post a growth rate of over 7 percent for the rest of the year, he said at a seminar in Ho Chi Minh City on May 15 to review the Vietnamese economy’s performance in the first four months of 2017.Regarding…... [read more]
