Boosting economic growth – Vietnam’s key task in 2020Thursday, January 9,2020
AsemconnectVietnam - Vietnam will work hard during the early days of 2020 to achieve this year’s socio-economic tasks and the targets set for the 2016-2020 period in the Party resolution.
Vietnam aims to continue to strengthen its macro-economy, control inflation, and increase the productivity, quality, efficiency, self-reliance, and competitiveness of the national economy. Vietnam plans to boost reform, fine-tune institutions, mobilize more resources, and improve its investment environment.
Leverage created in 2019
Vietnam obtained impressive economic breakthroughs in 2019, achieving a GDP growth rate of 7.02%, among the highest in the world. This was the second year that Vietnam has achieved a GDP growth rate of more than 7%. Vietnam’s macro-economy was stable last year and its CPI was kept within the limit set by the National Assembly.
Most notably, Vietnam’s exports earned 500 billion USD, two years after recording 400 billion USD. Vietnam enjoyed export surplus for 4 consecutive years. These achievements are particularly impressive given the downward trends in many countries.
In 2019 Vietnam’s economy had to overcome negative effects from the global economy as well as natural disasters, typhoons, droughts, and epidemics. African swine fever damaged Vietnam’s livestock production, exports of agricultural products faced more demanding market requirements.
But Vietnam managed to increase agricultural exports and even surpassed set targets.
Speaking at a recent government-locality teleconference, Party leader and President Nguyen Phu Trong highlighted Vietnam’s major achievements in 2019 which far-surpassed 2018 and said Vietnam’s prospects have become more promising than ever during the last 50 years of implementing President Ho Chi Minh’s Testament.
Vietnam to realize 2020 goals
2020 will be a decisive year for Vietnam to realize the goals and targets set at the 12th National Party Congress. Party leader and President Nguyen Phu Trong and Prime Minister Nguyen Xuan Phuc urged Vietnam to work harder and promote dynamism and creativity to realize the Resolution of the 12th Party Congress.
With a special focus on boosting economic growth, Vietnam will continue to strengthen the macro-economy, control inflation, and promote internal strength and self-reliance. The government will further improve the business environment, promote rapid, sustainable economic growth, and increase the competitiveness of the national economy.
Vietnam aims to create breakthroughs by taking advantage of the 4th Industrial Revolution, and promote a sharing economy, smart finance, e-commerce, and innovative startups.
During the first few days of 2020, the government issued two major resolutions on accomplishing the socio-economic and budget tasks of the year, and on improving Vietnam’s business environment.
Vietnam to boost GDP growth rate in 2020
Vietnam’s exports of items leading in turnover in first eleven months of 2019
Vietnam’s exports of coffee, tea and cashews
Imports of animal feed and materials in 2019 fell
Vietnam’s exports Singapore up and to Malaysia down
Exports of goods to India reached 6.67 billion USD in 2019
Vietnam’s exports of goods to China and South Korea in first eleven months of 2019
Vietnam’s exports of several items in 2019
Vietnam’s seafood exports and imports in first eleven months of 2019
Footwear exports saw good growth
Tea exports increased in volume and in value
Exports of computers, electronics and components saw growth
Vietnam got 900 million USD of deficit in trade exchange with Australia
Exports of phones and accessories accounted for over 20 per cent of total export turnover