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Official Gazette

Sunday, June 26, 2022

GDP growth rate highest in 11 years

Updated: 15:29’ - 28/12/2018
Prime Minister Nguyen Xuan Phuc chaired the Government’s regular meeting on December 27, during which he shared that Vietnam’s GDP growth rate rose 7.08 per cent in 2018 - the highest rate for the past 11 years.
The country enjoyed a trade surplus of over USD 7 billion, he said, adding this is also the first time its economic growth rate has doubled that of inflation.
Moreover, all socio-economic criteria for 2018 surpass the set targets, which is “good news for the nation,” he affirmed.
The Ha Long - Van Don Highway, one of the key traffic routes in the coastal province of Quang Ninh__Photo: VNA

At the meeting, Government members responded to the implementation of the Government’s Action Program to carry out the Party Central Committee’s three resolutions on reforming the growth model and increasing the growth quality, labor productivity and the economy’s competitiveness; completing the socialist-oriented market economic institution; and turning the private economy into a driving force of the socialist-oriented market economy, together with the National Assembly’s resolution on an economic restructuring plan for 2016-20.
The three resolutions play an important in laying the foundation for the country’s success in the future, Phuc said.
Regarding the implementation of the resolution on turning the private economy into a driving force of the socialist-oriented market economy, several localities have not launched action programs to support the private sector, he said, asking agencies to complete legal documents and frameworks to facilitate the private economy. Localities and sectors must create favorable conditions in terms of capital and land to support private enterprises.
The private sector has made progress, however some private enterprises that are growing significantly have not integrated into global networks and value chains of major multi-national corporations and have not become a driving force of the national economy, he said.
Besides achievements, the Government leader pointed out several shortcomings including slow disbursement of public investment, pollution and natural disasters that threaten people’s lives but lack of comprehensive solutions.
Phuc directed Government agencies to drastically make efforts to implement and supervise the implementation of the program on reforming the growth model and increasing growth quality.
The meeting also reviewed all preparations for the Government meeting with localities to be held on Friday in order to put forward the Party Central Committee and legislature’s resolutions on socio-economic development and external relations plans for 2019.
Government members also exchanged views on reports recommending the making of several draft laws, including the revised law on Vietnamese working abroad, the law on amendments and supplements to several articles of the law on settlement of administrative violations, the revised Ordinance on Preferential Policies for Revolution Contributors, and a decree regulating the inspections and settlement of disciplines in enforcing laws involved in the settlement of administrative violations.- (VNS/VLLF)

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