Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Tuesday, June 28, 2022

VN’s economy maintains growth amid global economic challenges

Updated: 16:32’ - 05/09/2019
Vietnam’s economy maintained growth across all sectors, especially tourism, in the first eight months of 2019 despite global economic challenges and escalating trade tensions, Prime Minister Nguyen Xuan Phuc said at a cabinet meeting in Hanoi on Wednesday.

PM Phuc said industry and agriculture recorded growth despite unfavorable factors. Meanwhile, the macroeconomy remained stable and inflation was curbed at 2.5 percent, the lowest level in the past three years, he said.

The exchange rate was stable, the government leader noted, adding that confidence in the Vietnamese dong was confirmed, while many countries' currencies depreciated against the US dollar.

Exports increased significantly and the trade surplus reached a record of more than US$3.4 billion, he noted.
The protection of national territorial sovereignty has seen complicated developments, however, competent forces have done their best under the leadership of the Party and Government, PM Phuc stressed.

Government members gather for a cabinet meeting in Hanoi on Wednesday__Photo: VNA/VNS 

The PM also mentioned shortcomings such as the slow disbursement of public investment capital, landslides in the Mekong Delta and difficulties in agriculture and transport infrastructure, requesting relevant departments and sectors to quickly address the issues.

During the meeting, the Government discussed the socio-economic development plan in 2020, the report evaluating the implementation of the State budget in 2019 and State budget estimates in 2020 as well as the State budget financial plan in 2020-22.

According to the Ministry of Planning and Investment, the socio-economic performance in August and the first eight months of 2019 was positive.

In the January-August period, the disbursement of foreign direct investment (FDI) reached about $12 billion, a year-on-year rise of 6.3 percent.

Nearly 90,500 new businesses were established with total registered capital of over VNĐ1.15 quadrillion ($49.45 billion), up 3.5 percent and 32 percent, respectively.

The number of enterprises that suspended operations decreased by 7 percent and those resuming operations increased by 21.8 percent.

The index of industrial production (IIP) was estimated to expand by 9.5 percent, lower than the same period in 2018, but still higher than the same period in 2016 and 2017.

Total retail sales of goods and services were estimated at over VND 3.2 quadrillion ($137.6 billion), up 11.5 percent year-on-year.

The country welcomed 11.3 million international tourists, a yearly increase of 8.7 percent.

Goods exports hit nearly $170 billion, up 7.3 percent year-on-year, of which exports of the domestic economic sector increased by 13.9 percent.- (VNS/VLLF)


Send Us Your Comments:

See also:


Vietnam Law & Legal Forum