Wednesday,  Apr 24, 2019,22:51 (GMT+7) 0 0
VEPR forecasts Vietnam’s 2019 GDP growth at 6.9%
The Saigon Times Daily
Thursday,  Jan 10, 2019,20:00 (GMT+7)

VEPR forecasts Vietnam’s 2019 GDP growth at 6.9%

The Saigon Times Daily

A view of the workshop held by VEPR on January 10 - PHOTO: VNA

HCMC – Given the impressive gross domestic product growth rate of 7.08% achieved last year, the Vietnam Institute for Economic and Policy Research (VEPR) has forecast a rate of 6.9% for this year, higher than the target of 6.6%-6.8% set by the National Assembly.

However, the country may fail to achieve the inflation target of less than 4% as inflation was projected to hit 4.28% this year, according to VEPR’s report, titled, “Quarter IV Update and 2018 Review: Independent Assessment of Vietnam’s Macroeconomic Performance.”

At a workshop to launch the report held today, January 10, VEPR President Nguyen Duc Thanh said the remarkable performance last year was underpinned by the foreign direct investment sector. The sector enjoyed a trade surplus of US$32.81 billion in 2018.

Meanwhile, domestic firms’ performance was not as strong as expected as the number of newly established enterprises and new jobs did not improve much year-on-year, whereas the number of firms that suspended operations had surged.

Nevertheless, the country recorded a decline in inflation in the last quarter of last year, pulling the full-year inflation rate to 3.54%, according to VEPR’s report.

However, fluctuations in the prices of goods and the hike in the environmental protection tax on fuels may result in high inflation in the coming time, Thanh added.

He also proposed the Commission for the Management of State Capital at Enterprises should accelerate the equitization of State-run enterprises.

In addition, the report showed that Vietnam can benefit from the U.S.-China trade war if the country introduces appropriate policies.

According to VEPR, Vietnam should improve its business environment, infrastructure and personnel quality as the country may receive many orders transferred from China.

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