GDP likely exceeds 6.7% in 2018

Minister Dung presentedamid-term report on socio-economic development plan in the 2016-2020 period on October 15 at the 28th session of the National Assembly Standing Committee.

According to the report, major balances of the economywere ensured, contributing to safeguarding the macro-economy and generating resources for its growth.

State budget collection valued at VND1.35 quadrillion, surpassing the forecast by 3% and seeing a year-on-year growth of 5.5%. State budget overspending reached 3.67%. Total social investment was estimated at VND1.89 quadrillion, accounting for 34% of GDP.

The MoPI forecast that GDP would exceed 6.7% in 2018 while the growth modal is transforming towards "deep" development.

The fight against corruption, wastefulness, and settlement of accusations and complaints were promoted.

In 2019, GDP would increase around 6.6-6.8%. Total export turnover would grow by 7-8%. Poverty rate (as calculated according to multidimensional index) would drop 1-1.5%.

Generally, the Vietnamese economy in 2019 and 2020 would be positive. The report also noted external impacts asthe domestic economy is modest and broadly open.

(Source: VGP)