23:54 (GMT +7) - Friday 16/11/2018

Vietnam Today

NA sets 2019 GDP growth at 6.6-6.8%

Released at: 16:55, 09/11/2018

NA sets 2019 GDP growth at 6.6-6.8%

Photo: VNA

Resolution on national socioeconomic development plan for 2019 approved by legislature on November 8.

by Long Van

At its ongoing session, the National Assembly (NA) approved a resolution on November 8 on the country’s socioeconomic development plan for 2019, with GDP growth set at 6.6-6.8 per cent, according to the Vietnam News online newspaper.

The CPI is set at 4 per cent for 2019 and 3 per cent for 2020. Export turnover growth is forecast at 7-8 per cent. The percentage of any trade deficit over export turnover is to be below 3 per cent, and socioeconomic development capital will account for one-third of the country’s total GDP.

NA Economic Committee Chairman Vu Hong Thanh was quoted by the newspaper as telling NA deputies that GDP growth has been estimated on calculations and reviews by international organizations and other economies.

The rate is considered a balance between growth expectations and inflation control, providing a foundation for the country to settle its social issues and macroeconomic conditions, Mr. Thanh said.

Inflation is forecasted to be weighed down by pressures from rising oil prices, increases in foreign exchange and lending rates, potential risks to global financial and monetary markets, and trade tensions between the world’s largest economies.

Among internal factors that could affect the inflation rate in 2019 are market-based pricing for electricity, education, and healthcare, and higher basic salaries, he added.

“A CPI of 4 per cent set for 2019 is appropriate and should help the government stabilize macroeconomic conditions, improve control of monetary policies, and boost economic growth,” he said.

Other targets approved by the NA include the percentage of poor households and poor districts falling 1-1.5 per cent and 4 per cent, respectively.

The unemployment rate in urban areas should stay below 4 per cent as the percentage of trained workers reaches 60-62 per cent, with certified workers standing at 24-24.5 per cent.

The percentage of the population with health insurance in 2019 is to be 88.1 per cent, the percentage of industrial and processing zones with collective waste water treatment systems is to be 89 per cent, and the rate of forest coverage is to be 41.85 per cent.

Under a draft resolution, the government must analyze and forecast developments in domestic and international conditions to issue timely policies. Monetary policies must be conducted proactively and carefully and be connected with other policies to ensure macroeconomic conditions are stable and inflation is controlled.

The government must also improve business and investment conditions and increase the competitiveness of Vietnamese companies and products in the world. It must also review and improve its policies to benefit key sectors.

The NA also asked the government to work on its legal framework to meet the requirements of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and to sign and approve the EU-Vietnam Free Trade Agreement (EVFTA).

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