Vietnam emerges as growing, resilient economy: minister
Vietnam emerges as growing, resilient economy: minister
Despite numerous fast and complicated changes in the global economy in 2018, Vietnam reached an impressive gross domestic product (GDP) growth rate of 7.08%, which indicated the better resilience of the national economy, according to Minister of Planning and Investment, Nguyen Chi Dung, at a talk on the 2019 visions in Hanoi City on January 30.
The Government official said that the national economy has maintained a fairly good growth performance for a long time. Between 1989 and 2018, the GDP growth rate had achieved an average 6.8%, which could be seen as a high level compared with other countries in the Association of Southeast Asian Nations.
He ascribed the high growth rate to the better resilience of the economy, which indicated the better economic independence and autonomy.
Vietnam did not trade this high growth with macro-economic instability, natural-resource deficit and credit expansion, he added.
According to the minister, the national economy was built upon firm foundations in a wide range of sectors such as agriculture, industries, services, tourism, export, and foreign investment.
The achievements were due to the fact that the country has restructured its economy, fine-tuned its mechanisms, enhanced its business environment, and developed the role of an enabling government, he noted.
He also pointed out some challenges Vietnam will face in the years to come, owing to numerous changes in the world’s economic growth and trade, and Vietnam’s wider trade openness and its high proportion of foreign investments.
He said the trade conflict between China and the United States, their competition, and growth slowdown will have adverse effects on the Vietnamese economy, together with China’s strategic ambitions, and the U.S.’s rapid and complicated policy changes.
To get out of the middle income trap and turn Vietnam into a newly industrialized country, it must sustain a high and fast growth rate which should be of breakthrough nature in the years ahead to keep pace with regional neighbors and elsewhere in the world.
Regarding visions for 2019, he put emphasis on institutional reform as the crucial stage to create foundation for growth. Also, Vietnam must regard science and technology, and innovation and creativity as key driving forces and targets.
