Illustrative image (Source: VNA) Hanoi (VNA) – A seminar was held in Hanoi on April19 to review Vietnam’s macro-economic development in the first quarter and updatemacro-economic prospect for 2019.
Speaking at the event, Director of the Central Institute forEconomic Management (CIEM) Nguyen Dinh Cung said given impressivesocio-economic achievements in 2018, Vietnam is expected to make breakthroughin 2019, towards achieving goals for 2016-2020.
The Government continues giving priority to macro-economicstability, business environment and resilience improvement, he said, addingthat economic growth and inflation was kept under close watch with timelyguidance during the first quarter.
Nguyen Anh Duong, head of the CIEM’s research board, saidVietnam needs to address challenges regarding macro-economic foundationmentioned in the macro-economic report for Q1.
During the first quarter, the gross domestic product (GDP)grew by 6.79 percent, lower than the same period last year but higher than thatduring 2009-2017.
Manufacturing and processing firms are less optimistic aboutproduction and trade while businesses still meet difficulties when joining themarket, especially burdens after their business registration and access totransparent information.
The consumer price index (CPI) rose by 2.63 percent whilebasic inflation went up 1.83 percent, proving that the monetary policy remainsstable. As of March 20, outstanding loans rose by nearly 2.28 percent, lowerthan last year’s same period.
Economists also acknowledged improvement in the efficiencyof combining fiscal and other macro-economic policies.
However, delay in the issuance of legal documents remains whilelegal enforcement is still slow.
This year, Vietnam is expected to join new-generation freetrade agreements such as the Comprehensive and Progressive Agreement forTrans-Pacific Partnership, the European Union – Vietnam Free Trade Agreementand the CommonEffective Preferential Tariff (CEPT) Scheme, which will give a boost to exportsbut barriers in administrative and governance mechanism remain.
Participantsstressed the need to improve macro-economic foundation and renew economic institutionsfor a modern socialist economy.
Vietnam’sGDP growth is forecast to reach 6.88 percent, trade surplus at 3.1 billion USDand CPI roughly 3.71 percent in 2019.-VNA
Speaking at the event, Director of the Central Institute forEconomic Management (CIEM) Nguyen Dinh Cung said given impressivesocio-economic achievements in 2018, Vietnam is expected to make breakthroughin 2019, towards achieving goals for 2016-2020.
The Government continues giving priority to macro-economicstability, business environment and resilience improvement, he said, addingthat economic growth and inflation was kept under close watch with timelyguidance during the first quarter.
Nguyen Anh Duong, head of the CIEM’s research board, saidVietnam needs to address challenges regarding macro-economic foundationmentioned in the macro-economic report for Q1.
During the first quarter, the gross domestic product (GDP)grew by 6.79 percent, lower than the same period last year but higher than thatduring 2009-2017.
Manufacturing and processing firms are less optimistic aboutproduction and trade while businesses still meet difficulties when joining themarket, especially burdens after their business registration and access totransparent information.
The consumer price index (CPI) rose by 2.63 percent whilebasic inflation went up 1.83 percent, proving that the monetary policy remainsstable. As of March 20, outstanding loans rose by nearly 2.28 percent, lowerthan last year’s same period.
Economists also acknowledged improvement in the efficiencyof combining fiscal and other macro-economic policies.
However, delay in the issuance of legal documents remains whilelegal enforcement is still slow.
This year, Vietnam is expected to join new-generation freetrade agreements such as the Comprehensive and Progressive Agreement forTrans-Pacific Partnership, the European Union – Vietnam Free Trade Agreementand the CommonEffective Preferential Tariff (CEPT) Scheme, which will give a boost to exportsbut barriers in administrative and governance mechanism remain.
Participantsstressed the need to improve macro-economic foundation and renew economic institutionsfor a modern socialist economy.
Vietnam’sGDP growth is forecast to reach 6.88 percent, trade surplus at 3.1 billion USDand CPI roughly 3.71 percent in 2019.-VNA
VNA
