Vietnam strives to achieve socio-economic growth targets in 2020
Vietnam has to spare no effort to achieve economic growth of 6.8 percent and keep inflation rate of below 4 percent in 2020 amid global political uncertainties, said the Vietnam Institute for Economic and Policy Research (VERP) at a workshop in Hanoi on January 16.
Hanoi (VNA) – Vietnam has to spareno effort to achieve economic growth of 6.8 percent and keep inflation rate ofbelow 4 percent in 2020 amid global political uncertainties, said the VietnamInstitute for Economic and Policy Research (VERP) at a workshop in Hanoi onJanuary 16.
A research group of the VERP forecast thecountry’s economic growth could reach 6.33 percent in the first quarter of 2020,6.27 percent in the second quarter, 6.58 percent in the third quarter, and 6.64percent in the last one.
The whole year’s growth is projected at 6.48percent. Meanwhile, the inflation rate in the respective quarters would be 4.88percent, 4.49 percent, 4.13 percent, and 4.04 percent.
According to the group, Vietnam’s economicoutlook in the long run will depend on the attraction of the foreign directinvestment (FDI), the removal of institutional barriers, the improvement ofbusiness environment, and the equitisation of State-owned enterprises.
Trade and international investment activitiesare expected to thrive after the signing of free trade agreements such as theComprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)and the EU-Vietnam Free Trade Agreement (EVFTA).
However, Vietnam should be cautious ininternational trade relations, the group said.
In 2019, Vietnam’s economy expanded by 7.02 percent,lower than 7.08 percent in 2018. The growth was mainly driven by industry,construction, and service sectors.
Despites headwinds in 2019 such as unfavourbaleweather conditions and the outbreak of African swine fever, theagro-forestry-fishery sector recorded growth of 2.01 percent. The aquaculturesector in particular posted an impressive growth of over 6 percent.
The service sector expanded more than that in the previous year, with growth ofover 7 percent seen in finance, banking, insurance, wholesale and retailfields./.
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The analysis from an investment perspective shows that the economy’s growth has been heavily capital‑driven, yet efficiency remains low as reflected by Vietnam’s Incremental Capital-Output Ratio (ICOR) being significantly higher than global and regional averages. This underscores the imperative to enhance capital‑use efficiency.
At the launching workshop (Photo: VNA) 
